EX-99.2 3 exhibit992.htm ENERGEN CORPORATION FINANCIAL DATA 6/30/04

Consolidated Statements of Income (Unaudited)
For the 3 months ending June 30, 2004 and 2003

 

2nd Quarter

    

(in thousands, except per share data)

  

2004

  

2003

  

Change

Operating Revenues

    

     

Oil and gas operations

$

95,433

$

89,782

$

5,651

Natural gas distribution

  

92,744

  

94,248

  

(1,504)

Total operating revenues

  

188,177

  

184,030

  

4,147

Operating Expenses

            

Cost of gas

  

40,291

  

42,107

  

(1,816)

Operations & maintenance

  

56,244

  

47,711

  

8,533

DD&A

  

28,927

  

29,535

  

(608)

Taxes, other than income taxes

  

16,047

  

14,165

  

1,882

Accretion expense

  

532

  

466

  

66

Total operating expenses

  

142,041

  

133,984

  

8,057

Operating Income

  

46,136

  

50,046

  

(3,910)

Other Income (Expense)

            

Interest expense

  

(10,694)

  

(10,734)

  

40

Other income

  

633

  

1,999

  

(1,366)

Other expense

  

(670)

  

(2,263)

  

1,593

Total other expense

  

(10,731)

  

(10,998)

  

267

Income Before Income Taxes

  

35,405

  

39,048

  

(3,643)

Income tax expense

  

13,137

  

14,589

  

(1,452)

Income from Continuing Operations

  

22,268

  

24,459

  

(2,191)

Discontinued Operations, Net of Taxes

            

Income from discontinued operations

  

2

  

149

  

(147)

Gain (loss) on disposal

  

-

  

(1,261)

  

1,261

Income (Loss) from Discontinued Operations

  

2

  

(1,112)

  

1,114

Net Income

$

22,270

$

23,347

$

(1,077)

Diluted Earnings Per Share

            

Continuing operations

$

0.61

$

0.69

$

(0.08)

Discontinued operations

-

(0.03)

0.03

Net Income

$

0.61

$

0.66

$

(0.05)

Basic Earnings Per Share

            

Continuing operations

$

0.61

$

0.70

$

(0.09)

Discontinued operations

  

-

  

(0.03)

  

0.03

Net Income

$

0.61

$

0.67

$

(0.06)

Diluted Avg. Common Shares Outstanding

  

36,625

  

35,349

  

1,276

Basic Avg. Common Shares Outstanding

  

36,230

  

35,000

  

1,230

Dividends Per Share

$

0.185

$

0.18

$

0.005

 

Consolidated Statements of Income (Unaudited)
For the 6 months ending June 30, 2004 and 2003

 

Year-to-date

    

(in thousands, except per share data)

  

2004

  

2003

  

Change

Operating Revenues

    

     

Oil and gas operations

$

191,660

$

178,301

$

13,359

Natural gas distribution

  

347,946

  

315,387

  

32,559

Total operating revenues

  

539,606

  

493,688

  

45,918

Operating Expenses

            

Cost of gas

  

179,029

  

154,079

  

24,950

Operations & maintenance

  

109,391

  

98,528

  

10,863

DD&A

  

57,663

  

58,270

  

(607)

Taxes, other than income taxes

  

40,325

  

35,685

  

4,640

Accretion expense

  

1,022

  

960

  

62

Total operating expenses

  

387,430

  

347,522

  

39,908

Operating Income

  

152,176

  

146,166

  

6,010

Other Income (Expense)

            

Interest expense

  

(21,012)

  

(21,556)

  

544

Other income

  

1,495

  

5,119

  

(3,624)

Other expense

  

(1,695)

  

(5,352)

  

3,657

Total other expense

  

(21,212)

  

(21,789)

  

577

Income Before Income Taxes

  

130,964

  

124,377

  

6,587

Income tax expense

  

48,499

  

46,595

  

1,904

Income from Continuing Operations

  

82,465

  

77,782

  

4,683

Discontinued Operations, Net of Taxes

            

Income from discontinued operations

  

3

  

822

  

(819)

Gain (loss) on disposal

  

(13)

  

(676)

  

663

Income (Loss) from Discontinued Operations

  

(10)

  

146

  

(156)

Net Income

$

82,455

$

77,928

$

4,527

Diluted Earnings Per Share

            

Continuing operations

$

2.25

$

2.21

$

0.04

Discontinued operations

  

-

  

-

  

-

Net Income

$

2.25

$

2.21

$

0.04

Basic Earnings Per Share

            

Continuing operations

$

2.28

$

2.23

$

0.05

Discontinued operations

  

-

  

-

  

-

Net Income

$

2.28

$

2.23

$

0.05

Diluted Avg. Common Shares Outstanding

  

36,600

  

35,193

  

1,407

Basic Avg. Common Shares Outstanding

  

36,202

  

34,868

  

1,334

Dividends Per Share

$

0.37

$

0.36

$

0.01

 

 

Consolidated Statements of Income (Unaudited)
For the 12 months ending June 30, 2004 and 2003

 

Trailing 12 Months

    

(in thousands, except per share data)

  

2004

  

2003

  

Change

Operating Revenues

    

     

Oil and gas operations

$

366,481

$

315,397

$

51,084

Natural gas distribution

  

521,658

  

467,585

  

54,073

Total operating revenues

  

888,139

  

782,982

  

105,157

Operating Expenses

            

Cost of gas

  

258,773

  

217,748

  

41,025

Operations & maintenance

  

219,082

  

200,292

  

18,790

DD&A

  

116,251

  

110,834

  

5,417

Taxes, other than income taxes

  

68,183

  

58,221

  

9,962

Accretion expense

  

1,952

  

1,928

  

24

Total operating expenses

  

664,241

  

589,023

  

75,218

Operating Income

  

223,898

  

193,959

  

29,939

Other Income (Expense)

            

Interest expense

  

(41,718)

  

(43,427)

  

1,709

Other income

  

5,120

  

14,057

  

(8,937)

Other expense

  

(6,320)

  

(13,853)

  

7,533

Total other expense

  

(42,918)

  

(43,223)

  

305

Income Before Income Taxes

  

180,980

  

150,736

  

30,244

Income tax expense

  

66,032

  

54,369

  

11,663

Income from Continuing Operations

  

114,948

  

96,367

  

18,581

Discontinued Operations, Net of Taxes

            

Income from discontinued operations

  

154

  

1,215

  

(1,061)

Gain (loss) on disposal

  

79

  

(439)

  

518

Income (Loss) from Discontinued Operations

  

233

  

776

  

(543)

Net Income

$

115,181

$

97,143

$

18,038

Diluted Earnings Per Share

            

Continuing operations

$

3.16

$

2.76

$

0.40

Discontinued operations

  

-

  

0.02

  

(0.02)

Net Income

$

3.16

$

2.78

$

0.38

Basic Earnings Per Share

            

Continuing operations

$

3.19

$

2.78

$

0.41

Discontinued operations

  

-

  

0.02

  

(0.02)

Net Income

$

3.19

$

2.80

$

0.39

Diluted Avg. Common Shares Outstanding

  

36,407

  

34,948

  

1,459

Basic Avg. Common Shares Outstanding

  

36,059

  

34,672

  

1,387

Dividends Per Share

$

0.74

$

0.72

$

0.02

 

 

 

 

 

Selected Business Segment Data (Unaudited)

For the 3 months ending June 30, 2004 and 2003

2nd Quarter

(in thousands, except sales price data)

  

2004

  

2003

  

Change

Oil and Gas Operations

            

Operating revenues

            

Natural gas

$

65,408

$

60,438

$

4,970

Oil

  

22,026

  

21,803

  

223

Natural gas liquids

  

7,135

  

5,975

  

1,160

Other

  

864

  

1,566

  

(702)

Total

$

95,433

$

89,782

$

5,651

Production volumes from continuing operations

            

Natural gas (MMcf)

  

13,754

  

14,248

  

(494)

Oil (MBbl)

  

831

  

850

  

(19)

Natural gas liquids (MBbl)

  

402

  

410

  

(8)

Production volumes from continuing ops. (MMcfe)

  

21,149

  

21,807

  

(658)

Total sales volume (MMcfe)

  

21,149

  

21,959

  

(810)

Average sales price from continuing ops.

            

Natural gas (Mcf)

$

4.76

$

4.24

$

0.52

Oil (barrel)

$

26.52

$

25.65

$

0.87

Natural gas liquids (barrel)

$

17.75

$

14.58

$

3.17

Other data

            

Lease operating expense (LOE)

            

LOE and other

$

18,445

$

14,529

$

3,916

Production taxes

8,463

6,710

1,753

Total

$

26,908

$

21,239

$

5,669

DD&A

$

19,069

$

20,313

$

(1,244)

Capital expenditures

$

49,964

$

27,191

$

22,773

Exploration expense

$

52

$

38

$

14

Operating income

$

41,747

$

43,515

$

(1,768)

Natural Gas Distribution

            

Operating revenues

            

Residential

$

56,644

$

59,446

$

(2,802)

Commercial and industrial - small

  

24,575

  

24,773

  

(198)

Transportation

  

9,102

  

8,667

  

435

Other

  

2,423

  

1,362

  

1,061

Total

$

92,744

$

94,248

$

(1,504)

Gas delivery volumes (MMcf)

            

Residential

 

3,760

  

3,857

  

(97)

Commercial

  

2,227

  

2,129

  

98

Transportation

  

13,183

  

13,785

  

(602)

Total

  

19,170

  

19,771

  

(601)

Other data

            

Depreciation and amortization

$

9,858

$

9,222

$

636

Capital expenditures

$

16,410

$

14,996

$

1,414

Operating income

$

4,575

$

6,988

$

(2,413)

 

 

 

Selected Business Segment Data (Unaudited)

For the 6 months ending June 30, 2004 and 2003

 

Year-to-date

    

(in thousands, except sales price data)

  

2004

  

2003

  

Change

Oil and Gas Operations

            

Operating revenues

            

Natural gas

$

130,884

$

118,534

$

12,350

Oil

  

45,713

  

43,906

  

1,807

Natural gas liquids

  

13,155

  

12,651

  

504

Other

  

1,908

  

3,210

  

(1,302)

Total

$

191,660

$

178,301

$

13,359

Production volume from continuing operations

            

Natural gas (MMcf)

  

27,491

  

27,515

  

(24)

Oil (MBbl)

  

1,704

  

1,701

  

3

Natural gas liquids (MBbl)

  

766

  

784

  

(18)

Production volumes from continuing ops. (MMcfe)

  

42,310

  

42,427

  

(117)

Total sales volume (MMcfe)

  

42,310

  

43,154

  

(844)

Average sales price from continuing ops.

            

Natural gas (Mcf)

$

4.76

$

4.31

$

0.45

Oil (barrel)

$

26.83

$

25.81

$

1.02

Natural gas liquids (barrel)

$

17.18

$

16.13

$

1.05

Other data

            

Lease operating expense (LOE)

            

LOE and other

$

36,275

$

31,342

$

4,933

Production taxes

 

16,711

  

13,957

  

2,754

Total

$

52,986

$

45,299

$

7,687

DD&A

$

38,195

$

40,123

$

(1,928)

Capital expenditures

$

71,408

$

81,022

$

(9,614)

Exploration expense

$

100

$

178

$

(78)

Operating income

$

85,880

$

82,690

$

3,190

Natural Gas Distribution

            

Operating revenues

            

Residential

$

233,304

$

213,385

$

19,919

Commercial and industrial - small

  

89,176

  

79,712

  

9,464

Transportation

  

20,477

  

19,798

  

679

Other

  

4,989

  

2,492

  

2,497

Total

$

347,946

$

315,387

$

32,559

Gas delivery volumes (MMcf)

            

Residential

 

18,869

  

19,917

  

(1,048)

Commercial

  

8,275

  

8,373

  

(98)

Transportation

  

27,781

  

28,178

  

(397)

Total

  

54,925

  

56,468

  

(1,543)

Other data

            

Depreciation and amortization

$

19,468

$

18,147

$

1,321

Capital expenditures

$

30,221

$

28,987

$

1,240

Operating income

$

66,589

$

64,188

$

2,401

 

 

 

 

Selected Business Segment Data (Unaudited)

For the 12 months ending June 30, 2004 and 2003

Trailing 12 Months

(in thousands, except sales price data)

  

2004

  

2003

  

Change

Oil and Gas Operations

            

Operating revenues

            

Natural gas

$

247,999

$

199,049

$

48,950

Oil

  

89,007

  

85,616

  

3,391

Natural gas liquids

  

26,394

  

25,464

  

930

Other

  

3,081

  

5,268

  

(2,187)

Total

$

366,481

$

315,397

$

51,084

Production volumes from continuing operations

            

Natural gas (MMcf)

  

55,409

  

51,204

  

4,205

Oil (MBbl)

  

3,415

  

3,375

  

40

Natural gas liquids (MBbl)

  

1,568

  

1,705

  

(137)

Production volumes from continuing ops. (MMcfe)

  

85,305

  

81,684

  

3,621

Total sales volume (MMcfe)

  

85,313

  

83,943

  

1,370

Average sales price from continuing ops.

            

Natural gas (Mcf)

$

4.48

$

3.89

$

0.59

Oil (barrel)

$

26.07

$

25.37

$

0.70

Natural gas liquids (barrel)

$

16.83

$

14.93

$

1.90

Other data

            

Lease operating expense (LOE)

            

LOE and other

$

72,853

$

63,445

$

9,408

Production taxes

30,485

24,153

6,332

Total

$

103,338

$

87,598

$

15,740

DD&A

$

77,759

$

75,548

$

2,211

Capital expenditures

$

153,724

$

170,299

$

(16,575)

Exploration expense

$

975

$

1,833

$

(858)

Operating income

$

156,781

$

129,415

$

27,366

Natural Gas Distribution

            

Operating revenues

            

Residential

$

340,857

$

306,986

$

33,871

Commercial and industrial - small

  

136,103

  

117,622

  

18,481

Transportation

  

38,929

  

38,091

  

838

Other

  

5,769

  

4,886

  

883

Total

$

521,658

$

467,585

$

54,073

Gas delivery volumes (MMcf)

            

Residential

 

26,200

  

28,177

  

(1,977)

Commercial

  

12,466

  

12,648

  

(182)

Transportation

  

55,225

  

58,222

  

(2,997)

Total

  

93,891

  

99,047

  

(5,156)

Other data

            

Depreciation and amortization

$

38,492

$

35,286

$

3,206

Capital expenditures

$

59,143

$

64,628

$

(5,485)

Operating income

$

69,249

$

66,026

$

3,223