EX-99.2 3 a06-16451_1ex99d2.htm EX-99

Exhibit 99.2

Pogo Producing Company
Supplemental  Information (Unaudited) (1) (2)

 

 

Quarter Ended
June 30,

 

Six Months Ended
June 30,

 

Financial Data

 

2006

 

2005

 

2006

 

2005

 

(Data in $thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Oil and gas

 

$

357,070

 

$

274,044

 

$

711,537

 

$

528,106

 

Gain (loss) on property sales

 

308,357

 

 

308,334

 

250

 

Other

 

9,163

 

520

 

28,257

 

1,954

 

Total

 

674,590

 

274,564

 

1,048,128

 

530,310

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

Lease operating

 

68,259

 

33,464

 

125,406

 

62,185

 

General and administrative

 

30,137

 

18,320

 

58,787

 

37,045

 

Exploration

 

5,272

 

3,319

 

7,958

 

14,498

 

Dry hole and impairment

 

12,367

 

6,502

 

38,001

 

53,857

 

Depreciation, depletion and amortization

 

113,393

 

67,923

 

223,529

 

138,381

 

Production and other taxes

 

20,121

 

14,190

 

33,628

 

25,366

 

Transportation and other

 

16,619

 

4,409

 

42,100

 

(1,158

)

Total

 

266,168

 

148,127

 

529,409

 

330,174

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

408,422

 

126,437

 

518,719

 

200,136

 

 

 

 

 

 

 

 

 

 

 

Interest:

 

 

 

 

 

 

 

 

 

Charges

 

(36,210

)

(13,850

)

(64,534

)

(24,061

)

Income

 

643

 

1,369

 

1,117

 

2,186

 

Capitalized

 

18,647

 

2,713

 

34,825

 

4,910

 

Total Interest Expense

 

(16,920

)

(9,768

)

(28,592

)

(16,965

)

 

 

 

 

 

 

 

 

 

 

Loss on Debt Extinguishment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Derivative Expense

 

(7,106

)

 

(3,793

)

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Transaction Gain (Loss)

 

1,273

 

(8

)

1,069

 

2

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

385,669

 

116,661

 

487,403

 

183,173

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

23,786

 

42,683

 

58,049

 

69,686

 

 

 

 

 

 

 

 

 

 

 

Net Income from continuing operations

 

361,883

 

73,978

 

429,354

 

113,487

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations, net of tax

 

 

29,461

 

 

49,188

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

361,883

 

$

103,439

 

$

429,354

 

$

162,675

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

6.31

 

$

1.23

 

$

7.48

 

$

1.83

 

Income (loss) from discontinued operations

 

 

0.48

 

 

0.80

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

6.31

 

$

1.71

 

$

7.48

 

$

2.63

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

6.25

 

$

1.22

 

$

7.41

 

$

1.82

 

Income (loss) from discontinued operations

 

 

0.48

 

 

0.78

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

6.25

 

$

1.70

 

$

7.41

 

$

2.60

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Basic shares

 

57,385

 

60,342

 

57,366

 

61,925

 

Diluted shares

 

57,930

 

60,909

 

57,948

 

62,489

 

 

 

 

 

 

 

 

 

 

 

Discretionary Cash Flow:

 

 

 

 

 

 

 

 

 

Net Income

 

$

361,883

 

$

103,439

 

$

429,354

 

$

162,675

 

(Income) loss from discontinued operations, net of tax

 

 

(29,461

)

 

(49,188

)

Depreciation, depletion and amortization

 

113,393

 

67,923

 

223,529

 

138,381

 

Deferred Taxes

 

(101,179

)

(2,192

)

(100,137

)

(9,057

)

Dry Hole and Impairment

 

12,367

 

6,502

 

38,001

 

53,857

 

Exploration

 

5,272

 

3,319

 

7,958

 

14,498

 

Gains on Property Sales

 

(308,357

)

 

(308,334

)

(250

)

Capitalized Interest

 

(18,647

)

(2,713

)

(34,825

)

(4,910

)

Other Noncash

 

12,035

 

2,180

 

13,482

 

1,392

 

Discretionary cash flow from continuing operations

 

 

 

 

 

 

 

 

 

before changes in assets and liabilities

 

76,767

 

148,997

 

269,028

 

307,398

 

Discretionary cash flow from discontinued operations

 

 

42,215

 

 

100,211

 

Total

 

$

76,767

 

$

191,212

 

$

269,028

 

$

407,609

 


(1)             Supplemental Information should be read in conjunction with Pogo's Quarterly Earnings Release

(2)             Results from continuing operations for 2005 exclude activities from Thailand and Hungary.