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 September 30, 2008 and 2007

 

     3rd Quarter        

(in thousands, except per share data)

   2008     2007     Change  

Operating Revenues

      

Oil and gas operations

   $ 247,753     $ 208,423     $ 39,330  

Natural gas distribution

     82,452       67,599       14,853  
                        

Total operating revenues

     330,205       276,022       54,183  
                        

Operating Expenses

      

Cost of gas

     35,901       31,088       4,813  

Operations and maintenance

     88,168       84,857       3,311  

Depreciation, depletion and amortization

     47,111       41,457       5,654  

Taxes, other than income taxes

     27,266       18,988       8,278  

Accretion expense

     1,081       1,000       81  
                        

Total operating expenses

     199,527       177,390       22,137  
                        

Operating Income

     130,678       98,632       32,046  
                        

Other Income (Expense)

      

Interest expense

     (10,319 )     (11,418 )     1,099  

Other income

     725       885       (160 )

Other expense

     (2,009 )     (244 )     (1,765 )
                        

Total other expense

     (11,603 )     (10,777 )     (826 )
                        

Income from Continuing Operations Before Income Taxes

     119,075       87,855       31,220  

Income tax expense

     46,011       29,841       16,170  
                        

Income from Continuing Operations

     73,064       58,014       15,050  
                        

Discontinued Operations, Net of Taxes

      

Income from discontinued operations

     —         2       (2 )

Gain on disposal of discontinued operations

     —         18       (18 )
                        

Income from Discontinued Operations

     —         20       (20 )
                        

Net Income

   $ 73,064     $ 58,034     $ 15,030  
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 1.01     $ 0.80     $ 0.21  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 1.01     $ 0.80     $ 0.21  
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 1.02     $ 0.81     $ 0.21  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 1.02     $ 0.81     $ 0.21  
                        

Diluted Avg. Common Shares Outstanding

     72,116       72,275       (159 )
                        

Basic Avg. Common Shares Outstanding

     71,590       71,623       (33 )
                        

Dividends Per Common Share

   $ 0.12     $ 0.115     $ 0.005  
                        


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 9 months ending September 30, 2008 and 2007

 

     Year-to-date        

(in thousands, except per share data)

   2008     2007     Change  

Operating Revenues

      

Oil and gas operations

   $ 704,428     $ 605,812     $ 98,616  

Natural gas distribution

     488,689       477,793       10,896  
                        

Total operating revenues

     1,193,117       1,083,605       109,512  
                        

Operating Expenses

      

Cost of gas

     253,159       252,584       575  

Operations and maintenance

     268,147       251,011       17,136  

Depreciation, depletion and amortization

     133,641       118,184       15,457  

Taxes, other than income taxes

     92,039       71,170       20,869  

Accretion expense

     3,181       2,921       260  
                        

Total operating expenses

     750,167       695,870       54,297  
                        

Operating Income

     442,950       387,735       55,215  
                        

Other Income (Expense)

      

Interest expense

     (31,699 )     (35,655 )     3,956  

Other income

     1,455       2,396       (941 )

Other expense

     (3,057 )     (626 )     (2,431 )
                        

Total other expense

     (33,301 )     (33,885 )     584  
                        

Income from Continuing Operations Before Income Taxes

     409,649       353,850       55,799  

Income tax expense

     153,019       124,052       28,967  
                        

Income from Continuing Operations

     256,630       229,798       26,832  
                        

Discontinued Operations, Net of Taxes

      

Income from discontinued operations

     —         3       (3 )

Gain on disposal of discontinued operations

     —         18       (18 )
                        

Income from Discontinued Operations

     —         21       (21 )
                        

Net Income

   $ 256,630     $ 229,819     $ 26,811  
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 3.56     $ 3.18     $ 0.38  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 3.56     $ 3.18     $ 0.38  
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 3.58     $ 3.21     $ 0.37  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 3.58     $ 3.21     $ 0.37  
                        

Diluted Avg. Common Shares Outstanding

     72,129       72,173       (44 )
                        

Basic Avg. Common Shares Outstanding

     71,604       71,566       38  
                        

Dividends Per Common Share

   $ 0.36     $ 0.345     $ 0.015  
                        


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 12 months ending September 30, 2008 and 2007

 

     Trailing 12 Months        

(in thousands, except per share data)

   2008     2007     Change  

Operating Revenues

      

Oil and gas operations

   $ 924,208     $ 826,141     $ 98,067  

Natural gas distribution

     620,364       638,223       (17,859 )
                        

Total operating revenues

     1,544,572       1,464,364       80,208  
                        

Operating Expenses

      

Cost of gas

     319,004       341,489       (22,485 )

Operations and maintenance

     350,579       321,448       29,131  

Depreciation, depletion and amortization

     176,834       155,798       21,036  

Taxes, other than income taxes

     116,700       93,447       23,253  

Accretion expense

     4,208       3,849       359  
                        

Total operating expenses

     967,325       916,031       51,294  
                        

Operating Income

     577,247       548,333       28,914  
                        

Other Income (Expense)

      

Interest expense

     (43,144 )     (46,497 )     3,353  

Other income

     1,727       1,859       (132 )

Other expense

     (3,390 )     (886 )     (2,504 )
                        

Total other expense

     (44,807 )     (45,524 )     717  
                        

Income from Continuing Operations Before Income Taxes

     532,440       502,809       29,631  

Income tax expense

     196,396       177,888       18,508  
                        

Income from Continuing Operations

     336,044       324,921       11,123  
                        

Discontinued Operations, Net of Taxes

      

Income from discontinued operations

     —         3       (3 )

Gain on disposal of discontinued operations

     —         18       (18 )
                        

Income from Discontinued Operations

     —         21       (21 )
                        

Net Income

   $ 336,044     $ 324,942     $ 11,102  
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 4.66     $ 4.50     $ 0.16  

Discontinued operations

     —         —         —    
                        

Net Income

   $ 4.66     $ 4.50     $ 0.16  
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 4.69     $ 4.54     $ 0.15  

Discontinued operations

     —         —      
                        

Net Income

   $ 4.69     $ 4.54     $ 0.15  
                        

Diluted Avg. Common Shares Outstanding

     72,141       72,170       (29 )
                        

Basic Avg. Common Shares Outstanding

     71,626       71,598       28  
                        

Dividends Per Common Share

   $ 0.475     $ 0.455     $ 0.02  
                        


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending September 30, 2008 and 2007

 

     3rd Quarter        

(in thousands, except sales price data)

   2008     2007     Change  

Oil and Gas Operations

      

Operating revenues

      

Natural gas

   $ 145,283     $ 123,499     $ 21,784  

Oil

     82,375       66,689       15,686  

Natural gas liquids

     18,404       17,486       918  

Other

     1,691       749       942  
                        

Total

   $ 247,753     $ 208,423     $ 39,330  
                        

Production volumes from continuing operations

      

Natural gas (MMcf)

     17,258       16,495       763  

Oil (MBbl)

     1,055       1,025       30  

Natural gas liquids (MMgal)

     17.8       19.6       (1.8 )

Production volumes from continuing ops. (MMcfe)

     26,134       25,445       689  

Total production volumes (MMcfe)

     26,134       25,445       689  

Revenue per unit of production including effects of all derivative instruments

      

Natural gas (Mcf)

   $ 8.42     $ 7.49     $ 0.93  

Oil (barrel)

   $ 78.08     $ 65.06     $ 13.02  

Natural gas liquids (gallon)

   $ 1.03     $ 0.89     $ 0.14  

Other data from continuing operations

      

Lease operating expense (LOE)

      

LOE and other

   $ 43,890     $ 38,706     $ 5,184  

Production taxes

     20,610       12,968       7,642  
                        

Total

   $ 64,500     $ 51,674     $ 12,826  
                        

Depreciation, depletion and amortization

   $ 34,849     $ 29,610     $ 5,239  

General and administrative expense

   $ 10,228     $ 12,844     $ (2,616 )

Capital expenditures

   $ 122,597     $ 94,274     $ 28,323  

Exploration expenditures

   $ 906     $ 1,396     $ (490 )

Operating income

   $ 137,270     $ 112,899     $ 24,371  
                        

Natural Gas Distribution

      

Operating revenues

      

Residential

   $ 38,347     $ 35,685     $ 2,662  

Commercial and industrial

     24,121       21,384       2,737  

Transportation

     10,816       10,575       241  

Other

     9,168       (45 )     9,213  
                        

Total

   $ 82,452     $ 67,599     $ 14,853  
                        

Gas delivery volumes (MMcf)

      

Residential

     1,505       1,537       (32 )

Commercial and industrial

     1,390       1,520       (130 )

Transportation

     10,706       12,779       (2,073 )
                        

Total

     13,601       15,836       (2,235 )
                        

Other data

      

Depreciation and amortization

   $ 12,262     $ 11,847     $ 415  

Capital expenditures

   $ 15,959     $ 14,023     $ 1,936  

Operating loss

   $ (5,891 )   $ (13,673 )   $ 7,782  
                        


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 9 months ending September 30, 2008 and 2007

 

     Year-to-date       

(in thousands, except sales price data)

   2008    2007    Change  

Oil and Gas Operations

        

Operating revenues

        

Natural gas

   $ 411,453    $ 371,436    $ 40,017  

Oil

     221,402      181,388      40,014  

Natural gas liquids

     55,915      49,076      6,839  

Other

     15,658      3,912      11,746  
                      

Total

   $ 704,428    $ 605,812    $ 98,616  
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     50,081      47,732      2,349  

Oil (MBbl)

     3,005      2,898      107  

Natural gas liquids (MMgal)

     52.7      57.6      (4.9 )

Production volumes from continuing ops. (MMcfe)

     75,639      73,350      2,289  

Total production volumes (MMcfe)

     75,639      73,349      2,290  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 8.22    $ 7.78    $ 0.44  

Oil (barrel)

   $ 73.69    $ 62.58    $ 11.11  

Natural gas liquids (gallon)

   $ 1.06    $ 0.85    $ 0.21  

Other data from continuing operations

        

Lease operating expense (LOE)

        

LOE and other

   $ 128,627    $ 113,236    $ 15,391  

Production taxes

     58,739      38,568      20,171  
                      

Total

   $ 187,366    $ 151,804    $ 35,562  
                      

Depreciation, depletion and amortization

   $ 97,240    $ 83,083    $ 14,157  

General and administrative expense

   $ 37,755    $ 39,582    $ (1,827 )

Capital expenditures

   $ 295,507    $ 254,795    $ 40,712  

Exploration expenditures

   $ 4,215    $ 1,671    $ 2,544  

Operating income

   $ 377,852    $ 329,672    $ 48,180  
                      

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 301,633    $ 306,312    $ (4,679 )

Commercial and industrial

     133,004      130,279      2,725  

Transportation

     37,825      36,509      1,316  

Other

     16,227      4,693      11,534  
                      

Total

   $ 488,689    $ 477,793    $ 10,896  
                      

Gas delivery volumes (MMcf)

        

Residential

     16,247      16,303      (56 )

Commercial and industrial

     8,349      8,373      (24 )

Transportation

     36,267      38,396      (2,129 )
                      

Total

     60,863      63,072      (2,209 )
                      

Other data

        

Depreciation and amortization

   $ 36,401    $ 35,101    $ 1,300  

Capital expenditures

   $ 44,955    $ 45,596    $ (641 )

Operating income

   $ 67,125    $ 59,734    $ 7,391  
                      


SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending September 30, 2008 and 2007

 

     Trailing 12 Months       

(in thousands, except sales price data)

   2008    2007    Change  

Oil and Gas Operations

        

Operating revenues

        

Natural gas

   $ 539,423    $ 477,923    $ 61,500  

Oil

     291,511      226,701      64,810  

Natural gas liquids

     75,462      61,182      14,280  

Other

     17,812      60,335      (42,523 )
                      

Total

   $ 924,208    $ 826,141    $ 98,067  
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     66,649      63,500      3,149  

Oil (MBbl)

     3,986      3,807      179  

Natural gas liquids (MMgal)

     72.3      76.9      (4.6 )

Production volumes from continuing ops. (MMcfe)

     100,895      97,321      3,574  

Total production volumes (MMcfe)

     100,895      97,320      3,575  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 8.09    $ 7.53    $ 0.56  

Oil (barrel)

   $ 73.14    $ 59.55    $ 13.59  

Natural gas liquids (gallon)

   $ 1.04    $ 0.80    $ 0.24  

Other data from continuing operations

        

Lease operating expense (LOE)

        

LOE and other

   $ 163,671    $ 147,300    $ 16,371  

Production taxes

     73,969      49,623      24,346  
                      

Total

   $ 237,640    $ 196,923    $ 40,717  
                      

Depreciation, depletion and amortization

   $ 128,398    $ 109,333    $ 19,065  

General and administrative expense

   $ 52,985    $ 43,640    $ 9,345  

Capital expenditures

   $ 420,191    $ 357,867    $ 62,324  

Exploration expenditures

   $ 5,438    $ 2,340    $ 3,098  

Operating income

   $ 499,747    $ 473,905    $ 25,842  
                      

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 383,613    $ 409,743    $ (26,130 )

Commercial and industrial

     167,629      172,465      (4,836 )

Transportation

     50,571      49,348      1,223  

Other

     18,551      6,667      11,884  
                      

Total

   $ 620,364    $ 638,223    $ (17,859 )
                      

Gas delivery volumes (MMcf)

        

Residential

     20,609      22,032      (1,423 )

Commercial and industrial

     10,569      11,040      (471 )

Transportation

     49,318      51,209      (1,891 )
                      

Total

     80,496      84,281      (3,785 )
                      

Other data

        

Depreciation and amortization

   $ 48,436    $ 46,465    $ 1,971  

Capital expenditures

   $ 58,221    $ 62,806    $ (4,585 )

Operating income

   $ 80,133    $ 76,491    $ 3,642