<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 March 31, 1998
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 March 31, 1998 was 106,160,244.
<PAGE>
PAGE 2
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, 1998
and 1997 .................................. 3
Condensed Consolidated Balance Sheets at
March 31, 1998 and December 31, 1997 ...... 4
Condensed Consolidated Statements of Cash
Flows for the Three Months Ended March 31,
1998 and 1997 ............................. 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 6. Exhibits and Reports on Form 8-K .......... 14
SIGNATURE .............................................. 15
<PAGE>
PAGE 3
<TABLE>
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
ORYX ENERGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<CAPTION>
For the Three Months
(Millions of Dollars, Except Ended March 31
Per Share Amounts) 1998 1997
(Unaudited)
<S> <C> <C>
Revenues
Oil and gas $215 $342
Other 8 (7)
---- ----
223 335
---- ----
Costs and Expenses
Operating costs 56 69
Production taxes 11 39
Exploration costs 49 14
Depreciation, depletion and amortization 70 79
General and administrative expense 13 15
Interest and debt expense 27 27
Interest capitalized (5) (5)
---- ----
221 238
---- ----
Income Before Provision (Benefit) for Income Taxes 2 97
Provision (Benefit) for Income Taxes (Note 3) (2) 35
Remeasurement of Foreign Deferred Tax
(Note 3) 1 (4)
---- ----
Net Income $3 $66
==== ====
Basic Net Income Per Share of Common Stock (Note 4) $.02 $.63
==== ====
Diluted Net Income Per Share of Common Stock (Note 4) $.02 $.61
==== ====
Weighted Average Number of Basic Common Shares
Outstanding (in millions) 106.1 105.3
===== =====
<FN>
(See Accompanying Notes)
</TABLE>
<PAGE>
PAGE 4
<TABLE>
ORYX ENERGY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
<CAPTION>
March 31 December 31
(Millions of Dollars) 1998 1997
(Unaudited)
<S> <C> <C>
Assets
Current Assets
Cash and cash equivalents $ 8 $ 10
Accounts receivable and other current
assets 241 228
------ ------
Total Current Assets 249 238
Properties, Plants and Equipment (Note 5) 1,908 1,811
Deferred Charges and Other Assets 62 59
------ ------
Total Assets $2,219 $2,108
====== ======
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $ 194 $ 121
Accrued liabilities 238 257
Current portion of long-term debt 19 4
------ ------
Total Current Liabilities 451 382
Long-Term Debt 1,233 1,184
Deferred Income Taxes 239 235
Deferred Credits and Other Liabilities 131 150
Shareholders' Equity (Note 6)
Common stock, par value $1 per share 124 124
Additional paid-in capital 1,821 1,821
Accumulated deficit (742) (740)
------ ------
1,203 1,205
Less: Common stock in treasury, at cost (943) (952)
Loan to ESOP (95) (96)
------ ------
Shareholders' Equity 165 157
------ ------
Total Liabilities and Shareholders'
Equity $2,219 $2,108
====== ======
<FN>
The successful efforts method of accounting is followed.
(See Accompanying Notes)
</TABLE>
<PAGE>
PAGE 5
<TABLE>
ORYX ENERGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>
For the Three Months
Ended March 31
(Millions of Dollars) 1998 1997
(Unaudited)
<S> <C> <C>
Cash and Cash Equivalents From Operating Activities
Net income $ 3 $ 66
Adjustments to reconcile net income to
net cash flow from operating activities:
Depreciation, depletion and amortization 70 79
Dry hole costs and leasehold impairment 30 2
Gain on sale of assets, net of taxes (3) -
Deferred income taxes - 8
Remeasurement of foreign deferred tax 1 (4)
Other (1) 4
----- -----
100 155
Changes in working capital:
Accounts receivable and
other current assets (13) 61
Accounts payable and accrued
liabilities 52 (2)
----- -----
Net Cash Flow Provided From Operating
Activities 139 214
----- -----
Investing Activities
Capital expenditures (193) (117)
Other (14) (25)
----- -----
Net Cash Flow Used For Investing
Activities (207) (142)
----- -----
Financing Activities
Proceeds from borrowings 106 15
Repayments of long-term debt (42) (90)
Proceeds from sale of treasury stock 2 5
----- -----
Net Cash Flow Provided From (Used For)
Financing Activities 66 (70)
----- -----
Changes In Cash and Cash Equivalents (2) 2
Cash and Cash Equivalents at Beginning
of Period 10 9
----- -----
Cash and Cash Equivalents at End
of Period $ 8 $ 11
===== =====
<FN>
(See Accompanying Notes)
</TABLE>
<PAGE>
PAGE 6
ORYX ENERGY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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, 1998 are not necessarily indicative of the results
for the full year 1998. Certain items in the period ended
March 31, 1997 have been reclassified to conform to the 1998
presentation.
The Company adopted Statement of Financial Accounting Standards
(SFAS) No. 128, "Earnings per Share," effective January 1,
1997. As a result, earnings per share for the first quarter
ended March 31, 1997 have been restated to conform to the
provisions of this statement. In addition, the Company adopted
SFAS No 130, "Reporting Comprehensive Income," effective
January 1, 1998. Total comprehensive income and net income are
identical for the period ended March 31, 1998.
Statements of Cash Flows
Amounts paid for interest and income taxes were as follows:
<TABLE>
<CAPTION>
Three Months Ended March 31
1998 1997
(Millions of Dollars)
<S> <C> <C>
Interest paid (net of
capitalized amounts) $ 18 $ 19
Income taxes paid $ 1 $ 18
</TABLE>
2. 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.
The costs of the 1995 restructuring were complete at December
31, 1996 except for costs associated with an office lease
obligation which existed prior to the commitment date that
has no economic benefit to the Company. During the period
ended March 31, 1998, $1 million of costs associated with this
lease were incurred, and at March 31, 1998, $9 million of this
provision remains.
<PAGE>
PAGE 7
ORYX ENERGY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(continued)
3. Income Taxes
The Company's provisions for income taxes for the three months
ended March 31, 1998 and 1997 reflect a provision (benefit) of
$(2) million and $35 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.
Deferred income taxes are provided to reflect the tax
consequences in future periods of differences between financial
statements and tax basis of assets and liabilities at period
end in accordance with Statement of Financial Accounting
Standards No. 109, "Accounting for Income Taxes" (SFAS No.
109). The remeasurement provisions of SFAS No. 109 have
affected the reported earnings of the Company. Earnings have
decreased $1 million and increased $4 million for the three
months ended March 31, 1998 and 1997 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.
<PAGE>
PAGE 8
ORYX ENERGY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(continued)
4. Net Income Per Share
Following is a reconciliation of the numerators and
denominators of the basic and diluted earnings per share (EPS)
computations for the three months ended March 31, 1998 and 1997
(in millions of dollars and shares, except per share amounts).
<TABLE>
<CAPTION>
Three Months Ended March 31
1998 1997
<S> <C> <C>
Basic EPS:
Numerator, Net Income $ 3 $ 66
Denominator, Common Shares
Outstanding 106.1 105.3
----- -----
Basic EPS $ .02 $ .63
===== =====
Diluted EPS:
Numerator, Net Income $ 3 $ 66
Potential Common Shares:
Debentures* - 2
----- -----
Total Net Income 3 68
----- -----
Denominator, Common Shares
Outstanding 106.1 105.3
Potential Common Shares:
Common Stock Options** .4 .4
Debentures* - 5.1
----- -----
Total 106.5 110.8
----- -----
Diluted EPS $ .02 $ .61
===== =====
<FN>
* The Company has reserved 5,111,438 shares of Common Stock for
issuance to the owners of its 7 1/2% Convertible Subordinated
Debentures due 2014 (Debentures). The Debentures were not
included in the computation of diluted shares for the period
ended March 31, 1998 since they have an anti- dilutive effect.
** Common Stock options to purchase 2.3 million and 2.4 million
shares of Common Stock were outstanding but not included in
the computation of diluted EPS at March 31, 1998 and 1997
because the various exercise prices of the options were
greater than the average market price of the common shares.
</TABLE>
<PAGE>
PAGE 9
ORYX ENERGY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(continued)
5. Properties, Plants and Equipment
At March 31, 1998 and December 31, 1997, the Company's
properties, plants and equipment; and related accumulated
depreciation, depletion and amortization were as follows:
<TABLE>
<CAPTION>
March 31 December 31
1998 1997
(Millions of Dollars)
<S> <C> <C>
Gross investment............ $ 5,782 $ 5,626
Less accumulated
depreciation, depletion
and amortization.......... 3,874 3,815
------- -------
Net investment.............. $ 1,908 $ 1,811
======= =======
</TABLE>
6. Shareholders' Equity
Shares of the Company's preferred and common stocks authorized,
issued, outstanding and in treasury at March 31, 1998 and
December 31, 1997 were as follows:
<TABLE>
<CAPTION>
In
Authorized Issued Outstanding Treasury
(Thousands of Shares)
<S> <C> <C> <C> <C>
March 31, 1998
Preferred stock 15,000 - - -
Preference stock 7,741 - - -
Common stock 250,000 126,704 106,160 (17,542)
December 31, 1997
Preferred stock 15,000 - - -
Preference stock 7,741 - - -
Common stock 250,000 126,704 105,982 (17,720)
</TABLE>
<PAGE>
PAGE 10
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,
1998, and the related condensed consolidated statements of income
and cash flows for the three months ended March 31, 1998 and 1997.
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, 1997, and the related consolidated statements of income and cash
flows for the year then ended (not presented herein); and in our
report dated February 17, 1998, 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, 1997, is fairly stated, in all
material respects, in relation to the consolidated balance sheet
from which it has been derived.
/s/ Coopers & Lybrand L.L.P.
Dallas, Texas
May 4, 1998
<PAGE>
PAGE 11
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 $2 million
during the three months ended March 31, 1998. The decrease was
comprised of $139 million of net cash flow provided from operating
activities, $207 million of net cash flow used for investing
activities and $66 million of net cash flow provided from financing
activities. The $139 million in net cash flow provided from
operating activities consisted of $100 million in net cash flow
provided from operating activities before changes in current assets
and liabilities and $39 million provided from changes in current
assets and liabilities. The $100 million in net cash flow provided
from operating activities before changes in current assets and
liabilities was primarily impacted by lower revenues and the timing
of exploration activities. The $39 million of net cash flow provided
from changes in current assets and liabilities consisted of a $13
million increase in accounts receivable and a $52 million increase
in accounts payable.
The $207 million in net cash flow used for investing activities and
the $66 million in net cash flow provided from financing activities
are primarily due to a cash use of $193 million for capital
expenditures and a cash source of $64 million from net increases 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 2 to the Condensed Consolidated
Financial Statements.
<PAGE>
PAGE 12
2. Management's Discussion and Analysis of Financial Condition and
Results of Operations - continued
RESULTS OF OPERATIONS
The Company's net income for the quarter ended March 31, 1998 was $3
million, or $.02 per share, as compared to net income of $66
million, or $.63 per share for the quarter ended March 31, 1997.
Revenues for the 1998 first quarter were $223 million versus $335
million for the first quarter of 1997.
Compared to the same quarter last year, worldwide crude oil prices
decreased by $5.42 per barrel, or 27 percent, and U.S. natural gas
prices decreased by $.61 per mcf, or 22 percent. Crude oil volumes
decreased by 12 thousand barrels per day and natural gas volumes
decreased 128 million cubic feet per day.
Lower crude oil volumes were primarily the result of an oil export
interruption at Hutton and water-injection performance problems at
Ninian, both U.K. North Sea fields. The reduction in U.S. gas
production resulted primarily from a combination of third-party
related interruptions and a well blow-out at the Belle Isle field.
Comparing first quarter expenses with the same quarter last year,
exploration costs were $35 million higher primarily due to increased
dry hole expense and 3-D seismic purchased for the recent Gulf of
Mexico lease sale. In that sale, the Company was the apparent
winner of 18 deep-water blocks off the coast of Louisiana.
Production taxes were $28 million lower, primarily the result of
lower revenues and a favorable settlement of field level tax issues.
The Company is continuing to aggressively pursue its exploration
activities during 1998 with plans to drill 17 wells, including 7 in
the Gulf of Mexico. Eight wells were drilled in the first quarter.
The 1998 first quarter includes a $3 million net benefit relating to
a prior sale of assets and a $1 million charge for the remeasurement
of foreign deferred taxes. By comparison, the 1997 first quarter
included a $4 million benefit from the remeasurement of foreign
deferred taxes.
Average worldwide net production of crude oil and condensate for the
three months ended March 31, 1998 was 106 thousand barrels daily
compared to average net production for the three months ended March
31, 1997 of 118 thousand barrels daily. Average net production of
crude oil and condensate was 48 thousand barrels daily in the United
States and 58 thousand barrels daily from foreign locations during
the three months ended March 31, 1998, compared to 41 thousand
barrels daily in the United States and 77 thousand barrels daily
from foreign locations in the first quarter of 1997. The average
worldwide crude oil and condensate price in the first quarter of
1998 was $14.44 per barrel compared to $19.86 per barrel in the
first quarter of 1997.
<PAGE>
PAGE 13
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations - continued
RESULTS OF OPERATIONS (continued)
Average worldwide net production of natural gas was 396 million
cubic feet daily for the three months ended March 31, 1998, compared
to 524 million cubic feet in the three months ended March 31, 1997.
Average net production of natural gas was 382 million cubic feet
daily in the United States and 14 million cubic feet daily from the
United Kingdom in the first quarter of 1998, compared to 512 million
cubic feet daily in the United States and 12 million cubic feet
daily from the United Kingdom in the first quarter of 1997. The
average worldwide price of natural gas for the first quarter of 1998
was $2.16 per thousand cubic feet compared to $2.77 per thousand
cubic feet in the first quarter of 1997.
<PAGE>
PAGE 14
PART II
OTHER INFORMATION
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 for the year ended March
31, 1998.
27.1 Restated Financial Data Schedule for the year
ended March 31, 1997.
27.2 Restated Financial Data Schedule for the year
ended December 31, 1996.
28 Awareness letter of Coopers & Lybrand L.L.P.
* Attached as page 17 to this Form 10-Q.
(b) Reports on Form 8-K:
The Company did not file any reports on Form 8-K
during the quarter ended March 31, 1998.
<PAGE>
PAGE 15
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/ EDWARD W. MONEYPENNY
Edward W. Moneypenny
(Executive Vice President, Finance,
and Chief Financial Officer)
DATE May 4, 1998
<PAGE>
<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>
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 8
<SECURITIES> 0
<RECEIVABLES> 248
<ALLOWANCES> 0
<INVENTORY> 3
<CURRENT-ASSETS> 249
<PP&E> 5782
<DEPRECIATION> (3874)
<TOTAL-ASSETS> 2219
<CURRENT-LIABILITIES> 451
<BONDS> 1233
0
0
<COMMON> 1945
<OTHER-SE> (1780)
<TOTAL-LIABILITY-AND-EQUITY> 2219
<SALES> 215
<TOTAL-REVENUES> 223
<CGS> 137
<TOTAL-COSTS> 137
<OTHER-EXPENSES> 62
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 22
<INCOME-PRETAX> 2
<INCOME-TAX> (1)
<INCOME-CONTINUING> 3
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3
<EPS-PRIMARY> .02<F1>
<EPS-DILUTED> .02
<FN>
<F1>(EPS-PRIMARY) DENOTES BASIC EPS.
</FN>
</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
1998
RATIO OF EARNINGS TO FIXED CHARGES:
Fixed Charges:
Consolidated interest cost and debt expense $ 27
Interest allocable to rental expense (b) 1
----
Total $ 28
====
Earnings:
Consolidated income before benefit from
income taxes $ 2
Fixed charges 28
Interest capitalized (5)
Amortization of previously capitalized
interest 1
----
Total $ 26
====
Ratio of Earnings to Fixed Charges (c) .93
====
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS:
Fixed Charges:
Consolidated interest cost and debt expense $ 27
Preferred stock dividend requirements -
Interest allocable to rental expense (b) 1
----
Total $ 28
====
Earnings:
Consolidated income before benefit from
income taxes $ 2
Fixed charges 28
Interest capitalized (5)
Amortization of previously capitalized interest 1
----
Total $ 26
====
Ratio of Earnings to Fixed Charges and Preferred
Stock Dividends (c) .93
====
(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.
(c) Earnings for the three months ended March 31 were inadequate to
cover fixed charges or fixed charges and preferred stock
dividend requirements by $ 2 million.
<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> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 11
<SECURITIES> 0
<RECEIVABLES> 111
<ALLOWANCES> 0
<INVENTORY> 3
<CURRENT-ASSETS> 192
<PP&E> 5430
<DEPRECIATION> (3765)
<TOTAL-ASSETS> 1916
<CURRENT-LIABILITIES> 379
<BONDS> 1108
0
0
<COMMON> 1945
<OTHER-SE> (1910)
<TOTAL-LIABILITY-AND-EQUITY> 1916
<SALES> 342
<TOTAL-REVENUES> 335
<CGS> 187
<TOTAL-COSTS> 187
<OTHER-EXPENSES> 29
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 22
<INCOME-PRETAX> 97
<INCOME-TAX> 31
<INCOME-CONTINUING> 66
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 66
<EPS-PRIMARY> .63<F1>
<EPS-DILUTED> .61
<FN>
<F1>(EPS-PRIMARY) DENOTES BASIC EPS.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN THE 1996 ORYX ENERGY COMPANY
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 9
<SECURITIES> 0
<RECEIVABLES> 232
<ALLOWANCES> 0
<INVENTORY> 3
<CURRENT-ASSETS> 250
<PP&E> 5354
<DEPRECIATION> 3727
<TOTAL-ASSETS> 1935
<CURRENT-LIABILITIES> 385
<BONDS> 1183
0
0
<COMMON> 124
<OTHER-SE> (161)
<TOTAL-LIABILITY-AND-EQUITY> 1935
<SALES> 1168
<TOTAL-REVENUES> 1147
<CGS> 675
<TOTAL-COSTS> 675
<OTHER-EXPENSES> 114
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 93
<INCOME-PRETAX> 265
<INCOME-TAX> 102
<INCOME-CONTINUING> 163
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 163
<EPS-PRIMARY> 1.56<F1>
<EPS-DILUTED> 1.55
<FN>
<F1>(EPS-PRIMARY) DENOTES BASIC EPS.
</FN>
</TABLE>
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 4, 1998 on our review of
the interim condensed consolidated balance sheet of Oryx Energy
Company and its Subsidiaries as of March 31, 1998, and the
related condensed consolidated statements of income and cash
flows for the three months ended March 31, 1998 and 1997,
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
Oryx Energy Company $500,000,000 Debt
Securities; Preferred Stock; and Common
Stock 333-33373
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
Oryx Energy Company 1997 Long-Term
Incentive Plan 333-26563
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.
/s/ Coopers & Lybrand L.L.P.
Dallas, Texas
May 4, 1998