<PAGE>
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 September 30, 1996
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)
(972) 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 November 1, 1996 was 104,834,408.
<PAGE>
ORYX ENERGY COMPANY
________________________________
INDEX
Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Statements of Income
for the Three and Nine Months Ended
September 30, 1996 and 1995 3
Condensed Consolidated Balance Sheets at
September 30, 1996 and December 31, 1995 4
Condensed Consolidated Statements of Cash
Flows for the Nine Months Ended
September 30, 1996 and 1995 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 Operations11
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 15
SIGNATURE 16
<PAGE>
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
ORYX ENERGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three Months For the Nine Months
(Millions of Dollars, Ended September 30 Ended September 30
Except per Share Amounts) 1996 1995 1996 1995
(Unaudited)
Revenues
Oil and gas (Note 2) $ 293 $ 217 $ 797 $ 788
Other (4) 128 (8) 135
----- ----- ----- -----
289 345 789 923
----- ----- ----- -----
Costs and Expenses
Operating costs 58 74 173 256
Production taxes 41 17 103 85
Exploration costs 16 14 41 40
Depreciation, depletion
and amortization 71 66 200 212
General and administrative
expense 14 15 43 49
Interest and debt
expense 28 33 84 112
Interest capitalized (5) (3) (12) (7)
----- ----- ----- -----
223 216 632 747
----- ----- ----- -----
Income Before Extraordinary
Item and Provision for
Income Taxes 66 129 157 176
Provision for Income
Taxes (Note 4) 26 21 57 29
Remeasurement of Foreign
Deferred Tax (Note 4) - - - 1
----- ----- ----- -----
Income Before Extraordinary
Item 40 108 100 146
Extraordinary Item - (1) - (15)
===== ===== ===== =====
Net Income $ 40 $ 107 $ 100 $ 131
Net Income Per Share of Common Stock:
Before extraordinary
item $ .38 $1.04 $ .95 $ 1.44
Extraordinary item - (.01) - (.15)
----- ----- ----- -----
Net income $ .38 $1.03 $ .95 $(1.29)
===== ===== ===== ======
Weighted Average Number
of Common Shares
Outstanding
(in millions) 105.1 103.6 104.9 101.7
===== ===== ===== =====
(See Accompanying Notes)
<PAGE>
ORYX ENERGY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30 December 31
(Millions of Dollars) 1996 1995
(Unaudited)
Assets
Current Assets
Cash and cash equivalents $ 7 $ 20
Accounts receivable and other
current assets 188 161
------ ------
Total Current Assets 195 181
Properties, Plants and Equipment
(net) (Note 5) 1,615 1,426
Deferred Charges and Other Assets 64 59
------ ------
Total Assets $1,874 $1,666
====== ======
Liabilities and Shareholders' Deficit
Current Liabilities
Accounts payable $ 131 $ 106
Accrued liabilities 321 196
Current portion of long-term debt 15 152
------ ------
Total Current Liabilities 467 454
Long-Term Debt (Note 6) 1,098 1,051
Deferred Income Taxes 256 207
Deferred Credits and Other
Liabilities 157 163
Shareholders' Deficit (Note 7)
Common stock, par value $1 per
share 124 124
Additional paid-in capital 1,821 1,821
Accumulated deficit (956) (1,051)
------ ------
989 894
Less common stock in treasury,
at cost (994) (1,004)
Loan to ESOP (99) (99)
------ ------
Shareholders' Deficit (104) (209)
------ ------
Total Liabilities and Shareholders'
Deficit $1,874 $1,666
====== ======
The successful efforts method of accounting is followed.
(See Accompanying Notes)
<PAGE>
ORYX ENERGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months
Ended September 30
(Millions of Dollars) 1996 1995
(Unaudited)
Cash and Cash Equivalents From Operating
Activities
Net income $ 100 $ 131
Adjustments to reconcile net income
to net cash from operating activities:
Depreciation, depletion and
amortization 200 212
Dry hole costs and leasehold impairment 15 15
Gain (loss) on sale of assets,
net of taxes 1 (149)
Deferred income taxes 37 48
Extraordinary item - 15
Other 8 7
------ ------
361 279
Changes in working capital:
Accounts receivable and other current
assets (29) 6
Accounts payable and accrued
liabilities 153 (77)
------ ------
Net Cash Flow Provided From Operating
Activities 485 208
------ ------
Investing Activities
Capital expenditures (394) (192)
Proceeds from divestments, net of current
taxes 4 384
Other (19) (9)
------ ------
Net Cash Flow Provided From(Used For)
Investing Activities (409) 183
------ ------
Financing Activities
Proceeds from borrowings 177 30
Repayments of long-term debt (266) (419)
------ ------
Net Cash Flow Used For
Financing Activities (89) (389)
------ ------
Changes In Cash and Cash Equivalents (13) 2
Cash and Cash Equivalents at Beginning
of Period 20 10
------ ------
Cash and Cash Equivalents at End of Period $ 7 $ 12
====== ======
(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 nine months ended
September 30, 1996 are not necessarily indicative of the
results for the full year 1996.
Statements of Cash Flows
Amounts paid for interest and income taxes were as follows:
Nine Months Ended September 30
1996 1995
(Millions of Dollars)
Interest paid (net of
capitalized amounts) $ 74 $ 116
Income taxes paid $ 2 $ 4
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.
2. Property Acquisition
On July 30, 1996, the Company announced its agreement,
effective July 1, 1996, to acquire all of Chevron's
interests in the Ninian, Hutton, Lyell and Murchison fields
as well as Columba and surrounding acreage in the U.K. North
Sea for $140 million and assign 35 percent of the interests
to Ranger Oil Limited. Oryx operates three of the fields and
expects to become operator of Ninian. The Company plans to
fund its share of the acquisition with internally generated
cash flow and, therefore, does not anticipate any permanent
increase in its total debt level. The purchase was
subsequently completed on October 29, 1996.
<PAGE>
ORYX ENERGY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
3. Provision for Restructuring
In the fourth quarter of 1995, the Company recognized a net
$25 million ($16 million after-tax) charge for restructuring
comprised of a $4 million adjustment to the 1994
restructuring provision and a $29 million restructuring
provision for a plan to achieve further cost reductions.
An analysis of the 1995 restructuring liability follows:
1996 1996 1996
Balance First Second Third Balance
at Quarter Quarter Quarter at
12/31/95 Activity Activity Activity 9/30/96
(Millions of Dollars)
Termination and
associated costs* $ 9 $ 1 $ 6 $ 1 $ 1
Office lease
obligation** 14 1 1 (2)*** 14
--- --- --- --- ---
Total $23 $ 2 $ 7 $(1) $15
=== === === === ===
* Termination and associated cash costs are
primarily comprised of severance pay and associated
employee benefit costs for 250 operational and
administrative employees. Management expects to
complete such payments by the end of 1997.
** Represents contractual obligations existing
prior to the commitment date that will continue with
no economic benefit to the Company.
*** Includes $3 million additional liability to
adjust for the absence of previously estimated
sublease rental income.
The costs of the 1994 restructuring were substantially
complete at 12/31/95. As a result of $1 million of
termination payments made during the first quarter of 1996,
costs of the 1994 restructuring were completed.
<PAGE>
ORYX ENERGY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
4. Income Taxes
The Company's provisions for income taxes for the three and
nine months ended September 30, 1996 reflect provisions of
$26 million and $57 million. The Company's provisions for
income taxes for the three and nine months ended September
30, 1995 reflect provisions of $21 million and $29 million.
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 and nine months ended September 30, 1996 were
unaffected while reported earnings for the three and nine
months ended September 30, 1995 were unaffected and
decreased $1 million from such remeasurements. Management
believes that such non-cash remeasurement credits and debits
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.
5. Properties, Plants and Equipment
At September 30, 1996 and December 31, 1995, the Company's
properties, plants and equipment; and related accumulated
depreciation, depletion and amortization were as follows:
September 30, December 31,
1996 1995
(Millions of Dollars)
Gross investment $ 5,435 $ 5,133
Less accumulated depreciation,
depletion and amortization 3,820 3,707
------- -------
Net investment $ 1,615 $ 1,426
======= =======
<PAGE>
ORYX ENERGY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
6. Long-Term Debt
On July 11, 1996, the Company issued $150 million 8 3/8%
Notes Due July 15, 2004. The net proceeds of $148.5 million
were used to refinance debt outstanding under the Company's
Revolving Credit Agreement, uncommitted lines of credit and
commercial paper. These vehicles had been utilized to
refinance $100 million of the Company's 9.30% Notes that
matured in May 1996 and $35 million of the Company's 6.05%
Medium Term Notes that matured in February 1996. The
Company has an additional $12 million of 8.92% Medium Term
Notes that will mature in the fourth quarter of 1996.
Borrowings to be refinanced with the net proceeds have a
final maturity of up to two years, and as of September 30,
1996 had a weighted average interest rate of 6.66%.
7. Shareholders' Deficit
Shares of the Company's preferred and common stocks
authorized, issued, outstanding and in treasury at September
30, 1996 and December 31, 1995 were as follows:
Authorized Issued Outstanding In Treasury
(Thousands of Shares)
September 30, 1996
Preferred stock 15,000 - - -
Preference stock 7,741 - - -
Common stock 250,000 126,704 104,791 (18,911)
December 31, 1995
Preferred stock 15,000 - - -
Preference stock 7,741 - - -
Common stock 250,000 126,704 104,455 (19,247)
<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 September
30, 1996, the related condensed consolidated statements of income
for the three and nine months ended September 30, 1996 and 1995,
and the related condensed consolidated statements of cash flows
for the nine months ended September 30, 1996 and 1995. 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 of Oryx Energy
Company and its Subsidiaries as of December 31, 1995, 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, 1996, 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, 1995 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
November 1, 1996
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
FINANCIAL CONDITION
The Company's cash and cash equivalents decreased by $13 million
over the nine months ended September 30, 1996. The decrease was
comprised of $485 million of net cash flow provided from
operating activities, $409 million of net cash flow used for
investing activities and $89 million of net cash flow used for
financing activities. The $485 million in net cash flow provided
from operating activities consisted of $361 million in net cash
flow provided from operating activities before changes in current
assets and liabilities and $124 million provided from changes in
current assets and liabilities. The $361 million in net cash
flow provided from operating activities before changes in current
assets and liabilities was primarily impacted by increased crude
oil and U.S. natural gas prices and a reduction in operating
expense resulting in part from insurance refunds, offset
partially by lower production volumes. The $124 million of net
cash flow provided from changes in current assets and liabilities
consisted of a $29 million increase in accounts receivable and
other current assets and a $153 million increase in accounts
payable and accrued liabilities.
The $409 million in net cash flow used for investing activities
and the $89 million in net cash flow used for financing
activities are primarily due to cash uses of $394 million for
capital expenditures and $89 million from net decreases in debt.
In the fourth quarter of 1995, the Company incurred a net $25
million ($16 million after-tax) provision for restructuring
comprised of a $4 million adjustment to the 1994 restructuring
provision and a $29 million restructuring provision for a plan to
achieve further cost reductions. For an analysis of the
restructuring provision, see Note 3 to the Condensed Consolidated
Financial Statements.
On July 11, 1996, the Company issued $150 million 8 3/8% Notes
Due July 15, 2004. The net proceeds of $148.5 million were used
to refinance debt outstanding under the Company's Revolving
Credit Agreement, uncommitted lines of credit and commercial
paper. These vehicles had been utilized to refinance $100
million of the Company's 9.30% Notes that matured in May 1996 and
$35 million of the Company's 6.05% Medium Term Notes that matured
in February 1996. The Company has an additional $12 million of
8.92% Medium Term Notes that will mature in the fourth quarter of
1996. Borrowings to be refinanced with the net proceeds have a
final maturity of up to two years, and as of September 30, 1996
had a weighted average interest rate of 6.66%. During the third
quarter, Moody's Investors Service upgraded the Company's senior
unsecured debentures to Ba2 from Ba3 and the convertible
subordinated debentures to B1 from B2. The upgrade reflects
improving profitability and cash flow.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations - continued
FINANCIAL CONDITION (continued)
On October 29, 1996, the Company completed its purchase,
effective July 1, 1996, to acquire all of Chevron's interests in
the Ninian, Hutton, Lyell and Murchison fields as well as Columba
and surrounding acreage in the U.K. North Sea for $140 million
and to assign 35 percent of the interests to Ranger Oil Limited.
In the first half of the year, the Company estimates that
Chevron's interest being acquired would have generated about $46
million of pre-tax cash flow or $10.40 per barrel produced.
Proved reserves being acquired were about 50 million barrels at
January 1, 1996, which equates to an acquisition cost of $2.80
per barrel. Oryx operates three of the fields and expects to
become operator of Ninian. Through a combination of major cost
reductions and reservoir enhancements, the Company expects to
extend the productive lives of the fields it operates, thereby
recovering additional reserves and generating incremental income
and cash flow. Such actions are expected to result in the
addition of approximately seven million barrels of proved
reserves for Oryx on its pre-transaction equity interest. The
Company will fund its share of the acquisition with internally
generated cash flow and, as a result, there will be no permanent
increase in its total debt level.
RESULTS OF OPERATIONS - NINE MONTHS
The Company's net income for the nine months ended September 30,
1996 was $100 million, or $.95 per share, as compared to net
income of $131 million, or $1.29 per share for the first nine
months of 1995. Revenues for the nine months were $789 million
in 1996 versus $923 million in 1995. Year-to-date results for
1995 include a $120 million net gain on the sale of assets, $15
million of extraordinary charges associated with refinancing long
term debt and a $1 million charge for remeasurement of foreign
deferred taxes.
Average worldwide net production of crude oil and condensate for
the nine months ended September 30, 1996 was 103 thousand barrels
daily compared to average net production for the nine months
ended September 30, 1995 of 119 thousand barrels daily. Average
net production of crude oil and condensate was 43 thousand
barrels daily in the United States and 60 thousand barrels daily
from foreign locations during the nine months ended September 30,
1996, compared to 47 thousand barrels daily in the United States
and 72 thousand barrels daily from foreign locations during the
nine months ended September 30, 1995. The worldwide crude oil
and condensate price for the first nine months of 1996 was $18.75
per barrel compared to $16.48 per barrel for the first nine
months of 1995.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations - continued
RESULTS OF OPERATIONS - NINE MONTHS (continued)
Average worldwide net production of natural gas was 487 million
cubic feet daily for the nine months ended September 30, 1996,
compared to 537 million cubic feet in the nine months ended
September 30, 1995. Average net production of natural gas was
479 million cubic feet daily in the United States and 8 million
cubic feet daily from the United Kingdom in the first nine months
of 1996, compared to 477 million cubic feet daily in the United
States and 60 million cubic feet daily in the United Kingdom in
the first nine months of 1995. The worldwide price of natural
gas for the first nine months of 1996 and 1995 was $2.01 and
$1.73 per thousand cubic feet.
RESULTS OF OPERATIONS - THREE MONTHS
The Company reported net income of $40 million, or $.38 per
share, for the quarter ended September 30, 1996, compared to net
income of $107 million, or $1.03 per share, virtually all from
gains on the sale of assets, for the same quarter last year. Oil
and gas revenues for the 1996 third quarter were $293 million
versus $217 million for the 1995 third quarter.
Current quarter results consist of $40 million of net income.
The 1995 third quarter results included a $106 million net gain
on the sale of assets and a $1 million extraordinary charge
associated with refinancing.
Compared to the same quarter last year, oil production increased
by 8,000 barrels per day and natural gas volumes increased by 45
million cubic feet per day, an overall volume increase of 9
percent. Worldwide liquid prices increased by $3.83 per barrel
and U.S. natural gas prices increased by $.44 per mcf. Third
quarter results include the benefit of a previously announced
acquisition of U.K. producing properties, effective July 1, 1996.
In addition to the impact of higher volumes and prices, the
Company's results continue to reflect the benefits of cost
reduction. Unit costs for the current quarter are below the
prior year quarter, particularly in the operating cost and
interest expense categories. Operating expense includes a non-
recurring benefit of $12 million ($8 million after-tax) or $.68
per equivalent barrel, resulting primarily from insurance
refunds.
Average worldwide net production of crude oil and condensate for
the three months ended September 30, 1996 was 109 thousand
barrels daily compared to average net production for the three
months ended September 30, 1995 of 101 thousand barrels daily.
Average net production of crude oil and condensate was 42
thousand barrels daily in the United States and 67 thousand
barrels daily from foreign locations during the three months
ended September 30, 1996, compared to 44 thousand barrels daily
in the United States and 57 thousand
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations - continued
RESULTS OF OPERATIONS - THREE MONTHS (continued)
barrels daily from foreign locations in the third quarter of
1995. The worldwide crude oil and condensate price in the third
quarter of 1996 was $19.76 per barrel compared to $15.93 per
barrel in the third quarter of 1995.
Average worldwide net production of natural gas was 502 million
cubic feet daily for the three months ended September 30, 1996,
compared to 457 million cubic feet daily in the three months
ended September 30, 1995. Average net production of natural gas
was 494 million cubic feet daily in the United States and 8
million cubic feet daily from the United Kingdom in the third
quarter of 1996, compared to 444 million cubic feet daily in the
United States and 13 million cubic feet daily from the United
Kingdom in the third quarter of 1995. The worldwide price of
natural gas for the third quarter of 1996 was $2.05 per thousand
cubic feet compared to $1.63 per thousand cubic feet in the third
quarter of 1995.
<PAGE>
PART II
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
12 Computation of Consolidated Ratio of
Earnings to Fixed Charges.
15 Accountant's letter regarding
unaudited interim financial information.
27 Financial Data Schedule.
(b) Reports on Form 8-K:
The Company did not file any reports on Form
8-K during the quarter ended September 30, 1996.
<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/ E. W. Moneypenny
E. W. Moneypenny
(Executive Vice President, Finance and
Chief Financial Officer)
DATE: November 11, 1996
<PAGE>
EXHIBIT 12
ORYX ENERGY COMPANY
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES - UNAUDITED (a)
(Millions of Dollars)
Three Months Nine Months
Ended Ended
September 30 September 30
1996 1996
RATIO OF EARNINGS TO FIXED
CHARGES:
Fixed Charges:
Consolidated interest cost and debt
expense $ 28 $ 84
Interest allocable to rental expense (b) 1 6
----- -----
Total $ 29 $ 90
===== =====
Earnings:
Consolidated income before provision
for income taxes $ 66 $ 157
Fixed charges 29 90
Interest capitalized (5) (12)
Amortization of previously
capitalized interest 1 3
----- -----
Total $ 91 $ 238
===== =====
Ratio of Earnings to Fixed Charges 3.14 2.64
===== =====
RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED STOCK DIVIDEND REQUIREMENTS:
Fixed Charges:
Consolidated interest cost and debt
expense $ 28 $ 84
Preferred stock dividend requirements - -
Interest allocable to rental expense (b) 1 6
----- -----
Total $ 29 $ 90
===== =====
Earnings:
Consolidated income before provision
for income taxes $ 66 $ 157
Fixed charges 29 90
Interest capitalized (5) (12)
Amortization of previously
capitalized interest 1 3
----- -----
Total $ 91 $ 238
===== =====
Ratio of Earnings to Fixed
Charges 3.14 2.64
===== =====
(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.
<PAGE>
EXHIBIT 15
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 November 1, 1996 on our review
of the interim condensed consolidated balance sheet of Oryx
Energy Company and its Subsidiaries as of September 30, 1996, the
related condensed consolidated statements of income for the three
and nine months ended September 30, 1996 and 1995, and the
related condensed consolidated statements of cash flows for the
nine months ended September 30, 1996 and 1995, 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
Oryx Energy Company Equity and Deferred
Compensation Plan for Non-Employee Directors 333-03075
Oryx Energy Company Executive Variable Incentive
Plan 333-03089
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.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
November 1, 1996
<PAGE>
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This schedule contains summary financial information extracted from SEC Form
10-Q and is qualified in its entirety by reference to such financial statements.
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