ORYX ENERGY CO

Deregistered its NYSE-listed common stock following the completion of the Kerr-McGee merger, ending Oryx Energy Company's run as an independent public company.

listing compliance notice

FY1998 swung to a $95 million net loss (-$0.90/share) from FY1997's $170 million net income, as revenue fell to $820 million from $1,197 million amid the 1998 oil-price collapse - a fourth-quarter net loss of $71 million compared with $39 million of net income a year earlier.

other material event

Recorded a $49 million after-tax non-cash impairment on certain U.S., mostly offshore, oil and gas fields following a fourth-quarter 1998 ceiling test, reflecting continued weak oil and gas prices.

other material event

Agreed to be acquired by Kerr-McGee Corporation in an all-stock, tax-free, pooling-of-interests merger: after a 1-for-0.369 reverse split, each Oryx share would convert into one Kerr-McGee share, subject to both companies' shareholder votes and antitrust clearance.

other material event

FY1997 net income rose again to $170 million on $1,197 million of revenue, as oil production grew 6% to 115,000 barrels/day even though the realized oil price slipped to $18.43/Bbl; costs rose 9%, partly reflecting a full year of the U.K. interests acquired in mid-1996.

annual report

Registered a new $500 million securities shelf, replacing most of an older 1992 program that had about $8 million of remaining capacity - continued evidence of its restored capital-markets standing.

securities registration

FY1996 net income rose to $163 million (from $135 million) as realized oil prices climbed 20% to $19.56/Bbl and U.S. gas prices rose 24% to $2.14/mcf, while costs kept falling from continued divestment savings and lower interest expense on the reduced debt load.

annual report

Issued $150 million of new senior notes due July 15, 2004 - a sizeable new debt raise reflecting its restored access to credit markets, coinciding with additional U.K. North Sea interests acquired that same month.

securities registration

FY1995 net income was $135 million - a full recovery from 1994's crisis - driven by $137 million of net gains from the year's asset sales, partly offset by a $23 million extraordinary debt-related loss and a $16 million restructuring charge; production fell 10% as a direct, expected result of the divestments.

annual report

Added a new agreement (signed June 14, 1995, expected to close in the fourth quarter) to sell its North Sea Block 48/15a interests - stakes in the Audrey and Galleon fields and the Ensign discovery - for $120 million, on top of the Alba, U.S., Indonesian and Gabon sales already completed.

asset acquisition disposition

As part of the post-crisis deleveraging plan, closed the sale of all its U.K. North Sea Alba field assets for $270 million (effective July 1, 1995), on top of already-completed 1995 sales of U.S. producing assets ($76 million), its entire Indonesian position ($67 million) and Gabon assets ($2 million) - all proceeds earmarked to cut debt.

asset acquisition disposition

FY1994 net loss was a staggering $1,025 million (-$10.53/share), almost entirely a $948 million non-cash cumulative-effect accounting change that cut the carrying value of its producing properties by $1,355 million, plus a $59 million restructuring charge and a $12 million extraordinary debt-related loss; the Board suspended its common dividend entirely (already cut from $0.30 to $0.10/share in 1992), and shareholders' equity flipped to a $347 million deficit.

annual report

Announced FY1994 results and a turnaround plan - a new oil-and-gas ceiling-test accounting policy, deeper cost cuts and a strategy to significantly reduce debt - alongside fourth-quarter 1994 net income of $14 million (a swing from a $52 million loss a year earlier). (The identical announcement was separately filed the same day under a second, duplicate SEC accession number - see the sibling event below.)

other material event

Adopted a restructuring plan - divesting properties representing about a third of its U.S. onshore fields (though under 4% of worldwide reserves) and cutting 20% of its workforce - expecting a $161 million pretax ($103 million after-tax) first-quarter 1994 charge and at least $61 million of annual savings from 1995.

other material event

Oryx Energy Company (formerly Sun Exploration & Production Co., Sun Company's 1988 E&P spinoff, still 98%-owner/managing general partner of Sun Energy Partners, L.P.) reported a $100 million net loss for FY1993 (-$1.08/share), including $5 million of asset-disposal losses and a $7 million extraordinary loss on early debt retirement, as production fell 10% on asset sales and normal decline.

annual report