EX-99.2 3 a07-20048_1ex99d2.htm EX-99.2

Exhibit 99.2

Pogo Producing Company

Supplemental  Information (Unaudited) (1)

 

 

 

Quarter Ended

 

Six Months Ended

 

Financial Data

 

June 30

 

June 30

 

(Data in $ thousands, except per share amounts)

 

2007

 

2006

 

2007

 

2006

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Oil and gas

 

$

220,071

 

$

237,019

 

$

430,922

 

$

479,979

 

Other

 

2,840

 

446

 

3,548

 

1,223

 

Total

 

222,911

 

237,465

 

434,470

 

481,202

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

Lease operating

 

49,697

 

47,231

 

96,562

 

86,453

 

General and administrative

 

27,692

 

21,450

 

56,894

 

41,447

 

Exploration

 

5,892

 

504

 

14,002

 

1,674

 

Dry hole and impairment

 

5,444

 

12,834

 

51,666

 

35,908

 

Depreciation, depletion and amortization

 

79,620

 

63,971

 

163,956

 

127,256

 

Production and other taxes

 

15,303

 

16,938

 

32,947

 

27,992

 

Net gain on property sales

 

(127,171

)

(308,357

)

(129,482

)

(308,361

)

Other

 

7,978

 

5,760

 

13,128

 

10,623

 

Total

 

64,455

 

(139,669

)

299,673

 

22,992

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

158,456

 

377,134

 

134,797

 

458,210

 

 

 

 

 

 

 

 

 

 

 

Interest:

 

 

 

 

 

 

 

 

 

Charges

 

(40,901

)

(35,970

)

(83,748

)

(64,289

)

Income

 

18

 

101

 

89

 

218

 

Capitalized

 

20,537

 

18,647

 

39,942

 

34,825

 

Total Interest Expense

 

(20,346

)

(17,222

)

(43,717

)

(29,246

)

 

 

 

 

 

 

 

 

 

 

Commodity Derivative Income (Expense)

 

(1,541

)

(7,106

)

(4,647

)

(3,793

)

 

 

 

 

 

 

 

 

 

 

Foreign Currency Transaction Gain (Loss)

 

20

 

16

 

25

 

23

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) From Operations Before Income Taxes

 

136,589

 

352,822

 

86,458

 

425,194

 

 

 

 

 

 

 

 

 

 

 

Income Tax Expense (Benefit)

 

39,686

 

16,245

 

24,179

 

42,773

 

 

 

 

 

 

 

 

 

 

 

Net Income from continuing operations

 

96,903

 

336,577

 

62,279

 

382,421

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations, net of tax

 

(141,716

)

25,306

 

(128,287

)

46,933

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(44,813

)

$

361,883

 

$

(66,008

)

$

429,354

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

1.68

 

$

5.87

 

$

1.08

 

$

6.67

 

Income (loss) from discontinued operations

 

(2.46

)

0.44

 

(2.22

)

0.81

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

(0.78

)

$

6.31

 

$

(1.14

)

$

7.48

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

1.65

 

$

5.81

 

$

1.06

 

$

6.60

 

Income (loss) from discontinued operations

 

(2.42

)

0.44

 

(2.19

)

0.81

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share

 

$

(0.77

)

$

6.25

 

$

(1.13

)

$

7.41

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Basic shares

 

57,817

 

57,385

 

57,776

 

57,366

 

Diluted shares

 

58,577

 

57,930

 

58,501

 

57,948

 

 

 

 

 

 

 

 

 

 

 

Discretionary Cash Flow:

 

 

 

 

 

 

 

 

 

Net Income (loss)

 

$

(44,813

)

$

361,883

 

$

(66,008

)

$

429,354

 

(Income) loss from discontinued operations, net of tax

 

141,716

 

(25,306

)

128,287

 

(46,933

)

Depreciation, depletion and amortization

 

79,620

 

63,971

 

163,956

 

127,256

 

Deferred taxes

 

(58,701

)

(96,465

)

(74,986

)

(102,254

)

Dry hole and impairment

 

5,444

 

12,834

 

51,666

 

35,908

 

Exploration

 

5,892

 

504

 

14,002

 

1,674

 

(Gain) loss on property sales

 

(127,171

)

(308,357

)

(129,482

)

(308,361

)

Other noncash

 

2,334

 

(6,161

)

362

 

(21,885

)

Discretionary cash flow from operations

 

 

 

 

 

 

 

 

 

before changes in assets and liabilities

 

4,321

 

2,903

 

87,797

 

114,759

 

Discretionary cash flow from discontinued operations

 

80,335

 

73,864

 

160,433

 

154,269

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

84,656

 

$

76,767

 

$

248,230

 

$

269,028

 

 

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