EX-99.2 3 dex992.htm SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Financial Information

EXHIBIT 99.2:

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 3 months ending December 31, 2006 and 2005

 

     4th Quarter        

(in thousands, except per share data)

   2006     2005     Change  

Operating Revenues

      

Oil and gas operations

   $ 220,329     $ 164,127     $ 56,202  

Natural gas distribution

     160,430       170,954       (10,524 )
                        

Total operating revenues

     380,759       335,081       45,678  
                        

Operating Expenses

      

Cost of gas

     88,905       100,957       (12,052 )

Operations & maintenance

     70,437       73,600       (3,163 )

DD&A

     37,614       32,950       4,664  

Taxes, other than income taxes

     22,277       28,116       (5,839 )

Accretion expense

     928       682       246  
                        

Total operating expenses

     220,161       236,305       (16,144 )
                        

Operating Income

     160,598       98,776       61,822  
                        

Other Income (Expense)

      

Interest expense

     (10,842 )     (12,006 )     1,164  

Other income

     187       469       (282 )

Other expense

     (984 )     (72 )     (912 )
                        

Total other expense

     (11,639 )     (11,609 )     (30 )
                        

Income From Continuing Operations Before Income Taxes

     148,959       87,167       61,792  

Income tax expense

     53,836       29,872       23,964  
                        

Income from Continuing Operations

     95,123       57,295       37,828  
                        

Discontinued Operations, Net of Taxes

      

Loss from discontinued operations

     —         (4 )     4  

Gain on disposal of discontinued operations

     —         12       (12 )
                        

Income from Discontinued Operations

     —         8       (8 )
                        

Net Income

   $ 95,123     $ 57,303     $ 37,820  
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 1.31     $ 0.77     $ 0.54  

Discontinued operations

     —         0.01       (0.01 )
                        

Net Income

   $ 1.31     $ 0.78     $ 0.53  
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 1.33     $ 0.78     $ 0.55  

Discontinued operations

     —         —         —    

Net Income

   $ 1.33     $ 0.78     $ 0.55  
                        

Diluted Avg. Common Shares Outstanding

     72,540       73,938       (1,398 )
                        

Basic Avg. Common Shares Outstanding

     71,606       73,166       (1,560 )
                        

Dividends Per Share

   $ 0.11     $ 0.10     $ 0.01  
                        

 


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 12 months ending December 31, 2006 and 2005

 

     Year-to-date        

(in thousands, except per share data)

   2006     2005     Change  

Operating Revenues

      

Oil and gas operations

   $ 730,542     $ 527,695     $ 202,847  

Natural gas distribution

     663,444       600,700       62,744  
                        

Total operating revenues

     1,393,986       1,128,395       265,591  
                        

Operating Expenses

      

Cost of gas

     373,097       315,622       57,475  

Operations & maintenance

     302,157       268,727       33,430  

DD&A

     142,086       131,691       10,395  

Taxes, other than income taxes

     95,727       93,983       1,744  

Accretion expense

     3,619       2,647       972  
                        

Total operating expenses

     916,686       812,670       104,016  
                        

Operating Income

     477,300       315,725       161,575  
                        

Other Income (Expense)

      

Interest expense

     (48,652 )     (46,800 )     (1,852 )

Other income

     951       2,163       (1,212 )

Other expense

     (1,046 )     (710 )     (336 )
                        

Total other expense

     (48,747 )     (45,347 )     (3,400 )
                        

Income From Continuing Operations Before Income Taxes

     428,553       270,378       158,175  

Income tax expense

     155,030       97,491       57,539  
                        

Income from Continuing Operations

     273,523       172,887       100,636  
                        

Discontinued Operations, Net of Taxes

      

Loss from discontinued operations

     (6 )     (7 )     1  

Gain on disposal of discontinued operations

     53       132       (79 )
                        

Income from Discontinued Operations

     47       125       (78 )
                        

Net Income

   $ 273,570     $ 173,012     $ 100,558  
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 3.73     $ 2.35     $ 1.38  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 3.73     $ 2.35     $ 1.38  
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 3.77     $ 2.37     $ 1.40  
                        

Discontinued operations

     —         —         —    
                        

Net Income

   $ 3.77     $ 2.37     $ 1.40  
                        

Diluted Avg. Common Shares Outstanding

     73,278       73,715       (437 )
                        

Basic Avg. Common Shares Outstanding

     72,505       73,052       (547 )
                        

Dividends Per Share

   $ 0.44     $ 0.40     $ 0.04  
                        

 


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending December 31, 2006 and 2005

 

     4th Quarter       

(in thousands, except sales price data)

   2006    2005    Change  

Oil and Gas Operations

        

Operating revenues from continuing operations

        

Natural gas

   $ 106,487    $ 118,548    $ (12,061 )

Oil

     45,313      32,968      12,345  

Natural gas liquids

     12,106      9,936      2,170  

Other

     56,423      2,675      53,748  
                      

Total

   $ 220,329    $ 164,127    $ 56,202  
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     15,768      15,177      591  

Oil (MBbl)

     908      836      72  

Natural gas liquids (MMgal)

     19.3      18.1      1.2  

Production volumes from continuing ops. (MMcfe)

     23,971      22,773      1,198  

Total production volumes (MMcfe)

     23,971      22,796      1,175  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 6.75    $ 7.81    $ (1.06 )

Oil (barrel)

   $ 49.89    $ 39.43    $ 10.46  

Natural gas liquids (gallon)

   $ 0.63    $ 0.55    $ 0.08  

Other data from continuing operations

        

Lease operating expense (LOE)

        

LOE and other

   $ 34,064    $ 28,730    $ 5,334  

Production taxes

     11,055      16,721      (5,666 )
                      

Total

   $ 45,119    $ 45,451    $ (332 )
                      

Depreciation, depletion and amortization

   $ 26,250    $ 22,323    $ 3,927  

Capital expenditures

   $ 107,071    $ 220,741    $ (113,670 )

Exploration expense

   $ 669    $ 108    $ 561  

Operating income

   $ 144,233    $ 87,163    $ 57,070  

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 103,431    $ 108,025    $ (4,594 )

Commercial and industrial

     42,187      50,345      (8,158 )

Transportation

     12,839      10,639      2,200  

Other

     1,973      1,945      28  
                      

Total

   $ 160,430    $ 170,954    $ (10,524 )
                      

Gas delivery volumes (MMcf)

        

Residential

     5,729      5,608      121  

Commercial and industrial

     2,667      3,001      (334 )

Transportation

     12,813      12,216      597  
                      

Total

     21,209      20,825      384  
                      

Other data

        

Depreciation and amortization

   $ 11,364    $ 10,627    $ 737  

Capital expenditures

   $ 17,210    $ 19,714    $ (2,504 )

Operating income

   $ 16,757    $ 11,913    $ 4,844  

 


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending December 31, 2006 and 2005

 

     Year-to-date       

(in thousands, except sales price data)

   2006    2005    Change  

Oil and Gas Operations

        

Operating revenues from continuing operations

        

Natural gas

   $ 437,560    $ 365,636    $ 71,924  

Oil

     181,459      116,651      64,808  

Natural gas liquids

     50,258      38,455      11,803  

Other

     61,265      6,953      54,312  
                      

Total

   $ 730,542    $ 527,695    $ 202,847  
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     62,824      61,048      1,776  

Oil (MBbl)

     3,645      3,316      329  

Natural gas liquids (MMgal)

     76.3      70.5      5.8  

Production volumes from continuing ops. (MMcfe)

     95,596      91,020      4,576  

Total production volumes (MMcfe)

     95,595      91,099      4,496  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 6.96    $ 5.99    $ 0.97  

Oil (barrel)

   $ 49.79    $ 35.18    $ 14.61  

Natural gas liquids (gallon)

   $ 0.66    $ 0.55    $ 0.11  

Other data from continuing operations

        

Lease operating expense (LOE)

        

LOE and other

   $ 134,853    $ 104,241    $ 30,612  

Production taxes

     49,509      52,271      (2,762 )
                      

Total

   $ 184,362    $ 156,512    $ 27,850  
                      

Depreciation, depletion and amortization

   $ 97,842    $ 89,340    $ 8,502  

Capital expenditures

   $ 263,677    $ 353,712    $ (90,035 )

Exploration expense

   $ 4,181    $ 676    $ 3,505  

Operating income

   $ 405,149    $ 243,877    $ 161,272  

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 426,066    $ 384,753    $ 41,313  

Commercial and industrial

     181,900      166,957      14,943  

Transportation

     45,950      43,291      2,659  

Other

     9,528      5,699      3,829  
                      

Total

   $ 663,444    $ 600,700    $ 62,744  
                      

Gas delivery volumes (MMcf)

        

Residential

     22,310      24,601      (2,291 )

Commercial and industrial

     11,226      12,498      (1,272 )

Transportation

     50,760      49,850      910  
                      

Total

     84,296      86,949      (2,653 )
                      

Other data

        

Depreciation and amortization

   $ 44,244    $ 42,351    $ 1,893  

Capital expenditures

   $ 76,157    $ 73,276    $ 2,881  

Operating income

   $ 74,274    $ 72,922    $ 1,352