EX-99.2 4 a03-4029_1ex99d2.htm EX-99.2

Exhibit 99.2

 

Pogo Producing Company

Supplemental  Information (Unaudited) *

 

Financial Data

 

Quarter Ended
September 30,

 

Nine Months
September 30,

 

(Data in $thousands, except per share amounts)

 

2003

 

2002

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Oil and Gas

 

277,067

 

203,919

 

882,464

 

531,457

 

Other

 

848

 

3,889

 

1,804

 

3,646

 

Total

 

277,915

 

207,808

 

884,268

 

535,103

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

Lease Operating

 

32,886

 

29,734

 

97,459

 

87,862

 

General & Administrative

 

16,936

 

14,445

 

45,362

 

36,815

 

Exploration

 

1,432

 

2,508

 

5,091

 

3,684

 

Dry hole and impairment

 

4,568

 

8,179

 

10,666

 

16,674

 

Depreciation, depletion and amortization

 

79,688

 

73,960

 

244,454

 

213,708

 

Production and other taxes

 

8,084

 

5,254

 

27,269

 

12,994

 

Accretion and other

 

8,468

 

2,133

 

16,364

 

2,314

 

Total

 

152,062

 

136,213

 

446,665

 

374,051

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

125,853

 

71,595

 

437,603

 

161,052

 

 

 

 

 

 

 

 

 

 

 

Interest:

 

 

 

 

 

 

 

 

 

Charges

 

(10,255

)

(14,364

)

(36,934

)

(43,452

)

Income

 

446

 

404

 

1,380

 

1,316

 

Capitalized

 

4,246

 

5,933

 

12,377

 

19,445

 

Total Interest Expense

 

(5,563

)

(8,027

)

(23,177

)

(22,691

)

 

 

 

 

 

 

 

 

 

 

Minority Interest in Subsidiary

 

 

 

 

(4,140

)

 

 

 

 

 

 

 

 

 

 

Foreign Currency Transaction Gain (Loss)

 

587

 

(458

)

1,149

 

873

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

120,877

 

63,110

 

415,575

 

135,094

 

 

 

 

 

 

 

 

 

 

 

Income Tax Expense (Benefit)

 

53,217

 

31,473

 

175,553

 

65,814

 

 

 

 

 

 

 

 

 

 

 

Income Before Change in Accounting Principle

 

67,660

 

31,637

 

240,022

 

69,280

 

 

 

 

 

 

 

 

 

 

 

Change in accounting principle

 

 

 

(4,166

)

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

67,660

 

31,637

 

235,856

 

69,280

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

Before change in accounting principle

 

1.07

 

0.52

 

3.86

 

1.22

 

Change in accounting principle

 

 

 

(0.07

)

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

1.07

 

0.52

 

3.79

 

1.22

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

Before change in accounting principle

 

1.06

 

0.51

 

3.74

 

1.17

 

Change in accounting principle

 

 

 

(0.07

)

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

1.06

 

0.51

 

3.67

 

1.17

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares and Potential Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

Basic shares

 

63,379

 

60,779

 

62,170

 

56,953

 

Diluted shares

 

63,963

 

64,454

 

64,826

 

64,111

 

 

 

 

 

 

 

 

 

 

 

Discretionary Cash Flow:

 

 

 

 

 

 

 

 

 

Net Income

 

67,660

 

31,637

 

235,856

 

69,280

 

Accretion and other

 

13,771

 

458

 

21,054

 

(873

)

Change in accounting principle

 

 

 

4,166

 

 

Depreciation, depletion and amortization

 

79,688

 

73,960

 

244,454

 

213,708

 

Deferred Taxes

 

25,692

 

44,406

 

32,961

 

60,017

 

Dry Hole and Impairment

 

4,568

 

8,179

 

10,666

 

16,674

 

Exploration

 

1,432

 

2,508

 

5,091

 

3,684

 

(Gains) Losses on Property Sales

 

(3

)

(3,403

)

87

 

(3,100

)

Capitalized Interest

 

(4,246

)

(5,933

)

(12,377

)

(19,445

)

Undistributed Equity in Minority Owned Subsidiary

 

 

 

 

4,140

 

Other Noncash

 

2,393

 

5,331

 

4,899

 

13,016

 

Total

 

190,955

 

157,143

 

546,857

 

357,101

 

 


* Supplemental Information should be read in conjunction with Pogo’s Quarterly Earnings Release