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, 2009 and 2008

 

     1st Quarter        

(in thousands, except per share data)

   2009     2008     Change  

Operating Revenues

      

Oil and gas operations

   $ 189,120     $ 224,895     $ (35,775 )

Natural gas distribution

     294,986       296,751       (1,765 )
                        

Total operating revenues

     484,106       521,646       (37,540 )
                        

Operating Expenses

      

Cost of gas

     152,069       161,389       (9,320 )

Operations & maintenance

     88,387       86,552       1,835  

Depreciation, depletion and amortization

     54,578       42,416       12,162  

Taxes, other than income taxes

     26,460       34,905       (8,445 )

Accretion expense

     1,136       1,045       91  
                        

Total operating expenses

     322,630       326,307       (3,677 )
                        

Operating Income

     161,476       195,339       (33,863 )
                        

Other Income (Expense)

      

Interest expense

     (9,781 )     (11,122 )     1,341  

Other income

     401       244       157  

Other expense

     (1,886 )     (596 )     (1,290 )
                        

Total other expense

     (11,266 )     (11,474 )     208  
                        

Income Before Income Taxes

     150,210       183,865       (33,655 )

Income tax expense

     54,628       67,177       (12,549 )
                        

Net Income

   $ 95,582     $ 116,688     $ (21,106 )
                        

Diluted Earnings Per Average Common Share

   $ 1.33     $ 1.62     $ (0.29 )
                        

Basic Earnings Per Average Common Share

   $ 1.33     $ 1.63     $ (0.30 )
                        

Diluted Avg. Common Shares Outstanding

     71,897       72,125       (228 )
                        

Basic Avg. Common Shares Outstanding

     71,640       71,637       3  
                        

Dividends Per Common Share

   $ 0.125     $ 0.12     $ 0.005  
                        

 

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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 12 months ending March 31, 2009 and 2008

 

     Trailing 12 Months        

(in thousands, except per share data)

   2009     2008     Change  

Operating Revenues

      

Oil and gas operations

   $ 878,357     $ 856,454     $ 21,903  

Natural gas distribution

     653,013       607,591       45,422  
                        

Total operating revenues

     1,531,370       1,464,045       67,325  
                        

Operating Expenses

      

Cost of gas

     342,454       311,680       30,774  

Operations & maintenance

     356,595       337,952       18,643  

Depreciation, depletion and amortization

     200,575       165,773       34,802  

Taxes, other than income taxes

     99,160       100,424       (1,264 )

Accretion expense

     4,381       4,043       338  
                        

Total operating expenses

     1,003,165       919,872       83,293  
                        

Operating Income

     528,205       544,173       (15,968 )
                        

Other Income (Expense)

      

Interest expense

     (40,640 )     (46,001 )     5,361  

Other income

     2,042       2,351       (309 )

Other expense

     (8,304 )     (1,360 )     (6,944 )
                        

Total other expense

     (46,902 )     (45,010 )     (1,892 )
                        

Income from Continuing Operations Before Income Taxes

     481,303       499,163       (17,860 )

Income tax expense

     180,494       177,144       3,350  
                        

Income from Continuing Operations

     300,809       322,019       (21,210 )
                        

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

   $ 300,809     $ 322,039     $ (21,230 )
                        

Diluted Earnings Per Average Common Share

      

Continuing operations

   $ 4.17     $ 4.47     $ (0.30 )

Discontinued operations

     —         —         —    
                        

Net Income

   $ 4.17     $ 4.47     $ (0.30 )
                        

Basic Earnings Per Average Common Share

      

Continuing operations

   $ 4.20     $ 4.49     $ (0.29 )

Discontinued operations

     —         —         —    
                        

Net Income

   $ 4.20     $ 4.49     $ (0.29 )
                        

Diluted Avg. Common Shares Outstanding

     72,146       72,088       58  
                        

Basic Avg. Common Shares Outstanding

     71,639       71,650       (11 )
                        

Dividends Per Common Share

   $ 0.485     $ 0.465     $ 0.02  
                        

 

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending March 31, 2009 and 2008

 

     1st Quarter       

(in thousands, except sales price data)

   2009    2008    Change  

Oil and Gas Operations

        

Operating revenues

        

Natural gas

   $ 115,635    $ 130,954    $ (15,319 )

Oil

     57,742      64,099      (6,357 )

Natural gas liquids

     14,522      17,446      (2,924 )

Other

     1,221      12,396      (11,175 )
                      

Total

   $ 189,120    $ 224,895    $ (35,775 )
                      

Production volumes

        

Natural gas (MMcf)

     17,650      16,427      1,223  

Oil (MBbl)

     1,090      944      146  

Natural gas liquids (MMgal)

     17.5      16.7      0.80  

Total production volumes (MMcfe)

     26,692      24,483      2,209  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 6.55    $ 7.97    $ (1.42 )

Oil (barrel)

   $ 52.97    $ 67.90    $ (14.93 )

Natural gas liquids (gallon)

   $ 0.83    $ 1.04    $ (0.21 )

Other data

        

Lease operating expense (LOE)

        

LOE and other

   $ 45,872    $ 43,135    $ 2,737  

Production taxes

     7,841      16,576      (8,735 )
                      

Total

   $ 53,713    $ 59,711    $ (5,998 )
                      

Depreciation, depletion and amortization

   $ 41,963    $ 30,396    $ 11,567  

General and administrative expense

   $ 11,012    $ 11,899    $ (887 )

Capital expenditures

   $ 74,615    $ 74,397    $ 218  

Exploration expenditures

   $ 150    $ 349    $ (199 )

Operating income

   $ 81,146    $ 121,495    $ (40,349 )
                      

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 204,528    $ 199,575    $ 4,953  

Commercial and industrial

     75,376      77,505      (2,129 )

Transportation

     15,016      15,503      (487 )

Other

     66      4,168      (4,102 )
                      

Total

   $ 294,986    $ 296,751    $ (1,765 )
                      

Gas delivery volumes (MMcf)

        

Residential

     11,191      11,531      (340 )

Commercial and industrial

     4,568      4,976      (408 )

Transportation

     10,969      14,297      (3,328 )
                      

Total

     26,728      30,804      (4,076 )
                      

Other data

        

Depreciation and amortization

   $ 12,615    $ 12,020    $ 595  

Capital expenditures

   $ 16,110    $ 13,070    $ 3,040  

Operating income

   $ 80,839    $ 74,488    $ 6,351  
                      

 

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending March 31, 2009 and 2008

 

     Trailing 12 Months       

(in thousands, except sales price data)

   2009    2008    Change  

Oil and Gas Operations

        

Operating revenues from continuing operations

        

Natural gas

   $ 520,964    $ 507,135    $ 13,829  

Oil

     286,551      261,512      25,039  

Natural gas liquids

     65,292      71,027      (5,735 )

Other

     5,550      16,780      (11,230 )
                      

Total

   $ 878,357    $ 856,454    $ 21,903  
                      

Production volumes from continuing operations

        

Natural gas (MMcf)

     68,796      65,180      3,616  

Oil (MBbl)

     4,260      3,897      363  

Natural gas liquids (MMgal)

     71.5      75.1      (3.6 )

Production volumes from continuing ops. (MMcfe)

     104,563      99,283      5,280  

Total production volumes (MMcfe)

     104,563      99,283      5,280  

Revenue per unit of production including effects of all derivative instruments

        

Natural gas (Mcf)

   $ 7.57    $ 7.78    $ (0.21 )

Oil (barrel)

   $ 67.27    $ 67.11    $ 0.16  

Natural gas liquids (gallon)

   $ 0.91    $ 0.95    $ (0.04 )

Other data from continuing operations

        

Lease operating expense (LOE)

        

LOE and other

   $ 176,864    $ 156,006    $ 20,858  

Production taxes

     53,817      58,363      (4,546 )
                      

Total

   $ 230,681    $ 214,369    $ 16,312  
                      

Depreciation, depletion and amortization

   $ 151,106    $ 118,164    $ 32,942  

General and administrative expense

   $ 40,853    $ 48,971    $ (8,118 )

Capital expenditures

   $ 449,789    $ 400,481    $ 49,308  

Exploration expenditures

   $ 9,097    $ 3,146    $ 5,951  

Operating income

   $ 442,239    $ 467,761    $ (25,522 )
                      

Natural Gas Distribution

        

Operating revenues

        

Residential

   $ 413,233    $ 384,068    $ 29,165  

Commercial and industrial

     175,590      164,686      10,904  

Transportation

     50,629      50,191      438  

Other

     13,561      8,646      4,915  
                      

Total

   $ 653,013    $ 607,591    $ 45,422  
                      

Gas delivery volumes (MMcf)

        

Residential

     21,292      20,617      675  

Commercial and industrial

     10,526      10,697      (171 )

Transportation

     43,461      52,324      (8,863 )
                      

Total

     75,279      83,638      (8,359 )
                      

Other data

        

Depreciation and amortization

   $ 49,469    $ 47,609    $ 1,860  

Capital expenditures

   $ 66,360    $ 56,965    $ 9,395  

Operating income

   $ 88,307    $ 78,793    $ 9,514  
                      

 

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