SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 1994
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ............to............
Commission file number 1-959
THE LOUISIANA LAND AND EXPLORATION COMPANY
Exact name of registrant as specified in its charter
MARYLAND 72-0244700
State or other jurisdiction of I.R.S. Employer
incorporation or organization Identification No.
909 POYDRAS STREET, NEW ORLEANS, LA. 70112
Address of principal executive offices Zip Code
Registrant's telephone number, including area code 504-566-6500
NO CHANGE
Former name, former address and former fiscal year, if
changed since last report
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes X . No .
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.
Outstanding at
Class May 2, 1994
CAPITAL STOCK, $.15 PAR VALUE 00,000,000 SHARES
(Total pages herein - 15)
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THE LOUISIANA LAND AND EXPLORATION COMPANY
INDEX
Page
Number
_________________________________________________________________
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements:
(The March 31, 1994 and 1993 consolidated financial
statements included in this filing on Form 10-Q have been
reviewed by KPMG Peat Marwick, independent auditors, in
accordance with established professional standards and
procedures for such a review. The report of KPMG Peat
Marwick commenting upon their review is included herein.)
Consolidated Balance Sheets - March 31, 1994 and
December 31, 1993............................. 3
Consolidated Statements of Earnings - three months
ended March 31, 1994 and 1993................. 4
Consolidated Statements of Cash Flows - three months
ended March 31, 1994 and 1993................. 5
Notes to Consolidated Financial Statements........ 6-8
Independent Auditors' Report...................... 9
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations............................... 10-11
Petroleum Segment Information......................... 12
Operating Data........................................ 13-14
Part II. OTHER INFORMATION:
Item 6. Exhibits and Reports on Form 8-K............ 15
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<TABLE>
Part I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
THE LOUISIANA LAND AND EXPLORATION COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<CAPTION)
(Millions of dollars)
March 31, December 31,
ASSETS 1994 1993
_____________________________________________________________________________________
<S> <C> <C>
CURRENT ASSETS:
Cash, including cash equivalents (March 31,
1994-$16.7; December 31, 1993-$15.5) $ 00.0 33.3
Accounts and notes receivable, principally trade 109.7
Income taxes receivable 5.2
Inventories 26.8
Prepaid expenses 12.7
Deferred income taxes 2.6
_____________________________________________________________________________________
TOTAL CURRENT ASSETS 190.3
_____________________________________________________________________________________
Investments in affiliates 23.5
Property, plant and equipment 2,946.5
Less accumulated depletion, depreciation and amortization (1,385.5)
_____________________________________________________________________________________
NET PROPERTY, PLANT AND EQUIPMENT 1,561.0
_____________________________________________________________________________________
Deferred income taxes -
Other assets 63.9
_____________________________________________________________________________________
$ 0,000.0 1,838.7
_____________________________________________________________________________________
LIABILITIES AND STOCKHOLDERS' EQUITY
_____________________________________________________________________________________
CURRENT LIABILITIES:
Accounts payable and accrued expenses 000.0 170.9
Income taxes payable 3.8
Deferred income taxes -
_____________________________________________________________________________________
TOTAL CURRENT LIABILITIES 174.7
_____________________________________________________________________________________
Deferred income taxes 151.2
Long-term debt 734.5
Other liabilities 178.5
_____________________________________________________________________________________
STOCKHOLDERS' EQUITY:
Capital stock 5.7
Additional paid-in capital 82.9
Retained earnings 684.4
_____________________________________________________________________________________
773.0
Loans to ESOP (8.8)
Cost of capital stock in treasury (164.4)
_____________________________________________________________________________________
TOTAL STOCKHOLDERS' EQUITY 599.8
_____________________________________________________________________________________
$ 0,000.0 1,838.7
_____________________________________________________________________________________
See accompanying notes to consolidated financial statements.
</TABLE>
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<TABLE>
THE LOUISIANA LAND AND EXPLORATION COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
(Millions, except per share data)
<CAPTION>
Three months ended
March 31,
1994 1993
_____________________________________________________________________________________
<S> <C> <C>
REVENUES:
Oil and gas $103.8 82.6
Refined products 96.7 101.2
Gain on sale of oil and gas properties 4.7 -
Other 1.5 3.1
_____________________________________________________________________________________
206.7 186.9
_____________________________________________________________________________________
COSTS AND EXPENSES:
Lease operating and facility expenses 31.8 27.0
Refinery cost of sales and operating expenses 94.5 99.9
Dry holes and exploratory charges 9.3 8.4
Depletion, depreciation and amortization 49.3 25.5
Taxes, other than on earnings 6.7 6.6
General, administrative and other expenses 10.1 9.7
Interest and debt expenses 6.1 4.8
Reversal of litigation accrual (10.0) -
_____________________________________________________________________________________
197.8 181.9
_____________________________________________________________________________________
Earnings before income taxes 8.9 5.0
Income tax expense 2.7 2.3
_____________________________________________________________________________________
Earnings before cumulative effect of
changes in accounting principles 6.2 2.7
Cumulative effect on years prior to 1993
of changes in accounting principles - .2
_____________________________________________________________________________________
NET EARNINGS $ 6.2 2.9
_____________________________________________________________________________________
Earnings per share before cumulative
effect of changes in accounting principles 0.19 0.09
Cumulative effect on years prior to 1993 of
changes in accounting principles - 0.01
_____________________________________________________________________________________
EARNINGS PER SHARE $ 0.19 0.10
_____________________________________________________________________________________
AVERAGE SHARES 33.3 28.5
_____________________________________________________________________________________
CASH DIVIDENDS PER SHARE $ 0.25 0.25
_____________________________________________________________________________________
See accompanying notes to consolidated financial statements.
</TABLE>
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<TABLE>
THE LOUISIANA LAND AND EXPLORATION COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Millions of dollars)
<CAPTION>
Three months ended
March 31,
1994 1993
_____________________________________________________________________________________
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 6.2 2.9
Adjustments to reconcile to cash flows
from operations:
Gain on sale of oil and gas properties (4.7) -
Changes in accounting principles - (.2)
Depletion, depreciation and amortization 49.3 25.5
Deferred income taxes (3.5) .2
Dry holes and impairment charges 4.8 5.0
Other (2.3) 3.5
_____________________________________________________________________________________
49.8 36.9
Changes in operating assets and liabilities:
Net (increase) decrease in receivables 17.2 (2.2)
Net decrease in inventories 1.1 3.0
Net (increase) decrease in prepaid items (4.3) 2.2
Net decrease in payables (21.5) (15.8)
Other (2.4) .3
_____________________________________________________________________________________
NET CASH FLOWS FROM OPERATING ACTIVITIES 39.9 24.4
_____________________________________________________________________________________
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (51.4) (44.7)
Proceeds from asset sale 10.0 1.1
Other (14.5) (37.4)
_____________________________________________________________________________________
Net cash flows from investing activities (55.9) (81.0)
_____________________________________________________________________________________
CASH FLOWS FROM FINANCING ACTIVITIES:
Additions to long-term debt 126.0 36.5
Repayments of long-term debt (134.3) (.7)
Advances against cash surrender value 34.4 -
Dividends (8.3) (7.1)
Repayment of loans to ESOP .7 .7
Purchase of treasury stock - (1.5)
Other (4.9) (.1)
_____________________________________________________________________________________
NET CASH FLOWS FROM FINANCING ACTIVITIES 13.6 27.8
_____________________________________________________________________________________
DECREASE IN CASH AND CASH EQUIVALENTS $ (2.4) (28.8)
_____________________________________________________________________________________
See accompanying notes to consolidated financial statements.
</TABLE>
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THE LOUISIANA LAND AND EXPLORATION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. In the opinion of the Company, the accompanying unaudited consolidated
financial statements contain all adjustments (consisting only of
normal recurring accruals) necessary to present fairly the financial
position as of March 31, 1994, and the results of operations and cash
flows for the three-month periods ended March 31, 1994 and 1993.
Certain amounts have been reclassified to conform with the current
period's presentation.
2. On September 28, 1993, the Company completed the acquisition of all
of the issued and outstanding common stock of NERCO Oil & Gas, Inc.
("NERCO") for a cash purchase price of approximately $354 million.
The cost of the acquisition was allocated under the purchase method
of accounting based on the fair value of the assets acquired and
liabilities assumed.
The results of NERCO's operations were consolidated with the Company's
effective October 1, 1993. Pro forma combined results of operations
of the Company and NERCO, including appropriate purchase accounting
adjustments for the period ending March 31, 1993 as though the
acquisition had taken place on January 1, 1993, follows:
<TABLE>
<CAPTION>
(Millions, except
per share data)
Three months ended
March 31, 1993
_________________________________________________________________________________
<S> <C>
Revenues $222.0
_________________________________________________________________________________
Earnings before cumulative effect of changes in accounting principle 1.6
Cumulative effect on years prior to 1993 of changes in accounting
principles 0.2
_________________________________________________________________________________
Net earnings $ 1.8
_________________________________________________________________________________
Earnings per share $ 0.05
_________________________________________________________________________________
</TABLE>
3. The Company adopted SFAS No. 106 - "Employers' Accounting for
Postretirement Benefits Other Than Pensions", effective January 1,
1993. Upon adoption, the Company recorded a transition liability of
$20.5 million as a one-time non-cash charge against earnings ($13.5
million after income taxes; $0.47 per share) in the first quarter of
1993.
4. The Company adopted SFAS No. 109 - "Accounting for Income Taxes",
effective January 1, 1993. Upon adoption, the Company recorded a non-
cash credit to earnings of $13.7 million ($0.48 per share) in the
first quarter of 1993, which represented the recognition of deferred
tax assets existing at December 31, 1992.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
5. For the three months ended March 31, 1994 and 1993, interest costs
incurred were $11.9 million and $8.8 million, respectively, of which
$5.8 million and $4.0 million, respectively, were capitalized as part
of the cost of property, plant and equipment.
6. Earnings (loss) per share are calculated on the weighted average
number of share outstanding during each period for capital stock and,
when dilutive, capital stock equivalents, which assumes exercise of
stock options.
7. In accordance with Regulation S-X, Rule 3-09, the audited consolidated
financial statements of the Company's 50%-owned affiliate, MaraLou
Netherlands Partnership (MaraLou) and its wholly-owned consolidated
subsidiary, CLAM Petroleum Company (CLAM), were filed with the
Company's Annual Report on Form 10-K for the year ended December 31,
1993.
Accordingly, the following unaudited summarized consolidated income
statement information for MaraLou and its consolidated subsidiary,
CLAM, for the three-month periods ended March 31, 1994 and 1993 are
presented in accordance with Regulation S-X, Rule 10-01(b).
<TABLE>
<CAPTION>
(Unaudited)
Three months ended
March 31,
1994 1993
_________________________________________________________________________________
<S> <C> <C>
Gross revenues $ 00.0 19.6
_________________________________________________________________________________
Operating profit 12.1
_________________________________________________________________________________
Earnings before cumulative effect of change in
accounting principle 3.1
Cumulative effect on years prior to 1993 of
change in accounting principle for income taxes (6.0)
_________________________________________________________________________________
Net earnings (loss) (2.9)
_________________________________________________________________________________
</TABLE>
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
8. As explained in Note 15 of "Notes to Consolidated Financial Statements"
in the Company's 1993 Annual Report to Shareholders, the State of
Louisiana had aserted claims against the Company in its capacity as
sublessor to Texaco of certain State leases, based upon Texaco's
alleged royalty miscalculations. In February 1994, a settlement was
agreed to by all parties under which the Company made a $5 million cash
payment and agreed to a reduction of an immaterial amount of future
payments to the Company by Texaco related to the Company's 8-1/3% net
profits interest (for which the Company has on cost basis) on a limited
number of the Company's Louisiana properties. The amounts provided in
the financial statements for this litigation exceeded the cash payment
required by $10 million, which was reversed during the first quarter of
1994.
As also explained in Note 15, the Company has been notified by the U.S.
Environmental Protection Agency that it is one of many Potentially
Responsible Parties at three National Priorities List sites. In the
opinion of Management, the ultimate liability with respect to these
matters will not have a material adverse effect on the results of
operations, cash flow or financial position of the Company.
The Company is subject to other legal proceedings, claims and
liabilities which arise in the ordinary course of its business. In the
opinion of Management, the amount of ultimate liability with respect to
these actions will not have a material adverse effect on results of
operations, cash flow or financial position of the Company.
<PAGE>
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INDEPENDENT AUDITORS' REPORT
The Board of Directors
The Louisiana Land and Exploration Company:
We have reviewed the consolidated balance sheet of The Louisiana Land and
Exploration Company and subsidiaries as of March 31, 1994, and the related
consolidated statements of earnings and cash flows for the three-month
periods ended March 31, 1994 and 1993. These financial statements are the
responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical
procedures to financial data and making inquiries of persons responsible
for financial and accounting matters. It is substantially less in scope
than an audit conducted in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion regarding
the financial statements taken as a whole. Accordingly, we do not express
such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the consolidated financial statements referred to above
for them to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of The Louisiana Land and
Exploration Company and subsidiaries as of December 31, 1993, and the
related consolidated statements of earnings (loss), stockholders' equity,
and cash flows for the year then ended (not presented herein); and in our
report dated February 9, 1994, we expressed an unqualified opinion on those
consolidated financial statements. In our opinion, the information set
forth in the accompanying condensed consolidated balance sheet as of
December 31, 1993, is fairly presented, in all material respects, in
relation to the consolidated balance sheet from which it has been derived.
KPMG PEAT MARWICK
New Orleans, Louisiana
May 6, 1994
<PAGE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
REVIEW OF OPERATIONS
Pretax earnings of almost $9 million in the first quarter of 1994
benefitted from higher gross revenues and a $10 million pretax gain related
to the reversal of a previously established provision for the settlement
of the Texaco litigation. Pretax earnings for the comparable 1993 quarter
were $5 million. Gross revenues were up nearly $20 million due to higher
oil and gas revenues, a $5 million pretax gain on the sale of oil and gas
properties and a $3 million increase in equity in earnings of the Company's
50%-owned affiliate, CLAM Petroleum Company. CLAM's improvement in
earnings was primarily attributable to the $6 million nonrecurring charge
($3 million net to the Company) in the prior year quarter for the
cumulative effect of the change in accounting for income taxes. This
increase in revenues was partially offset by higher costs and expenses and
lower refining and marketing revenues.
OIL AND GAS OPERATIONS
Revenues from the Company's oil and gas operations were up $21 million
from the first quarter of 1993. Natural gas revenues were up $28 million
as a result of higher domestic deliveries ($20 million) and prices ($8
million). Liquids revenues, however, were down $10 million. The effect
of lower worldwide crude oil prices ($16 million) more than offset
increased crude oil volumes ($9 million) in the first quarter of 1994.
Natural gas deliveries were up almost 106 million cubic feet per day
from the first quarter of 1993 primarily due to higher domestic deliveries
(111 MMCFD). The improvement in domestic natural gas deliveries was due
to the late - 1993 acquisition of NERCO and new domestic wells coming
onstream. These increases were partially offset by the effects of natural
declines at mature producing properties, and the sale of domestic and
Canadian oil and gas properties since the 1993 quarter.
Crude oil volumes were 5200 barrels per day (BPD) higher than first
quarter 1993 volumes. While domestic and North Sea operations were up 4100
BPD and 4000 BPD, respectively, other foreign operations were down 2900
BPD. The increase in domestic volumes was primarily due to the acquisition
of NERCO, the purchase of additional working interests in producing
properties and new wells coming onstream. North Sea volumes were up due
to the T-Block acquisition and new wells onstream at Brae Field. These
production increases at domestic and North Sea properties were partially
offset by natural declines at mature producing properties. Volumes from
other foreign operations were down primarily due to the sale of certain
Canadian oil and gas properties in late 1993.
Costs and expenses increased during the first quarter of 1994. Lease
operating and facility expenses (LOE) were higher due to additional
operating costs for properties acquired since the first quarter of 1993,
new wells coming onstream, and higher operating costs on older properties.
Lower workover costs partially offset the higher LOE. Depletion,
depreciation and amortization (DD&A) was up due to DD&A on properties and
<PAGE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS. (CONTINUED)
working interests acquired in 1993. Dry holes and exploratory charges
increased due to the write-off of unsuccessful exploratory wells and higher
seismic costs incurred. Interest and debt expenses increased due to the
increased debt level. An increase in interest capitalized on qualifying
projects partially offset the higher interest expense.
REFINING AND MARKETING OPERATIONS
Refining operations resulted in a $1 million pretax operating profit
for the first quarter of 1994, which was up from the $.5 million operating
loss reported in the comparable 1993 quarter. The favorable impact of
higher sales volumes ($15 million) and lower crude oil feedstock costs ($4
million) more than offset lower revenues due to declining product prices
($17 million).
LIQUIDITY AND CAPITAL RESOURCES
In the first quarter of 1994, the Company generated approximately $40
million in cash from operations. However, cash and equivalents were
reduced $2 million primarily as the result of expenditures for capital
projects ($51 million), net reductions of long-term debt ($8 million) and
dividends paid ($8 million). The Company's cash position was supplemented
with advances against cash surrender values of life insurance policies ($34
million), the proceeds from assets sales ($10 million) and commercial paper
borrowings ($16 million).
As explained in Note 8 of "Notes to Consolidated Financial Statements"
in the Company's 1993 Annual Report to Shareholders, the Company completed
the early retirement of the $133.5 million, 8.92% Term Loan (discounted to
yield 10.7%) due July 1994 utilizing the Revolving Credit Facility in
January 1994.
NOTE: The accompanying consolidated financial statements and notes
thereto included in Item 1. of this Form 10-Q and the petroleum
segment information and operating data following this Item 2. are
an integral part of this discussion and analysis and should be
read in conjunction herewith.
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<TABLE>
THE LOUISIANA LAND AND EXPLORATION COMPANY
PETROLEUM SEGMENT INFORMATION
(Millions of dollars)
<CAPTION>
Three months ended
March 31,
1994 1993
_____________________________________________________________________________________
<S> <C> <C>
Sales to unaffiliated customers:
Domestic $187.3 162.2
North Sea 12.9 10.4
Other foreign 5.0 11.2
_____________________________________________________________________________________
205.2 183.8
Interest and other income 1.5 3.1
_____________________________________________________________________________________
Total revenues $206.7 186.9
_____________________________________________________________________________________
Earnings (loss) before income taxes:
Operating profit (loss):
Domestic 19.9 18.0
North Sea (1.2) .3
Other foreign (3.2) .1
_____________________________________________________________________________________
15.5 18.4
Other income (expense), net (6.6) (13.4)
_____________________________________________________________________________________
Earnings (loss) before income taxes $ 8.9 5.0
_____________________________________________________________________________________
Capital expenditures:
Exploration:
Domestic 10.6 6.3
North Sea .4 .8
Other foreign 4.5 5.1
_____________________________________________________________________________________
15.5 12.2
_____________________________________________________________________________________
Development:
Domestic 17.6 6.9
North Sea 3.5 17.2
Other foreign 2.0 .3
_____________________________________________________________________________________
23.1 24.4
_____________________________________________________________________________________
36.6
Refining and marketing 2.8 3.4
_____________________________________________________________________________________
41.4 40.0
Capitalized interest 5.8 4.0
Other 1.2 .7
_____________________________________________________________________________________
$ 48.4 44.7
_____________________________________________________________________________________
</TABLE>
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<TABLE>
THE LOUISIANA LAND AND EXPLORATION COMPANY
OPERATING DATA
<CAPTION>
Three months ended
March 31,
1994 1993
_____________________________________________________________________________________
<S> <C> <C>
OIL AND GAS OPERATIONS1
CRUDE AND CONDENSATE2
Production (thousands of barrels per day):
Domestic 24.2 20.1
North Sea 10.4 6.4
Other foreign 4.4 7.3
_____________________________________________________________________________________
39.0 33.8
_____________________________________________________________________________________
Average price received (per barrel):
Domestic $13.90 18.95
North Sea 13.49 17.38
Other foreign 10.97 15.71
Consolidated 13.46 17.95
_____________________________________________________________________________________
PLANT PRODUCTS
Production (thousands of barrels per day):
Domestic 2.3 2.2
North Sea .3 .4
_____________________________________________________________________________________
2.6 2.6
_____________________________________________________________________________________
Average price received (per barrel):
Domestic $ 8.87 11.81
North Sea 11.02 13.17
Consolidated 9.10 12.00
_____________________________________________________________________________________
NATURAL GAS
Production (millions of cubic feet per day):
Domestic 243.4 132.5
North Sea .2 .2
Other foreign 3.3 7.2
CLAM Petroleum Company 43.2 44.5
_____________________________________________________________________________________
290.1 184.4
_____________________________________________________________________________________
Average price received (per MCF):
Domestic $ 2.38 2.01
North Sea 1.69 1.43
Other foreign 2.02 1.23
CLAM Petroleum Company 2.11 2.40
Consolidated 2.33 2.07
_____________________________________________________________________________________
1 Includes the Company's 50% equity interest in its unconsolidated affiliate, CLAM
Petroleum Company.
2 Before the elimination of intercompany transfers.
</TABLE>
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<TABLE>
THE LOUISIANA LAND AND EXPLORATION COMPANY
OPERATING DATA (CONTINUED)
<CAPTION>
Three months ended
March 31,
(Million of dollars) 1994 1993
____________________________________________________________________________________
<S> <C> <C>
REFINING OPERATIONS
Refining Operating Profit (Loss):
Revenues:
Refined products* $102.5 104.9
Other .5 .5
____________________________________________________________________________________
103.0 105.4
____________________________________________________________________________________
Cost and expenses:
Cost of sales* 91.1 95.5
Operating expenses 9.2 8.1
Depreciation .8 1.3
Taxes, other than income .8 1.0
____________________________________________________________________________________
101.9 105.9
____________________________________________________________________________________
$ 1.1 (.5)
____________________________________________________________________________________
*Before the elimination of intercompany
transfers to the Company's refinery $ 5.8 3.7
____________________________________________________________________________________
Sales (thousands of barrels per day) 59.8 52.3
____________________________________________________________________________________
Average price received (per barrel) $19.04 22.27
____________________________________________________________________________________
____________________________________________________________________________________
GROSS WELLS DRILLED
Working Interest
Exploratory:
Oil 1 6
Gas 5 2
Dry 4 6
____________________________________________________________________________________
10 14
____________________________________________________________________________________
Development:
Oil 1 1
Gas 1 1
Dry - -
____________________________________________________________________________________
2 2
____________________________________________________________________________________
Total working interest 12 16
Royalty Interest 6 8
____________________________________________________________________________________
Total wells 18 24
____________________________________________________________________________________
NET WELLS DRILLED
Exploratory:
Oil .5 2.6
Gas 3.0 1.2
Dry 2.1 3.7
____________________________________________________________________________________
5.6 7.5
____________________________________________________________________________________
Development:
Oil .3 .3
Gas .2 .2
Dry - -
____________________________________________________________________________________
.5 .5
____________________________________________________________________________________
Total net wells 6.1 8.0
____________________________________________________________________________________
</TABLE>
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PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
NONE
(b) Reports on Form 8-K:
NONE
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
THE LOUISIANA LAND AND EXPLORATION COMPANY
(REGISTRANT)
By:
____________________________________________
JERRY D. CARLISLE
VICE PRESIDENT AND CONTROLLER
(PRINCIPAL ACCOUNTING OFFICER)
Dated: May 13, 1994
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
NONE
(b) Reports on Form 8-K:
NONE
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
THE LOUISIANA LAND AND EXPLORATION COMPANY
(REGISTRANT)
By: /s/ Jerry D. Carlisle
_____________________________________________
JERRY D. CARLISLE
VICE PRESIDENT AND CONTROLLER
(PRINCIPAL ACCOUNTING OFFICER)
Dated: May 13, 1994
