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, 2008 and 2007

 

     4th Quarter        

(in thousands, except per share data)

   2008     2007     Change  

Operating Revenues

      

Oil and gas operations

   $ 209,704     $ 219,780     $ (10,076 )

Natural gas distribution

     166,089       131,675       34,414  
                        

Total operating revenues

     375,793       351,455       24,338  
                        

Operating Expenses

      

Cost of gas

     98,615       65,845       32,770  

Operations & maintenance

     86,613       82,432       4,181  

Depreciation, depletion and amortization

     54,772       43,193       11,579  

Taxes, other than income taxes

     15,566       24,661       (9,095 )

Accretion expense

     1,109       1,027       82  
                        

Total operating expenses

     256,675       217,158       39,517  
                        

Operating Income

     119,118       134,297       (15,179 )
                        

Other Income (Expense)

      

Interest expense

     (10,282 )     (11,445 )     1,163  

Other income

     430       272       158  

Other expense

     (3,957 )     (333 )     (3,624 )
                        

Total other expense

     (13,809 )     (11,506 )     (2,303 )
                        

Income From Continuing Operations Before Income Taxes

     105,309       122,791       (17,482 )

Income tax expense

     40,024       43,377       (3,353 )
                        

Income from Continuing Operations

     65,285       79,414       (14,129 )
                        

Discontinued Operations, Net of Taxes

      

Income from discontinued operations

     —         —         —    

Gain on disposal of discontinued operations

     —         —         —    
                        

Income from Discontinued Operations

     —         —         —    
                        

Net Income

   $ 65,285     $ 79,414     $ (14,129 )
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 0.91     $ 1.10     $ (0.19 )

Discontinued operations

     —         —         —    
                        

Net Income

   $ 0.91     $ 1.10     $ (0.19 )
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 0.91     $ 1.11     $ (0.20 )

Discontinued operations

     —         —         —    
                        

Net Income

   $ 0.91     $ 1.11     $ (0.20 )
                        

Diluted Avg. Common Shares Outstanding

     71,909       72,352       (443 )
                        

Basic Avg. Common Shares Outstanding

     71,592       71,667       (75 )
                        

Dividends Per Common Share

   $ 0.12     $ 0.115     $ 0.005  
                        


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 12 months ending December 31, 2008 and 2007

 

     Year-to-date        

(in thousands, except per share data)

   2008     2007     Change  

Operating Revenues

    

Oil and gas operations

   $ 914,132     $ 825,592     $ 88,540  

Natural gas distribution

     654,778       609,468       45,310  
                        

Total operating revenues

     1,568,910       1,435,060       133,850  
                        

Operating Expenses

    

Cost of gas

     351,774       318,429       33,345  

Operations & maintenance

     354,760       333,443       21,317  

Depreciation, depletion and amortization

     188,413       161,377       27,036  

Taxes, other than income taxes

     107,605       95,831       11,774  

Accretion expense

     4,290       3,948       342  
                        

Total operating expenses

     1,006,842       913,028       93,814  
                        

Operating Income

     562,068       522,032       40,036  
                        

Other Income (Expense)

    

Interest expense

     (41,981 )     (47,100 )     5,119  

Other income

     1,885       2,668       (783 )

Other expense

     (7,014 )     (959 )     (6,055 )
                        

Total other expense

     (47,110 )     (45,391 )     (1,719 )
                        

Income From Continuing Operations Before Income Taxes

     514,958       476,641       38,317  

Income tax expense

     193,043       167,429       25,614  
                        

Income from Continuing Operations

     321,915       309,212       12,703  
                        

Discontinued Operations, Net of Taxes

    

Income from discontinued operations

     —         3       (3 )

Gain on disposal of discontinued operations

     —         18       (18 )
                        

Income from Discontinued Operations

     —         21       (21 )
                        

Net Income

   $ 321,915     $ 309,233     $ 12,682  
                        

Diluted Earnings Per Average Common Share

    

Continuing operations

   $ 4.47     $ 4.28     $ 0.19  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 4.47     $ 4.28     $ 0.19  
                        

Basic Earnings Per Average Common Share

    

Continuing operations

   $ 4.50     $ 4.32     $ 0.18  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 4.50     $ 4.32     $ 0.18  
                        

Diluted Avg. Common Shares Outstanding

     72,030       72,181       (151 )
                        

Basic Avg. Common Shares Outstanding

     71,601       71,592       9  
                        

Dividends Per Common Share

   $ 0.48     $ 0.46     $ 0.02  
                        


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending December 31, 2008 and 2007

 

     4th Quarter       

(in thousands, except sales price data)

   2008    2007    Change  

Oil and Gas Operations

        

Operating revenues from continuing operations

        

Natural gas

   $ 124,830    $ 127,970    $ (3,140 )

Oil

     71,506      70,109      1,397  

Natural gas liquids

     12,301      19,547      (7,246 )

Other

     1,067      2,154      (1,087 )
                      

Total

   $ 209,704    $ 219,780    $ (10,076 )
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     17,492      16,568      924  

Oil (MBbl)

     1,109      981      128  

Natural gas liquids (MMgal)

     18.0      19.6      (1.6 )

Production volumes from continuing ops. (MMcfe)

     26,715      25,256      1,459  

Total production volumes (MMcfe)

     26,715      25,256      1,459  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 7.14    $ 7.72    $ (0.58 )

Oil (barrel)

   $ 64.48    $ 71.48    $ (7.00 )

Natural gas liquids (gallon)

   $ 0.68    $ 1.00    $ (0.32 )

Other data from continuing operations

        

Lease operating expense (LOE)

        

LOE and other

   $ 45,500    $ 35,044    $ 10,456  

Production taxes

     3,813      15,230      (11,417 )
                      

Total

   $ 49,313    $ 50,274    $ (961 )
                      

Depreciation, depletion and amortization

   $ 42,299    $ 31,158    $ 11,141  

General and administrative expense

   $ 7,166    $ 14,203    $ (7,037 )

Capital expenditures

   $ 154,064    $ 124,701    $ 29,363  

Exploration expense

   $ 5,081    $ 1,223    $ 3,858  

Operating income

   $ 104,736    $ 121,895    $ (17,159 )
                      

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 106,647    $ 81,980    $ 24,667  

Commercial and industrial

     44,715      34,625      10,090  

Transportation

     13,291      12,746      545  

Other

     1,436      2,324      (888 )
                      

Total

   $ 166,089    $ 131,675    $ 34,414  
                      

Gas delivery volumes (MMcf)

        

Residential

     5,385      4,362      1,023  

Commercial and industrial

     2,585      2,220      365  

Transportation

     10,522      13,051      (2,529 )
                      

Total

     18,492      19,633      (1,141 )
                      

Other data

        

Depreciation and amortization

   $ 12,473    $ 12,035    $ 438  

Capital expenditures

   $ 18,365    $ 13,266    $ 5,099  

Operating income

   $ 14,831    $ 13,008    $ 1,823  
                      


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending December 31, 2008 and 2007

 

     Year-to-date       

(in thousands, except sales price data)

   2008    2007    Change  

Oil and Gas Operations

        

Operating revenues from continuing operations

        

Natural gas

   $ 536,283    $ 499,406    $ 36,877  

Oil

     292,908      251,497      41,411  

Natural gas liquids

     68,216      68,623      (407 )

Other

     16,725      6,066      10,659  
                      

Total

   $ 914,132    $ 825,592    $ 88,540  
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     67,573      64,300      3,273  

Oil (MBbl)

     4,114      3,879      235  

Natural gas liquids (MMgal)

     70.7      77.2      (6.5 )

Production volumes from continuing ops. (MMcfe)

     102,354      98,606      3,748  

Total production volumes (MMcfe)

     102,354      98,605      3,749  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 7.94    $ 7.77    $ 0.17  

Oil (barrel)

   $ 71.20    $ 64.83    $ 6.37  

Natural gas liquids (gallon)

   $ 0.96    $ 0.89    $ 0.07  

Other data from continuing operations

        

Lease operating expense (LOE)

        

LOE and other

   $ 174,127    $ 148,280    $ 25,847  

Production taxes

     62,552      53,798      8,754  
                      

Total

   $ 236,679    $ 202,078    $ 34,601  
                      

Depreciation, depletion and amortization

   $ 139,539    $ 114,241    $ 25,298  

General and administrative expense

   $ 41,740    $ 50,864    $ (9,124 )

Capital expenditures

   $ 449,571    $ 379,496    $ 70,075  

Exploration expense

   $ 9,296    $ 2,894    $ 6,402  

Operating income

   $ 482,588    $ 451,567    $ 31,021  
                      

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 408,280    $ 388,291    $ 19,989  

Commercial and industrial

     177,719      164,903      12,816  

Transportation

     51,116      49,255      1,861  

Other

     17,663      7,019      10,644  
                      

Total

   $ 654,778    $ 609,468    $ 45,310  
                      

Gas delivery volumes (MMcf)

        

Residential

     21,632      20,665      967  

Commercial and industrial

     10,934      10,593      341  

Transportation

     46,789      51,448      (4,659 )
                      

Total

     79,355      82,706      (3,351 )
                      

Other data

        

Depreciation and amortization

   $ 48,874    $ 47,136    $ 1,738  

Capital expenditures

   $ 63,320    $ 58,862    $ 4,458  

Operating income

   $ 81,956    $ 72,742    $ 9,214