UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 6, 1996
TRITON ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-7864 75-1151855
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
6688 North Central Expressway
Suite 1400
Dallas, Texas 75206
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (214) 691-5200
N/A
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
Triton Energy Corporation issued a Press Release reporting financial
results for the year ended December 31, 1995, on February 6, 1996, a copy of
which is filed as an exhibit to this Current Report on Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit No. Description
4.1 Certificate of Incorporation, as amended.(1)
4.2 Bylaws of Triton Energy Corporation.(1)
4.3 Specimen Stock Certificate of Common Stock, $1.00 par value, of
the Company.(1)
4.4 Rights Agreement dated as of May 22, 1995, between Triton and
Chemical Bank, as Rights Agent.(2)
4.5 Form of Debt Securities.(3)
4.6 Proposed Form of Senior Indenture.(3)
4.7 Proposed Form of Senior Subordinated Indenture.(3)
4.8 Certificate of Designation Establishing and Designating a Series
of Shares of the Company's 5 % Convertible Preferred Stock, no
par value.(1)
99.1 Press release dated February 6, 1996.(4)
(1) Previously filed as an exhibit to the Company's Annual Report on Form
10-Q for the quarter ended March 31, 1995 and incorporated herein by
reference.
(2) Previously filed as an exhibit to the Company's Registration Statement
on Form 8-A dated June 2, 1995 and incorporated herein by reference.
(3) Previously filed as an exhibit to the Company's Registration Statement
on Form S-3 (No.33-69230) and incorporated herein by reference.
(4) Filed herewith.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRITON ENERGY CORPORATION
Date: February 9, 1996 By: /s/Robert B. Holland, III
Robert B. Holland, III, Senior Vice
President and General Counsel
EXHIBIT 99.1
TRITON ENERGY REPORTS 1995 EARNINGS PER SHARE
OF $.05; REVENUES MORE THAN TRIPLE
DALLAS--February 6, 1996 - Triton Energy reports 1995 earnings from continuing
operations were $6.5 million, compared with a loss of $49.6 million for the
1994 calendar-year period. Earnings after discontinued operations and
preferred dividends for 1995 were $1.9 million, or $.05 per share, versus a
loss of $53.2 million, or $1.52 per share, for 1994. Sales and other
operating revenues for 1995 were $107.5 million, more than triple sales and
other operating revenues of $33.0 million for 1994.
Contributing to the improvement in 1995 results was the continued increase in
production from the ongoing development of Triton's Colombian oil fields.
Triton's annual average net production from the Cusiana Field in 1995 was
12,318 barrels of oil per day (bpd), compared with 1,136 bpd for 1994.
Commercial-scale production from the Cusiana Field began in late 1994 with the
startup of the first two early production systems (EPS), part of the initial
development phase of the Colombian fields. The third and fourth EPS were
brought on-line in April and July, respectively. Gross production from the
fields is now at approximately 180,000 bpd. Gross production is estimated to
reach at least 500,000 bpd by late 1997.
In addition to these operating factors, results for 1995 included a net
positive impact on results from unusual items of approximately $4.3 million.
Previously reported results were restated to reflect the discontinuance of
Triton's aviation sales and services business and to reflect Triton's
reporting financial results on a calendar-year basis beginning in 1995.
For the fourth quarter of 1995, Triton's earnings from continuing operations
were $.6 million versus a loss of $16.2 million for the year-ago period.
Earnings applicable to common stock for the fourth quarter of 1995 were $.6
million, or $.02 per share, compared with a loss of $16.9 million, or $.48 per
share, for the fourth quarter of 1994. Sales and other operating revenues for
the fourth quarter of 1995 were $26.6 million, more than triple revenues of
$8.4 million for the year-ago quarter.
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As of the end of 1995, Triton had $95.5 million in cash, cash equivalents and
marketable securities, and stockholders' equity of $246.0 million.
Triton Energy (NYSE: OIL) is an international oil and gas exploration company
primarily focused on high-potential prospects around the world.
(tables follow)
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TRITON ENERGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(THOUSANDS, EXCEPT PER SHARE DATA)
(PRELIMINARY UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED DECEMBER 31,
SUMMARIZED INCOME STATEMENT 1995 1994*
- ---------------------------------------------------------
Sales and other operating revenues $ 107,472 $ 32,952
Costs and expenses:
Operating 35,276 21,213
General and administrative 25,672 29,098
Depreciation, depletion and amortization 23,208 13,694
Writedown of assets --- 14,716
Operating income (loss) 23,316 (45,769)
Interest income 7,954 8,081
Interest expense (24,055) (12,052)
Other, net 9,385 (181)
Earnings (loss) from continuing operations before income
taxes, minority interest and discontinued operations 16,600 (49,921)
Income tax expense (benefit) 10,059 1,553
Minority interest in (earnings) loss of subsidiaries --- 1,864
Earnings (loss) from continuing operations 6,541 (49,610)
Discontinued operations:
Loss from operations (1,858) (2,441)
Loss on disposal (1,963) (650)
Net earnings (loss) 2,720 (52,701)
Dividends on preferred stock 802 449
Earnings (loss) applicable to common stock $ 1,918 $(53,150)
Earnings (loss) per common share:
Continuing operations $ 0.16 $ (1.43)
Discontinued operations (0.11) (0.09)
Net earnings (loss) $ 0.05 $ (1.52)
Weighted average number of common shares outstanding 35,147 34,916
</TABLE>
* Restated to reflect change to calendar year and the aviation segment as
discontinued operations.
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TRITON ENERGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(THOUSANDS, EXCEPT PER SHARE DATA)
(PRELIMINARY UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
THREE MONTHS ENDED
DECEMBER 31,
SUMMARIZED INCOME STATEMENT 1995 1994*
- ---------------------------------------------------------
Sales and other operating revenues $ 26,631 $ 8,442
Costs and expenses:
Operating 8,066 5,496
General and administrative 6,690 7,277
Depreciation, depletion and amortization 5,611 3,014
Writedown of assets --- ---
Operating income (loss) 6,264 (7,345)
Interest income 2,238 1,694
Interest expense (5,845) (4,131)
Other, net (1,913) (4,218)
Earnings (loss) from continuing operations before income
taxes, minority interest and discontinued operations 744 (14,000)
Income tax expense (benefit) 136 2,189
Minority interest in (earnings) loss of subsidiaries --- ---
Earnings (loss) from continuing operations 608 (16,189)
Discontinued operations:
Loss from operations --- (758)
Loss on disposal --- ---
Net earnings (loss) 608 (16,947)
Dividends on preferred stock --- ---
Earnings (loss) applicable to common stock $ 608 $(16,947)
Earnings (loss) per common share:
Continuing operations $ 0.02 $ (0.46)
Discontinued operations --- (0.02)
Net earnings (loss) $ 0.02 $ (0.48)
Weighted average number of common shares outstanding 35,323 34,966
</TABLE>
* Restated to reflect change to calendar year and the aviation segment as
discontinued operations.
<PAGE>
TRITON ENERGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(PRELIMINARY UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
SELECTED BALANCE SHEET AND OTHER ITEMS DECEMBER 31,
- ----------------------------------------------------
1995 1994
(in thousands)
Cash, cash equivalents and marketable securities
(including long-term) $ 95,454 $ 72,262
Working capital 85,598 29,661
Current debt 1,313 17,608
Long-term debt, excluding current 401,190 315,258
Stockholders' equity 246,025 237,195
Total actual common shares outstanding 35,901 35,531
YEAR ENDED DECEMBER 31,
1995 1994
(in thousands)
Capitalized general and administrative expenses $ 21,107 $ 14,913
Capitalized interest 16,211 20,570
Capital expenditures and investments 178,161 132,177
CONSOLIDATED PRODUCTION STATISTICS (NET TO TRITON)* THREE MONTHS ENDED
- ----------------------------------------------------
DECEMBER 31,
1995** 1994
OIL
Production - Bbls 1,582,000 493,000
Production - Bbls/day 17,196 5,359
Average revenue realized per Bbl $ 16.46 $ 16.30
YEAR ENDED DECEMBER 31,
1995** 1994
OIL
Production - Bbls 6,372,000 1,998,000
Production - Bbls/day 17,458 5,474
Average revenue realized per Bbl $ 16.44 $ 15.23
</TABLE>
* Production amounts do not include Triton's 49.9% interest in Crusader
Limited.
** Includes oil delivered under the forward oil sale and Ecopetrol
reimbursement.
