-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EGVHZLAVRQpJi4V9oL+7X0e3nioGHfUr5iAAhpZiwGaM83f64JTiIFG4wuVZFV0U goWsphvRVBCP62/n/Z6oLA== /in/edgar/work/20000811/0000277595-00-000011/0000277595-00-000011.txt : 20000921 0000277595-00-000011.hdr.sgml : 20000921 ACCESSION NUMBER: 0000277595-00-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENERGEN CORP CENTRAL INDEX KEY: 0000277595 STANDARD INDUSTRIAL CLASSIFICATION: [4924 ] IRS NUMBER: 630757759 STATE OF INCORPORATION: AL FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-07810 FILM NUMBER: 694233 BUSINESS ADDRESS: STREET 1: 605 21ST STREET NORTH CITY: BIRMINGHAM STATE: AL ZIP: 35203-2707 BUSINESS PHONE: 205-326-2742 MAIL ADDRESS: STREET 1: 605 21ST STREET N CITY: BIRNINGHAM STATE: AL ZIP: 35203 FORMER COMPANY: FORMER CONFORMED NAME: ALAGASCO INC DATE OF NAME CHANGE: 19851002 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALABAMA GAS CORP CENTRAL INDEX KEY: 0000003146 STANDARD INDUSTRIAL CLASSIFICATION: [4924 ] IRS NUMBER: 630022000 STATE OF INCORPORATION: AL FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-70466 FILM NUMBER: 694234 BUSINESS ADDRESS: STREET 1: 2101 SIXTH AVE NORTH CITY: BIRMINGHAM STATE: AL ZIP: 35203 BUSINESS PHONE: 2053262742 MAIL ADDRESS: STREET 1: 2101 SIXTH AVE NORTH CITY: BIRMINGHAM STATE: AL ZIP: 35203 10-Q 1 0001.txt FORM 10-Q FOR 06/30/2000 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED JUNE 30, 2000 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___ TO ___ Commission IRS Employer File State of Identification Number Registrant Incorporation Number 1-7810 Energen Corporation Alabama 63-0757759 2-38960 Alabama Gas Corporation Alabama 63-0022000 605 Richard Arrington, Jr. Boulevard North Birmingham, Alabama 35203-2707 Telephone Number 205/326-2700 http://www.energen.com Alabama Gas Corporation, a wholly owned subsidiary of Energen Corporation, meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with reduced disclosure format pursuant to General Instruction H(2). Indicate by a check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. YES X NO ____ Indicate the number of shares outstanding of each of the issuers' classes of common stock, as of August 11, 2000: Energen Corporation, $0.01 par value 30,170,424 shares Alabama Gas Corporation, $0.01 par value 1,972,052 shares 1 ENERGEN CORPORATION AND ALABAMA GAS CORPORATION FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2000 TABLE OF CONTENTS Page PART I: FINANCIAL INFORMATION (Unaudited) Item 1. Financial Statements (a) Consolidated Statements of Income of Energen Corporation 3 (b) Consolidated Balance Sheets of Energen Corporation 4 (c) Consolidated Statements of Cash Flows of Energen Corporation 6 (d) Statements of Income of Alabama Gas Corporation 7 (e) Balance Sheets of Alabama Gas Corporation 8 (f) Statements of Cash Flows of Alabama Gas Corporation 10 (g) Notes to Unaudited Financial Statements 11 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Selected Segment Data of Energen Corporation 20 Item 3. Quantitative and Qualitative Disclosures about Market Risk 21 PART II: OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 22 SIGNATURES 23 2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF INCOME ENERGEN CORPORATION (Unaudited) Three months ended Nine months ended June 30, June 30, (in thousands, 2000 1999 2000 1999 except share data) Operating Revenues Natural gas distribution $69,111 $63,296 $313,085 $279,545 Oil and gas operations 47,456 45,224 139,947 131,333 Total operating revenues 116,567 108,520 453,032 410,878 Operating Expenses Cost of gas 26,042 22,475 133,960 109,053 Operations and maintenance 42,540 42,133 126,404 127,591 Depreciatin, depletion and amortization 24,210 22,156 66,947 67,803 Taxes, other than income taxes 10,617 8,354 36,805 29,289 Total operating expenses 103,409 95,118 364,116 333,736 Operating Income 13,158 13,402 88,916 77,142 Other Income (Expense) Interest expense (9,368) (8,930) (28,053) (28,135) Other, net 365 476 1,138 990 Total other expense (9,003) (8,454) (26,915) (27,145) Income Before Income Taxes 4,155 4,948 62,001 49,997 Income tax (benefit) expense (303) 1,435 7,241 273 Net Income $ 4,458 $ 3,513 $ 54,760 $49,724 Basic Earnings Per Avg. Common Share $ 0.15 $ 0.12 $ 1.82 $ 1.68 Diluted Earnings Per Avg. Common Share $ 0.15 $ 0.12 $ 1.81 $ 1.66 Dividends Per Common Share $ 0.165 $ 0.16 $ 0.495 $ 0.48 Basic Avg. Commmon Shares Outstanding 30,081 29,720 30,081 29,581 Diluted Avg. Common Shares Outstanding 30,346 30,015 30,315 29,877 The accompanying Notes are an integral part of these financial statements. 3 CONSOLIDATED BALANCE SHEETS ENERGEN CORPORATION June 30, 2000 September 30, 1999 (in thousands) (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 10,716 $145,390 Accounts receivable, net of allowance for doubtful accounts of $6,303 at June 30, 2000, and $5,598 at September 30, 1999 94,374 74,505 Inventories, at average cost Storage gas inventory 30,575 24,722 Materials and supplies 9,083 8,287 Liquified natural gas in storage 3,236 3,318 Deferred gas costs 3,468 2,305 Deferred income taxes 18,292 14,691 Prepayments and other 78,743 22,529 Total current assets 248,487 295,747 Property, Plant and Equipment Oil and gas properties, successful efforts method 704,202 669,985 Less accumulated depreciation, depletion and amortization 168,955 129,839 Oil and gas properties, net 535,247 540,146 Utility plant 683,591 645,596 Less accumulated depreciation 347,421 328,775 Utility plant, net 336,170 316,821 Other property, net 4,669 4,140 Total property, plant and equipment, net 876,086 861,107 Other Assets Deferred income taxes 26,196 21,055 Deferred charges and other 11,304 6,986 Total other assets 37,500 28,041 TOTAL ASSETS $1,162,073 $1,184,895 The accompanying Notes are an integral part of these financial statements. 4 CONSOLIDATED BALANCE SHEETS ENERGEN CORPORATION June 30, 2000 September 30, 1999 (in thousands, except share data) (Unaudited) CAPITAL AND LIABILITIES Current Liabilities Long-term debt due within one year $ 6,648 $ 1,955 Notes payable to banks 147,000 268,000 Accounts payable 118,840 61,418 Accrued taxes 30,935 22,247 Customers' deposits 16,403 16,301 Amounts due customers 11,239 18,576 Accrued wages and benefits 20,708 19,404 Other 34,355 37,381 Total current liabilities 386,128 445,282 Deferred Credits and Other Liabilities Other 5,156 6,285 Total deferred credits and other liabilities 5,156 6,285 Commitments and Contingencies -- -- Capitalization Preferred stock, cumulative $0.01 par value, 5,000,000 shares authorized -- -- Common shareholders' equity Common stock, $0.01 par value; 75,000,000 shares authorized, 30,272,570 shares outstanding at June 30, 2000, and 29,903,964 shares outstanding at September 30, 1999 303 299 Premium on capital stock 212,134 205,831 Capital surplus 2,802 2,802 Retained earnings 192,435 152,572 Deferred compensation plan 3,606 2,054 Treasury stock, at cost (329,578 shares at June 30, 2000, and 101,431 shares at September 30, 1999) (6,479) (2,054) Total common shareholders' equity 404,801 361,504 Long-term debt 365,988 371,824 Total capitalization 770,789 733,328 TOTAL CAPITAL AND LIABILITIES $1,162,073 $1,184,895 The accompanying Notes are an integral part of these financial statements. 5 CONSOLIDATED STATEMENTS OF CASH FLOWS ENERGEN CORPORATION (Unaudited) Nine months ended June 30, (in thousands) 2000 1999 Operating Activities Net income $54,760 $49,724 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation, depletion and amortization 66,947 67,803 Deferred income taxes, net (9,173) (11,644) Deferred investment tax credits, net (336) (336) Gain on sale of assets (1,472) (2,900) Net change in: Accounts receivable (19,869) 3,298 Inventories (6,567) (900) Deferred gas cost (1,163) (111) Accounts payable (1,169) (8,667) Other current assets and liabilities 2,108 16,263 Other, net (5,309) 819 Net cash provided by operating activities 78,757 113,349 Investing Activities Additions to property, plant and equipment (81,614) (85,339) Acquisition, net of cash acquired -- (123,816) Proceeds from sale of assets 2,600 48,331 Other, net (807) (675) Net cash used in investing activities (79,821) (161,499) Financing Activities Payment of dividends on common stock (14,896) (14,197) Issuance of common stock 6,664 8,222 Purchase of treasury stock (3,231) (442) Reduction of long-term debt (1,147) (6,219) Payment of note payable issued to purchase U.S. Treasury securities (140,917) (100,571) Net change in short-term debt 19,917 62,571 Net cash used in financing activities (133,610) (50,636) Net change in cash and cash equivalents (134,674) (98,786) Cash and cash equivalents at beginning of period 145,390 103,231 Cash and Cash Equivalents at End of Period $10,716 $ 4,445 The accompanying Notes are an integral part of these financial statements. 6 STATEMENTS OF INCOME ALABAMA GAS CORPORATION (Unaudited) Three months ended Nine months ended June 30, June 30, (in thousands) 2000 1999 2000 1999 Operating Revenues $69,111 $63,296 $313,085 $279,545 Operating Expenses Cost of gas 26,439 22,868 135,190 110,426 Operations and maintenance 26,236 25,597 77,131 75,400 Depreciation 7,243 6,693 21,380 19,886 Income taxes Current 1,207 2,045 21,946 20,438 Deferred, net (743) (1,700) (3,869) (3,671) Deferred investment tax credits, net (112) (112) (336) (336) Taxes, other than income taxes 5,906 5,292 23,535 21,052 Total operating expenses 66,176 60,683 274,977 243,195 Operating Income 2,935 2,613 38,108 36,350 Other Income (Expense) Allowance for funds used during construction 365 159 681 327 Other, net 262 195 365 (288) Total other income 627 354 1,046 39 Interest Charges Interest on long-term debt 2,135 2,135 6,406 6,477 Other interest expense 311 325 957 1,352 Total interest charges 2,446 2,460 7,363 7,829 Net Income $1,116 $ 507 $31,791 $28,560 The accompanying Notes are an integral part of these financial statements. 7 BALANCE SHEETS ALABAMA GAS CORPORATION June 30, 2000 September 30, 1999 (in thousands) (Unaudited) ASSETS Property, Plant and Equipment Utility plant $683,591 $645,596 Less accumulated depreciation 347,421 328,775 Utility plant, net 336,170 316,821 Other property, net 250 298 Current Assets Cash and cash equivalents 3,863 533 Accounts receivable Gas 56,841 37,157 Merchandise 2,119 2,283 Affiliated companies 12,392 20,654 Other 1,859 1,966 Allowance for doubtful accounts (5,032) (4,532) Inventories, at average cost Storage gas inventory 30,575 24,722 Materials and supplies 5,461 5,024 Liquified natural gas in storage 3,236 3,318 Deferred gas costs 3,468 2,305 Deferred income taxes 14,596 11,621 Prepayments and other 2,383 4,652 Total current assets 131,761 109,703 Deferred Charges and Other Assets 4,775 3,833 TOTAL ASSETS $472,956 $430,655 The accompanying Notes are an integral part of these financial statements. 8 BALANCE SHEETS ALABAMA GAS CORPORATION June 30, 2000 September 30, 1999 (in thousands, except share data) (Unaudited) CAPITAL AND LIABILITIES Capitalization Common shareholder's equity Common stock, $0.01 par value; 3,000,000 shares authorized, 1,972,052 shares outstanding at June 30, 2000, and September 30, 1999 $ 20 $ 20 Premium on capital stock 31,682 31,682 Capital surplus 2,802 2,802 Retained earnings 175,291 143,502 Total common shareholder's equity 209,795 178,006 Preferred stock, cumulative $0.01 par value, 120,000 shares authorized, issuable in series-$4.70 Series -- -- Long-term debt 115,000 119,650 Total capitalization 324,795 297,656 Current Liabilities Long-term debt due within one year 4,650 -- Accounts payable 45,901 36,985 Accrued taxes 29,180 18,799 Customers' deposits 16,403 16,301 Other amounts due customers 11,239 18,576 Accrued wages and benefits 11,602 9,663 Other 8,833 10,847 Total current liabilities 127,808 111,171 Deferred Credits and Other Liabilities Deferred income taxes 16,324 16,689 Accumulated deferred investment tax credits 1,877 2,213 Regulatory liability 1,349 2,112 Customer advances for construction and other 803 814 Total deferred credits and other liabilities 20,353 21,828 Commitments and Contingencies -- -- TOTAL CAPITAL AND LIABILITIES $472,956 $430,655 The accompanying Notes are an integral part of these financial statements. 9 STATEMENTS OF CASH FLOWS ALABAMA GAS CORPORATION (Unaudited) Nine months ended June 30, (in thousands) 2000 1999 Operating Activities Net income $ 31,791 $28,560 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 21,380 19,886 Deferred income taxes, net (3,869) (3,671) Deferred investment tax credits (336) (336) Net change in: Accounts receivable (18,913) (304) Inventories (6,208) (1,443) Deferred gas costs (1,163) (111) Accounts payable 8,916 5,175 Other current assets and liabilities 4,547 12,233 Other, net (1,077) 62 Net cash provided by operating activities 35,068 60,051 Investing Activities Additions to property, plant and equipment (40,018) (31,961) Net advances from (to) affiliates 8,262 (32,125) Proceeds from sale of assets -- 27,000 Other, net 18 479 Net cash used in investing activities (31,738) (36,607) Financing Activities Net change in short-term debt -- (20,350) Net cash used in financing activities -- (20,350) Net change in cash and cash equivalents 3,330 3,094 Cash and cash equivalents at beginning of period 533 1,222 Cash and Cash Equivalents at End of Period $ 3,863 $ 4,316 The accompanying Notes are an integral part of these financial statements. 10 NOTES TO UNAUDITED FINANCIAL STATEMENTS ENERGEN CORPORATION AND ALABAMA GAS CORPORATION 1. BASIS OF PRESENTATION All adjustments to the unaudited financial statements which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim periods have been recorded. Such adjustments consisted of normal recurring items. The consolidated financial statements and notes should be read in conjunction with the financial statements and notes thereto for the years ended September 30, 1999, 1998, and 1997, included in the 1999 Annual Report of Energen Corporation (the Company) on Form 10-K. Certain reclassifications were made to conform prior years' financial statements to the current-quarter presentation. The Company?s natural gas distribution business is seasonal in character and influenced by weather conditions. Results of operations for the interim periods are not necessarily indicative of the results which may be expected for the fiscal year. 2. REGULATORY As an Alabama utility, Alabama Gas Corporation (Alagasco) is subject to regulation by the Alabama Public Service Commission (APSC), which established the Rate Stabilization and Equalization (RSE) rate-setting process in 1983. RSE was extended with modifications in 1985, 1987 and 1990. On October 7, 1996, RSE was extended, without change, for a five-year period through January 1, 2002. Under the terms of that extension, RSE will continue after January 1, 2002, unless, after notice to the Company and a hearing, the Commission votes to either modify or discontinue its operation. Under RSE as extended, the APSC conducts quarterly reviews to determine, based on Alagasco's projections and fiscal year-to-date performance, whether Alagasco's return on average equity for the fiscal year will be within the allowed range of 13.15 percent to 13.65 percent. Reductions in rates can be made quarterly to bring the projected return within the allowed range; increases, however, are allowed only once each fiscal year, effective December 1, and cannot exceed 4 percent of prior-year revenues. RSE limits the utility's year-end equity upon which a return is permitted to 60 percent of total capitalization and provides for certain cost control measures designed to monitor Alagasco's operations and maintenance (O&M) expense. If the change in O&M expense per customer falls within 1.25 percentage points above or below the Consumer Price Index For All Urban Customers (index range), no adjustment is required. If the change in O&M expense per customer exceeds the index range, three-quarters of the difference is returned to customers. To the extent the change is less than the index range, the utility benefits by one-half of the difference through future rate adjustments. In fiscal 1999, the increase in O&M expense per customer was below the index range; as a result the utility benefited by $0.7 million. Under RSE as extended, a $4.5 million and a $6.6 million annual increase in revenue became effective December 1, 1999 and 1998, respectively. Alagasco calculates a temperature adjustment to customers? bills to remove the effect of departures from normal temperatures on earnings. The calculation is performed monthly, and the adjustments to customers' bills are made in the same billing cycle in which the weather variations occur. Substantially all the customers to whom the temperature adjustment applies are residential, small commercial and small industrial. Alagasco's rate schedules for natural gas distribution charges contain a Gas Supply Adjustment (GSA) rider, established in 1993, which permits the pass-through to customers of changes in the cost of gas supply. The APSC approved an Enhanced Stability Reserve (ESR), beginning fiscal year 1998, to which Alagasco may charge the full amount of: (1) extraordinary O&M expenses resulting from force majeure events such as storms, severe weather, and outages, when one or a combination of two such events results in more than $200,000 of additional O&M expense during a fiscal year; and (2) individual industrial and commercial customer revenue losses that exceed $250,000 during the fiscal year, if such losses cause Alagasco's return on equity to fall below 13.15 percent. The APSC approved the ESR reserve on October 6, 1998, in the amount of $3.9 million; the maximum approved funding level is $4 million. Following a year in which a charge against the ESR is made, the APSC provides for accretions to the ESR of no more than $40,000 monthly until the maximum funding level is achieved. The APSC will re-evaluate the operation of the ESR following the conclusion of Alagasco's fiscal year 2000. In accordance with APSC-directed regulatory accounting procedures, Alagasco in 1989 began returning to customers excess utility deferred taxes which resulted from a reduction in the federal statutory tax rate from 46 percent to 34 percent using the average rate assumption method. This method provides for the return to ratepayers of excess deferred taxes over the lives of the related assets. In 1993 those excess taxes were reduced as a result of a federal tax rate increase from 34 percent to 35 percent. Remaining excess utility deferred taxes of $1.3 million are being returned to ratepayers over approximately 11 years. At June 30, 2000, and September 30, 1999, a regulatory liability related to income taxes of $1.3 million and $2.1 million, respectively, was included in the consolidated financial statements. As of November 1, 1998, Alagasco offered a Voluntary Early Retirement Program to certain eligible employees. The APSC allowed these costs to be amortized over a three-year period. As of June 30, 2000, and September 30, 1999, a regulatory asset of $1.5 million and $2.4 million, respectively, was included in the consolidated financial statements for costs associated with this early retirement program. 3. DERIVATIVE COMMODITY INSTRUMENTS Energen Resources Corporation, Energen?s oil and gas subsidiary, periodically enters into derivative commodity instruments to hedge its exposure to price fluctuations on oil and gas production. Such instruments include regulated natural gas and crude oil futures contracts traded on the New York Mercantile Exchange and over-the-counter swaps and basis hedges with major energy derivative product specialists. These transactions are accounted for under the hedge method of accounting. Under this method, any unrealized gains and losses are recorded as a current receivable/payable with a corresponding deferred gain/loss. Realized gains and losses are deferred as current liabilities or assets until the revenues from the related hedged volumes are recognized in the income statement. Cash flows from derivative instruments are recognized as incurred through changes in working capital. The Company had deferred losses of $75.1 million and $16.5 million included in prepayments and other on the balance sheet as of June 30, 2000, and September 30, 1999, respectively. Energen Resources had entered into contracts and swaps as of June 30, 2000 for 9.9 Bcf of its remaining fiscal 2000 gas production at an average contract price of $2.44 per Mcf and for 480 MBbl of its remaining oil production at an average contract price of $19.74 per barrel. In addition, the Company had hedged the basis difference on 3.0 Bcf of its remaining fiscal 2000 San Juan Basin gas production. As of June 30, 2000, fiscal year 2001 contracts and swaps were in place for 37 Bcf of gas production at an average contract price of $2.76 per Mcf and for 750 MBbl of oil production at an average contract price of $23.39 per barrel. The Company also had hedged 150 MBbl of oil production with a collar price of $20.00 to $25.24 per barrel. In addition, the Company had hedged the basis difference on 9.6 Bcf of its fiscal 2001 San Juan Basin gas production. Fiscal year 2002 contracts and swaps were in place for 4.8 Bcf of gas production hedged at an average contract price of $2.98 per Mcf. All hedge transactions are subject to the Company?s risk management policy, approved by the Board of Directors, which does not permit speculative positions. To apply the hedge method of accounting, management must demonstrate that a high correlation exists between the value of the derivative commodity instrument and the value of the item hedged. Management uses the historic relationships between the derivative instruments and the sales prices of the hedged volumes to ensure that a high level of correlation exists. 4. RECENT PRONOUNCEMENTS OF THE FASB In June 1998, the FASB issued Statement of Financial Accounting Standards (SFAS) No. 133 (subsequently amended by SFAS Nos. 137 and 138), Accounting for Derivative Instruments and Hedging Activities, which established new accounting and reporting standards for derivative instruments. The Company is required to adopt this statement in fiscal year 2001. This statement requires the Company to recognize all derivatives as either assets or liabilities on the balance sheet and measure the effectiveness of the hedges, or the degree that the gain/(loss) for the hedging instrument offsets the loss/(gain) on the hedged item, at fair value each reporting period. The effective portion of the gain/loss on the derivative instrument is recognized in other comprehensive income as a component of equity until the hedged item is recognized in earnings. The ineffective portion of the derivative's change in fair value is required to be immediately recognized in earnings. The Company currently is evaluating the potential impact to earnings of derivatives not effective in achieving offsets in fair values of the hedged items due to changes in anticipated basis differentials or other factors. The Company may enter into additional derivative contracts (e.g. basis swaps) to help minimize the earnings impact, however, this may not fully eliminate potential earnings volatility to the Company. 5. SEGMENT INFORMATION The Company principally is engaged in two business segments: the purchase, distribution and sale of natural gas in central and north Alabama (natural gas distribution) and the acquisition, development, exploration and production of oil and gas in the continental United States (oil and gas operations). Three months ended Nine months ended June 30, June 30, (in thousands) 2000 1999 2000 1999 Operating revenues Natural gas distribution $69,111 $63,296 $313,085 $279,545 Oil and gas operations 47,456 45,224 139,947 131,333 Total $116,567 $108,520 $453,032 $410,878 Operating income (loss) Natural gas distribution $3,287 $ 2,846 $55,849 $52,781 Oil and gas operations 10,469 11,070 34,279 25,141 Eliminations and corporate expenses (598) (514) (1,212) (780) Total $13,158 $13,402 $88,916 $77,142 Identifiable assets Natural gas distribution $460,564 $430,244 $460,564 $430,244 Oil and gas operations 709,455 627,231 709,455 627,231 Eliminations and other (7,946) (47,276) (7,946) (47,276) Total $1,162,073 $1,010,199 $1,162,073 $1,010,199 6. ACCOUNTING FOR LONG-LIVED ASSETS Statement of Financial Accounting Standards (SFAS) No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of, requires that an impairment loss be recognized when the carrying amount of an asset exceeds the sum of the undiscounted estimated future cash flow of the asset. The Statement also provides that all long-lived assets to be disposed of be reported at the lower of the carrying amount or fair value. Accordingly, during the third fiscal quarter of 2000, Energen Resources recorded a pre-tax writedown of $3.5 million as additional depreciation, depletion and amortization expense caused by a downward reserve revision in a small oil and gas field, adjusting the carrying amount of the properties to their fair value based upon expected future discounted cash flows. 7. RECONCILIATION OF EARNINGS PER SHARE (in thousands, except Three months ended Three months ended per share amounts) June 30, 2000 June 30, 1999 Per Share Per Share Income Shares Amount Income Shares Amount Basic EPS $4,458 30,081 $ 0.15 $3,513 29,720 $0.12 Effect of Dilutive Securities Long-range performance shares 134 148 Non-qualified stock options 118 147 Restricted stock 13 -- Diluted EPS $4,458 30,346 $ 0.15 $3,513 30,015 $0.12 (in thousands, except Nine months ended Nine months ended per share amounts) June 30, 2000 June 30, 1999 Per Share Per Share Income Shares Amount Income Shares Amount Basic EPS $54,760 30,081 $ 1.82 $49,724 29,581 $1.68 Effect of Dilutive Securities Long-range performance shares 129 148 Non-qualified stock options 92 148 Restricted stock 13 -- Diluted EPS $54,760 30,315 $ 1.81 $49,724 29,877 $1.66 14 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Energen's net income totaled $4.5 million ($0.15 per diluted share) for the three months ended June 30, 2000, compared to net income of $3.5 million ($0.12 per diluted share) recorded in the same period last year. Energen Resources Corporation, Energen's oil and gas subsidiary, realized net income of $3.8 million in the current fiscal quarter as compared with $3.1 million in the same period last year. Energen Resources benefited from significantly higher realized sales prices for oil, natural gas and natural gas liquids, as well as increased tax credits due to the timing of recognition on an interim basis and to adjustments to prior-year tax credit estimates. Negatively affecting net income were reduced production levels primarily resulting from the June 1999 sale of certain offshore Gulf of Mexico properties and a $2.2 million ($0.07 per diluted share) after-tax writedown under Statement of Financial Accounting Standards (SFAS) No. 121. Prior-period earnings included a $1.9 million ($0.06 per diluted share) after-tax gain on the sale of the offshore properties. Energen's natural gas utility, Alagasco, contributed net income of $1.1 million in the third quarter. This compares with $0.5 million of net income in the same period last year and primarily reflects the utility's ability to earn within its allowed range of return on an increased level of equity representing investment in utility plant. For the 2000 fiscal year-to-date, Energen's net income totaled $54.8 million ($1.81 per diluted share) compared with $49.7 million ($1.66 per diluted share) for the same period in the prior year. Energen Resources' net income totaled $23.5 million and compared favorably with $21 million of net income for the first nine months of fiscal 1999. Higher realized commodity prices more than offset lower production levels, lower tax credits largely due to the timing of recognition on an interim basis, and the SFAS No. 121 writedown in the current- year third quarter. Alagasco's earnings increased $3.2 million in the current year-to-date to $31.8 million as the utility continued to earn its allowed range of return on an increased level of equity. Natural Gas Distribution Natural gas distribution revenues increased $5.8 million for the quarter and $33.5 million on a year-to-date basis primarily due to an increase in the commodity cost of gas, which is recovered from customers through the Gas Supply Adjustment (GSA) rider. Increased sales volumes also affected the year-to-date increase in revenues. For the quarter, weather that was 2.5 percent warmer than the same period last year contributed to a 3.5 percent decrease in residential sales volumes and a 3.4 percent decrease in small commercial and industrial customer sales volumes. The addition of a cogeneration facility and increased volumes to a power generation facility largely contributed to an 18.5 percent increase in transportation volumes. For the year-to-date, weather that was 12.8 percent colder than the same period last year contributed to a 6.2 percent increase in residential sales volumes and a 4.9 percent increase in small commercial and industrial customers. For the same reason that influenced the quarter, transportation customers had a 13.9 percent increase in throughput. Higher commodity gas prices contributed to a 15.6 percent increase in cost of gas for the quarter, while higher gas prices along with increased gas purchase volumes contributed to the 22.4 percent increase in cost of gas for the year-to- date. Alagasco calculates a temperature adjustment to certain customers' bills on a real-time basis to substantially remove the effect of departures from normal temperatures on Alagasco's earnings. The customers to whom the temperature adjustment applies primarily are residential, small commercial and small industrial. As discussed more fully in Note 2, Alagasco is subject to regulation by the APSC. On October 7, 1996, the APSC issued an order extending the Company?s current rate-setting mechanism through January 1, 2002. Under the terms of that extension, RSE will continue after January 1, 2002, unless, after notice to the Company and a hearing, the Commission votes to either modify or discontinue its operation. Operations and maintenance (O&M) expense increased slightly in both the current quarter and year-to-date periods primarily due to increased labor related costs partially offset by reduced general liability insurance expense. A slight increase in depreciation expense in the current quarter and year-to- date primarily was due to normal growth of the utility?s distribution system. Taxes other than income primarily reflected various state and local business taxes as well as payroll-related taxes. State and local business taxes generally are based on gross receipts and fluctuate accordingly. Oil and Gas Operations Revenues from oil and gas operations rose 4.9 percent to $47.5 million for the three months ended June 30, 2000, and 6.6 percent to $139.9 million for the year-to-date largely as a result of the significantly higher commodity prices more than offsetting reduced production. For the quarter, realized gas prices increased 19.4 percent to $2.58 per Mcf, while realized oil prices increased 59 percent to $20.21 per barrel. Natural gas liquids prices increased 68.7 percent to an average price of $15.84 per barrel. For the year-to-date, realized gas prices increased 9.9 percent to $2.44 per Mcf, realized oil prices increased 50.8 percent to $17.55 per barrel and natural gas liquids prices increased 83.9 percent to an average price of $15.26 per barrel. Natural gas production in the third fiscal quarter decreased 14 percent to 11.5 Bcf and oil volumes declined 32.3 percent to 526 MBbl primarily due to property sales occurring during the latter half of the prior fiscal year. Production of natural gas liquids increased 34.6 percent to 342 MBbl as a result of higher liquids prices, which led to substantially all natural gas liquids being removed from the gas stream during processing. For the year-to-date, natural gas production decreased 13 percent to 36.6 Bcf, oil volumes decreased 28.3 percent to 1,729 MBbl, and natural gas liquids production increased 90.8 percent to 1,036 MBbl primarily for the same reasons as indicated above. Natural gas comprised approximately 69 percent of Energen Resources' production for the current quarter and the year-to-date. Energen Resources enters into derivative commodity instruments to hedge its exposure to the impact of price fluctuations on oil and gas production. Such instruments include regulated natural gas and crude oil futures contracts traded on the New York Mercantile Exchange and over-the-counter swaps and basis hedges with major energy derivative product specialists. All hedge transactions are subject to the Company?s risk management policy, approved by the Board of Directors, which does not permit speculative positions. At June 30, 2000, Energen Resources had entered into contracts and swaps for 9.9 Bcf of its remaining fiscal 2000 gas production at an average contract price of $2.44 per Mcf and for 480 MBbl of its remaining oil production at an average contract price of $19.74 per barrel. In addition, the Company had hedged the basis difference on 3.0 Bcf of its remaining fiscal 2000 San Juan Basin gas production. As of June 30, 2000, fiscal year 2001 contracts and swaps were in place for 37 Bcf of gas production at an average contract price of $2.76 per Mcf and for 750 MBbl of oil production at an average contract price of $23.39 per barrel. The Company also had hedged 150 MBbl of oil production with a collar price of $20.00 to $25.24 per barrel. In addition, the Company had hedged the basis difference on 9.6 Bcf of its fiscal 2001 San Juan Basin gas production. Fiscal year 2002 contracts and swaps were in place for 4.8 Bcf of gas production hedged at an average contract price of $2.98 per Mcf. In addition to the derivatives described above, the Company has three-way pricing, physical sales contracts in place for approximately 22 percent of its estimated gas production in fiscal year 2002. These contracts provide for Energen Resources to receive a basin-specific weighted average price between $2.82 and $3.94 per Mcf. If the market price falls between $2.40 and $2.82 per Mcf, Energen Resources will receive $2.82 per Mcf. If the market price falls below $2.40 per Mcf, Energen Resources will receive the market price plus a premium of $0.25-$0.45, depending on the contracts. In fiscal year 2003, the Company has three-way pricing, physical sales contracts in place for approximately 16 percent of its estimated gas production. These contracts provide for Energen Resources to receive a basin-specific weighted average price between $2.72 and $3.94 per Mcf. If the market price falls between $2.40 and $2.72 per Mcf, Energen Resources will receive $2.72 per Mcf. If the market price falls below $2.40 per Mcf, Energen Resources will receive the market price plus a premium of $0.25-$0.45, depending on the contracts. Energen Resources, in the ordinary course of business, may be involved in the sale of developed and undeveloped non-strategic properties. Gains or losses on the sale of such properties are included in operating revenues. Energen Resources recorded a pre-tax gain of $743,000 for the current quarter as compared to $3.1 million in the prior fiscal quarter and a gain of $1.5 million year-to-date as compared to $3.1 million in the same period last year on the sale of various properties. The largest of several property sales occurred in June 1999 when Energen Resources recorded a $3.0 million pre-tax gain on the sale of offshore Gulf of Mexico properties. O&M expense decreased $316,000 for the quarter and $3.4 million for the year-to- date. Lease operating expenses decreased by $1.3 million for the quarter and $4.9 million for the year-to-date primarily due to the sale of the offshore properties. Exploration expense remained stable for the quarter and was $0.4 million higher in the year-to-date primarily due to slightly increased exploratory efforts over the prior-year. The SFAS No. 121 pretax writedown of $3.5 million, caused by a downward reserve revision on a small oil and gas field, was recorded as increased depreciation, depletion and amortization (DD&A) expense in the current-year third quarter. A $1.5 million increase in DD&A for the quarter resulted from the writedown, partially offset by lower production volumes. For the year-to-date, DD&A decreased $2.4 million, as decreased production more than offset the SFAS No. 121 writedown. The average depletion rate for the quarter of $0.79, excluding the effect of the writedown, remained stable as compared to $0.78 for the same period last year. For the year-to-date, the average depletion rate was $0.78 as compared to $0.79 in the prior fiscal period. Energen Resources' expense for taxes other than income taxes primarily reflected production-related taxes which were $1.5 million higher this quarter and $5.1 million higher for the year-to-date as a result of the increase in the market prices of natural gas, oil and natural gas liquids. Non-Operating Items Interest expense for the Company remained relatively stable in quarter and year- to-date comparisons. The Company's average borrowings under its short-term credit facilities increased slightly. The Company's effective tax rates are lower than statutory federal tax rates primarily due to the recognition of nonconventional fuels tax credits and the amortization of investment tax credits. Nonconventional fuels tax credits are generated annually on qualified production through December 31, 2002. These credits are expected to be recognized fully in the financial statements, and effective tax rates are expected to continue to remain lower than statutory federal rates through fiscal year 2003. Income tax expense decreased in quarter comparisons as a result of lower consolidated pretax income and higher nonconventional fuels tax credits of $1.2 million primarily due to timing of the recognition on an interim basis and to adjustments to prior-year tax credit estimates. In year-to-date comparisons, income tax expense increased as a result of higher consolidated pretax income and lower nonconventional fuels tax credits of $3.0 million, largely due to the timing of the recognition on an interim basis. The estimated effective tax rate utilized in computing year-to-date income tax expense reflects an expected financial recognition of $14 million of nonconventional fuels tax credits for fiscal year 2000. FINANCIAL POSITION AND LIQUIDITY Cash flows from operations for the current year-to-date were $78.8 million as compared to $113.3 million in the same period in the prior year. Net income increased during the period but was more than offset by changes in working capital items, which are highly influenced by throughput, oil and gas production volumes and timing of payments. The Company had a net investment of $79.8 million through the nine months ended June 30, 2000, primarily in the addition of property, plant and equipment. Energen Resources invested $41.3 million in capital expenditures year-to-date primarily related to the development of oil and gas properties. Utility capital expenditures totaled $40.9 million year-to-date and represented system distribution expansion and support facilities. The Company used $133.6 million year-to-date for financing activities. For tax planning purposes, the Company borrowed $140.9 million in September 1999 to invest in short-term federal obligations. The Treasuries matured in early October 1999 and the proceeds were used to repay the debt. Borrowings under Energen's short-term credit facilities increased slightly. FUTURE CAPITAL RESOURCES AND LIQUIDITY The Company plans to continue to implement its diversified growth strategy. This strategy focuses on expanding Energen Resources' oil and gas operations through the acquisition and exploitation of producing properties with developmental potential while building on the strength of the Company's utility foundation. The primary objective of this strategy, adopted in fiscal year 1996, is to realize average compound growth in earnings per diluted share (EPS) of 10 percent a year over each rolling five-year period. For the five fiscal years ending September 30, 2000, Energen expects to have generated compound EPS growth of more than 13 percent a year. The Company's management recently reevaluated Energen's capital spending and financing plans in light of historically high commodity prices for natural gas, oil and natural gas liquids. Energen's management believes the United States is in the early stages of a multi-year period of sustained average natural gas prices in excess of $3 per year. Such sustained natural gas prices will have a dramatic impact on Energen's earnings and cash flows from operations. As a result, Energen's management now plans to utilize these commodity price-driven increases in cash flows to help pay down debt incurred to finance Energen Resources' acquisition and exploitation strategy rather than seek near-term refinancing in the secondary equity market, as previously planned. In addition, the Company is no longer actively pursuing its targeted $50 million in acquisitions during fiscal year 2000. Energen Resources' capital spending plans during fiscal year 2001 are for $50 million to be invested in the acquisition of producing properties with development potential and another $50 million to be invested in exploitation activities and limited exploration and related development. Over the five-year period ending in fiscal year 2005, Energen plans to invest between $850 million and $900 million for proved property acquisitions, exploitation activities and limited exploration and related development. To finance Energen Resources' acquisition and exploitation program, the Company plans to continue to utilize its short-term credit facilities as needed to supplement internally generated cash flows. During fiscal year 1999, Energen increased its available short-term credit facilities to $249 million. Energen Resources' continued ability to invest in property acquisitions may be influenced by industry trends, including the historically cyclical nature of the producing property acquisition market. From time to time, Energen Resources also may be engaged in negotiations to sell, trade or otherwise dispose of previously acquired property. During fiscal year 2000, Alagasco plans to invest approximately $65 million in capital expenditures for normal distribution and support systems and to replace liquifaction equipment at one of its two liquified natural gas facilities. Alagasco also maintains an investment in storage gas which is expected to average approximately $27 million in 2000. The utility anticipates funding capital requirements through internally generated capital and the utilization of short-term credit facilities. Forward-Looking Statements and Risks Certain statements in this report, including statements of future plans, objectives and expected performance of the Company and its subsidiaries, are forward-looking statements that are dependent on certain events, risks and uncertainties that may be outside the Company's control and that could cause actual results to differ materially from those anticipated. Some of these include, but are not limited to, economic and competitive conditions, inflation rates, legislative and regulatory changes, financial market conditions, future business decisions, and other uncertainties, all of which are difficult to predict. There are numerous uncertainties inherent in estimating quantities of proved oil and gas reserves and in projecting future rates of production and timing of development expenditures. The total amount or timing of actual future production may vary significantly from reserves and production estimates. In the event Energen Resources is unable to invest its planned acquisition, development and exploratory expenditures, future operating revenues, production and proved reserves could be negatively affected. The drilling of development and exploratory wells can involve significant risk including that related to timing, success rates and cost overruns. These risks can be affected by lease and rig availability, complex geology and other factors. Although Energen Resources makes use of futures, swaps and fixed price contracts to mitigate risk, fluctuations in future oil and gas prices could materially affect the Company's financial position and results of operations and, furthermore, such risk mitigation activities may cause the Company's financial position and results of operations to be materially different from results which would have been obtained had such risk mitigation activities not occurred. OTHER Recent Pronouncements of the FASB In June 1998, the FASB issued SFAS No. 133 (subsequently amended by SFAS Nos. 137 and 138), Accounting for Derivative Instruments and Hedging Activities, which established new accounting and reporting standards for derivative instruments. The Company is required to adopt this statement in fiscal year 2001. This statement requires the Company to recognize all derivatives as either assets or liabilities on the balance sheet and measure the effectiveness of the hedges, or the degree that the gain/(loss) for the hedging instrument offsets the loss/(gain) on the hedged item, at fair value each reporting period. The effective portion of the gain/loss on the derivative instrument is recognized in other comprehensive income as a component of equity until the hedged item is recognized in earnings. The ineffective portion of the derivative's change in fair value is required to be immediately recognized in earnings. The Company currently is evaluating the potential impact to earnings of derivatives not effective in achieving offsets in fair values of the hedged items due to changes in anticipated basis differentials or other factors. The Company may enter into additional derivative contracts (e.g. basis swaps) to help minimize the earnings impact, however, this may not fully eliminate potential earnings volatility to the Company. 19 SELECTED BUSINESS SEGMENT DATA ENERGEN CORPORATION (Unaudited) Three months ended Nine months ended (in thousands, except June 30, June 30, sales price data) 2000 1999 2000 1999 Natural Gas Distribution Operating revenues Residential $42,684 $39,406 $205,540 $183,970 Commercial and industrial - small 16,560 14,915 74,629 65,752 Transportation 8,245 7,814 28,302 26,901 Other 1,622 1,161 4,614 2,922 Total $69,111 $63,296 $313,085 $279,545 Gas delivery volumes (MMcf) Residential 4,261 4,414 24,028 22,619 Commercial and industrial - small 2,232 2,311 10,531 10,043 Transportation 18,145 15,312 52,493 46,071 Total 24,638 22,037 87,052 78,733 Other data Depreciation and amortization $ 7,243 $ 6,693 $ 21,380 $ 19,886 Capital expenditures $16,267 $ 12,327 $ 40,882 $ 31,961 Operating income $ 3,287 $ 2,846 $ 55,849 $ 52,781 Oil and Gas Operations Operating revenues Natural gas $29,764 $28,896 $ 89,332 $ 93,323 Oil 10,639 9,879 30,356 28,074 Natural gas liquids 5,414 2,388 15,808 4,504 Other 1,639 4,061 4,451 5,432 Total $47,456 $45,224 $139,947 $131,333 Sales volume Natural gas (MMcf) 11,521 13,404 36,629 42,117 Oil (MBbl) 526 777 1,729 2,412 Natural gas liquids (MBbl) 342 254 1,036 543 Average sales price Natural gas (Mcf) $ 2.58 $ 2.16 $ 2.44 $ 2.22 Oil (barrel) $20.21 $ 12.71 $ 17.55 $11.64 Natural gas liquids (barrel) $15.84 $ 9.39 $ 15.26 $ 8.30 Other data Depreciation, depletion and amortization $16,967 $15,463 $45,567 $ 47,917 Capital expenditures $14,804 $18,432 $41,291 $177,179 Exploration expenditures $ 969 $ 1,055 $ 3,523 $ 3,144 Operating income $10,469 $11,070 $34,279 $ 25,141 20 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Energen Resources' major market risk exposure is in the pricing applicable to its oil and gas production. Historically, prices received for oil and gas production have been volatile because of seasonal weather patterns, world and national supply-and-demand factors and general economic conditions. Crude oil prices also are affected by quality differentials, by worldwide political developments and by actions of the Organization of Petroleum Exporting Countries. Basis differentials, like the underlying commodity prices, can be volatile because of regional supply-and-demand factors, including seasonal factors and the availability and price of transportation to consuming areas. Energen Resources enters into derivative commodity instruments to hedge its exposure to the impact of price fluctuations on oil and gas production. Such instruments include regulated natural gas and crude oil futures contracts traded on the New York Mercantile Exchange and over-the-counter swaps and basis hedges with major energy derivative product specialists. All hedge transactions are subject to the Company's risk management policy, approved by the Board of Directors, which does not permit speculative positions. These transactions are accounted for under the hedge method of accounting. Under this method, any unrealized gains and losses are recorded as a current receivable/payable with a corresponding deferred gain/loss. Realized gains and losses are deferred as current liabilities or assets until the revenues from the related hedged volumes are recognized in the income statement. Cash flows from derivative instruments are recognized as incurred through changes in working capital. The Company had deferred losses of $75.1 million and $16.5 million included in prepayments and other on the balance sheet as of June 30, 2000, and September 30, 1999, respectively. 21 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a. Exhibits 27.1 Financial data schedule of Energen Corporation (for SEC purposes only) 27.2 Financial data schedule of Alabama Gas Corporation (for SEC purposes only) b. Reports on Form 8-K No reports on Form 8-K were filed for the three months ended June 30, 2000. 22 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ENERGEN CORPORATION ALABAMA GAS CORPORATION August 11, 2000 By /s/ Wm. Michael Warren, Jr. Wm. Michael Warren, Jr. Chairman, President and Chief Executive Officer of Energen, Chairman and Chief Executive Officer of Alabama Gas Corporation August 11, 2000 By /s/ G. C. Ketcham G. C. Ketcham Executive Vice President, Chief Financial Officer and Treasurer of Energen and Alabama Gas Corporation August 11, 2000 By /s/ Grace B. Carr Grace B. Carr Controller of Energen August 11, 2000 By /s/ Paula H. Rushing Paula H. Rushing Vice President-Finance of Alabama Gas Corporation EX-27.1 2 0002.txt FDS FOR ENERGEN CORPORATION
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF ENERGEN CORPORATION FOR THE NINE-MONTHS ENDED JUNE 30, 2000, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000277595 ENERGEN CORPORATION 1,000 9-MOS SEP-30-2000 JUN-30-2000 PER-BOOK 336,170 539,916 248,487 37,500 0 1,162,073 303 214,936 192,435 404,801 0 0 365,988 147,000 0 0 6,648 0 0 0 237,636 1,162,073 453,032 7,241 364,116 371,357 88,916 1,138 82,813 28,053 54,760 0 54,760 14,896 20,382 78,757 1.82 1.81
EX-27.2 3 0003.txt FDS FOR ALABAMA GAS CORPORATION
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF ALABAMA GAS CORPORATION FOR THE NINE-MONTHS ENDED JUNE 30, 2000, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000003146 ALABAMA GAS CORPORATION 1,000 9-MOS SEP-30-2000 JUN-30-2000 PER-BOOK 336,170 250 131,761 4,775 0 472,956 20 34,484 175,291 209,795 0 0 115,000 0 0 0 4,650 0 0 0 143,511 472,956 313,085 17,741 257,236 274,977 38,108 1,046 39,154 7,363 31,791 0 31,791 0 6,406 35,068 0. 0.
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