The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-09-12
MEX. PETE PROFITS
UP S15.15 A SHARE
Seven Months Net Reveals
Big Earnings on Common
Pan-American Reports.

The consolidated income account OF
the Mexican Petroleum Company and its
subsidiary companies for the seven
months ended July 81. 1922, shows net
profits of S15.854.403 after all charges,
including taxes and interest. This show
| ing Is equal to s35 share In the COM
pany's common stock. or at the annual
rate of $50 a share, and contrasts with
S19.S5 a share on the common earned
in the first seven months last year and
with S26 a share earned In the entire
year 1921.
The company's profit from operations
in the seven months period aggregated
| $24.577.274, from which deductions OF
s54O,4S5 were made for interest and
amortization charges, $5.912,455 for de-
probation and depletion and $2.270.000
for Federal taxes and contingencies.
After addition of the seven months sur
plus and deductions for dividends the
surplus as of July 81. 1922. stood at
s37.424.661. compared with $25.151, 521
at the beginning of the year.
As of July 81 last the company had cur
rent assets OF s34.180.000 and current
liabilities of s7.660.000. representing a
ratio of AZ to and leaving working
capital of approximately $26.500.000
after expanding about $S.000.000 in the
expansion Of properties and acquisition
Of the company's 15-year s per cent
bonds.
| Cash on hand amounted to s14,s7s,00o.
| or about twice current liabilities, includ-
| ing provision for Federal taxes and ac-
crued dividends, contrasted with cash
on hand OF $5,148,695 on December 81,
| 1921. It's inventories Of crude and fuel
oil and refined products totaled s6.141.-
$50. against $5.5S7.o40 at the close of
| last year. while materials and supplies
amounted to $s.516.111. against $s,7s3.-
| 37s.
| As compared with December 81 last
the company's aggregate current assets
show an increase of $7.7b0,0oo. while
current liabilities decreased s2.7oo,0o0
and the bonded debt was reduced by
| $1,000. 900.
The consolidated income statement Of
the Pan-American Petroleum and Trans
port Company and Its subsidiaries for the
! first seven months Of 1922 shows vet
PROFITS Of S1S,421.931 after all charxes,
equivalent to $13.15 a share on both
common stocks (par $50). contrasted
with net profits Of S1S,162.613. or $12.95
share earned In the entire year 1921.
| Pan-American's current assets as of
July 81 last totaled S6.213.o00. against
current liabilities of S4,102,0o0 on the
same date and current assets of 81
| 722 900 on December 81. 1921. Cash on
hand was $4.211.000. an increase OF
nearly 100 per cent Since the first Of
the year the company's net current po.
sition improved by nearly 100000. al
though there was acquired during the
seven months period $1.417.000 Pan
American Marine equipment bonds and
expenditures on oil properties amounted
to $4,000, 900. while purchase money OBJ
| legations were reduced $4,000.
Pan-American's surplus as Of July 81
was s3S. 900. an increase Of $3.50
| 900 over that at the close of 1921. Cali
fornia production for the seven months
was $500. 900 barrels, against 100000
barrels for the entire twelve months Of
the preceding year.