EX-99.2 3 exhibit992.htm ENERGEN CORPORATION FINANCIAL DATA 3/31/04 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Consolidated Statements of Income (Unaudited)
For the 3 months ending March 31, 2004 and 2003

 

1st Quarter

 

 

(in thousands, except per share data)

 

2004

 

2003

 

Change

Operating Revenues

 

 

  

 

 

 

Oil and gas operations

$

96,227

$

88,519

$

7,708

Natural gas distribution

 

255,202

 

221,139

 

34,063

Total operating revenues

 

351,429

 

309,658

 

41,771

Operating Expenses

 

 

 

 

 

 

Cost of gas

 

138,738

 

111,972

 

26,766

Operations & maintenance

 

53,147

 

50,817

 

2,330

DD&A

 

28,736

 

28,735

 

1

Taxes, other than income taxes

 

24,278

 

21,520

 

2,758

Accretion expense

 

490

 

494

 

(4)

Total operating expenses

 

245,389

 

213,538

 

31,851

Operating Income

 

106,040

 

96,120

 

9,920

Other Income (Expense)

 

 

 

 

 

 

Interest expense

 

(10,318)

 

(10,822)

 

504

Other income

 

862

 

3,120

 

(2,258)

Other expense

 

(1,025)

 

(3,089)

 

2,064

Total other expense

 

(10,481)

 

(10,791)

 

310

Income Before Income Taxes

 

95,559

 

85,329

 

10,230

Income tax expense

 

35,362

 

32,006

 

3,356

Income from Continuing Operations

 

60,197

 

53,323

 

6,874

Discontinued Operations, Net of Taxes

 

 

 

 

 

 

Income from discontinued operations

 

1

 

673

 

(672)

Gain (loss) on disposal

 

(13)

 

585

 

(598)

Income (Loss) from Discontinued Operations

 

(12)

 

1,258

 

(1,270)

Net Income

$

60,185

$

54,581

$

5,604

Diluted Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

1.65

$

1.52

$

0.13

Discontinued operations

-

0.04

(0.04)

Net Income

$

1.65

$

1.56

$

0.09

Basic Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

1.66

$

1.54

$

0.12

Discontinued operations

 

-

 

0.03

 

(0.03)

Net Income

$

1.66

$

1.57

$

0.09

Diluted Avg. Common Shares Outstanding

 

36,566

 

35,034

 

1,532

Basic Avg. Common Shares Outstanding

 

36,173

 

34,729

 

1,444

Dividends Per Share

$

0.185

$

0.18

$

0.005

 

 

Consolidated Statements of Income (Unaudited)
For the 12 months ending March 31, 2004 and 2003

 

Trailing 12 Months

 

 

(in thousands, except per share data)

 

2004

 

2003

 

Change

Operating Revenues

 

 

  

 

 

 

Oil and gas operations

$

360,830

$

287,750

$

73,080

Natural gas distribution

 

523,162

 

449,046

 

74,116

Total operating revenues

 

883,992

 

736,796

 

147,196

Operating Expenses

 

 

 

 

 

 

Cost of gas

 

260,589

 

205,634

 

54,955

Operations & maintenance

 

211,380

 

197,665

 

13,715

DD&A

 

116,859

 

107,326

 

9,533

Taxes, other than income taxes

 

65,470

 

55,034

 

10,436

Accretion expense

 

1,886

 

1,935

 

(49)

Total operating expenses

 

656,184

 

567,594

 

88,590

Operating Income

 

227,808

 

169,202

 

58,606

Other Income (Expense)

 

 

 

 

 

 

Interest expense

 

(41,758)

 

(43,865)

 

2,107

Other income

 

6,487

 

15,195

 

(8,708)

Other expense

 

(7,913)

 

(14,684)

 

6,771

Total other expense

 

(43,184)

 

(43,354)

 

170

Income Before Income Taxes

 

184,624

 

125,848

 

58,776

Income tax expense

 

67,484

 

41,171

 

26,313

Income from Continuing Operations

 

117,140

 

84,677

 

32,463

Discontinued Operations, Net of Taxes

 

 

 

 

 

 

Income from discontinued operations

 

301

 

733

 

(432)

Gain (loss) on disposal

 

(1,182)

 

1,128

 

(2,310)

Income (Loss) from Discontinued Operations

 

(881)

 

1,861

 

(2,742)

Net Income

$

116,259

$

86,538

$

29,721

Diluted Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

3.25

$

2.44

$

0.81

Discontinued operations

 

(0.03)

 

0.05

 

(0.08)

Net Income

$

3.22

$

2.49

$

0.73

Basic Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

3.28

$

2.46

$

0.82

Discontinued operations

 

(0.03)

 

0.05

 

(0.08)

Net Income

$

3.25

$

2.51

$

0.74

Diluted Avg. Common Shares Outstanding

 

36,075

 

34,685

 

1,390

Basic Avg. Common Shares Outstanding

 

35,743

 

34,434

 

1,309

Dividends Per Share

$

0.735

$

0.715

$

0.02

 

  

 

 

Selected Business Segment Data (Unaudited)

For the 3 months ending March 31, 2004 and 2003

1st Quarter

(in thousands, except sales price data)

 

2004

 

2003

 

Change

Oil and Gas Operations

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Natural gas

$

65,476

$

58,096

$

7,380

Oil

 

23,687

 

22,103

 

1,584

Natural gas liquids

 

6,020

 

6,676

 

(656)

Other

 

1,044

 

1,644

 

(600)

Total

$

96,227

$

88,519

$

7,708

Production volumes from continuing operations

 

 

 

 

 

 

Natural gas (MMcf)

 

13,737

 

13,267

 

470

Oil (MBbl)

 

874

 

851

 

23

Natural gas liquids (MBbl)

 

364

 

375

 

(11)

Production volumes from continuing ops. (Mmcfe)

 

21,161

 

20,620

 

541

Total sales volume (Mmcfe)

 

21,161

 

21,195

 

(34)

Average sales price from continuing ops.

 

 

 

 

 

 

Natural gas (Mcf)

$

4.77

$

4.38

$

0.39

Oil (barrel)

$

27.12

$

25.97

$

1.15

Natural gas liquids (barrel)

$

16.55

$

17.83

$

(1.28)

Other data

 

 

 

 

 

 

Lease operating expense (LOE)

 

 

 

 

 

 

LOE and other

$

17,830

$

16,813

$

1,017

Production taxes

8,248

7,247

1,001

Total

$

26,078

$

24,060

$

2,018

DD&A

$

19,126

$

19,810

$

(684)

Capital expenditures

$

21,444

$

53,821

$

(32,377)

Exploration expense

$

48

$

140

$

(92)

Operating income

$

44,133

$

39,175

$

4,958

Natural Gas Distribution

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Residential

$

176,660

$

153,939

$

22,721

Commercial and industrial - small

 

64,601

 

54,939

 

9,662

Transportation

 

11,376

 

11,131

 

245

Other

 

2,565

 

1,130

 

1,435

Total

$

255,202

$

221,139

$

34,063

Gas delivery volumes (MMcf)

 

 

 

 

 

 

Residential

 

15,109

 

16,060

 

(951)

Commercial

 

6,049

 

6,244

 

(195)

Transportation

 

14,598

 

14,393

 

205

Total

 

35,756

 

36,697

 

(941)

Other data

 

 

 

 

 

 

Depreciation and amortization

$

9,610

$

8,925

$

685

Capital expenditures

$

13,811

$

14,959

$

(1,148)

Operating income

$

62,014

$

57,200

$

4,814

 

 

 

 

Selected Business Segment Data (Unaudited)

For the 12 months ending March 31, 2004 and 2003

 

Trailing 12 Months

 

 

(in thousands, except sales price data)

 

2004

 

2003

 

Change

Oil and Gas Operations

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Natural gas

$

243,029

$

174,120

$

68,909

Oil

 

88,784

 

84,078

 

4,706

Natural gas liquids

 

25,234

 

24,647

 

587

Other

 

3,783

 

4,905

 

(1,122)

Total

$

360,830

$

287,750

$

73,080

Production volume from continuing operations

 

 

 

 

 

 

Natural gas (MMcf)

 

55,903

 

48,158

 

7,745

Oil (MBbl)

 

3,434

 

3,393

 

41

Natural gas liquids (MBbl)

 

1,576

 

1,705

 

(129)

Production volumes from continuing ops. (Mmcfe)

 

85,963

 

78,748

 

7,215

Total sales volume (Mmcfe)

 

86,123

 

82,106

 

4,017

Average sales price from continuing ops.

 

 

 

 

 

 

Natural gas (Mcf)

$

4.35

$

3.62

$

0.73

Oil (barrel)

$

25.85

$

24.78

$

1.07

Natural gas liquids (barrel)

$

16.01

$

14.45

$

1.56

Other data

 

 

 

 

 

 

Lease operating expense (LOE)

 

 

 

 

 

 

LOE and other

$

68,937

$

62,285

$

6,652

Production taxes

 

28,732

 

22,071

 

6,661

Total

$

97,669

$

84,356

$

13,313

DD&A

$

79,003

$

72,949

$

6,054

Capital expenditures

$

130,961

$

337,639

$

(206,678)

Exploration expense

$

961

$

2,067

$

(1,106)

Operating income

$

158,549

$

106,941

$

51,608

Natural Gas Distribution

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Residential

$

343,659

$

293,616

$

50,043

Commercial and industrial - small

 

136,301

 

111,788

 

24,513

Transportation

 

38,494

 

38,885

 

(391)

Other

 

4,708

 

4,757

 

(49)

Total

$

523,162

$

449,046

$

74,116

Gas delivery volumes (MMcf)

 

 

 

 

 

 

Residential

 

26,297

 

28,124

 

(1,827)

Commercial

 

12,368

 

12,588

 

(220)

Transportation

 

55,828

 

58,986

 

(3,158)

Total

 

94,493

 

99,698

 

(5,205)

Other data

 

 

 

 

 

 

Depreciation and amortization

$

37,856

$

34,377

$

3,479

Capital expenditures

$

56,755

$

67,339

$

(10,584)

Operating income

$

71,662

$

63,759

$

7,903