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Forest Oil Announces Second Quarter 2011 Results

The historical financial information of Forest set forth below has been derived from the historical unaudited consolidated financial statements of Forest and the Quarterly Report that will be filed on Form 10-Q for the quarter ended June 30, 2011.

The unaudited pro forma statements of operations presented do not purport to represent what the results of operations or financial position of Forest Remainco would actually have been had the spin-off of Lone Pine occurred at the beginning of each period presented, or to project the results of operations or financial position of Forest for any future periods. Management believes this information allows for a more comprehensive comparison of Forest Remainco’s results in 2011 and 2010.

FOREST OIL CORPORATION

Pro Forma Statements of Operations

(Unaudited)

                                                 
Pro Forma Forest Remainco Total Company
Three Months Ended June 30,
  2011     2010     2011     2010  
(In thousands, except per share amounts)
 
Revenues:
Oil, gas, and NGL sales $ 186,593 $ 169,699 $ 237,848 $ 207,954
Interest and other   278     138     286     141  
Total revenues 186,871 169,837 238,134 208,095
 
Costs, expenses, and other:
Lease operating expenses 23,483 22,479 32,463 28,422
Production and property taxes 12,655 11,862 13,278 12,487
Transportation and processing costs 3,415 3,271 7,805 6,020
General and administrative (including stock-based compensation of $3,057, $5,078, $2,961, and $5,457, respectively) 13,153 15,755 15,737 17,781
Depreciation, depletion, and amortization 52,360 46,072 73,322 62,446
Interest expense 36,516 35,332 38,842 37,109
Realized and unrealized gains on derivative instruments, net (40,917 ) (25,031 ) (46,047 ) (25,031 )
Other, net   8,835     3,282     12,052     14,549  
Total costs, expenses, and other   109,500     113,022     147,452     153,783  
 
Earnings before income taxes 77,371 56,815 90,682 54,312
 
Income tax expense   43,986     20,684     51,708     21,058  
 
Net earnings $ 33,385   $ 36,131   $ 38,974   $ 33,254  
 
Less: net earnings attributable to noncontrolling interest   -     -     64     -  
 
Net earnings attributable to Forest Oil Corporation $ 33,385   $ 36,131   $ 38,910   $ 33,254  
 
Weighted average number of common shares outstanding:
Basic   111,636     110,660     111,636     110,660  
Diluted   112,028     111,314     112,176     111,456  
 
Basic earnings per common share attributable to Forest Oil Corporation $ 0.29   $ 0.32   $ 0.34   $ 0.29  
 
Diluted earnings per common share attributable to Forest Oil Corporation $ 0.29   $ 0.32   $ 0.34   $ 0.29  
 




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