EX-99.2 3 fin3052.htm FINANCIAL INFORMATION CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Exhibit 99.2

Consolidated Statements of Income (Unaudited)
For the 3 months ending March 31, 2005 and 2004

 

1st Quarter

 

 

(in thousands, except per share data)

 

2005

 

2004

 

Change

Operating Revenues

 

 

  

 

 

 

Oil and gas operations

$

102,880

$

96,080

$

6,800

Natural gas distribution

 

258,128

 

255,202

 

2,926

Total operating revenues

 

361,008

 

351,282

 

9,726

Operating Expenses

 

 

 

 

 

 

Cost of gas

 

136,855

 

138,738

 

(1,883)

Operations & maintenance

 

60,407

 

53,122

 

7,285

DD&A

 

31,425

 

28,684

 

2,741

Taxes, other than income taxes

 

26,550

 

24,266

 

2,284

Accretion expense

 

643

 

490

 

153

Total operating expenses

 

255,880

 

245,300

 

10,580

Operating Income

 

105,128

 

105,982

 

(854)

Other Income (Expense)

 

 

 

 

 

 

Interest expense

 

(11,670)

 

(10,318)

 

(1,352)

Other income

 

353

 

862

 

(509)

Other expense

 

(268)

 

(1,025)

 

757

Total other expense

 

(11,585)

 

(10,481)

 

(1,104)

Income Before Income Taxes

 

93,543

 

95,501

 

(1,958)

Income tax expense

 

34,602

 

35,340

 

(738)

Income From Continuing Operations

 

58,941

 

60,161

 

(1,220)

Discontinued Operations, Net of Taxes

 

 

 

 

 

 

Income (loss) from discontinued operations

  

(18)

 

37

 

(55)

Gain (loss) on disposal

 

123

 

(13)

 

136

Income From Discontinued Operations

 

105

 

24

 

81

Net Income

$

59,046

$

60,185

$

(1,139)

Diluted Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

1.60

$

1.65

$

(0.05)

Discontinued operations

-

-

-

Net Income

$

1.60

$

1.65

$

(0.05)

Basic Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

1.62

$

1.66

$

(0.04)

Discontinued operations

 

-

 

-

 

-

Net Income

$

1.62

$

1.66

$

(0.04)

Diluted Avg. Common Shares Outstanding

 

36,828

 

36,566

 

262

Basic Avg. Common Shares Outstanding

 

36,476

 

36,173

 

303

Dividends Per Share

$

0.20

$

0.185

$

0.015

 

 

 

 

Consolidated Statements of Income (Unaudited)
For the 12 months ending March 31, 2005 and 2004

 

Trailing 12 Months

 

 

(in thousands, except per share data)

 

2005

 

2004

 

Change

Operating Revenues

 

 

  

 

 

 

Oil and gas operations

$

416,911

$

360,245

$

56,666

Natural gas distribution

 

529,666

 

523,162

 

6,504

Total operating revenues

 

946,577

 

883,407

 

63,170

Operating Expenses

 

 

 

 

 

 

Cost of gas

 

258,006

 

260,589

 

(2,583)

Operations & maintenance

 

241,457

 

210,474

 

30,983

DD&A

 

123,518

 

116,664

 

6,854

Taxes, other than income taxes

 

77,215

 

66,256

 

10,959

Accretion expense

 

2,418

 

1,886

 

532

Total operating expenses

 

702,614

 

655,869

 

46,745

Operating Income

 

243,963

 

227,538

 

16,425

Other Income (Expense)

 

 

 

 

 

 

Interest expense

 

(44,095)

 

(41,758)

 

(2,337)

Other income

 

2,436

 

6,487

 

(4,051)

Other expense

 

(1,458)

 

(7,913)

 

6,455

Total other expense

 

(43,117)

 

(43,184)

 

67

Income Before Income Taxes

 

200,846

 

184,354

 

16,492

Income tax expense

 

74,776

 

67,378

 

7,398

Income From Continuing Operations

 

126,070

 

116,976

 

9,094

Discontinued Operations, Net of Taxes

 

 

 

 

 

 

Income from discontinued operations

 

123

 

465

 

(342)

Gain (loss) on disposal

 

131

 

(1,182)

 

1,313

Income (Loss) From Discontinued Operations

 

254

 

(717)

 

971

Net Income

$

126,324

$

116,259

$

10,065

Diluted Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

3.44

$

3.24

$

0.20

Discontinued operations

 

0.01

 

(0.02)

 

0.03

Net Income

$

3.45

$

3.22

$

0.23

Basic Earnings Per Share

 

 

 

 

 

 

Continuing operations

$

3.47

$

3.27

$

0.20

Discontinued operations

 

0.01

 

(0.02)

 

0.03

Net Income

$

3.48

$

3.25

$

0.23

Diluted Avg. Common Shares Outstanding

 

36,626

 

36,075

 

551

Basic Avg. Common Shares Outstanding

 

36,330

 

35,743

 

587

Dividends Per Share

$

0.77

$

0.735

$

0.035

 

 

Selected Business Segment Data (Unaudited)

For the 3 months ending March 31, 2005 and 2004

1st Quarter

(in thousands, except sales price data)

 

2005

 

2004

 

Change

Oil and Gas Operations

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Natural gas

$

67,600

$

65,329

$

2,271

Oil

 

26,305

 

23,687

 

2,618

Natural gas liquids

 

8,145

 

6,020

 

2,125

Other

 

830

 

1,044

 

(214)

Total

$

102,880

$

96,080

$

6,800

Production volumes from continuing operations

 

 

 

 

 

 

Natural gas (MMcf)

 

14,682

 

13,708

 

974

Oil (MBbl)

 

819

 

874

 

(55)

Natural gas liquids (Mgal)

 

15,827

 

15,281

 

546

Production volumes from continuing ops. (Mmcfe)

 

21,856

 

21,132

 

724

Total sales volume (Mmcfe)

 

21,906

 

21,161

 

745

Average sales price from continuing ops.

 

 

 

 

 

 

Natural gas (Mcf)

$

4.60

$

4.77

$

(0.17)

Oil (barrel)

$

32.12

$

27.12

$

5.00

Natural gas liquids (gallon)

$

0.51

$

0.39

$

0.12

Other data

 

 

 

 

 

 

Lease operating expense (LOE)

 

 

 

 

 

 

LOE and other

$

22,751

$

17,805

$

4,946

Production taxes

10,204

8,236

1,968

Total

$

32,955

$

26,041

$

6,914

DD&A

$

21,012

$

19,074

$

1,938

Capital expenditures

$

40,485

$

21,444

$

19,041

Exploration expense

$

324

$

48

$

276

Operating income

$

38,975

$

44,075

$

(5,100)

Natural Gas Distribution

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Residential

$

178,154

$

176,660

$

1,494

Commercial and industrial - small

 

65,300

 

64,601

 

699

Transportation

 

13,029

 

11,376

 

1,653

Other

 

1,645

 

2,565

 

(920)

Total

$

258,128

$

255,202

$

2,926

Gas delivery volumes (MMcf)

 

 

 

 

 

 

Residential

 

13,013

 

15,109

 

(2,096)

Commercial

 

5,295

 

6,049

 

(754)

Transportation

 

13,741

 

14,598

 

(857)

Total

 

32,049

 

35,756

 

(3,707)

Other data

 

 

 

 

 

 

Depreciation and amortization

$

10,413

$

9,610

$

803

Capital expenditures

$

14,802

$

13,811

$

991

Operating income

$

66,404

$

62,014

$

4,390

 

 

Selected Business Segment Data (Unaudited)

For the 12 months ending March 31, 2005 and 2004

 

Trailing 12 Months

 

 

(in thousands, except sales price data)

 

2005

 

2004

 

Change

Oil and Gas Operations

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Natural gas

$

278,743

$

242,445

$

36,298

Oil

 

101,031

 

88,784

 

12,247

Natural gas liquids

 

33,027

 

25,237

 

7,790

Other

 

4,110

 

3,779

 

331

Total

$

416,911

$

360,245

$

56,666

Production volume from continuing operations

 

 

 

 

 

 

Natural gas (MMcf)

 

58,129

 

55,791

 

2,338

Oil (MBbl)

 

3,380

 

3,434

 

(54)

Natural gas liquids (Mgal)

 

68,754

 

66,192

 

2,562

Production volumes from continuing ops. (Mmcfe)

 

88,228

 

85,851

 

2,377

Total sales volume (Mmcfe)

 

88,351

 

86,123

 

2,228

Average sales price from continuing ops.

 

 

 

 

 

 

Natural gas (Mcf)

$

4.80

$

4.35

$

0.45

Oil (barrel)

$

29.90

$

25.85

$

4.05

Natural gas liquids (gallon)

$

0.48

$

0.38

$

0.10

Other data

 

 

 

 

 

 

Lease operating expense (LOE)

 

 

 

 

 

 

LOE and other

$

84,159

$

68,862

$

15,297

Production taxes

 

39,251

 

28,687

 

10,564

Total

$

123,410

$

97,549

$

25,861

DD&A

$

82,834

$

78,808

$

4,026

Capital expenditures

$

422,977

$

130,961

$

292,016

Exploration expense

$

2,376

$

961

$

1,415

Operating income

$

175,253

$

158,279

$

16,974

Natural Gas Distribution

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Residential

$

341,723

$

343,659

$

(1,936)

Commercial and industrial - small

 

139,385

 

136,301

 

3,084

Transportation

 

41,875

 

38,494

 

3,381

Other

 

6,683

 

4,708

 

1,975

Total

$

529,666

$

523,162

$

6,504

Gas delivery volumes (MMcf)

 

 

 

 

 

 

Residential

 

23,286

 

26,297

 

(3,011)

Commercial

 

11,570

 

12,368

 

(798)

Transportation

 

53,527

 

55,828

 

(2,301)

Total

 

88,383

 

94,493

 

(6,110)

Other data

 

 

 

 

 

 

Depreciation and amortization

$

40,684

$

37,856

$

2,828

Capital expenditures

$

59,199

$

56,755

$

2,444

Operating income

$

70,589

$

71,662

$

(1,073)