EX-99.2 3 a07-4454_1ex99d2.htm EX-99.2

Exhibit 99.2

 

Pogo Producing Company

 

 

 

 

 

 

 

 

 

Supplemental Information (Unaudited) (1) (2)

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Twelve Months Ended

 

Financial Data

 

December 31,

 

December 31,

 

(Data in $ thousands, except per share amounts)

 

2006

 

2005

 

2006

 

2005

 

Revenues:

 

 

 

 

 

 

 

 

 

Oil and gas

 

$

323,221

 

$

412,782

 

$

1,375,361

 

$

1,216,247

 

Gain (loss) on property sales

 

(610

)

(155

)

304,693

 

72

 

Other

 

20,523

 

6,950

 

64,977

 

9,380

 

Total

 

343,134

 

419,577

 

1,745,031

 

1,225,699

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

Lease operating

 

72,837

 

60,129

 

264,785

 

153,659

 

General and administrative

 

30,933

 

27,101

 

129,467

 

87,319

 

Exploration

 

17,443

 

4,409

 

31,838

 

26,473

 

Dry hole and impairment

 

32,297

 

28,059

 

106,571

 

87,170

 

Depreciation, depletion and amortization

 

139,288

 

106,368

 

484,647

 

312,247

 

Production and other taxes

 

22,329

 

20,355

 

78,361

 

59,527

 

Other

 

33,145

 

(6,064

)

87,013

 

(9,079

)

Total

 

348,272

 

240,357

 

1,182,682

 

717,316

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

(5,138

)

179,220

 

562,349

 

508,383

 

 

 

 

 

 

 

 

 

 

 

Interest:

 

 

 

 

 

 

 

 

 

Charges

 

(42,223

)

(27,762

)

(148,081

)

(68,654

)

Income

 

261

 

598

 

1,752

 

8,291

 

Capitalized

 

21,288

 

16,045

 

77,730

 

23,480

 

Total Interest Expense

 

(20,674

)

(11,119

)

(68,599

)

(36,883

)

 

 

 

 

 

 

 

 

 

 

Loss on Debt Extinguishment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Derivative Income (Expense)

 

511

 

5,121

 

7,263

 

(13,618

)

 

 

 

 

 

 

 

 

 

 

Foreign Currency Transaction Gain (Loss)

 

(2,786

)

70

 

(1,719

)

71

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

(28,087

)

173,292

 

499,294

 

457,953

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

(11,566

)

58,613

 

53,123

 

167,884

 

 

 

 

 

 

 

 

 

 

 

Net Income (loss) from continuing operations

 

(16,521

)

114,679

 

446,171

 

290,069

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations, net of tax

 

 

(179

)

 

460,634

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

(16,521

)

$

114,500

 

$

446,171

 

$

750,703

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

(0.29

)

$

1.98

 

$

7.74

 

$

4.80

 

Income (loss) from discontinued operations

 

 

 

 

7.63

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

(0.29

)

$

1.98

 

$

7.74

 

$

12.43

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

(0.29

)

$

1.96

 

$

7.68

 

$

4.76

 

Income (loss) from discontinued operations

 

 

 

 

7.56

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

(0.29

)

$

1.96

 

$

7.68

 

$

12.32

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares

 

 

 

 

 

 

 

 

 

and Potential Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

Basic shares

 

57,653

 

57,957

 

57,611

 

60,372

 

Diluted shares

 

58,250

 

58,515

 

58,112

 

60,924

 

 

 

 

 

 

 

 

 

 

 

Discretionary Cash Flow:

 

 

 

 

 

 

 

 

 

Net Income

 

$

(16,521

)

$

114,500

 

$

446,171

 

$

750,703

 

(Income) loss from discontinued operations, net of tax

 

 

179

 

 

(460,634

)

Depreciation, depletion and amortization

 

139,288

 

106,368

 

484,647

 

312,247

 

Deferred Taxes

 

5,276

 

20,631

 

(43,184

)

9,110

 

Dry Hole and Impairment

 

32,297

 

28,059

 

106,571

 

87,170

 

Exploration

 

17,443

 

4,409

 

31,838

 

26,473

 

(Gain) loss on Property Sales

 

610

 

155

 

(304,693

)

(72

)

Other Noncash

 

3,668

 

(20,686

)

6,435

 

(6,733

)

Discretionary cash flow from continuing operations before changes in assets and liabilities

 

182,061

 

253,615

 

727,785

 

718,264

 

Discretionary cash flow from discontinued operations

 

 

 

 

119,233

 

 

 

 

 

 

 

 

 

 

 

Total(3)

 

$

182,061

 

$

253,615

 

$

727,785

 

$

837,497

 

 

 

 

 

 

 

 

 

 

 


(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.

(3)             In the 4th Quarter of 2006, the Company adjusted its treatment of interest capitalized in the statement of cash flows.  The  Company now reflects interest capitalized as an investing cash outflow rather than as the operating cash outflow.  Prior year amounts have not been reclassified due to the immateriality of the adjustment.