Barrett Resources was one of the few independent producers ableto emerge from the first quarter with an increase in earningscompared to last year and it achieved the growth through gastrading operations. Revenues from Barrett’s trading division soared136% to $176 million in 1Q99 from 1Q98 and the division reported agross profit of $15.1 million compared to $4.9 million for theprior year first quarter. First quarter trading volumes increased156% to 96 Bcf, or about 1.07 Bcf/d. Barrett reported net income of$7.7 million, or 24 cents per diluted share, compared to $6.2million, or 19 cents per diluted share, for 1Q98.

“The Company successfully capitalized on a significant RockyMountain gas storage position enhanced by favorable winter gasprices and key pipeline transportation positions. The expertise ofour marketing group continues to make Barrett an industry leader insupply and market services for the Rocky Mountain Region,” said CEOWilliam J. Barrett. The company’s total revenues grew $89 millionfrom the prior year first quarter to $221 million.

Meanwhile, Barrett’s production revenues declined 20% to $44million due to a 16% and a 25% decrease in gas and oil prices,respectively. Gas production increased 1% to 258 MMcf/d while oilproduction fell 35% to 4,650 b/d.

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