EX-99.2 4 exhibit992.htm ENERGEN CORPORATION FINANCIAL DATA 12/31/03 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Consolidated Statements of Income (Unaudited)
For the 3 months ending December 31, 2003 and 2002

 

4th Quarter

    

(in thousands, except per share data)

  

2003

  

2002

  

Change

Operating Revenues

    

     

Oil and gas operations

$

86,827

$

72,477

$

14,350

Natural gas distribution

  

115,565

  

101,973

  

13,592

Total operating revenues

  

202,392

  

174,450

  

27,942

Operating Expenses

            

Cost of gas

  

54,778

  

45,772

  

9,006

Operations & maintenance

  

59,214

  

53,970

  

5,244

DD&A

  

29,385

  

25,791

  

3,594

Taxes, other than income taxes

  

15,719

  

13,293

  

2,426

Total operating expenses

  

159,096

  

138,826

  

20,270

Operating Income

  

43,296

  

35,624

  

7,672

Other Income (Expense)

            

Interest expense

  

(10,553)

  

(10,884)

  

331

Accretion expense

  

(471)

  

(489)

  

18

Other income

  

1,336

  

5,061

  

(3,725)

Other expense

  

(1,759)

  

(4,489)

  

2,730

Total other expense

  

(11,447)

  

(10,801)

  

(646)

Income Before Income Taxes

  

31,849

  

24,823

  

7,026

Income tax expense

  

10,823

  

6,336

  

4,487

Income from Continuing Operations

  

21,026

  

18,487

  

2,539

Discontinued Operations, Net of Taxes

            

Income from operations

  

6

  

329

  

(323)

Gain (loss) on disposal

  

(202)

  

270

  

(472)

Income (Loss) from Discontinued Operations

  

(196)

  

599

  

(795)

Net Income

$

20,830

$

19,086

$

1,744

Diluted Earnings Per Share

            

Continuing operations

$

0.58

$

0.53

$

0.05

Discontinued operations

  

(0.01)

  

0.02

  

(0.03)

Net Income

$

0.57

$

0.55

$

0.02

Basic Earnings Per Share

            

Continuing operations

$

0.58

$

0.53

$

0.05

Discontinued operations

  

-

  

0.02

  

(0.02)

Net Income

$

0.58

$

0.55

$

0.03

Diluted Avg. Common Shares Outstanding

  

36,394

  

34,858

  

1,536

Basic Avg. Common Shares Outstanding

  

36,055

  

34,606

  

1,449

Dividends Per Share

$

0.185

$

0.18

$

0.005

 

 

Consolidated Statements of Income (Unaudited)
For the 12 months ending December 31, 2003 and 2002

 

Year to Date

    

(in thousands, except per share data)

  

2003

  

2002

  

Change

Operating Revenues

    

     

Oil and gas operations

$

353,122

$

244,120

$

109,002

Natural gas distribution

  

489,099

  

424,431

  

64,668

Total operating revenues

  

842,221

  

668,551

  

173,670

Operating Expenses

            

Cost of gas

  

233,823

  

189,810

  

44,013

Operations & maintenance

  

208,219

  

191,656

  

16,563

DD&A

  

116,858

  

101,691

  

15,167

Taxes, other than income taxes

  

63,543

  

49,619

  

13,924

Total operating expenses

  

622,443

  

532,776

  

89,667

Operating Income

  

219,778

  

135,775

  

84,003

Other Income (Expense)

            

Interest expense

  

(42,262)

  

(43,713)

  

1,451

Accretion expense

  

(1,890)

  

(1,819)

  

(71)

Other income

  

8,744

  

15,644

  

(6,900)

Other expense

  

(9,977)

  

(15,103)

  

5,126

Total other expense

  

(45,385)

  

(44,991)

  

(394)

Income Before Income Taxes

  

174,393

  

90,784

  

83,609

Income tax expense

  

64,128

  

20,388

  

43,740

Income from Continuing Operations

  

110,265

  

70,396

  

39,869

Discontinued Operations, Net of Taxes

            

Income from operations

  

973

  

(80)

  

1,053

Gain (loss) on disposal

  

(584)

  

543

  

(1,127)

Income from Discontinued Operations

  

389

  

463

  

(74)

Cumulative effect on prior years of a change in accounting principle, net of taxes


-

  

(2,220)

  

2,220

Net Income

$

110,654

$

68,639

$

42,015

Diluted Earnings Per Share

            

Continuing operations

$

3.09

$

2.08

$

1.01

Discontinued operations

  

0.01

  

0.02

  

(0.01)

Cumulative effect of change in accounting principle

  

-

  

(0.07)

  

0.07

Net Income

$

3.10

$

2.03

$

1.07

Basic Earnings Per Share

            

Continuing operations

$

3.11

$

2.09

$

1.02

Discontinued operations

  

0.01

  

0.02

  

(0.01)

Cumulative effect of change in accounting principle

 

-

  

(0.07)

  

0.07

Net Income

$

3.12

$

2.04

$

1.08

Diluted Avg. Common Shares Outstanding

  

35,717

  

33,838

  

1,879

Basic Avg. Common Shares Outstanding

  

35,434

  

33,605

  

1,829

Dividends Per Share

$

0.73

$

0.71

$

0.02

 

 

 

Selected Business Segment Data (Unaudited)

For the 3 months ending December 31, 2003 and 2002

 

4th Quarter

(in thousands, except sales price data)

  

2003

  

2002

  

Change

Oil and Gas Operations

            

Operating revenues

            

Natural gas

$

57,488

$

42,626

$

14,862

Oil

  

22,081

  

21,752

  

329

Natural gas liquids

  

6,994

  

7,036

  

(42)

Other

  

264

  

1,063

  

(799)

Total

$

86,827

$

72,477

$

14,350

Production volumes from continuing operations

            

Natural gas (MMcf)

  

13,964

  

12,010

  

1,954

Oil (MBbl)

  

872

  

835

  

37

Natural gas liquids (MBbl)

  

408

  

466

  

(58)

Production volumes from continuing ops. (Mmcfe)

  

21,643

  

19,812

  

1,831

Total sales volume (Mmcfe)

  

21,644

  

20,601

  

1,043

Average sales price from continuing ops.

            

Natural gas (Mcf)

$

4.12

$

3.55

$

0.57

Oil (barrel)

$

25.32

$

26.07

$

(0.75)

Natural gas liquids (barrel)

$

17.16

$

15.10

$

2.06

Other data

            

Lease operating expense (LOE)

            

LOE and other

$

19,912

$

18,186

$

1,726

Production taxes

16,373

5,413

10,960

Total

$

36,285

$

23,599

$

12,686

DD&A

$

19,746

$

17,144

$

2,602

Capital expenditures

$

50,344

$

43,504

$

6,840

Exploration expense

$

73

$

1,301

$

(1,228)

Operating income

$

32,414

$

25,231

$

7,183

Natural Gas Distribution

            

Operating revenues

            

Residential

$

74,556

$

65,772

$

8,784

Commercial and industrial - small

  

29,083

  

24,697

  

4,386

Transportation

  

10,188

  

10,130

  

58

Other

  

1,738

  

1,374

  

364

Total

$

115,565

$

101,973

$

13,592

Gas delivery volumes (MMcf)

            

Residential

 

5,397

  

6,355

  

(958)

Commercial

  

2,566

  

2,846

  

(280)

Transportation

  

13,996

  

15,159

  

(1,163)

Total

  

21,959

  

24,360

  

(2,401)

Other data

            

Depreciation and amortization

$

9,639

$

8,647

$

992

Capital expenditures

$

15,745

$

15,644

$

101

Operating income

$

12,235

$

10,745

$

1,490

Selected Business Segment Data (Unaudited)

For the 12 months ending December 31, 2003 and 2002

 

 

Year to Date

    

(in thousands, except sales price data)

  

2003

  

2002

  

Change

Oil and Gas Operations

            

Operating revenues

            

Natural gas

$

235,649

$

145,935

$

89,714

Oil

  

87,200

  

72,758

  

14,442

Natural gas liquids

  

25,890

  

21,857

  

4,033

Other

  

4,383

  

3,570

  

813

Total

$

353,122

$

244,120

$

109,002

Production volume from continuing operations

            

Natural gas (MMcf)

  

55,433

  

46,060

  

9,373

Oil (MBbl)

  

3,412

  

3,016

  

396

Natural gas liquids (MBbl)

  

1,587

  

1,712

  

(125)

Production volumes from continuing ops. (Mmcfe)

  

85,422

  

74,424

  

10,998

Total sales volume (Mmcfe)

  

86,157

  

77,973

  

8,184

Average sales price from continuing ops.

            

Natural gas (Mcf)

$

4.25

$

3.17

$

1.08

Oil (barrel)

$

25.56

$

24.13

$

1.43

Natural gas liquids (barrel)

$

16.32

$

12.77

$

3.55

Other data

            

Lease operating expense (LOE)

            

LOE and other

$

67,920

$

57,141

$

10,779

Production taxes

 

27,731

  

18,254

  

9,477

Total

$

95,651

$

75,395

$

20,256

DD&A

$

79,687

$

68,009

$

11,678

Capital expenditures

$

163,338

$

305,476

$

(142,138)

Exploration expense

$

1,053

$

3,595

$

(2,542)

Operating income

$

155,481

$

78,105

$

77,376

Natural Gas Distribution

            

Operating revenues

            

Residential

$

320,938

$

277,088

$

43,850

Commercial and industrial - small

  

126,638

  

104,247

  

22,391

Transportation

  

38,250

  

38,395

  

(145)

Other

  

3,273

  

4,701

  

(1,428)

Total

$

489,099

$

424,431

$

64,668

Gas delivery volumes (MMcf)

            

Residential

 

27,248

  

26,358

  

890

Commercial

  

12,564

  

11,838

  

726

Transportation

  

55,623

  

59,644

  

(4,021)

Total

  

95,435

  

97,840

  

(2,405)

Other data

            

Depreciation and amortization

$

37,171

$

33,682

$

3,489

Capital expenditures

$

57,906

$

65,815

$

(7,909)

Operating income

$

66,848

$

59,370

$

7,478