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 June 30, 2008 and 2007

 

     2nd Quarter        

(in thousands, except per share data)

   2008     2007     Change  

Operating Revenues

      

Oil and gas operations

   $ 231,780     $ 203,356     $ 28,424  

Natural gas distribution

     109,486       111,566       (2,080 )
                        

Total operating revenues

     341,266       314,922       26,344  
                        

Operating Expenses

      

Cost of gas

     55,869       53,358       2,511  

Operations and maintenance

     93,427       84,111       9,316  

Depreciation, depletion and amortization

     44,114       38,707       5,407  

Taxes, other than income taxes

     29,868       21,870       7,998  

Accretion expense

     1,055       971       84  
                        

Total operating expenses

     224,333       199,017       25,316  
                        

Operating Income

     116,933       115,905       1,028  
                        

Other Income (Expense)

      

Interest expense

     (10,258 )     (12,016 )     1,758  

Other income

     486       950       (464 )

Other expense

     (452 )     (187 )     (265 )
                        

Total other expense

     (10,224 )     (11,253 )     1,029  
                        

Income from Continuing Operations Before Income Taxes

     106,709       104,652       2,057  

Income tax expense

     39,831       36,749       3,082  
                        

Income from Continuing Operations

     66,878       67,903       (1,025 )
                        
Discontinued Operations, Net of Taxes       

Income from discontinued operations

     —         —         —    

Gain on disposal of discontinued operations

     —         —         —    
                        
Income from Discontinued Operations      —         —         —    
                        
Net Income    $ 66,878     $ 67,903     $ (1,025 )
                        
Diluted Earnings Per Average Common Share       

Continuing operations

   $ 0.93     $ 0.94     $ (0.01 )

Discontinued operations

     —         —         —    
                        

Net Income

   $ 0.93     $ 0.94     $ (0.01 )
                        
Basic Earnings Per Average Common Share       

Continuing operations

   $ 0.93     $ 0.95     $ (0.02 )

Discontinued operations

     —         —         —    
                        

Net Income

   $ 0.93     $ 0.95     $ (0.02 )
                        
Diluted Avg. Common Shares Outstanding      72,055       72,249       (194 )
                        
Basic Avg. Common Shares Outstanding      71,585       71,592       (7 )
                        
Dividends Per Common Share    $ 0.12     $ 0.115     $ 0.005  
                        


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 6 months ending June 30, 2008 and 2007

 

     Year-to-date        

(in thousands, except per share data)

   2008     2007     Change  

Operating Revenues

      

Oil and gas operations

   $ 456,675     $ 397,389     $ 59,286  

Natural gas distribution

     406,237       410,194       (3,957 )
                        

Total operating revenues

     862,912       807,583       55,329  
                        

Operating Expenses

      

Cost of gas

     217,258       221,496       (4,238 )

Operations and maintenance

     179,979       166,154       13,825  

Depreciation, depletion and amortization

     86,530       76,727       9,803  

Taxes, other than income taxes

     64,773       52,182       12,591  

Accretion expense

     2,100       1,921       179  
                        

Total operating expenses

     550,640       518,480       32,160  
                        

Operating Income

     312,272       289,103       23,169  
                        

Other Income (Expense)

      

Interest expense

     (21,380 )     (24,237 )     2,857  

Other income

     730       1,511       (781 )

Other expense

     (1,048 )     (382 )     (666 )
                        

Total other expense

     (21,698 )     (23,108 )     1,410  
                        

Income from Continuing Operations Before Income Taxes

     290,574       265,995       24,579  

Income tax expense

     107,008       94,211       12,797  
                        

Income from Continuing Operations

     183,566       171,784       11,782  
                        

Discontinued Operations, Net of Taxes

      

Income from discontinued operations

     —         1       (1 )

Gain on disposal of discontinued operations

     —         —         —    
                        

Income from Discontinued Operations

     —         1       (1 )
                        

Net Income

   $ 183,566     $ 171,785     $ 11,781  
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 2.55     $ 2.38     $ 0.17  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 2.55     $ 2.38     $ 0.17  
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 2.56     $ 2.40     $ 0.16  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 2.56     $ 2.40     $ 0.16  
                        

Diluted Avg. Common Shares Outstanding

     72,054       72,153       (99 )
                        

Basic Avg. Common Shares Outstanding

     71,611       71,538       73  
                        

Dividends Per Common Share

   $ 0.24     $ 0.23     $ 0.01  
                        


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 12 months ending June 30, 2008 and 2007

 

     Trailing 12 Months        

(in thousands, except per share data)

   2008     2007     Change  

Operating Revenues

      

Oil and gas operations

   $ 884,878     $ 789,234     $ 95,644  

Natural gas distribution

     605,511       641,819       (36,308 )
                        

Total operating revenues

     1,490,389       1,431,053       59,336  
                        

Operating Expenses

      

Cost of gas

     314,191       342,712       (28,521 )

Operations and maintenance

     347,268       315,427       31,841  

Depreciation, depletion and amortization

     171,180       150,017       21,163  

Taxes, other than income taxes

     108,422       93,797       14,625  

Accretion expense

     4,127       3,730       397  
                        

Total operating expenses

     945,188       905,683       39,505  
                        

Operating Income

     545,201       525,370       19,831  
                        

Other Income (Expense)

      

Interest expense

     (44,243 )     (47,346 )     3,103  

Other income

     1,887       1,422       465  

Other expense

     (1,625 )     (849 )     (776 )
                        

Total other expense

     (43,981 )     (46,773 )     2,792  
                        

Income from Continuing Operations Before Income Taxes

     501,220       478,597       22,623  

Income tax expense

     180,226       170,393       9,833  
                        

Income from Continuing Operations

     320,994       308,204       12,790  
                        

Discontinued Operations, Net of Taxes

      

Income from discontinued operations

     2       3       (1 )

Gain on disposal of discontinued operations

     18       53       (35 )
                        

Income from Discontinued Operations

     20       56       (36 )
                        

Net Income

   $ 321,014     $ 308,260     $ 12,754  
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 4.46     $ 4.26     $ 0.20  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 4.46     $ 4.26     $ 0.20  
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 4.48     $ 4.29     $ 0.19  

Discontinued operations

     —         0.01       (0.01 )
                        

Net Income

   $ 4.48     $ 4.30     $ 0.18  
                        

Diluted Avg. Common Shares Outstanding

     72,044       72,315       (271 )
                        

Basic Avg. Common Shares Outstanding

     71,641       71,765       (124 )
                        

Dividends Per Common Share

   $ 0.47     $ 0.45     $ 0.02  
                        


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending June 30, 2008 and 2007

 

     2nd Quarter       

(in thousands, except sales price data)

   2008     2007    Change  

Oil and Gas Operations

       

Operating revenues

       

Natural gas

   $ 135,216     $ 124,712    $ 10,504  

Oil

     74,928       60,615      14,313  

Natural gas liquids

     20,065       16,548      3,517  

Other

     1,571       1,481      90  
                       

Total

   $ 231,780     $ 203,356    $ 28,424  
                       

Production volumes from continuing operations

       

Natural gas (MMcf)

     16,396       15,690      706  

Oil (MBbl)

     1,006       947      59  

Natural gas liquids (MMgal)

     18.1       19.1      (1.0 )

Production volumes from continuing ops. (MMcfe)

     25,022       24,099      923  

Total production volumes (MMcfe)

     25,022       24,099      923  

Revenue per unit of production including effects of all derivative instruments

       

Natural gas (Mcf)

   $ 8.25     $ 7.95    $ 0.30  

Oil (barrel)

   $ 74.51     $ 64.03    $ 10.48  

Natural gas liquids (gallon)

   $ 1.11     $ 0.87    $ 0.24  

Other data from continuing operations

       

Lease operating expense (LOE)

       

LOE and other

   $ 41,602     $ 39,121    $ 2,481  

Production taxes

     21,553       13,589      7,964  
                       

Total

   $ 63,155     $ 52,710    $ 10,445  
                       

Depreciation, depletion and amortization

   $ 31,995     $ 27,000    $ 4,995  

General and administrative expense

   $ 13,528     $ 11,025    $ 2,503  

Capital expenditures

   $ 98,513     $ 107,126    $ (8,613 )

Exploration expenditures

   $ 2,960     $ 178    $ 2,782  

Operating income

   $ 119,087     $ 111,472    $ 7,615  
                       

Natural Gas Distribution

       

Operating revenues

       

Residential

   $ 63,711     $ 66,828    $ (3,117 )

Commercial and industrial

     31,378       31,172      206  

Transportation

     11,506       11,367      139  

Other

     2,891       2,199      692  
                       

Total

   $ 109,486     $ 111,566    $ (2,080 )
                       

Gas delivery volumes (MMcf)

       

Residential

     3,211       3,187      24  

Commercial and industrial

     1,983       1,981      2  

Transportation

     11,264       12,197      (933 )
                       

Total

     16,458       17,365      (907 )
                       

Other data

       

Depreciation and amortization

   $ 12,119     $ 11,707    $ 412  

Capital expenditures

   $ 15,926     $ 16,606    $ (680 )

Operating income

   $ (1,472 )   $ 4,970    $ (6,442 )
                       


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 6 months ending June 30, 2008 and 2007

 

     Year-to-date       

(in thousands, except sales price data)

   2008    2007    Change  

Oil and Gas Operations

        

Operating revenues

        

Natural gas

   $ 266,170    $ 247,937    $ 18,233  

Oil

     139,027      114,699      24,328  

Natural gas liquids

     37,511      31,590      5,921  

Other

     13,967      3,163      10,804  
                      

Total

   $ 456,675    $ 397,389    $ 59,286  
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     32,823      31,237      1,586  

Oil (MBbl)

     1,950      1,873      77  

Natural gas liquids (MMgal)

     34.9      38.0      (3.1 )

Production volumes from continuing ops. (MMcfe)

     49,505      47,905      1,600  

Total production volumes (MMcfe)

     49,505      47,904      1,601  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 8.11    $ 7.94    $ 0.17  

Oil (barrel)

   $ 71.31    $ 61.23    $ 10.08  

Natural gas liquids (gallon)

   $ 1.08    $ 0.83    $ 0.25  

Other data from continuing operations

        

Lease operating expense (LOE)

        

LOE and other

   $ 84,737    $ 74,530    $ 10,207  

Production taxes

     38,129      25,600      12,529  
                      

Total

   $ 122,866    $ 100,130    $ 22,736  
                      

Depreciation, depletion and amortization

   $ 62,391    $ 53,473    $ 8,918  

General and administrative expense

   $ 25,427    $ 24,817    $ 610  

Capital expenditures

   $ 172,910    $ 160,521    $ 12,389  

Exploration expenditures

   $ 3,309    $ 275    $ 3,034  

Operating income

   $ 240,582    $ 216,773    $ 23,809  
                      

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 263,286    $ 270,626    $ (7,340 )

Commercial and industrial

     108,883      108,894      (11 )

Transportation

     27,009      25,934      1,075  

Other

     7,059      4,740      2,319  
                      

Total

   $ 406,237    $ 410,194    $ (3,957 )
                      

Gas delivery volumes (MMcf)

        

Residential

     14,742      14,766      (24 )

Commercial and industrial

     6,959      6,853      106  

Transportation

     25,561      25,617      (56 )
                      

Total

     47,262      47,236      26  
                      

Other data

        

Depreciation and amortization

   $ 24,139    $ 23,254    $ 885  

Capital expenditures

   $ 28,996    $ 31,573    $ (2,577 )

Operating income

   $ 73,016    $ 73,407    $ (391 )
                      


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending June 30, 2008 and 2007

 

     Trailing 12 Months       

(in thousands, except sales price data)

   2008    2007    Change  

Oil and Gas Operations

        

Operating revenues

        

Natural gas

   $ 517,639    $ 463,219    $ 54,420  

Oil

     275,825      206,541      69,284  

Natural gas liquids

     74,544      58,364      16,180  

Other

     16,870      61,110      (44,240 )
                      

Total

   $ 884,878    $ 789,234    $ 95,644  
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     65,886      63,009      2,877  

Oil (MBbl)

     3,956      3,686      270  

Natural gas liquids (MMgal)

     74.1      77.6      (3.5 )

Production volumes from continuing ops. (MMcfe)

     100,206      96,216      3,990  

Total production volumes (MMcfe)

     100,206      96,215      3,991  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 7.86    $ 7.35    $ 0.51  

Oil (barrel)

   $ 69.73    $ 56.03    $ 13.70  

Natural gas liquids (gallon)

   $ 1.01    $ 0.75    $ 0.26  

Other data

        

Lease operating expense (LOE)

        

LOE and other

   $ 158,487    $ 143,899    $ 14,588  

Production taxes

     66,327      49,257      17,070  
                      

Total

   $ 224,814    $ 193,156    $ 31,658  
                      

Depreciation, depletion and amortization

   $ 123,159    $ 104,198    $ 18,961  

General and administrative expense

   $ 51,474    $ 38,975    $ 12,499  

Capital expenditures

   $ 391,868    $ 324,642    $ 67,226  

Exploration expenditures

   $ 5,928    $ 2,930    $ 2,998  

Operating income

   $ 475,376    $ 446,245    $ 29,131  
                      

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 380,951    $ 410,691    $ (29,740 )

Commercial and industrial

     164,892      173,381      (8,489 )

Transportation

     50,330      48,888      1,442  

Other

     9,338      8,859      479  
                      

Total

   $ 605,511    $ 641,819    $ (36,308 )
                      

Gas delivery volumes (MMcf)

        

Residential

     20,641      22,096      (1,455 )

Commercial and industrial

     10,699      11,054      (355 )

Transportation

     51,391      51,429      (38 )
                      

Total

     82,731      84,579      (1,848 )
                      

Other data

        

Depreciation and amortization

   $ 48,021    $ 45,819    $ 2,202  

Capital expenditures

   $ 56,285    $ 67,295    $ (11,010 )

Operating income

   $ 72,351    $ 81,243    $ (8,892 )