EX-99.2 3 dex992.htm SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Financial Information

EXHIBIT 99.2:

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 3 months ending March 31, 2007 and 2006

 

     1st Quarter    

Change

 

(in thousands, except per share data)

   2007     2006    

Operating Revenues

      

Oil and gas operations

   $ 194,033     $ 169,519     $ 24,514  

Natural gas distribution

     298,628       318,623       (19,995 )
                        

Total operating revenues

     492,661       488,142       4,519  
                        

Operating Expenses

      

Cost of gas

     168,138       194,050       (25,912 )

Operations & maintenance

     82,043       74,483       7,560  

Depreciation, depletion and amortization

     38,020       34,297       3,723  

Taxes, other than income taxes

     30,312       32,679       (2,367 )

Accretion expense

     950       898       52  
                        

Total operating expenses

     319,463       336,407       (16,944 )
                        

Operating Income

     173,198       151,735       21,463  
                        

Other Income (Expense)

      

Interest expense

     (12,221 )     (13,177 )     956  

Other income

     561       707       (146 )

Other expense

     (195 )     (229 )     34  
                        

Total other expense

     (11,855 )     (12,699 )     844  
                        

Income from Continuing Operations Before Income Taxes

     161,343       139,036       22,307  

Income tax expense

     57,462       51,535       5,927  
                        

Income from Continuing Operations

     103,881       87,501       16,380  
                        

Discontinued Operations, Net of Taxes

      

Income (loss) from discontinued operations

     1       (7 )     8  

Gain on disposal of discontinued operations

     —         —         —    
                        

Income (Loss) from Discontinued Operations

     1       (7 )     8  
                        

Net Income

   $ 103,882     $ 87,494     $ 16,388  
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 1.44     $ 1.18     $ 0.26  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 1.44     $ 1.18     $ 0.26  
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 1.45     $ 1.19     $ 0.26  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 1.45     $ 1.19     $ 0.26  
                        

Diluted Avg. Common Shares Outstanding

     72,124       74,094       (1,970 )
                        

Basic Avg. Common Shares Outstanding

     71,482       73,268       (1,786 )
                        

Dividends Per Common Share

   $ 0.115     $ 0.11     $ 0.005  
                        

 

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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)2

For the 12 months ending March 31, 2007 and 2006

 

     Trailing 12 Months    

Change

 

(in thousands, except per share data)

   2007     2006    

Operating Revenues

      

Oil and gas operations

   $ 755,056     $ 594,333     $ 160,723  

Natural gas distribution

     643,449       661,195       (17,746 )
                        

Total operating revenues

     1,398,505       1,255,528       142,977  
                        

Operating Expenses

      

Cost of gas

     347,185       372,817       (25,632 )

Operations & maintenance

     309,717       282,805       26,912  

Depreciation, depletion and amortization

     145,809       134,563       11,246  

Taxes, other than income taxes

     93,360       100,112       (6,752 )

Accretion expense

     3,671       2,902       769  
                        

Total operating expenses

     899,742       893,199       6,543  
                        

Operating Income

     498,763       362,329       136,434  
                        

Other Income (Expense)

      

Interest expense

     (47,696 )     (48,307 )     611  

Other income

     865       2,517       (1,652 )

Other expense

     (1,072 )     (671 )     (401 )
                        

Total other expense

     (47,903 )     (46,461 )     (1,442 )
                        

Income from Continuing Operations Before Income Taxes

     450,860       315,868       134,992  

Income tax expense

     160,957       114,423       46,534  
                        

Income from Continuing Operations

     289,903       201,445       88,458  
                        

Discontinued Operations, Net of Taxes

      

Income from discontinued operations

     2       6       (4 )

Gain on disposal of discontinued operations

     53       9       44  
                        

Income from Discontinued Operations

     55       15       40  
                        

Net Income

   $ 289,958     $ 201,460     $ 88,498  
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 3.99     $ 2.73     $ 1.26  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 3.99     $ 2.73     $ 1.26  
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 4.02     $ 2.75     $ 1.27  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 4.02     $ 2.75     $ 1.27  
                        

Diluted Avg. Common Shares Outstanding

     72,674       73,904       (1,230 )
                        

Basic Avg. Common Shares Outstanding

     72,138       73,160       (1,022 )
                        

Dividends Per Common Share

   $ 0.445     $ 0.41     $ 0.035  
                        

 

2


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending March 31, 2007 and 2006

 

     1st Quarter       

(in thousands, except sales price data)

   2007    2006    Change  

Oil and Gas Operations

        

Operating revenues

        

Natural gas

   $ 123,225    $ 116,084    $ 7,141  

Oil

     54,084      42,142      11,942  

Natural gas liquids

     15,042      9,677      5,365  

Other

     1,682      1,616      66  
                      

Total

   $ 194,033    $ 169,519    $ 24,514  
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     15,547      15,327      220  

Oil (MBbl)

     927      917      10  

Natural gas liquids (MMgal)

     18.9      16.6      2.3  

Production volumes from continuing ops. (MMcfe)

     23,806      23,209      597  

Total production volumes (MMcfe)

     23,805      23,209      596  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 7.93    $ 7.57    $ 0.36  

Oil (barrel)

   $ 58.36    $ 45.94    $ 12.42  

Natural gas liquids (gallon)

   $ 0.80    $ 0.58    $ 0.22  

Other data from continuing operations

        

Lease operating expense (LOE)

        

LOE and other

   $ 35,409    $ 33,862    $ 1,547  

Production taxes

     12,011      13,093      (1,082 )
                      

Total

   $ 47,420    $ 46,955    $ 465  
                      

Depreciation, depletion and amortization

   $ 26,473    $ 23,551    $ 2,922  

Capital expenditures

   $ 53,395    $ 44,905    $ 8,490  

Exploration expenditures

   $ 97    $ 109    $ (12 )

Operating income

   $ 105,301    $ 88,539    $ 16,762  
                      

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 203,798    $ 218,506    $ (14,708 )

Commercial and industrial

     77,722      84,557      (6,835 )

Transportation

     14,567      12,735      1,832  

Other

     2,541      2,825      (284 )
                      

Total

   $ 298,628    $ 318,623    $ (19,995 )
                      

Gas delivery volumes (MMcf)

        

Residential

     11,579      11,685      (106 )

Commercial and industrial

     4,872      4,941      (69 )

Transportation

     13,420      13,359      61  
                      

Total

     29,871      29,985      (114 )
                      

Other data

        

Depreciation and amortization

   $ 11,547    $ 10,746    $ 801  

Capital expenditures

   $ 14,967    $ 18,845    $ (3,878 )

Operating income

   $ 68,437    $ 63,727    $ 4,710  
                      

 

3


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending March 31, 2007 and 2006

 

     Trailing 12 Months       

(in thousands, except sales price data)

   2007    2006    Change  

Oil and Gas Operations

        

Operating revenues

        

Natural gas

   $ 444,701    $ 414,119    $ 30,582  

Oil

     193,401      132,488      60,913  

Natural gas liquids

     55,623      39,987      15,636  

Other

     61,331      7,739      53,592  
                      

Total

   $ 755,056    $ 594,333    $ 160,723  
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     63,044      61,693      1,351  

Oil (MBbl)

     3,654      3,414      240  

Natural gas liquids (MMgal)

     78.6      71.4      7.2  

Production volumes from continuing ops. (MMcfe)

     96,193      92,373      3,820  

Total production volumes (MMcfe)

     96,191      92,402      3,789  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 7.05    $ 6.71    $ 0.34  

Oil (barrel)

   $ 52.93    $ 38.80    $ 14.13  

Natural gas liquids (gallon)

   $ 0.71    $ 0.56    $ 0.15  

Other data

        

Lease operating expense (LOE)

        

LOE and other

   $ 136,400    $ 115,354    $ 21,046  

Production taxes

     48,427      55,160      (6,733 )
                      

Total

   $ 184,827    $ 170,514    $ 14,313  
                      

Depreciation, depletion and amortization

   $ 100,764    $ 91,879    $ 8,885  

Capital expenditures

   $ 268,168    $ 358,132    $ (89,964 )

Exploration expenditures

   $ 4,169    $ 461    $ 3,708  

Operating income

   $ 421,911    $ 293,438    $ 128,473  
                      

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 411,358    $ 425,105    $ (13,747 )

Commercial and industrial

     175,065      186,214      (11,149 )

Transportation

     47,782      42,996      4,786  

Other

     9,244      6,880      2,364  
                      

Total

   $ 643,449    $ 661,195    $ (17,746 )
                      

Gas delivery volumes (MMcf)

        

Residential

     22,204      23,274      (1,070 )

Commercial and industrial

     11,157      12,144      (987 )

Transportation

     50,821      49,468      1,353  
                      

Total

     84,182      84,886      (704 )
                      

Other data

        

Depreciation and amortization

   $ 45,045    $ 42,684    $ 2,361  

Capital expenditures

   $ 72,279    $ 77,319    $ (5,040 )

Operating income

   $ 78,984    $ 70,245    $ 8,739  
                      

 

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