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, 1996
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 1, 1996
CAPITAL STOCK, $.15 PAR VALUE 33,967,905 SHARES
<PAGE>
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THE LOUISIANA LAND AND EXPLORATION COMPANY
INDEX
Page
Number
_________________________________________________________________
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements:
(The March 31, 1996 and 1995 consolidated financial
statements included in this filing on Form 10-Q have been
reviewed by KPMG Peat Marwick LLP, independent auditors, in
accordance with established professional standards and
procedures for such a review. The report of KPMG Peat
Marwick LLP commenting upon their review is included
herein.)
Consolidated Balance Sheets - March 31, 1996 and
December 31, 1995............................. 3
Consolidated Statements of Earnings - three months
ended March 31, 1996 and 1995................. 4
Consolidated Statements of Cash Flows - three months
ended March 31, 1996 and 1995................. 5
Notes to Consolidated Financial Statements........ 6-7
Independent Auditors' Review Report............... 8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations............................... 9-11
Petroleum Segment Information......................... 12
Operating Data........................................ 13-14
PART II. OTHER INFORMATION:
Item 6. Exhibits and Reports on Form 8-K............ 15
<PAGE>
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<TABLE>
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements.
THE LOUISIANA LAND AND EXPLORATION COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<CAPTION)
(Millions of dollars)
March 31, December 31,
ASSETS 1996 1995
_____________________________________________________________________________________
<S> <C> <C>
CURRENT ASSETS:
Cash, including cash equivalents (March 31,
1996-$.7; December 31, 1995-$1.0) $ 9.2 10.3
Accounts and notes receivable, principally trade 144.5 143.6
Income taxes receivable .4 .2
Inventories 35.0 38.7
Prepaid expenses 8.6 12.9
Deferred income taxes .9 .9
_____________________________________________________________________________________
TOTAL CURRENT ASSETS 198.6 206.6
_____________________________________________________________________________________
Investments in affiliates 21.2 19.9
Property, plant and equipment 3,150.9 3,120.9
Less accumulated depletion, depreciation and amortization (1,956.2) (1,913.3)
_____________________________________________________________________________________
NET PROPERTY, PLANT AND EQUIPMENT 1,194.7 1,207.6
_____________________________________________________________________________________
Other assets 32.5 33.6
_____________________________________________________________________________________
$ 1,447.0 1,467.7
_____________________________________________________________________________________
LIABILITIES AND STOCKHOLDERS' EQUITY
_____________________________________________________________________________________
CURRENT LIABILITIES:
Accounts payable and accrued expenses 187.5 199.8
Income taxes payable 3.6 .8
_____________________________________________________________________________________
TOTAL CURRENT LIABILITIES 191.1 200.6
_____________________________________________________________________________________
Deferred income taxes 56.4 49.6
Long-term debt 642.5 691.6
Other liabilities 159.6 155.2
_____________________________________________________________________________________
STOCKHOLDERS' EQUITY:
Capital stock 5.1 5.0
Additional paid-in capital 22.2 14.8
Retained earnings 371.4 352.8
_____________________________________________________________________________________
398.7 372.6
Loans to ESOP (1.3) (1.9)
_____________________________________________________________________________________
TOTAL STOCKHOLDERS' EQUITY 397.4 370.7
_____________________________________________________________________________________
$ 1,447.0 1,467.7
_____________________________________________________________________________________
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,
1996 1995
_____________________________________________________________________________________
<S> <C> <C>
REVENUES:
Oil and gas $147.7 109.1
Refined products 114.8 82.2
Other 3.7 1.8
_____________________________________________________________________________________
266.2 193.1
_____________________________________________________________________________________
COSTS AND EXPENSES:
Lease operating and facility expenses 30.0 29.5
Refinery cost of sales and operating expenses 114.4 79.6
Dry holes and exploratory charges 21.5 15.2
Depletion, depreciation and amortization 43.5 36.9
Taxes, other than on earnings 6.2 6.4
General, administrative and other expenses 9.6 10.7
Interest and debt expenses 9.2 9.4
_____________________________________________________________________________________
234.4 187.7
_____________________________________________________________________________________
Earnings before income taxes 31.8 5.4
Income tax expense 11.2 1.9
_____________________________________________________________________________________
NET EARNINGS $ 20.6 3.5
_____________________________________________________________________________________
EARNINGS PER SHARE $ 0.61 0.11
_____________________________________________________________________________________
AVERAGE SHARES 33.7 33.5
_____________________________________________________________________________________
CASH DIVIDENDS PER SHARE $ 0.06 0.06
_____________________________________________________________________________________
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,
1996 1995
_____________________________________________________________________________________
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 20.6 3.5
Adjustments to reconcile to cash flows
from operations:
Depletion, depreciation and amortization 43.5 36.9
Deferred income taxes 6.8 -
Dry holes and impairment charges 13.3 8.5
Other .4 (1.6)
_____________________________________________________________________________________
84.6 47.3
Changes in operating assets and liabilities:
Net (increase) decrease in receivables (3.4) 28.2
Net decrease in inventories 3.7 7.4
Net decrease in prepaid items 4.3 2.0
Net decrease in payables (7.0) (36.2)
Other (6.3) (3.0)
_____________________________________________________________________________________
NET CASH FLOWS FROM OPERATING ACTIVITIES 75.9 45.7
_____________________________________________________________________________________
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (43.4) (52.3)
Proceeds from asset sales .1 2.7
Other 3.3 (2.1)
_____________________________________________________________________________________
Net cash flows from investing activities (40.0) (51.7)
_____________________________________________________________________________________
CASH FLOWS FROM FINANCING ACTIVITIES:
Additions to long-term debt 42.9 12.3
Repayments of long-term debt (92.0) (9.5)
Advances against cash surrender value 9.6 9.0
Dividends (2.0) (2.0)
Repayment of loans to ESOP .6 .8
Other 3.9 (4.8)
_____________________________________________________________________________________
NET CASH FLOWS FROM FINANCING ACTIVITIES (37.0) 5.8
_____________________________________________________________________________________
DECREASE IN CASH AND CASH EQUIVALENTS $ (1.1) (.2)
_____________________________________________________________________________________
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<PAGE>
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, 1996, and the results of operations and cash
flows for the three-month periods ended March 31, 1996 and 1995.
Maryland General Corporate Law was amended whereby repurchased stock
of a corporation constitutes authorized but unissued stock rather than
treasury stock. Accordingly, effective January 1, 1994, the par value
of treasury stock ($.7 million) has been reclassed as a reduction of
capital stock issued. The cost of treasury stock in excess of par
value has been charged to additional paid-in capital ($81.5 million),
to the extent available, and the balance ($82.2 million) has been
charged to retained earnings. All capital stock transactions
subsequent to January 1, 1994 are reflected as either issuances or
retirements of capital stock. This change in the law had no effect
on total stockholders' equity.
2. For the three months ended March 31, 1996 and 1995, interest costs
incurred were $12.6 million and $13.6 million, respectively, of which
$3.4 million and $4.2 million, respectively, were capitalized as part
of the cost of property, plant and equipment.
3. Earnings per share are calculated on the weighted average number of
shares outstanding during each period for capital stock and, when
dilutive, capital stock equivalents, which assumes exercise of stock
options.
4. 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,
1995.
Accordingly, the following unaudited summarized consolidated income
statement information for MaraLou and its consolidated subsidiary,
CLAM, for the three-month periods ended March 31, 1996 and 1995 are
presented in accordance with Regulation S-X, Rule 10-01(b).
<TABLE>
<CAPTION>
(Unaudited)
Three months ended
March 31,
1996 1995
_________________________________________________________________________________
<S> <C> <C>
Gross revenues $ 31.7 25.0
_________________________________________________________________________________
Operating profit 16.9 12.5
_________________________________________________________________________________
Net earnings 8.0 5.4
_________________________________________________________________________________
/TABLE
<PAGE>
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
5. The Company has been notified by the U.S. Environmental Protection
Agency that it is one of many Potentially Responsible Parties (PRP)
with respect to certain National Priorities List sites. Based on its
evaluation of the potential total cleanup costs, its estimate of its
potential exposure, and the viability of the other PRP's, the Company
believes that any costs ultimately required to be borne by it at these
sites 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>
<PAGE>
INDEPENDENT AUDITORS' REVIEW 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, 1996, and the related
consolidated statements of earnings and cash flows for the three-month
periods ended March 31, 1996 and 1995. These consolidated 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, 1995, 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 2, 1996, we expressed an unqualified opinion on those
consolidated financial statements. In our opinion, the information set
forth in the accompanying consolidated balance sheet as of December 31,
1995, is fairly presented, in all material respects, in relation to the
consolidated balance sheet from which it has been derived.
/KPMG PEAT MARWICK LLP
KPMG PEAT MARWICK LLP
New Orleans, Louisiana
May 10, 1996
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
REVIEW OF OPERATIONS
First quarter 1996 net earnings totaled $20.6 million, up significantly
from the $3.5 million earned in the first quarter of 1995. The improvement
in net earnings resulted from a 35% increase in oil and gas revenues due
to higher natural gas volumes and improved product prices.
OIL AND GAS OPERATIONS
Revenues from the Company's oil and gas operations were up almost $39
million from the first quarter of 1995. Liquids revenues were up $1
million due to the effect of higher worldwide crude oil prices ($6 million)
which more than offset the effect of reduced volumes ($5 million). Natural
gas revenues were up $36 million as a result of higher deliveries ($5
million) and prices ($31 million).
Crude oil volumes were 2300 barrels per day (BPD) lower than first
quarter 1995 volumes. Domestic and North Sea operations were down 1700 BPD
and 1500 BPD, respectively, primarily due to natural declines at mature
properties and increased downtime due to drilling, maintenance and repair
activities. New wells onstream at south Louisiana properties and the Brae
Complex partially offset these production declines. Other foreign
operations were up 900 BPD primarily due to new wells coming onstream in
mid-1995 from the KAKAP concession, offshore Indonesia. The increase in
other foreign production was partially offset by natural declines at mature
properties and the effect of the 1995 sale of the Company's Canadian
properties.
Natural gas deliveries were up 37 million cubic feet per day from the
prior year first quarter primarily due to higher domestic and North Sea
production. Domestic deliveries were up due to new domestic wells onstream
and the weather-related demand for natural gas which resulted in the return
to production of domestic wells which had been voluntarily curtailed due
to low prices during the prior year period. The higher domestic deliveries
were partially offset by the effects of natural declines at mature
producing properties and the sale of certain oil and gas properties since
the 1995 quarter. North Sea deliveries were up due to increased demand
caused by colder than normal weather. Also, contributing to the increase,
were higher volumes from the Company's 50%-owned affiliate, CLAM Petroleum
Company. Other foreign production was down due to the sale of Canadian
properties.
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations. (Continued)
Costs and expenses were higher in the first quarter of 1996. Lease
operating and facility expenses (LOE) were up marginally as reductions in
operating costs almost offset higher workover costs, repair charges and
facilities expenses. Depletion, depreciation and amortization (DD&A) was
up $7 million as a result of the DD&A associated with new wells onstream.
Dry holes and exploratory charges increased due to the write-off of an
increased number of unsuccessful exploratory wells and higher seismic costs
incurred. Interest and debt expenses were essentially unchanged from the
1995 quarter as a decline in interest incurred on a lower debt level was
offset by reduced interest capitalized on qualifying projects.
REFINING OPERATIONS
Refining operations resulted in a $.3 million pretax operating loss for
the first quarter of 1996, which was down from the $1.4 million pretax
operating profit reported in the comparable 1995 quarter. This resulted
primarily from volume related increases in crude oil feedstock costs ($31
million) and operating expenses ($2 million) which more than offset the
favorable impact of higher sales volumes ($27 million) and product prices
($4 million).
LIQUIDITY AND CAPITAL RESOURCES
In the first quarter of 1996, the Company generated approximately $76
million in cash from operations. However, cash and equivalents were
reduced $1 million from the December 31, 1995 level primarily as the result
of expenditures for capital projects ($43 million), reductions of long-term
debt ($49 million) and dividends paid ($2 million). The Company's cash
position was supplemented with advances against cash surrender values of
life insurance policies ($10 million).
In 1995, the Company initiated a hedging program designed to minimize
the price risks associated with future natural gas and crude oil pro-
duction. This program utilizes futures, forwards, options and swap
contracts in series of transactions designed to set a floor price for
future production and at the same time allow the Company to participate in
market price increases above a set level over the floor price. At March
31, 1996, approximately 69 trillion British Thermal Units (BTU) of domestic
gas production for the remainder of 1996 were covered by a series of
transactions designed to set an average floor price of $1.79 per million
BTU and at the same time allow the Company to participate in natural gas
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations. (Continued)
price increases more than $0.19 per million BTU above the floor price. For
1997, approximately 40 trillion BTU of domestic gas production were
similarly hedged at an average floor price of $1.82 per million BTU with
the Company participating in price increases more than $0.15 per million
BTU above the floor price. While these transactions have no carrying
value, their fair value, represented by the estimated amount that would be
required to terminate the contracts, was a net cost of $4.9 million for the
1996 hedges and a net benefit of $1.1 million for the 1997 hedges. (The
Company estimates that its domestic natural gas production averages
approximately 1.07 million BTU for each thousand cubic feet.) In addition,
approximately 4.7 million barrels of the Company's worldwide 1996 crude oil
production for the period of April through August were similarly hedged at
an average floor price of $18.90 per barrel with the Company participating
in price increases more than $1.25 per barrel above the floor price. These
transactions also do not have carrying values, but their fair value at
March 31, 1996 amounted to a net benefit of $.9 million.
The Company expects to fund its 1996 expenditures, including an
increased level of capital and exploration expenditures of approximately
$237 million, primarily from operating cash flows. The Company continues
to pursue the sale or other alternatives for its Mobile Refinery. The
Company's expenditures are continually reviewed, and revised as necessary,
based on perceived current and long-term economic conditions.
CAPITAL STOCK, DIVIDENDS AND OTHER MARKET DATA
As more fully discussed in Note 14 of "Notes to Consolidated Financial
Statements" in the Company's 1995 Annual Report to Shareholders, the
Company's Board of Directors in 1986 declared a dividend to shareholders
consisting of Capital Stock Purchase Rights ("Rights") issued under the
Shareholder Rights Agreement ("Agreement") to protect shareholders. At its
regularly scheduled meeting held on May 9, 1996, the Board of Directors has
amended and restated the terms of the Agreement to extend the expiration
date to June 6, 2006, increase the exercise price of Rights to $175, lower
the ownership threshold at which Rights become exercisable to 20% and
eliminate the provision that excluded an all-cash offer made to
shareholders for all outstanding shares.
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.
<PAGE>
<PAGE>
<TABLE>
THE LOUISIANA LAND AND EXPLORATION COMPANY
PETROLEUM SEGMENT INFORMATION
(Millions of dollars)
<CAPTION>
Three months ended
March 31,
1996 1995
_____________________________________________________________________________________
<S> <C> <C>
Sales to unaffiliated customers:
Domestic $218.9 152.6
North Sea 37.1 34.9
Other foreign 6.5 3.8
_____________________________________________________________________________________
262.5 191.3
Interest and other income 3.7 1.8
_____________________________________________________________________________________
Total revenues $266.2 193.1
_____________________________________________________________________________________
Earnings (loss) before income taxes:
Operating profit (loss):
Domestic 41.7 18.7
North Sea 12.1 10.4
Other foreign (4.3) (3.7)
_____________________________________________________________________________________
49.5 25.4
Other income (expense), net (17.7) (20.0)
_____________________________________________________________________________________
Earnings before income taxes $ 31.8 5.4
_____________________________________________________________________________________
Capital expenditures:
Exploration:
Domestic 17.9 11.7
North Sea - -
Other foreign 2.1 3.9
_____________________________________________________________________________________
20.0 15.6
_____________________________________________________________________________________
Development:
Domestic 10.2 12.3
North Sea 6.0 2.7
Other foreign 2.4 3.8
_____________________________________________________________________________________
18.6 18.8
_____________________________________________________________________________________
38.6 34.4
Refining and marketing .3 1.1
_____________________________________________________________________________________
38.9 35.5
Capitalized interest 3.4 4.2
Other .5 1.5
_____________________________________________________________________________________
$ 42.8 41.2
_____________________________________________________________________________________
</TABLE>
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<PAGE>
<TABLE>
THE LOUISIANA LAND AND EXPLORATION COMPANY
OPERATING DATA
<CAPTION>
Three months ended
March 31,
1996 1995
_____________________________________________________________________________________
<S> <C> <C>
OIL AND GAS OPERATIONS1
CRUDE AND CONDENSATE2
Production (thousands of barrels per day):
Domestic 19.9 21.6
North Sea 16.3 17.8
Other foreign 4.0 3.1
_____________________________________________________________________________________
40.2 42.5
_____________________________________________________________________________________
Average price received (per barrel):
Domestic $19.06 17.88
North Sea 18.76 17.27
Other foreign 17.68 12.94
Consolidated 18.80 17.27
_____________________________________________________________________________________
PLANT PRODUCTS
Production (thousands of barrels per day):
Domestic 1.9 3.4
North Sea .9 1.0
_____________________________________________________________________________________
2.8 4.4
_____________________________________________________________________________________
Average price received (per barrel):
Domestic $12.35 11.26
North Sea 16.56 15.89
Consolidated 13.71 12.34
_____________________________________________________________________________________
NATURAL GAS
Production (millions of cubic feet per day):
Domestic 255.2 232.8
North Sea 37.9 27.4
Other foreign - 2.4
CLAM Petroleum Company 60.0 53.6
_____________________________________________________________________________________
353.1 316.2
_____________________________________________________________________________________
Average price received (per MCF):
Domestic $ 2.87 1.51
North Sea 2.22 2.38
Other foreign - 0.72
CLAM Petroleum Company 2.83 2.49
Consolidated 2.80 1.75
_____________________________________________________________________________________
1 Includes the Company's 50% equity interest in its unconsolidated affiliate, CLAM
Petroleum Company.
2 Before the elimination of intercompany transfers.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
THE LOUISIANA LAND AND EXPLORATION COMPANY
OPERATING DATA (CONTINUED)
<CAPTION>
Three months ended
March 31,
(Millions of dollars) 1996 1995
____________________________________________________________________________________
<S> <C> <C>
REFINING OPERATIONS
Refining Operating Profit (Loss):
Revenues:
Refined products* $121.1 90.5
Other .1 -
____________________________________________________________________________________
121.2 90.5
____________________________________________________________________________________
Cost and expenses:
Cost of sales* 109.2 78.0
Operating expenses 11.5 9.9
Depreciation .4 .4
Taxes, other than income .4 .8
____________________________________________________________________________________
121.5 89.1
____________________________________________________________________________________
$ (.3) 1.4
____________________________________________________________________________________
*Before the elimination of intercompany
transfers to the Company's refinery $ 6.3 8.3
____________________________________________________________________________________
Sales (thousands of barrels per day) 63.3 49.5
____________________________________________________________________________________
Average price received (per barrel) $21.02 20.31
____________________________________________________________________________________
____________________________________________________________________________________
GROSS WELLS DRILLED
Working Interest
Exploratory:
Oil 2 -
Gas 2 7
Dry 3 1
____________________________________________________________________________________
7 8
____________________________________________________________________________________
Development:
Oil 5 2
Gas 1 2
Dry - -
____________________________________________________________________________________
6 4
____________________________________________________________________________________
Total working interest 13 12
Royalty Interest 2 5
____________________________________________________________________________________
Total wells 15 17
____________________________________________________________________________________
NET WELLS DRILLED
Exploratory:
Oil .7 -
Gas 1.0 3.3
Dry .9 .7
____________________________________________________________________________________
2.6 4.0
____________________________________________________________________________________
Development:
Oil .6 .4
Gas .5 .5
Dry - -
____________________________________________________________________________________
1.1 .9
____________________________________________________________________________________
Total net wells 3.7 4.9
____________________________________________________________________________________
</TABLE>
<PAGE>
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits:
Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K:
NONE
SIGNATURE
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 10, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF EARNINGS OF THE
LOUISIANA LAND AND EXPLORATION COMPANY AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 9,200
<SECURITIES> 0
<RECEIVABLES> 144,900
<ALLOWANCES> 0
<INVENTORY> 35,000
<CURRENT-ASSETS> 198,600
<PP&E> 3,150,900
<DEPRECIATION> 1,956,200
<TOTAL-ASSETS> 1,447,000
<CURRENT-LIABILITIES> 191,100
<BONDS> 642,500
<COMMON> 5,100
0
0
<OTHER-SE> 392,300
<TOTAL-LIABILITY-AND-EQUITY> 1,447,000
<SALES> 262,500
<TOTAL-REVENUES> 266,200
<CGS> 0
<TOTAL-COSTS> 215,600
<OTHER-EXPENSES> 9,600
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 9,200
<INCOME-PRETAX> 31,800
<INCOME-TAX> 11,200
<INCOME-CONTINUING> 20,600
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 20,600
<EPS-PRIMARY> .61
<EPS-DILUTED> .61
