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The earnings are out!

http://biz.yahoo.com/prnews/010501/datu019.html

Triton Energy Reports First-Quarter 2001 Results First-Quarter Earnings Increase 75% on Higher Volumes

Company Provides 2001 Earnings Guidance Update

DALLAS, May 1 /PRNewswire/ -- Triton Energy Limited (NYSE: OIL - news) today reports its first-quarter 2001 earnings applicable to ordinary shares rose 75% to $31.0 million from $17.7 million for the first quarter of 2000. Earnings per diluted share in the first quarter of 2001 were $0.64 versus $0.43 per diluted share in the first quarter of 2000.

First-quarter 2001 revenues were $143.9 million, a 94% increase over revenues of $74.3 million in the first-quarter of 2000. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 92% to $101.7 million from $53.0 million for the first quarter of 2000. Triton's realized oil price per barrel averaged $23.49 in first-quarter 2001, a 2% increase over the average realized oil price per barrel of $23.07 for the year-ago period.

The improvement in Triton's performance was primarily the result of a 91% increase in oil-sales volumes to 6.1 million barrels in the first quarter of 2001 from 3.2 million barrels in the year-ago quarter. The Company initiated production from its Ceiba Field offshore Equatorial Guinea in late 2000.

"The first quarter was a great one for Triton, as we booked sales from the Ceiba Field for the first time, nearly doubling our sales volumes," said James C. Musselman, Triton President and Chief Executive Officer. "We believe 2001 will be a record year for us in terms of revenues, production and operating cash flow, given continued strong oil prices and increased production. Looking ahead, we are moving aggressively to implement the next phase of development of the Ceiba Field offshore Equatorial Guinea. Once this phase is in place and fully operational in early 2002, we expect Triton's companywide daily net production rate to be in the range of 80,000-90,000 barrels of oil per day, which could represent nearly a three-fold increase over a period of 18 months.

"On the exploration side, we'll soon spud the first of five potentially high-impact exploration wells that we plan to drill over the next few quarters, part of our strategy to grow and add value through the drill bit,' said Musselman.

Gross production from the Ceiba Field averaged 38,500 barrels of oil per day (BOPD) in the first quarter of 2001 (27,000 BOPD net to Triton's interest). Gross production from the Cusiana and Cupiagua fields in Colombia averaged 312,000 BOPD in the first quarter of 2001 (30,000 BOPD net to Triton's interest).

Results for the 2001 and 2000 periods are shown after a deduction for accumulated dividends on Triton's convertible preference shares. Revenues associated with the Company's production are recognized when cargoes are lifted, or delivered.

2001 Financial Update and Outlook

Revenues Forecast to Set Record;
Sales Volumes to Increase 75%
The following statements are estimates based on current expectations.

They are forward looking, as addressed in the paragraph at the end of this release. Unless otherwise stated, these numbers exclude the effects of changes in accounting policy, writedowns, and extraordinary, discontinued, unusual and/or nonrecurring items.
Revenues in 2001 are expected to set a Company record at approximately $490 million, which would be an increase of about 50% over 2000 revenues. The Company's oil revenues are calculated for the last three quarters of 2001 assuming an average benchmark oil price of $27.00 per barrel for West Texas Intermediate (WTI).

Aggregate sales volumes net to Triton in 2001 are expected to be approximately 54,000-60,000 BOPD. This would amount to about 20.9 million barrels for the year, or about a 75% increase over 2000. In the first quarter of 2001, sales volumes were greater than production, reflecting the timing of cargo liftings, or deliveries.

Operating costs in 2001 are expected to average in the range of $5.00-5.50 per barrel, excluding expenses related to the upgrade of the Company's floating production, storage and offloading vessel for the planned expansion of Ceiba Field production. General and administrative expenses, net of capitalized amounts; interest expense, net of interest income and capitalized interest; and unit depreciation, depletion and amortization expenses for the year should average slightly above first-quarter 2001 levels.

While the majority of tax expense is expected to be current, Triton anticipates its effective book tax rate in 2001 to be similar to first-quarter levels in the range of 40%-45%. Current and deferred income taxes, and the relative amount attributable to each, are difficult to forecast accurately due to the complexity of international taxation and the impact of inflation and currency devaluation on the tax calculation for Colombia.

Dividends on Triton's outstanding 8% preference shares currently average $7.3 million per quarter. After September 30, 2001, and subject to the terms of the preference shares, the shares can be called to induce the holders to convert into Triton ordinary shares.

Price Risk Management Strategy

Triton has hedged 1.6 million barrels of its remaining 2001 production using WTI-based oil-price collars to establish a weighted average floor price of $26.39 and an average ceiling price of $29.15 per barrel. Triton has also hedged 1.5 million barrels using WTI-based oil-price swaps and 600,000 barrels using Dated Brent-based oil-price swaps to establish weighted average fixed prices of $26.54 and $24.31, respectively. About 36% of the hedges settle in the second quarter of 2001, and 64% of the hedges settle in the second half of the year. This represents about 25% of the Company's remaining 2001 sales volumes.

Internet Teleconference

Triton will hold an Internet teleconference today, May 1, 2001, at 11:30 a.m. Eastern time. The conference call, which will be broadcast live, is open to the public and may be accessed over the Internet at the Company's Web site, www.tritonenergy.com, by clicking on ``Investor Relations' and then on ``Conference Call.' Following the live event, replays of the webcast will be available on the Triton Web site through May 14.

First-quarter financial data, as well as more detailed information concerning Triton's financial results, also are available in the Investor Relations section under Financial Reports. A replay of the call will be available through 5:00 p.m. Eastern time on May 8 by dialing (800) 625-5288. Callers outside the United States and Canada dial (303) 804-1855. The call ID number is 1008564.


Great news!
Go LONG!

Mike
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