EX-99.2 2 exhibit992.htm ENERGEN CORPORATION FINANCIAL DATA 9/30/04 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Consolidated Statements of Income (Unaudited)
For the 3 months ending September 30, 2004 and 2003

 

3rd Quarter

 

 

(in thousands, except per share data)

 

2004

 

2003

 

Change

Operating Revenues

 

 

  

 

 

 

Oil and gas operations

$

104,336

$

87,994

$

16,342

Natural gas distribution

 

62,162

 

58,147

 

4,015

Total operating revenues

 

166,498

 

146,141

 

20,357

Operating Expenses

 

 

 

 

 

 

Cost of gas

 

26,545

 

24,966

 

1,579

Operations & maintenance

 

60,788

 

50,227

 

10,561

DD&A

 

30,896

 

29,203

 

1,693

Taxes, other than income taxes

 

15,354

 

12,389

 

2,965

Accretion expense

 

613

 

459

 

154

Total operating expenses

 

134,196

 

117,244

 

16,952

Operating Income

 

32,302

 

28,897

 

3,405

Other Income (Expense)

 

 

 

 

 

 

Interest expense

 

(10,515)

 

(10,153)

 

(362)

Other income

 

702

 

2,289

 

(1,587)

Other expense

 

(225)

 

(2,866)

 

2,641

Total other expense

 

(10,038)

 

(10,730)

 

692

Income Before Income Taxes

 

22,264

 

18,167

 

4,097

Income tax expense

 

8,532

 

6,710

 

1,822

Income from Continuing Operations

 

13,732

 

11,457

 

2,275

Discontinued Operations, Net of Taxes

 

 

 

 

 

 

Income from discontinued operations

 

-

 

145

 

(145)

Gain on disposal

 

8

 

294

 

(286)

Income from Discontinued Operations

 

8

 

439

 

(431)

Net Income

$

13,740

$

11,896

$

1,844

Diluted Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

0.37

$

0.32

$

0.05

Discontinued operations

-

0.01

(0.01)

Net Income

$

0.37

$

0.33

$

0.04

Basic Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

0.38

$

0.32

$

0.06

Discontinued operations

 

-

 

0.01

 

(0.01)

Net Income

$

0.38

$

0.33

$

0.05

Diluted Avg. Common Shares Outstanding

 

36,700

 

36,261

 

439

Basic Avg. Common Shares Outstanding

 

36,268

 

35,869

 

399

Dividends Per Share

$

0.1925

$

0.185

$

0.0075

 

 

Consolidated Statements of Income (Unaudited)
For the 9 months ending September 30, 2004 and 2003

 

Year-to-date

 

 

(in thousands, except per share data)

 

2004

 

2003

 

Change

Operating Revenues

 

 

  

 

 

 

Oil and gas operations

$

295,996

$

266,296

$

29,700

Natural gas distribution

 

410,108

 

373,534

 

36,574

Total operating revenues

 

706,104

 

639,830

 

66,274

Operating Expenses

 

 

 

 

 

 

Cost of gas

 

205,574

 

179,045

 

26,529

Operations & maintenance

 

170,179

 

149,005

 

21,174

DD&A

 

88,559

 

87,473

 

1,086

Taxes, other than income taxes

 

55,679

 

47,824

 

7,855

Accretion expense

 

1,635

 

1,419

 

216

Total operating expenses

 

521,626

 

464,766

 

56,860

Operating Income

 

184,478

 

175,064

 

9,414

Other Income (Expense)

 

 

 

 

 

 

Interest expense

 

(31,527)

 

(31,709)

 

182

Other income

 

2,197

 

7,408

 

(5,211)

Other expense

 

(1,920)

 

(8,218)

 

6,298

Total other expense

 

(31,250)

 

(32,519)

 

1,269

Income Before Income Taxes

 

153,228

 

142,545

 

10,683

Income tax expense

 

57,031

 

53,305

 

3,726

Income from Continuing Operations

 

96,197

 

89,240

 

6,957

Discontinued Operations, Net of Taxes

 

 

 

 

 

 

Income from discontinued operations

 

3

 

966

 

(963)

Loss on disposal

 

(5)

 

(382)

 

377

Income (Loss) from Discontinued Operations

 

(2)

 

584

 

(586)

Net Income

$

96,195

$

89,824

$

6,371

Diluted Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

2.63

$

2.51

$

0.12

Discontinued operations

 

-

 

0.02

 

(0.02)

Net Income

$

2.63

$

2.53

$

0.10

Basic Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

2.66

$

2.53

$

0.13

Discontinued operations

 

-

 

0.02

 

(0.02)

Net Income

$

2.66

$

2.55

$

0.11

Diluted Avg. Common Shares Outstanding

 

36,629

 

35,561

 

1,068

Basic Avg. Common Shares Outstanding

 

36,224

 

35,208

 

1,016

Dividends Per Share

$

0.5625

$

0.545

$

0.0175

 

Consolidated Statements of Income (Unaudited)
For the 12 months ending September 30, 2004 and 2003

 

Trailing 12 Months

 

 

(in thousands, except per share data)

 

2004

 

2003

 

Change

Operating Revenues

 

 

  

 

 

 

Oil and gas operations

$

382,823

$

338,773

$

44,050

Natural gas distribution

 

525,673

 

475,509

 

50,164

Total operating revenues

 

908,496

 

814,282

 

94,214

Operating Expenses

 

 

 

 

 

 

Cost of gas

 

260,352

 

224,816

 

35,536

Operations & maintenance

 

229,393

 

203,736

 

25,657

DD&A

 

117,944

 

113,264

 

4,680

Taxes, other than income taxes

 

71,398

 

60,354

 

11,044

Accretion expense

 

2,106

 

1,908

 

198

Total operating expenses

 

681,193

 

604,078

 

77,115

Operating Income

 

227,303

 

210,204

 

17,099

Other Income (Expense)

 

 

 

 

 

 

Interest expense

 

(42,080)

 

(42,590)

 

510

Other income

 

3,533

 

13,973

 

(10,440)

Other expense

 

(3,679)

 

(14,217)

 

10,538

Total other expense

 

(42,226)

 

(42,834)

 

608

Income Before Income Taxes

 

185,077

 

167,370

 

17,707

Income tax expense

 

67,854

 

59,642

 

8,212

Income from Continuing Operations

 

117,223

 

107,728

 

9,495

Discontinued Operations, Net of Taxes

 

 

 

 

 

 

Income from discontinued operations

 

9

 

1,296

 

(1,287)

Loss on disposal

  

(207)

 

(112)

  

(95)

Income (Loss) from Discontinued Operations

 

(198)

 

1,184

 

(1,382)

Net Income

$

117,025

$

108,912

$

8,113

Diluted Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

3.21

$

3.05

$

0.16

Discontinued operations

 

(0.01)

 

0.03

 

(0.04)

Net Income

$

3.20

$

3.08

$

0.12

Basic Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

3.24

$

3.07

$

0.17

Discontinued operations

 

-

 

0.04

 

(0.04)

Net Income

$

3.24

$

3.11

$

0.13

Diluted Avg. Common Shares Outstanding

 

36,539

 

35,366

 

1,173

Basic Avg. Common Shares Outstanding

 

36,169

 

35,045

 

1,124

Dividends Per Share

$

0.7475

$

0.725

$

0.0225

 

 

 

Selected Business Segment Data (Unaudited)

For the 3 months ending September 30, 2004 and 2003

3rd Quarter

(in thousands, except sales price data)

 

2004

 

2003

 

Change

Oil and Gas Operations

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Natural gas

$

69,900

$

59,627

$

10,273

Oil

 

24,553

 

21,213

 

3,340

Natural gas liquids

 

9,065

 

6,245

 

2,820

Other

 

818

 

909

 

(91)

Total

$

104,336

$

87,994

$

16,342

Production volumes from continuing operations

 

 

 

 

 

 

Natural gas (MMcf)

 

14,657

 

13,954

 

703

Oil (MBbl)

 

854

 

838

 

16

Natural gas liquids (MMgal)

 

18.2

 

16.6

 

1.6

Production volumes from continuing ops. (MMcfe)

 

22,374

 

21,352

 

1,022

Total sales volume (MMcfe)

 

22,374

 

21,359

 

1,015

Average sales price from continuing ops.

 

 

 

 

 

 

Natural gas (Mcf)

$

4.77

$

4.27

$

0.50

Oil (barrel)

$

28.76

$

25.30

$

3.46

Natural gas liquids (gallon)

$

0.50

$

0.38

$

0.12

Other data

 

 

 

 

 

 

Lease operating expense (LOE)

 

 

 

 

 

 

LOE and other

$

22,076

$

16,666

$

5,410

Production taxes

9,576

6,764

2,812

Total

$

31,652

$

23,430

$

8,222

DD&A

$

20,911

$

19,818

$

1,093

Capital expenditures

$

288,585

$

31,972

$

256,613

Exploration expense

$

1,807

$

802

$

1,005

Operating income

$

42,673

$

38,958

$

3,715

Natural Gas Distribution

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Residential

$

33,860

$

32,997

$

863

Commercial and industrial - small

 

18,516

 

17,844

 

672

Transportation

 

8,838

 

8,264

 

574

Other

 

948

 

(958)

 

1,906

Total

$

62,162

$

58,147

$

4,015

Gas delivery volumes (MMcf)

 

 

 

 

 

 

Residential

 

1,874

 

1,934

 

(60)

Commercial

 

1,570

 

1,625

 

(55)

Transportation

 

12,790

 

13,449

 

(659)

Total

 

16,234

 

17,008

 

(774)

Other data

 

 

 

 

 

 

Depreciation and amortization

$

9,985

$

9,385

$

600

Capital expenditures

$

11,869

$

13,177

$

(1,308)

Operating income

$

(10,130)

$

(9,575)

$

(555)

 

Selected Business Segment Data (Unaudited)

For the 9 months ending September 30, 2004 and 2003

 

Year-to-date

 

 

(in thousands, except sales price data)

 

2004

 

2003

 

Change

Oil and Gas Operations

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Natural gas

$

200,784

$

178,162

$

22,622

Oil

 

70,266

 

65,119

 

5,147

Natural gas liquids

 

22,220

 

18,896

 

3,324

Other

 

2,726

 

4,119

 

(1,393)

Total

$

295,996

$

266,296

$

29,700

Production volume from continuing operations

 

 

 

 

 

 

Natural gas (MMcf)

 

42,148

 

41,469

 

679

Oil (MBbl)

 

2,558

 

2,539

 

19

Natural gas liquids (MMgal)

 

50.3

 

49.5

 

0.8

Production volumes from continuing ops. (MMcfe)

 

64,684

 

63,779

 

905

Total sales volume (MMcfe)

 

64,684

 

64,513

 

171

Average sales price from continuing ops.

 

 

 

 

 

 

Natural gas (Mcf)

$

4.76

$

4.30

$

0.46

Oil (barrel)

$

27.47

$

25.64

$

1.83

Natural gas liquids (gallon)

$

0.44

$

0.38

$

0.06

Other data

 

 

 

 

 

 

Lease operating expense (LOE)

 

 

 

 

 

 

LOE and other

$

58,351

$

48,008

$

10,343

Production taxes

 

26,287

 

20,721

 

5,566

Total

$

84,638

$

68,729

$

15,909

DD&A

$

59,106

$

59,941

$

(835)

Capital expenditures

$

359,993

$

112,994

$

246,999

Exploration expense

$

1,907

$

980

$

927

Operating income

$

128,553

$

121,649

$

6,904

Natural Gas Distribution

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Residential

$

267,164

$

246,382

$

20,782

Commercial and industrial - small

 

107,692

 

97,556

 

10,136

Transportation

 

29,316

 

28,062

 

1,254

Other

 

5,936

 

1,534

 

4,402

Total

$

410,108

$

373,534

$

36,574

Gas delivery volumes (MMcf)

 

 

 

 

 

 

Residential

 

20,743

 

21,851

 

(1,108)

Commercial

 

9,845

 

9,998

 

(153)

Transportation

 

40,571

 

41,627

 

(1,056)

Total

 

71,159

 

73,476

 

(2,317)

Other data

 

 

 

 

 

 

Depreciation and amortization

$

29,453

$

27,532

$

1,921

Capital expenditures

$

42,090

$

42,158

$

(68)

Operating income

$

56,459

$

54,613

$

1,846

 

Selected Business Segment Data (Unaudited)

For the 12 months ending September 30, 2004 and 2003

Trailing 12 Months

(in thousands, except sales price data)

 

2004

 

2003

 

Change

Oil and Gas Operations

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Natural gas

$

258,272

$

220,788

$

37,484

Oil

 

92,347

 

86,871

 

5,476

Natural gas liquids

 

29,214

 

25,932

 

3,282

Other

 

2,990

 

5,182

 

(2,192)

Total

$

382,823

$

338,773

$

44,050

Production volumes from continuing operations

 

 

 

 

 

 

Natural gas (MMcf)

 

56,112

 

53,479

 

2,633

Oil (MBbl)

 

3,430

 

3,374

 

56

Natural gas liquids (MMgal)

 

67.4

 

69.1

 

(1.7)

Production volumes from continuing ops. (MMcfe)

 

86,327

 

83,591

 

2,736

Total sales volume (MMcfe)

 

86,328

 

85,114

 

1,214

Average sales price from continuing ops.

 

 

 

 

 

 

Natural gas (Mcf)

$

4.60

$

4.13

$

0.47

Oil (barrel)

$

26.92

$

25.75

$

1.17

Natural gas liquids (gallon)

$

0.43

$

0.38

$

0.05

Other data

 

 

 

 

 

 

Lease operating expense (LOE)

 

 

 

 

 

 

LOE and other

$

78,263

$

66,194

$

12,069

Production taxes

33,297

26,134

7,163

Total

$

111,560

$

92,328

$

19,232

DD&A

$

78,852

$

77,085

$

1,767

Capital expenditures

$

346,699

$

176,632

$

170,067

Exploration expense

$

1,980

$

2,281

$

(301)

Operating income

$

160,496

$

146,393

$

14,103

Natural Gas Distribution

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Residential

$

341,720

$

312,154

$

29,566

Commercial and industrial - small

 

136,775

 

122,252

 

14,523

Transportation

 

39,503

 

38,192

 

1,311

Other

 

7,675

 

2,911

 

4,764

Total

$

525,673

$

475,509

$

50,164

Gas delivery volumes (MMcf)

 

 

 

 

 

 

Residential

 

26,141

 

28,205

 

(2,064)

Commercial

 

12,411

 

12,843

 

(432)

Transportation

 

54,567

 

56,786

 

(2,219)

Total

 

93,119

 

97,834

 

(4,715)

Other data

 

 

 

 

 

 

Depreciation and amortization

$

39,092

$

36,179

$

2,913

Capital expenditures

$

57,835

$

58,905

$

(1,070)

Operating income

$

68,694

$

65,361

$

3,333