UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
- --- SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
----------------
OR
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 1-10053
-------
ORYX ENERGY COMPANY
-------------------
(Exact name of registrant as specified in its charter)
DELAWARE 23-1743284
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
13155 NOEL ROAD, DALLAS, TEXAS 75240-5067
------------------------------------------
(Address of principal executive offices) (Zip code)
(214) 715-4000
--------------
(Registrant's telephone number, including area code)
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
--- ---
The number of shares of common stock, $1 par value,
outstanding on April 30, 1995 was 103,308,854.
<PAGE>
ORYX ENERGY COMPANY
INDEX
Page
----
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Statements of Income for the
Three Months Ended March 31, 1995 and 1994 3
Condensed Consolidated Balance Sheets at March 31,
1995 and December 31, 1994 4
Condensed Consolidated Statements of Cash Flows for
the Three Months Ended March 31, 1995 and 1994 5
Notes to Condensed Consolidated Financial Statements 6
Report of Independent Accountants 10
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 11
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders 13
Item 6. Exhibits and Reports on Form 8-K 14
SIGNATURE 15
<PAGE>
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
ORYX ENERGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three Months
(Millions of Dollars, Except Ended March 31
Per Share Amounts) 1995 1994
------- -------
(Unaudited)
REVENUES
Oil and gas $ 299 $ 262
Other (6) (2)
------- --------
293 260
------- --------
COSTS AND EXPENSES
Operating costs 91 92
Production taxes 38 25
Exploration costs 13 28
Depreciation, depletion and amortization 74 71
General and administrative expense 18 19
Interest and debt expense 40 39
Interest capitalized (2) (3)
Provision for restructuring (Note 2) - 76
------- --------
272 347
------- --------
Income (Loss) Before Cumulative Effect of
Accounting Change and Benefit for
Income Taxes 21 (87)
Provision (Benefit) for Income Taxes (Note 3) 6 (27)
Remeasurement of Foreign Deferred Tax (Note 3) 2 -
------- --------
Income (Loss) Before Cumulative Effect of
Accounting Change 13 (60)
Cumulative Effect of Accounting Change (Note 4) - (948)
------- --------
Net Income (Loss) $ 13 $(1,008)
======= ========
Net Income (Loss) Per Share of Common Stock:
Before cumulative effect of accounting
change $ .13 $ (.62)
Cumulative effect of accounting change - (9.77)
------- --------
Net income (loss) $ .13 $(10.39)
======= ========
Weighted Average Number of Common Shares
Outstanding (in millions) 99.1 97.0
======= ========
(See Accompanying Notes)<PAGE>
ORYX ENERGY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31 December 31
(Millions of Dollars) 1995 1994
-------- -----------
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 14 $ 10
Accounts and notes receivable and
other current assets 223 185
-------- --------
Total Current Assets 237 195
Properties, Plants and Equipment
(Note 5) 1,787 1,840
Deferred Charges and Other Assets 64 72
-------- --------
Total Assets $ 2,088 $ 2,107
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 114 $ 105
Accrued liabilities 241 262
Obligations to be repaid from
divestment proceeds (Note 6) 17 -
Current portion of long-term debt 200 165
-------- --------
Total Current Liabilities 572 532
Long-Term Debt 1,461 1,546
Deferred Income Taxes 237 221
Deferred Credits and Other Liabilities 151 155
Shareholders' Equity (Deficit) (Note 7)
Preferred stock, par value $1 per
share, cumulative 5 5
Common stock, par value $1 per share 124 124
Additional paid-in capital 2,098 2,098
Accumulated deficit (1,171) (1,181)
-------- --------
1,056 1,046
Less: Common stock in treasury,
at cost (1,290) (1,294)
Loan to ESOP (99) (99)
-------- --------
Shareholders' Equity (Deficit) (333) (347)
-------- --------
Total Liabilities and Shareholders'
Equity (Deficit) $ 2,088 $ 2,107
======== ========
The successful efforts method of accounting is followed.
(See Accompanying Notes)
<PAGE>
ORYX ENERGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months
Ended March 31
(Millions of Dollars) 1995 1994
------ ------
(Unaudited)
CASH AND CASH EQUIVALENTS FROM
OPERATING ACTIVITIES
Net income (loss) $ 13 $(1,008)
Adjustments to reconcile net income
(loss) to net cash flow from
operating activities:
Depreciation, depletion and
amortization 74 71
Dry hole costs and leasehold impairment 4 14
Loss on sale of assets, net of taxes 2 -
Deferred income taxes 11 (3)
Cumulative effect of accounting change - 948
Remeasurement of foreign deferred tax 2 -
Provision for restructuring, net of
taxes - 49
Other 6 2
------- --------
112 73
Changes in working capital:
Accounts and notes receivable
and other current assets (4) 3
Accounts payable and accrued
liabilities (39) (38)
------- --------
Net Cash Flow Provided From Operating
Activities 69 38
------- --------
INVESTING ACTIVITIES
Capital expenditures (65) (69)
Proceeds from divestments, net of
current taxes 36 -
Other (3) (3)
------- --------
Net Cash Flow Used For Investing
Activities (32) (72)
------- --------
FINANCING ACTIVITIES
Proceeds from borrowings 29 105
Repayments of long-term debt (62) (78)
------- --------
Net Cash Flow Provided From (Used For)
Financing Activities (33) 27
------- --------
Changes In Cash and Cash Equivalents 4 (7)
Cash and Cash Equivalents at Beginning
of Period 10 10
------- --------
Cash and Cash Equivalents at End of
Period $ 14 $ 3
======= ========
(See Accompanying Notes)
<PAGE>
ORYX ENERGY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying condensed consolidated financial statements
and related notes of Oryx Energy Company and its subsidiaries
(hereinafter, unless the context otherwise requires, being
referred to as the Company) are presented in accordance with the
requirements of Form 10-Q and do not include all disclosures
normally required by generally accepted accounting principles or
those normally made in annual reports on Form 10-K. In
management's opinion, all adjustments necessary for a fair
presentation of the results of operations for the periods shown
have been made and are of a normal recurring nature. The results
of operations of the Company for the three months ended March 31,
1995 are not necessarily indicative of the results for the full
year 1995.
As further discussed in Note 4, the Company changed its
accounting policy for calculating the oil and gas asset ceiling
test during the fourth quarter of 1994, but effective as of
January 1, 1994. As a result thereof, the Company's results of
operations and corresponding per share amounts as well as certain
items in the Condensed Consolidated Statement of Cash Flows for
the first quarter ended March 31, 1994 have been restated to
reflect this change in accounting policy.
Statements of Cash Flows
Amounts paid for interest and income taxes were as follows:
Three Months Ended March 31
1995 1994
------ ------
(Millions of Dollars)
Interest paid (net of
capitalized amounts) $ 46 $ 27
Income taxes paid $ 3 $ 1
In accordance with Statement of Financial Accounting
Standards No. 95, "Statement of Cash Flows," non-cash
transactions are not reflected within the accompanying Condensed
Consolidated Statements of Cash Flows.
<PAGE>
ORYX ENERGY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
2. Provision for Restructuring
In 1994, the Company adopted plans to achieve further cost
reductions and, associated therewith, recognized a $92 million
($59 million after-tax) provision for restructuring. The 1994
provision consisted of a charge of $161 million provided in the
first quarter, revised to $76 million because of the accounting
change (Note 4), and $16 million provided in the fourth quarter.
An analysis of the first quarter 1994 provision for
restructuring follows:
1995
Balance Activity Balance
at through at
12/31/94 3/31/95 3/31/95
-------- -------- -------
(Millions of Dollars)
Termination and Associated Costs* $ 6 $ 4 $ 2
FAS 88 and FAS 106 (Retirement
and Postretirement Costs)** 2 - 2
Book Value of Assets to be
Divested and Lease Obligations*** 22 - 22
----- ----- -----
Total Provision $ 30 $ 4 $ 26
===== ===== =====
* Termination and associated cash costs are primarily
comprised of severance pay, associated employee benefit
costs and moving costs for 300 employees. Management
expects to complete such payments by the end of 1995.
** Costs primarily represent non-cash adjustments due to
special termination benefits and the acceleration of a
portion of the transition obligation as a result of a
reduction in the remaining expected future years of
service of active employees.
*** Book value of assets to be divested are a result of the
Company's program to consolidate its U.S. onshore
position into 6 primary states. Under the terms of an
operating lease which expires in June 1995, the Company
is obligated to pay the lessor at the expiration of the
lease the amount by which the fair market value of the
asset is less than $37 million, not to exceed $31 million.
<PAGE>
An analysis of the fourth quarter 1994 provision for
restructuring follows:
1995
Balance Activity Balance
at through at
12/31/94 3/31/95 3/31/95
-------- -------- -------
(Millions of Dollars)
Termination and Associated Costs* $ 6 $ 1 $ 5
FAS 88 and FAS 106 (Retirement
and Postretirement Costs)** 10 - 10
----- ----- -----
$ 16 $ 1 $ 15
===== ===== =====
* Termination and associated cash costs are primarily
comprised of severance pay and associated employee
benefit costs for 45 employees. Management expects to
complete such payments by the end of 1996.
** Costs primarily represent non-cash adjustments due to
special termination benefits and the acceleration
of a portion of the transition obligation as a result of a
reduction in the remaining expected future
years of service of active employees.
<PAGE>
ORYX ENERGY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
3. Income Taxes
Foreign income tax provisions included within the
Company's consolidated provisions are determined based upon the
appropriate foreign statutory rates which differ from the U.S.
statutory rate.
The remeasurement provisions of Statement of Financial
Accounting Standards No. 109, "Accounting for Income Taxes" (SFAS
No. 109) require the Company to remeasure its foreign currency
denominated deferred tax liabilities at current exchange rates.
The reported earnings of the Company for the three months ended
March 31, 1995 decreased $2 million from such remeasurement.
Management believes that such non-cash remeasurements distort
current period economic results and should be disregarded in
analyzing the Company's current business. Future economic
results may also be distorted because payment of the deferred tax
liability is not expected to occur in the near-term and it is
likely that exchange rates will fluctuate prior to the eventual
settlement of the liability.
4. Accounting Change
Effective January 1, 1994, the Company changed its
accounting policy for calculating the oil and gas asset ceiling
test from a total company basis to an individual field basis. As
a result of this change, the Company recognized a one time
non-cash cumulative charge to earnings of $948 million ($1,355
million pre-tax) to first quarter 1994 earnings. Consequently,
earnings have been restated for the first quarter of 1994, as
follows:
As Reported As Restated
----------- -----------
(Millions of Dollars, Except Per Share Amounts)
Net loss $ (140) $(1,008)
======= ========
Net loss per share $(1.44) $(10.39)
======= ========
<PAGE>
5. Properties, Plants and Equipment
At March 31, 1995 and December 31, 1994, the Company's
properties, plants and equipment; and related accumulated
depreciation, depletion and amortization were as follows:
March 31 December 31
1995 1994
-------- -----------
(Millions of Dollars)
Gross investment ................. $ 5,296 $ 6,320
Less accumulated depreciation,
depletion and amortization ..... 3,509 4,480
-------- --------
Net investment ................... $ 1,787 $ 1,840
======== ========
<PAGE>
ORYX ENERGY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
6. Obligations to be Repaid From Divestment Proceeds
As of March 31, 1995, obligations to be repaid from
divestment proceeds consisted of long-term obligations repaid in
April 1995 with proceeds from asset sales which were completed in
the first quarter of 1995 and have been classified as current
liabilities.
7. Shareholders' Equity (Deficit)
Shares of the Company's preferred and common stocks
authorized, issued, outstanding and in treasury at March 31, 1995
and December 31, 1994 were as follows:
In
Authorized Issued Outstanding Treasury
---------- ------ ----------- --------
(Thousands of Shares)
March 31, 1995
Preferred stock 15,000 - - -
Preference stock 15,000 5,259 5,259 -
Common stock 250,000 126,704 99,059 (24,643)
December 31, 1994
Preferred stock 15,000 - - -
Preference stock 15,000 5,259 5,259 -
Common stock 250,000 126,704 98,946 (24,756)
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors, Oryx Energy Company:
We have reviewed the accompanying condensed consolidated balance
sheet of Oryx Energy Company and its Subsidiaries as of March 31,
1995, and the related condensed consolidated statements of income
and cash flows for the three months ended March 31, 1995 and
1994. 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 review 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 accompanying condensed
consolidated financial statements 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 as of December
31, 1994, and the related consolidated statements of income and
cash flows for the year then ended (not presented herein); and in
our report dated February 19, 1995, which included an explanatory
paragraph describing the change in accounting for calculating the
oil and gas asset ceiling test in 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, 1994, is
fairly stated, in all material respects, in relation to the
consolidated balance sheet from which it has been derived.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
May 10, 1995<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
FINANCIAL CONDITION
The Company's cash and cash equivalents increased by $4 million
over the three months ended March 31, 1995. The increase was
comprised of $69 million of net cash flow provided from operating
activities, $32 million of net cash flow used for investing
activities and $33 million of net cash flow used for financing
activities. The $69 million in net cash flow provided from
operating activities consisted of $112 million in net cash flow
provided from operating activities before changes in current
assets and liabilities and $43 million used for changes in
current assets and liabilities. The $112 million in net cash
flow provided from operating activities before changes in current
assets and liabilities was primarily impacted by increased crude
oil volumes and prices, offset partially by an increase in U.K.
royalties and PRT expense. The $43 million of net cash flow used
for changes in current assets and liabilities consisted of a $39
million decrease in accounts payable and accrued liabilities and
a $4 million increase in accounts receivable.
The $32 million in net cash flow used for investing activities
and the $33 million in net cash flow used for financing
activities are primarily due to a cash use of $65 million for
capital expenditures, a cash use of $33 million from
net decreases in debt and a cash source of $36 million from
divestment proceeds, net of current taxes.
The Company incurred a provision for restructuring in 1994
consisting of an initial charge of $161 million in the first
quarter, revised to $76 million because of the accounting change,
and $16 million provided in the fourth quarter. The
restructuring program should lead to a $70 million cost reduction
for 1995. For analyses of the restructuring provision, see Note
2 to the Condensed Consolidated Financial Statements.
During March 1995, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards No. 121,
"Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to Be Disposed of", effective for fiscal years
beginning after December 15, 1995. When adopted, the impact of
this statement is expected to be immaterial.
On April 20, 1995, the holders of the Company's Series B Junior
Cumulative Convertible Preferred Stock (Series B Preference)
converted 4,250,000 shares of Series B Preference into 4,250,000
shares of $1 par value common stock in connection with the sale
of such shares in private transactions.
<PAGE>
RESULTS OF OPERATIONS
The Company's net income for the quarter ended March 31, 1995 was
$13 million, or $.13 per share, as compared to a loss before the
cumulative effect of an accounting change of $60 million, or $.62
per share for the quarter ended March 31, 1994. Revenues for the
1995 first quarter were $293 million versus $260 million for the
first quarter of 1994.
Comparing the 1995 first quarter to the 1994 first quarter, crude
oil volumes increased 21 thousand barrels per day, or 18 percent,
primarily a result of increased U.K. production. Natural gas
volumes decreased 42 mmcf per day, or 7 percent, primarily a
result of U.S. asset sales and normal declines. Worldwide crude
oil prices rose $3.02 per barrel, while natural gas prices fell
$.33 per mcf. Total costs and expenses, excluding restructuring
charges, were approximately the same despite the 6-percent
increase in volumes. Production taxes increased primarily from
additional U.K. royalty and PRT expense, however, this increase
was more than offset by a decrease in exploration costs from
reduced dry hole costs.
Average worldwide net production of crude oil and condensate for
the three months ended March 31, 1995 was 137 thousand barrels
daily compared to average net production for the three months
ended March 31, 1994 of 116 thousand barrels daily. Average net
production of crude oil and condensate was 49 thousand barrels
daily in the United States and 88 thousand barrels daily from
foreign locations during the three months ended March 31, 1995,
compared to 51 thousand barrels daily in the United States and 65
thousand barrels daily from foreign locations in the first
quarter of 1994. The average worldwide crude oil and condensate
price in the first quarter of 1995 was $16.46 per barrel compared
to $13.44 per barrel in the first quarter of 1994.
Average worldwide net production of natural gas was 603 million
cubic feet daily for the three months ended March 31, 1995,
compared to 645 million cubic feet in the three months ended
March 31, 1994. Average net production of natural gas was 504
million cubic feet daily in the United States and 99 million
cubic feet daily from the United Kingdom in the first quarter of
1995, compared to 553 million cubic feet daily in the United
States and 92 million cubic feet daily from the United Kingdom in
the first quarter of 1994. The average worldwide price of
natural gas for the first quarter of 1995 was $1.77 per thousand
cubic feet compared to $2.10 per thousand cubic feet in the first
quarter of 1994.
<PAGE>
PART II
OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
On May 4, 1995, the Annual Meeting of Shareholders of Oryx
Energy Company was held to vote on proposals as follows:
(a) To elect three directors to Class I of the Company's
Board of Directors.
Robert B. David S. Charles H.
Gill Hollingsworth Pistor, Jr.
---------- ------------- -----------
Affirmative 78,614,648 78,618,974 78,485,400
Negative - - -
Abstained - - -
Withheld 4,111,225 4,106,899 4,240,473
Broker non-votes - - -
Shares without
executed proxies
and not present
for vote 16,303,881 16,303,881 16,303,881
---------- ---------- ----------
Shares entitled to
vote 99,029,754 99,029,754 99,029,754
========== ========== ==========
(b) To approve the appointment of Coopers & Lybrand L.L.P.
as independent accountants for the fiscal year 1995.
Affirmative 80,664,625
Negative 1,059,082
Abstained 1,002,166
Withheld -
Broker non-votes -
Shares without
executed proxies
and not present
for vote 16,303,881
----------
Shares entitled
to vote 99,029,754
==========
<PAGE>
(c) To approve the stockholder proposal regarding
reorganization of the Board of Directors into one class.
Affirmative 41,222,095
Negative 30,447,844
Abstained 1,757,076
Withheld -
Broker non-votes 9,298,858
Shares without
executed proxies
and not present
for vote 16,303,881
----------
Shares entitled
to vote 99,029,754
==========
<PAGE>
PART II
OTHER INFORMATION - continued
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
12 Computation of Consolidated Ratios of Earnings to
Fixed Charges and Earnings to Fixed Charges and
Preferred Stock Dividend Requirements.
*15 Accountant's letter regarding unaudited interim
financial information.
27 Financial Data Schedule
28 Awareness letter of Coopers & Lybrand L.L.P.
* Attached as page 10 to this Form 10-Q.
b) Reports on Form 8-K:
On February 6, 1995, the Company filed a Form 8-K to
report the adoption of a new accounting policy for determining
the ceiling test for its oil and gas properties. See Note 4 to
the Condensed Consolidated Financial Statements and Management's
Discussion and Analysis of Financial Condition and Results of
Operations - Financial Condition.
<PAGE>
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.
ORYX ENERGY COMPANY
BY /s/ Robert L. Thompson
------------------------
Robert L. Thompson
(Comptroller and Corporate Planning Director)
DATE May 10, 1995
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from SEC
Form 10-Q and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> QTR-1
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 14
<SECURITIES> 0
<RECEIVABLES> 182
<ALLOWANCES> 0
<INVENTORY> 7
<CURRENT-ASSETS> 237
<PP&E> 5296
<DEPRECIATION> 3509
<TOTAL-ASSETS> 2088
<CURRENT-LIABILITIES> 572
<BONDS> 1461
<COMMON> 1945
0
282
<OTHER-SE> (2560)
<TOTAL-LIABILITY-AND-EQUITY> 2088
<SALES> 299
<TOTAL-REVENUES> 293
<CGS> 203
<TOTAL-COSTS> 203
<OTHER-EXPENSES> 31
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 38
<INCOME-PRETAX> 21
<INCOME-TAX> 8
<INCOME-CONTINUING> 13
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13
<EPS-PRIMARY> .13
<EPS-DILUTED> .13
</TABLE>
EXHIBIT 12
ORYX ENERGY COMPANY
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES AND
PREFERRED STOCK DIVIDEND REQUIREMENTS - UNAUDITED (a)
(Millions of Dollars)
Three Months
Ended March 31
1995
--------------
RATIO OF EARNINGS TO FIXED CHARGES:
Fixed Charges:
Consolidated interest cost and debt expense . . . . .$ 40
Interest allocable to rental expense (b) . . . . . . . 3
------
Total . . . . . . . . . . . . . . . . . . . . . . .$ 43
======
Earnings:
Consolidated income before provision for income taxes $ 21
Fixed charges. . . . . . . . . . . . . . . . . . . . . 43
Interest capitalized . . . . . . . . . . . . . . . . . (2)
Amortization of previously capitalized interest . . . 1
------
Total . . . . . . . . . . . . . . . . . . . . . . .$ 63
======
Ratio of Earnings to Fixed Charges . . . . . . . . . . . 1.47
======
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK
DIVIDEND REQUIREMENTS:
Fixed Charges:
Consolidated interest cost and debt expense . . . . .$ 40
Preferred stock dividend requirements. . . . . . . . . -
Interest allocable to rental expense (b) . . . . . . . 3
------
Total . . . . . . . . . . . . . . . . . . . . . . .$ 43
======
Earnings:
Consolidated income before provision for income taxes $ 21
Fixed charges. . . . . . . . . . . . . . . . . . . . . 43
Interest capitalized . . . . . . . . . . . . . . . . . (2)
Amortization of previously capitalized interest . . . 1
------
Total . . . . . . . . . . . . . . . . . . . . . . .$ 63
======
Ratio of Earnings to Fixed Charges . . . . . . . . . . . 1.47
======
(a) The consolidated financial statements of Oryx Energy Company
include the accounts of all subsidiaries (more than 50 percent
owned and/or controlled).
(b) Represents one-third of total operating lease rental expense
which is that portion deemed to be interest.
EXHIBIT 28
Securities and Exchange Commission
450 Fifth Street, Northwest
Washington, D.C. 20549
Attn: Document Control
Re: Oryx Energy Company Form 10-Q
We are aware that our report dated May 10, 1995 on our review of
the interim condensed consolidated balance sheet of Oryx Energy
Company and its Subsidiaries as of March 31, 1995, and the related
condensed consolidated statements of income and cash flows for the
three months ended March 31, 1995 and 1994, included in this Form
10-Q, is incorporated by reference in the following registration
statements:
Registration No.
----------------
On Form S-3 for:
Oryx Energy Company $500,000,000 Debt
Securities; Preferred Stock; and Common Stock 33-45611
Oryx Energy Company $600,000,000 Debt Securities 33-33361
Oryx Energy Company 7,259,394 shares of Common
Stock 33-36799
On Form S-8 for:
Oryx Energy Company 1992 Long-Term Incentive Plan 33-42695
Oryx Energy Company Long-Term Incentive Plan 33-25032
Oryx Energy Company Capital Accumulation Plan 33-24918
Pursuant to Rule 436(c) under the Securities Act of 1933, this
report should not be considered a part of the registration
statement prepared or certified by us within the meaning of
Sections 7 and 11 of that Act.
Dallas, Texas
May 10, 1995
