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 December 31, 2007 and 2006

 

     4th Quarter     Change  

(in thousands, except per share data)

   2007     2006    

Operating Revenues

      

Oil and gas operations

   $ 219,780     $ 220,329     $ (549 )

Natural gas distribution

     131,675       160,430       (28,755 )
                        

Total operating revenues

     351,455       380,759       (29,304 )
                        

Operating Expenses

      

Cost of gas

     65,845       88,905       (23,060 )

Operations & maintenance

     82,432       70,437       11,995  

DD&A

     43,193       37,614       5,579  

Taxes, other than income taxes

     24,661       22,277       2,384  

Accretion expense

     1,027       928       99  
                        

Total operating expenses

     217,158       220,161       (3,003 )
                        

Operating Income

     134,297       160,598       (26,301 )
                        

Other Income (Expense)

      

Interest expense

     (11,445 )     (10,842 )     (603 )

Other income

     272       187       85  

Other expense

     (333 )     (984 )     651  
                        

Total other expense

     (11,506 )     (11,639 )     133  
                        

Income From Continuing Operations Before Income Taxes

     122,791       148,959       (26,168 )

Income tax expense

     43,377       53,836       (10,459 )
                        

Income from Continuing Operations

     79,414       95,123       (15,709 )
                        

Discontinued Operations, Net of Taxes

      

Income (loss) from discontinued operations

     —         —         —    

Gain on disposal of discontinued operations

     —         —         —    
                        

Income from Discontinued Operations

     —         —         —    
                        

Net Income

   $ 79,414     $ 95,123     $ (15,709 )
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 1.10     $ 1.31     $ (0.21 )

Discontinued operations

     —         —         —    
                        

Net Income

   $ 1.10     $ 1.31     $ (0.21 )
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 1.11     $ 1.33     $ (0.22 )

Discontinued operations

     —         —         —    
                        

Net Income

   $ 1.11     $ 1.33     $ (0.22 )
                        

Diluted Avg. Common Shares Outstanding

     72,352       72,540       (188 )
                        

Basic Avg. Common Shares Outstanding

     71,667       71,606       61  
                        

Dividends Per Share

   $ 0.115     $ 0.11     $ 0.005  
                        

 

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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 12 months ending December 31, 2007 and 2006

 

     Year-to-date     Change  

(in thousands, except per share data)

   2007     2006    

Operating Revenues

      

Oil and gas operations

   $ 825,592     $ 730,542     $ 95,050  

Natural gas distribution

     609,468       663,444       (53,976 )
                        

Total operating revenues

     1,435,060       1,393,986       41,074  
                        

Operating Expenses

      

Cost of gas

     318,429       373,097       (54,668 )

Operations & maintenance

     333,443       302,157       31,286  

DD&A

     161,377       142,086       19,291  

Taxes, other than income taxes

     95,831       95,727       104  

Accretion expense

     3,948       3,619       329  
                        

Total operating expenses

     913,028       916,686       (3,658 )
                        

Operating Income

     522,032       477,300       44,732  
                        

Other Income (Expense)

      

Interest expense

     (47,100 )     (48,652 )     1,552  

Other income

     2,668       951       1,717  

Other expense

     (959 )     (1,046 )     87  
                        

Total other expense

     (45,391 )     (48,747 )     3,356  
                        

Income From Continuing Operations Before Income Taxes

     476,641       428,553       48,088  

Income tax expense

     167,429       155,030       12,399  
                        

Income from Continuing Operations

     309,212       273,523       35,689  
                        

Discontinued Operations, Net of Taxes

      

Income (loss) from discontinued operations

     3       (6 )     9  

Gain on disposal of discontinued operations

     18       53       (35 )
                        

Income from Discontinued Operations

     21       47       (26 )
                        

Net Income

   $ 309,233     $ 273,570     $ 35,663  
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 4.28     $ 3.73     $ 0.55  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 4.28     $ 3.73     $ 0.55  
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 4.32     $ 3.77     $ 0.55  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 4.32     $ 3.77     $ 0.55  
                        

Diluted Avg. Common Shares Outstanding

     72,181       73,278       (1,097 )
                        

Basic Avg. Common Shares Outstanding

     71,592       72,505       (913 )
                        

Dividends Per Share

   $ 0.46     $ 0.44     $ 0.02  
                        

 

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending December 31, 2007 and 2006

 

     4th Quarter    Change  

(in thousands, except sales price data)

   2007    2006   

Oil and Gas Operations

        

Operating revenues from continuing operations

        

Natural gas

   $ 127,970    $ 106,487    $ 21,483  

Oil

     70,109      45,313      24,796  

Natural gas liquids

     19,547      12,106      7,441  

Other

     2,154      56,423      (54,269 )
                      

Total

   $ 219,780    $ 220,329    $ (549 )
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     16,568      15,768      800  

Oil (MBbl)

     981      908      73  

Natural gas liquids (MMgal)

     19.6      19.3      0.3  

Production volumes from continuing ops. (MMcfe)

     25,256      23,971      1,285  

Total production volumes (MMcfe)

     25,256      23,971      1,285  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 7.72    $ 6.75    $ 0.97  

Oil (barrel)

   $ 71.48    $ 49.89    $ 21.59  

Natural gas liquids (gallon)

   $ 1.00    $ 0.63    $ 0.37  

Other data from continuing operations

        

Lease operating expense (LOE)

        

LOE and other

   $ 35,044    $ 34,064    $ 980  

Production taxes

     15,230      11,055      4,175  
                      

Total

   $ 50,274    $ 45,119    $ 5,155  
                      

Depreciation, depletion and amortization

   $ 31,158    $ 26,250    $ 4,908  

G&A expense

   $ 14,203    $ 3,130    $ 11,073  

Capital expenditures

   $ 124,701    $ 103,072    $ 21,629  

Exploration expense

   $ 1,223    $ 669    $ 554  

Operating income

   $ 121,895    $ 144,233    $ (22,338 )

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 81,980    $ 103,431    $ (21,451 )

Commercial and industrial

     34,625      42,187      (7,562 )

Transportation

     12,746      12,839      (93 )

Other

     2,324      1,973      351  
                      

Total

   $ 131,675    $ 160,430    $ (28,755 )
                      

Gas delivery volumes (MMcf)

        

Residential

     4,362      5,729      (1,367 )

Commercial and industrial

     2,220      2,667      (447 )

Transportation

     13,051      12,813      238  
                      

Total

     19,633      21,209      (1,576 )
                      

Other data

        

Depreciation and amortization

   $ 12,035    $ 11,364    $ 671  

Capital expenditures

   $ 13,266    $ 17,210    $ (3,944 )

Operating income

   $ 13,008    $ 16,757    $ (3,749 )

 

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending December 31, 2007 and 2006

 

     Year-to-date    Change  

(in thousands, except sales price data)

   2007    2006   

Oil and Gas Operations

        

Operating revenues from continuing operations

        

Natural gas

   $ 499,406    $ 437,560    $ 61,846  

Oil

     251,497      181,459      70,038  

Natural gas liquids

     68,623      50,258      18,365  

Other

     6,066      61,265      (55,199 )
                      

Total

   $ 825,592    $ 730,542    $ 95,050  
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     64,300      62,824      1,476  

Oil (MBbl)

     3,879      3,645      234  

Natural gas liquids (MMgal)

     77.2      76.3      0.9  

Production volumes from continuing ops. (MMcfe)

     98,606      95,596      3,010  

Total production volumes (MMcfe)

     98,605      95,595      3,010  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 7.77    $ 6.96    $ 0.81  

Oil (barrel)

   $ 64.83    $ 49.79    $ 15.04  

Natural gas liquids (gallon)

   $ 0.89    $ 0.66    $ 0.23  

Other data from continuing operations

        

Lease operating expense (LOE)

        

LOE and other

   $ 148,280    $ 134,853    $ 13,427  

Production taxes

     53,798      49,509      4,289  
                      

Total

   $ 202,078    $ 184,362    $ 17,716  
                      

Depreciation, depletion and amortization

   $ 114,241    $ 97,842    $ 16,399  

G&A expense

   $ 50,864    $ 35,389    $ 15,475  

Capital expenditures

   $ 379,496    $ 259,678    $ 119,818  

Exploration expense

   $ 2,894    $ 4,181    $ (1,287 )

Operating income

   $ 451,567    $ 405,149    $ 46,418  

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 388,291    $ 426,066    $ (37,775 )

Commercial and industrial

     164,903      181,900      (16,997 )

Transportation

     49,255      45,950      3,305  

Other

     7,019      9,528      (2,509 )
                      

Total

   $ 609,468    $ 663,444    $ (53,976 )
                      

Gas delivery volumes (MMcf)

        

Residential

     20,665      22,310      (1,645 )

Commercial and industrial

     10,593      11,226      (633 )

Transportation

     51,448      50,760      688  
                      

Total

     82,706      84,296      (1,590 )
                      

Other data

        

Depreciation and amortization

   $ 47,136    $ 44,244    $ 2,892  

Capital expenditures

   $ 58,862    $ 76,157    $ (17,295 )

Operating income

   $ 72,742    $ 74,274    $ (1,532 )

 

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