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0000950129-03-000192.txt : 20030122
0000950129-03-000192.hdr.sgml : 20030122
20030122135740
ACCESSION NUMBER: 0000950129-03-000192
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20030122
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
ITEM INFORMATION:
FILED AS OF DATE: 20030122
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: POGO PRODUCING CO
CENTRAL INDEX KEY: 0000230463
STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311]
IRS NUMBER: 741659398
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-07792
FILM NUMBER: 03520674
BUSINESS ADDRESS:
STREET 1: 5 GREENWAY PLAZA STE 2700
STREET 2: P O BOX 2504
CITY: HOUSTON
STATE: TX
ZIP: 77252-0504
BUSINESS PHONE: 7132975000
MAIL ADDRESS:
STREET 1: 5 GREENWAY PLAZA SUITE 2700
STREET 2: P O BOX 2504
CITY: HOUSTON
STATE: TX
ZIP: 77252
FORMER COMPANY:
FORMER CONFORMED NAME: PENNZOIL OFFSHORE GAS OPERATORS INC /TX/
DATE OF NAME CHANGE: 19600201
8-K
1
h02635e8vk.htm
8-K
Pogo Producing Company
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): Not Applicable
Pogo Producing Company
(Exact name of registrant as specified in its charter)
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Delaware |
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1-7792
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74-165 9398 |
(State or other jurisdiction of |
|
(Commission
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(I.R.S. Employer |
incorporation or organization) |
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File Number)
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Identification No.) |
5 Greenway Plaza, Suite 2700
Houston, Texas 77046-0504
(Address of principal executive offices and zip code)
Registrants telephone number, including area code: (713) 297-5000
TABLE OF CONTENTS
Item 5. Other Events
(1) |
|
Pursuant to Article 1, Sections 9, 10 and 11 of the Amended and Restated
Bylaws of Pogo Producing Company, a Delaware Corporation (the Company),
notice is hereby given that the Companys Board of Directors has
determined that the 2003 annual meeting of stockholders of the Company
will be held on Tuesday, April 22, 2003, at the Century II Room,
Renaissance Houston Hotel, Six Greenway Plaza, Houston, Texas at 10:00 AM,
Houston time. The record date for shareholders to be entitled to vote at
the Annual Meeting has been established by the Companys Board of
Directors to be the close of business on March 14, 2003. |
Item 7. Financial Statements and Exhibits.
The following exhibits are filed herewith:
99.1 Press Release
99.2 Unaudited Supplemental Financial Information
99.3 Unaudited Supplemental Operating Information
Item 9. Regulation FD Disclosure.
(1) |
|
On January 21, 2003, a press
release was issued by the Company and also
made available through the Companys website at www.pogoproducing.com.
The press release contains certain information concerning the Companys
financial and operating results for the quarter and year ended December
31, 2002. A copy of this press release is included herein as Exhibit 99.1
and incorporated in this Item 9 by reference. |
|
(2) |
|
On January 21, 2003, certain unaudited supplemental financial and
operating information concerning the Companys results for the quarter and
year ended December 31, 2002, were placed on the Companys website at
www.pogoproducing.com/ir_sfi.html. A copy of the two supplemental
schedules are included herein as Exhibits 99.2 and 99.3 and are
incorporated in this Item 9 by reference. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
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Pogo Producing Company |
|
By: |
|
/s/ Gerald A. Morton
Gerald A. Morton
Senior Vice President and
Corporate Secretary |
Dated: January 22, 2003
INDEX TO EXHIBITS
|
|
|
EXHIBIT |
|
|
NUMBER |
|
DESCRIPTION |
|
|
|
99.1 |
|
Press Release |
99.2 |
|
Unaudited Supplemental Financial Information |
99.3 |
|
Unaudited Supplemental Operating Information |
EX-99.1
3
h02635exv99w1.htm
PRESS RELEASE
Pogo Producing Company
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Paul G. Van Wagenen
(713) 297-5000
POGOS 2002 EARNINGS SPARKED BY 38% INCREASE IN OIL AND GAS PRODUCTION;
PRODUCTION REPLACED FOR ELEVENTH CONSECUTIVE YEAR;
CAPITAL AND EXPLORATION BUDGET SET AT $320 MILLION FOR 2003;
QUARTERLY DIVIDEND INCREASED BY 67%
HOUSTON, TX. January 21, 2003 Net income of Pogo Producing Company
(PPP NYSE) in 2002 increased to $107,031,000 or $1.85 per share, on
revenues of $751,441,000, it was announced today by Paul G. Van Wagenen,
Chairman and Chief Executive Officer. In 2001, Pogos net income totaled
$87,954,000, or $1.72 per share, on revenues of $605,500,000.
Pogos 2002 fourth quarter net income was $37,751,000, or $0.62 per share,
on revenues of $216,338,000 compared to fourth quarter 2001 net income of
$1,426,000, or $0.03 per share, on revenues of $122,709,000.
Discretionary cash flow in 2002 was $492,941,000, up 31% from $377,329,000
a year earlier. In the fourth quarter of 2002, discretionary cash flow was
$135,840,000 compared to $67,514,000 in the fourth quarter a year ago.
Mr. Van Wagenen said, Our highly successful 2002 drilling program enabled
us to replace our production for the eleventh consecutive year, always a
cardinal objective of Pogo. Reserves replacement was even more of an
accomplishment considering Pogos record-high production rates in 2002. Much
of the increase came from Pogos successful drilling in the Gulf of Mexico as
well as from steady production growth in the Gulf of Thailand.
Mr. Van Wagenen noted, Pogo enjoyed exceptional results with the
drill-bit in 2002. The company drilled a worldwide total of 172 gross wells,
159 of which were successfully completed, a 92% success rate. For a company
with a meaningful exploration program, that ratio is truly extraordinary.
OIL AND GAS RESERVES REACH ALL-TIME HIGH
Pogo added enough new proven oil and natural gas reserves to replace an
estimated 122% of its 2002 worldwide production. New reserves discovered in
Thailand in 2002 offset 106% of Thailands production, and new reserves added
in the United States reflect a 129% domestic production replacement rate.
Pogos year-end estimated equivalent proven oil and natural gas reserves rose
to 1.583 trillion cubic feet.
Pogos 2002 equivalent daily production of all hydrocarbons was 98,348
barrels per day, a 38% increase from 71,344 barrels per day of equivalent
production in 2001. In 2002, average daily production of liquid hydrocarbons,
including crude oil, condensate and plant products, was 51,840 barrels per day,
up 63% from 31,707 barrels per day in 2001. Daily natural gas production in
2002 averaged 279.0 million cubic feet per day (mmcf/d), up 17% from 237.8
mmcf/d in 2001. In the fourth quarter of 2002, production of liquid
hydrocarbons averaged 53,437 barrels per day, a 56% increase from 34,364
barrels per day produced in the fourth quarter of 2001. Natural gas production
averaged 282.1 mmcf/d in the quarter just ended, up 13% from 250.1 mmcf/d
produced in the fourth
quarter of 2001.
For all of 2002, natural gas prices averaged $2.87 per thousand cubic feet
(mcf), down from $3.71 per mcf averaged in 2001. In the fourth quarter of 2002
Pogo received $3.18 per mcf, up from an average price of $2.92 per mcf in the
final quarter of 2001. Average oil and condensate prices received by Pogo in
2002 rose to $24.90 per barrel, up from $23.99 per barrel in 2001. Fourth
quarter 2002 oil and condensate prices rose to $27.36 per barrel, up from
$18.63 per barrel received in the same quarter of 2001.
GULF OF MEXICO SUCCESS
Pogos fourth quarter Gulf of Mexico drilling program yielded a fine well,
the West Delta Block 54 No. 1, which encountered 33 feet of hydrocarbon column
at 12,600 feet subsea. It was drilled on a 100%-owned 350-acre structure and
it was tested at a rate of 3 mmcf/d and 730 barrels of oil per day. The well
should be on stream by March, upon completion of a flowline leading to Pogos
South Pass Block 24 production facilities. A second well on this same West
Delta structure is now planned for the third quarter of 2003.
Pogos 100%-owned Main Pass Blocks 61/62 field was the focus of successful
fourth quarter drilling activity. A well drilled at the G-pod encountered 40
feet of net Miocene natural gas pay and should be on production by mid-year.
Just south of Blocks 61/62, the Main Pass Block 73 No. 5 Garfield well
encountered 58 feet of oil and natural gas, and should be on stream by the
fourth quarter of this year.
A delineation well, the B-5 well, will be drilled on the H discovery
area of Main Pass Block 62. It will be spudded within the next several days,
and would, if successful, extend the known reserves of the shallower BA4AA
horizon in the B-pod area of Main Pass Blocks 61/62 field.
DOMESTIC ONSHORE ACTIVITIES
Pogo was particularly busy in the Permian Basin in the recently completed
quarter. Fully 21 of Pogos total of 45 Permian Basin wells drilled in 2002
were drilled in the fourth quarter, bringing Pogos Permian Basin report card
to 40 successful wells drilled in 2002 plus 11 more wells being drilled or
completed as the year ended. Significant among the fourth quarter Permian
Basin wells was Pogos 67%-owned Eddy County, New Mexico Pecos 33 Federal No. 2
well which was drill-stem tested at a rate of 8.8 mmcf/d. Also worthy of
particular note was Pogos 65%-owned Eddy County McMillan No. 24-3 well that is
now producing 1.3 mmcf/d in the Morrow formation and encountered additional
natural gas shows which are presently behind pipe uphole in the Wolfcamp and
Cisco intervals.
In South Texas, Pogo drilled 39 wells in 2002, including ten in the fourth
quarter. One of the more important ones was the 100%-owned Zapata County South
Hundido area Benevides No. 3 well that Pogo drilled to the Lobo formation at a
depth of 8,550 feet. It tested 2.6 mmcf/d and is awaiting a pipeline hookup.
The nearby Benevides No. 2 well was still being drilled at year-end. Two
fourth quarter Los Mogotes field wells, each approximately 70% owned by Pogo,
are the Haynes No. 82 and Haynes No. 78. The No. 82 is now being completed,
having been tested at a rate of 5 mmcf/d, and the No. 78 is already producing
from 2 commingled Asche zones at a combined rate of 6 mmcf/d. Pogo has
budgeted to drill at least twenty more wells per year for the next few years in
the Los Mogotes field in Zapata County, Texas.
INTERNATIONAL OPERATIONS
Pogos Thailand operations will be very sizeable and significant in 2003.
Pogo has budgeted $120 million for Thailand in 2003, and 62 new wells are
expected to be drilled, including eight
wildcat wells in various untested areas of the Benchamas, Maliwan and Jarmjuree
fields. The steel for five new Gulf of Thailand platforms has been ordered and
three more platforms are even further along, having begun the process of
platform-fabrication. The previously announced first quarter temporary
shut-down of the Benchamas field to perform the work necessary to enhance the
productive capacity of the fields infrastructure has been postponed until
later in 2003, or perhaps even in early 2004. The later date will allow
delivery of all of the hardware needed for that facilities upgrade;
consequently, the production shut-down interval will be minimized. Precise
timing for the temporary shutdown will be announced later this year.
Pogos international geoscientists are diligently formulating a
multiple-well drilling program for Pogos 778,000-acre license areas in
Hungary. A mid-year drilling program is anticipated. The company also expects
to begin drilling an exploratory well by mid-year on Pogos 40%-owned Denmark
North Sea license Block 13/98.
$320 MILLION CAPITAL AND EXPLORATION BUDGET APPROVED
The Board of Directors today approved a $320 million capital and
exploration budget for 2003. This compares to approximately $362 million
expended in 2002. In 2002, Pogo drilled 172 gross wells, successfully
completing 159 of them. That is a record number of both total wells and
successful completions in a single year at Pogo.
Mr. Van Wagenen noted, Pogo plans to drill an unprecedented number of
exploration and development wells in 2003: 226 gross wells, including 62 in
the Gulf of Thailand, six in Hungary and one in the Denmark North Sea. It will
be our most aggressive drilling schedule to date.
QUARTERLY DIVIDEND INCREASED
Pogo declared a dividend of $0.05 (five cents) per share of common stock
to be paid February 21, 2003, to shareholders of record as of February 7, 2003.
As Pogos Chairman, Mr. Van Wagenen, said, This represents a 67% increase in
the typical quarterly dividend Pogo has paid since dividends were instituted in
1994. While all future dividends are subject to the approval of Pogos Board
of Directors, this increase in Pogos longstanding dividend policy demonstrates
the companys continuing commitment to its shareholders, as well as Pogos
ability to achieve and sustain fundamental economic growth.
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|
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Three Months Ended |
|
Year Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
|
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
|
|
|
|
|
|
|
|
|
Natural gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Price per Mcf |
|
$ |
3.18 |
|
|
$ |
2.92 |
|
|
$ |
2.87 |
|
|
$ |
3.71 |
|
|
Production (sales), Mcf per day |
|
|
282,144 |
|
|
|
250,071 |
|
|
|
279,046 |
|
|
|
237,813 |
|
Crude Oil and Condensate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Price per barrel |
|
$ |
27.36 |
|
|
$ |
18.63 |
|
|
$ |
24.90 |
|
|
$ |
23.99 |
|
|
Production, barrels per day |
|
|
49,531 |
|
|
|
31,232 |
|
|
|
47,360 |
|
|
|
29,590 |
|
|
Sales, barrels per day |
|
|
50,861 |
|
|
|
33,408 |
|
|
|
47,518 |
|
|
|
29,836 |
|
Total liquids |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production, barrels per day |
|
|
53,437 |
|
|
|
34,364 |
|
|
|
51,840 |
|
|
|
31,707 |
|
|
Sales, barrels per day |
|
|
54,767 |
|
|
|
36,540 |
|
|
|
51,998 |
|
|
|
31,954 |
|
A summary of unaudited results follows,
stated in thousands, except per share
amounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas |
|
$ |
215,531 |
|
|
$ |
128,075 |
|
|
$ |
746,988 |
|
|
$ |
596,077 |
|
|
Pipeline sales |
|
|
1 |
|
|
|
1,388 |
|
|
|
79 |
|
|
|
12,037 |
|
|
Gains (losses) on sales and other |
|
|
806 |
|
|
|
(6,754 |
) |
|
|
4,374 |
|
|
|
(2,614 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
216,338 |
|
|
$ |
122,709 |
|
|
$ |
751,441 |
|
|
$ |
605,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
37,751 |
|
|
$ |
1,426 |
|
|
$ |
107,031 |
|
|
$ |
87,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.62 |
|
|
$ |
0.03 |
|
|
$ |
1.85 |
|
|
$ |
1.72 |
|
|
Diluted
|
|
$ |
0.60 |
|
|
$ |
0.03 |
|
|
$ |
1.77 |
|
|
$ |
1.62 |
|
Discretionary cash flow is net
cash provided by operating
activities before changes in
operating assets and liabilities
and exploration expenses. A
reconciliation to net cash
provided by operating activities
is shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
118,180 |
|
|
$ |
66,655 |
|
|
$ |
466,479 |
|
|
$ |
368,076 |
|
|
Remove changes in operating assets
and liabilities |
|
|
16,561 |
|
|
|
(5,067 |
) |
|
|
21,679 |
|
|
|
(14,120 |
) |
|
Add back exploration expenses |
|
|
1,099 |
|
|
|
5,926 |
|
|
|
4,783 |
|
|
|
23,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discretionary Cash Flow |
|
$ |
135,840 |
|
|
$ |
67,514 |
|
|
$ |
492,941 |
|
|
$ |
377,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* * *
Pogo Producing Company explores for, develops and produces oil and natural
gas. Headquartered in Houston, Pogo owns various ownership interests in 69
federal and state Gulf of Mexico lease blocks offshore from Louisiana and
Texas. Pogo also owns approximately 760,000 gross leasehold acres in various
oil and gas provinces onshore in the United States, approximately 714,000 gross
acres in the Gulf of Thailand, approximately 778,000 gross acres in Hungary,
approximately 113,000 gross acres in the United Kingdom North Sea and
approximately 81,000 gross acres in the Denmark North Sea. Pogo common stock
is listed on the New York Stock Exchange and the Pacific Exchange under the
symbol PPP.
Except for the historical and present factual information contained
herein, the matters set forth in this release include statements of
managements current expectations as to efficiencies, cost savings, market
profile and financial strength, and the competitive ability and position of the
company. Statements identified by words such as expects, projects,
plans, believes, estimates, and similar expressions are forward-looking
statements within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to differ
materially, including the possibility that the anticipated benefits from Pogos
operations cannot be fully realized, the possibility that commodity prices,
costs or difficulties related to the conduct of its business will be greater or
lesser than expected, and the impact of competition and other risk factors
relating to our industry will be greater than expected, all as detailed from
time to time in Pogos reports filed with the Securities and Exchange
Commission. Pogo disclaims any responsibility to update these forward-looking
statements.
There will be a financial analyst teleconference call on Tuesday, January
21, 2003 at 2:30 p.m. CST. The call can be monitored through a live broadcast
via the World Wide Web at www.pogoproducing.com. A rebroadcast will be
available at that website through April 22, 2003. Microsoft Media Player is
required to access the webcast. It can be downloaded from
www.microsoft.com/windows/mediaplayer.
EX-99.2
4
h02635exv99w2.htm
UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION
Pogo Producing Company
Exhibit 99.2
Pogo Producing Company
Supplemental Information (Unaudited)
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|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Twelve Months |
|
|
|
|
|
|
December 31, |
|
December 31, |
Financial Data |
|
|
|
|
(Data in $ thousands, except per share amounts) |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas |
|
|
215,531 |
|
|
|
128,075 |
|
|
|
746,988 |
|
|
|
596,077 |
|
|
|
Pipeline sales |
|
|
1 |
|
|
|
1,388 |
|
|
|
79 |
|
|
|
12,037 |
|
|
|
Gain (loss) on property sales and other |
|
|
806 |
|
|
|
(6,754 |
) |
|
|
4,374 |
|
|
|
(2,614 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
216,338 |
|
|
|
122,709 |
|
|
|
751,441 |
|
|
|
605,500 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Operating |
|
|
38,592 |
|
|
|
30,695 |
|
|
|
139,448 |
|
|
|
118,157 |
|
|
|
General & Administrative |
|
|
12,675 |
|
|
|
10,023 |
|
|
|
49,490 |
|
|
|
39,162 |
|
|
|
Exploration |
|
|
1,099 |
|
|
|
5,926 |
|
|
|
4,783 |
|
|
|
23,373 |
|
|
|
Dry hole and impairment |
|
|
10,325 |
|
|
|
848 |
|
|
|
26,999 |
|
|
|
26,945 |
|
|
|
Depreciation, depletion and amortization |
|
|
74,101 |
|
|
|
60,323 |
|
|
|
287,809 |
|
|
|
206,609 |
|
|
|
Pipeline operating & natural gas purchases |
|
|
425 |
|
|
|
1,115 |
|
|
|
2,739 |
|
|
|
11,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
137,217 |
|
|
|
108,930 |
|
|
|
511,268 |
|
|
|
425,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
79,121 |
|
|
|
13,779 |
|
|
|
240,173 |
|
|
|
179,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges |
|
|
(13,998 |
) |
|
|
(14,848 |
) |
|
|
(57,450 |
) |
|
|
(56,259 |
) |
|
|
Income |
|
|
444 |
|
|
|
540 |
|
|
|
1,760 |
|
|
|
3,226 |
|
|
|
Capitalized |
|
|
4,588 |
|
|
|
9,089 |
|
|
|
24,033 |
|
|
|
33,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Expense |
|
|
(8,966 |
) |
|
|
(5,219 |
) |
|
|
(31,657 |
) |
|
|
(19,791 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority Interest in Subsidiary |
|
|
|
|
|
|
(2,500 |
) |
|
|
(4,140 |
) |
|
|
(9,999 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Transaction Gain (Loss) |
|
|
(438 |
) |
|
|
144 |
|
|
|
435 |
|
|
|
(524 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
|
69,717 |
|
|
|
6,204 |
|
|
|
204,811 |
|
|
|
149,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit) |
|
|
31,966 |
|
|
|
4,778 |
|
|
|
97,780 |
|
|
|
61,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Change in Accounting Principle |
|
|
37,751 |
|
|
|
1,426 |
|
|
|
107,031 |
|
|
|
87,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
37,751 |
|
|
|
1,426 |
|
|
|
107,031 |
|
|
|
87,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share |
|
Basic earnings per share |
|
|
0.62 |
|
|
|
0.03 |
|
|
|
1.85 |
|
|
|
1.72 |
|
|
Diluted earnings per share |
|
|
0.60 |
|
|
|
0.03 |
|
|
|
1.77 |
|
|
|
1.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Common Shares
and Potential Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares |
|
|
60,966 |
|
|
|
53,657 |
|
|
|
57,963 |
|
|
|
51,031 |
|
|
|
Diluted shares |
|
|
64,920 |
|
|
|
54,293 |
|
|
|
64,321 |
|
|
|
60,822 |
|
Discretionary Cash Flow: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
37,751 |
|
|
|
1,426 |
|
|
|
107,031 |
|
|
|
87,954 |
|
|
|
Foreign currency transaction loss (gain) |
|
|
1,601 |
|
|
|
(144 |
) |
|
|
728 |
|
|
|
524 |
|
|
|
Depreciation, depletion and amortization |
|
|
74,101 |
|
|
|
60,323 |
|
|
|
287,809 |
|
|
|
206,609 |
|
|
|
Deferred Taxes |
|
|
10,912 |
|
|
|
2,029 |
|
|
|
70,929 |
|
|
|
50,617 |
|
|
|
Other |
|
|
4,573 |
|
|
|
208 |
|
|
|
17,589 |
|
|
|
5,550 |
|
|
|
Dry Hole and Impairment |
|
|
10,325 |
|
|
|
848 |
|
|
|
26,999 |
|
|
|
26,945 |
|
|
|
Exploration |
|
|
1,099 |
|
|
|
5,926 |
|
|
|
4,783 |
|
|
|
23,373 |
|
|
|
(Gains) Losses on Property Sales |
|
|
66 |
|
|
|
3,487 |
|
|
|
(3,034 |
) |
|
|
(1,000 |
) |
|
|
Capitalized Interest |
|
|
(4,588 |
) |
|
|
(9,089 |
) |
|
|
(24,033 |
) |
|
|
(33,242 |
) |
|
|
Undistributed Equity in Minority Owned Subsidiary |
|
|
|
|
|
|
2,500 |
|
|
|
4,140 |
|
|
|
9,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
135,840 |
|
|
|
67,514 |
|
|
|
492,941 |
|
|
|
377,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EX-99.3
5
h02635exv99w3.htm
UNAUDITED SUPPLEMENTAL OPERATING INFORMATION
Pogo Producing Company
Exhibit 99.3
Pogo Producing Company
Supplemental Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Twelve Months |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
|
Operating Data |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
|
|
|
|
|
|
|
|
Net Natural Gas Sales (Mcf/day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
203,664 |
|
|
|
176,750 |
|
|
|
201,295 |
|
|
|
172,756 |
|
|
|
Thailand |
|
|
78,480 |
|
|
|
73,321 |
|
|
|
77,751 |
|
|
|
65,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Natural Gas |
|
|
282,144 |
|
|
|
250,071 |
|
|
|
279,046 |
|
|
|
237,813 |
|
Gas Price ($/Mcf) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
3.52 |
|
|
$ |
3.19 |
|
|
$ |
3.12 |
|
|
$ |
4.25 |
|
|
|
Thailand |
|
$ |
2.29 |
|
|
$ |
2.27 |
|
|
$ |
2.22 |
|
|
$ |
2.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Gas Price |
|
$ |
3.18 |
|
|
$ |
2.92 |
|
|
$ |
2.87 |
|
|
$ |
3.71 |
|
Net Liquids Production (Bbl/day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude & Condensate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
33,664 |
|
|
|
14,771 |
|
|
|
30,969 |
|
|
|
14,804 |
|
|
|
Thailand |
|
|
15,867 |
|
|
|
16,461 |
|
|
|
16,391 |
|
|
|
14,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Crude & Condensate |
|
|
49,531 |
|
|
|
31,232 |
|
|
|
47,360 |
|
|
|
29,590 |
|
|
Plant Products |
|
|
3,906 |
|
|
|
3,132 |
|
|
|
4,480 |
|
|
|
2,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liquids |
|
|
53,437 |
|
|
|
34,364 |
|
|
|
51,840 |
|
|
|
31,707 |
|
Net Liquids Sales (Bbl/day) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude & Condensate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
33,664 |
|
|
|
14,771 |
|
|
|
30,969 |
|
|
|
14,804 |
|
|
|
Thailand * |
|
|
17,197 |
|
|
|
18,637 |
|
|
|
16,549 |
|
|
|
15,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Crude & Condensate |
|
|
50,861 |
|
|
|
33,408 |
|
|
|
47,518 |
|
|
|
29,836 |
|
|
Plant Products |
|
|
3,906 |
|
|
|
3,132 |
|
|
|
4,480 |
|
|
|
2,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liquids |
|
|
54,767 |
|
|
|
36,540 |
|
|
|
51,998 |
|
|
|
31,954 |
|
Average Prices ($/Bbl) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude & Condensate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
27.35 |
|
|
$ |
19.25 |
|
|
$ |
24.95 |
|
|
$ |
24.60 |
|
|
|
Thailand * |
|
$ |
27.40 |
|
|
$ |
18.14 |
|
|
$ |
24.80 |
|
|
$ |
23.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Crude & Cond. Prices |
|
$ |
27.36 |
|
|
$ |
18.63 |
|
|
$ |
24.90 |
|
|
$ |
23.99 |
|
|
Plant Products |
|
$ |
14.01 |
|
|
$ |
12.85 |
|
|
$ |
14.18 |
|
|
$ |
16.12 |
|
* Sales Volumes & Price Used in Financial Statements
Selected Balance Sheet Data
|
|
|
|
|
|
|
|
|
($ in 000's) |
|
12/31/2002 |
|
12/31/2001 |
|
|
|
|
|
Total Assets |
|
$ |
2,491,593 |
|
|
$ |
2,423,979 |
|
Long-term Debt |
|
|
722,903 |
|
|
|
792,561 |
|
Trust Preferred |
|
|
0 |
|
|
|
145,086 |
|
Shareholders Equity |
|
|
1,077,784 |
|
|
|
824,885 |
|
Working Capital |
|
|
137,971 |
|
|
|
121,699 |
|
-----END PRIVACY-ENHANCED MESSAGE-----