Supplemental Financial Information

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, 2009 and 2008


	3rd Quarter
(in thousands, except per share data)	2009			2008			Change
Operating Revenues
Oil and gas operations	$	218,501		$	247,753		$	(29,252	)
Natural gas distribution		68,788			82,452			(13,664	)

Total operating revenues		287,289			330,205			(42,916	)

Operating Expenses
Cost of gas		29,377			35,901			(6,524	)
Operations and maintenance		97,963			88,168			9,795
Depreciation, depletion and amortization		61,323			47,111			14,212
Taxes, other than income taxes		15,471			27,266			(11,795	)
Accretion expense		1,306			1,081			225

Total operating expenses		205,440			199,527			5,913

Operating Income		81,849			130,678			(48,829	)

Other Income (Expense)
Interest expense		(10,017	)		(10,319	)		302
Other income		2,536			725			1,811
Other expense		(229	)		(2,009	)		1,780

Total other expense		(7,710	)		(11,603	)		3,893

Income Before Income Taxes		74,139			119,075			(44,936	)
Income tax expense		27,018			46,011			(18,993	)

Net Income	$	47,121		$	73,064		$	(25,943	)

Diluted Earnings Per Average Common Share	$	0.65		$	1.01		$	(0.36	)

Basic Earnings Per Average Common Share	$	0.66		$	1.02		$	(0.36	)

Diluted Avg. Common Shares Outstanding		71,996			72,116			(120	)

Basic Avg. Common Shares Outstanding		71,651			71,590			61

Dividends Per Common Share	$	0.125		$	0.12		$	0.005

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 9 months ending September 30, 2009 and 2008


	Year-to-date
(in thousands, except per share data)	2009			2008			Change
Operating Revenues
Oil and gas operations	$	606,158		$	704,428		$	(98,270	)
Natural gas distribution		471,457			488,689			(17,232	)

Total operating revenues		1,077,615			1,193,117			(115,502	)

Operating Expenses
Cost of gas		232,283			253,159			(20,876	)
Operations and maintenance		274,850			268,147			6,703
Depreciation, depletion and amortization		172,308			133,641			38,667
Taxes, other than income taxes		57,099			92,039			(34,940	)
Accretion expense		3,605			3,181			424

Total operating expenses		740,145			750,167			(10,022	)

Operating Income		337,470			442,950			(105,480	)

Other Income (Expense)
Interest expense		(29,586	)		(31,699	)		2,113
Other income		4,058			1,455			2,603
Other expense		(589	)		(3,057	)		2,468

Total other expense		(26,117	)		(33,301	)		7,184

Income Before Income Taxes		311,353			409,649			(98,296	)
Income tax expense		113,649			153,019			(39,370	)

Net Income	$	197,704		$	256,630		$	(58,926	)

Diluted Earnings Per Average Common Share	$	2.75		$	3.56		$	(0.81	)

Basic Earnings Per Average Common Share	$	2.76		$	3.58		$	(0.82	)

Diluted Avg. Common Shares Outstanding		71,878			72,129			(251	)

Basic Avg. Common Shares Outstanding		71,641			71,604			37

Dividends Per Common Share	$	0.375		$	0.36		$	0.015

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the 12 months ending September 30, 2009 and 2008


	Trailing 12 Months
(in thousands, except per share data)	2009			2008			Change
Operating Revenues
Oil and gas operations	$	815,862		$	924,208		$	(108,346	)
Natural gas distribution		637,546			620,364			17,182

Total operating revenues		1,453,408			1,544,572			(91,164	)

Operating Expenses
Cost of gas		330,898			319,004			11,894
Operations and maintenance		361,463			350,579			10,884
Depreciation, depletion and amortization		227,080			176,834			50,246
Taxes, other than income taxes		72,665			116,700			(44,035	)
Accretion expense		4,714			4,208			506

Total operating expenses		996,820			967,325			29,495

Operating Income		456,588			577,247			(120,659	)

Other Income (Expense)
Interest expense		(39,866	)		(43,144	)		3,278
Other income		2,394			1,727			667
Other expense		(2,454	)		(3,390	)		936

Total other expense		(39,926	)		(44,807	)		4,881

Income Before Income Taxes		416,662			532,440			(115,778	)
Income tax expense		153,673			196,396			(42,723	)

Net Income	$	262,989		$	336,044		$	(73,055	)

Diluted Earnings Per Average Common Share	$	3.66		$	4.66		$	(1.00	)

Basic Earnings Per Average Common Share	$	3.67		$	4.69		$	(1.02	)

Diluted Avg. Common Shares Outstanding		71,874			72,141			(267	)

Basic Avg. Common Shares Outstanding		71,640			71,626			14

Dividends Per Common Share	$	0.495		$	0.475		$	0.02

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending September 30, 2009 and 2008


	3rd Quarter
(in thousands, except sales price data)	2009			2008			Change
Oil and Gas Operations
Operating revenues
Natural gas	$	115,227		$	145,283		$	(30,056	)
Oil		80,225			82,375			(2,150	)
Natural gas liquids		17,496			18,404			(908	)
Other		5,553			1,691			3,862

Total	$	218,501		$	247,753		$	(29,252	)

Production volumes
Natural gas (MMcf)		18,881			17,258			1,623
Oil (MBbl)		1,253			1,055			198
Natural gas liquids (MMgal)		20.0			17.8			2.2
Total production volumes (MMcfe)		29,253			26,134			3,119
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.10		$	8.42		$	(2.32	)
Oil (barrel)	$	64.03		$	78.08		$	(14.05	)
Natural gas liquids (gallon)	$	0.88		$	1.03		$	(0.15	)
Other data
Lease operating expense (LOE)
LOE and other	$	45,480		$	43,890		$	1,590
Production taxes		9,050			20,610			(11,560	)

Total	$	54,530		$	64,500		$	(9,970	)

Depreciation, depletion and amortization	$	48,473		$	34,849		$	13,624
General and administrative expense	$	15,390		$	9,147		$	6,243
Capital expenditures	$	37,596		$	122,597		$	(85,001	)
Exploration expenditures	$	1,120		$	906		$	214
Operating income	$	97,682		$	137,270		$	(39,588	)

Natural Gas Distribution
Operating revenues
Residential	$	36,371		$	38,347		$	(1,976	)
Commercial and industrial		20,834			24,121			(3,287	)
Transportation		12,043			10,816			1,227
Other		(460	)		9,168			(9,628	)

Total	$	68,788		$	82,452		$	(13,664	)

Gas delivery volumes (MMcf)
Residential		1,498			1,505			(7	)
Commercial and industrial		1,235			1,390			(155	)
Transportation		10,504			10,706			(202	)

Total		13,237			13,601			(364	)

Other data
Depreciation and amortization	$	12,850		$	12,262		$	588
Capital expenditures	$	21,133		$	15,959		$	5,174
Operating loss	$	(15,237	)	$	(5,891	)	$	(9,346	)

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 9 months ending September 30, 2009 and 2008


	Year-to-date
(in thousands, except sales price data)	2009		2008		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	343,684	$	411,453	$	(67,769	)
Oil		204,587		221,402		(16,815	)
Natural gas liquids		48,212		55,915		(7,703	)
Other		9,675		15,658		(5,983	)

Total	$	606,158	$	704,428	$	(98,270	)

Production volumes
Natural gas (MMcf)		54,532		50,081		4,451
Oil (MBbl)		3,456		3,005		451
Natural gas liquids (MMgal)		55.9		52.7		3.2
Total production volumes (MMcfe)		83,259		75,639		7,620
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.30	$	8.22	$	(1.92	)
Oil (barrel)	$	59.19	$	73.69	$	(14.5	)
Natural gas liquids (gallon)	$	0.86	$	1.06	$	(0.20	)
Other data
Lease operating expense (LOE)
LOE and other	$	134,723	$	128,627	$	6,096
Production taxes		24,160		58,739		(34,579	)

Total	$	158,883	$	187,366	$	(28,483	)

Depreciation, depletion and amortization	$	134,189	$	97,240	$	36,949
General and administrative expense	$	37,830	$	34,574	$	3,256
Capital expenditures	$	353,424	$	295,507	$	57,917
Exploration expenditures	$	1,374	$	4,215	$	(2,841	)
Operating income	$	270,277	$	377,852	$	(107,575	)

Natural Gas Distribution
Operating revenues
Residential	$	305,663	$	301,633	$	4,030
Commercial and industrial		126,128		133,004		(6,876	)
Transportation		39,268		37,825		1,443
Other		398		16,227		(15,829	)

Total	$	471,457	$	488,689	$	(17,232	)

Gas delivery volumes (MMcf)
Residential		15,784		16,247		(463	)
Commercial and industrial		7,613		8,349		(736	)
Transportation		29,775		36,267		(6,492	)

Total		53,172		60,863		(7,691	)

Other data
Depreciation and amortization	$	38,119	$	36,401	$	1,718
Capital expenditures	$	57,107	$	44,955	$	12,152
Operating income	$	68,844	$	67,125	$	1,719

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending September 30, 2009 and 2008


	Trailing 12 Months
(in thousands, except sales price data)	2009		2008		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	468,514	$	539,423	$	(70,909	)
Oil		276,093		291,511		(15,418	)
Natural gas liquids		60,513		75,462		(14,949	)
Other		10,742		17,812		(7,070	)

Total	$	815,862	$	924,208	$	(108,346	)

Production volumes
Natural gas (MMcf)		72,024		66,649		5,375
Oil (MBbl)		4,565		3,986		579
Natural gas liquids (MMgal)		73.9		72.3		1.6
Total production volumes (MMcfe)		109,974		100,895		9,079
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	6.50	$	8.09	$	(1.59	)
Oil (barrel)	$	60.48	$	73.14	$	(12.66	)
Natural gas liquids (gallon)	$	0.82	$	1.04	$	(0.22	)
Other data
Lease operating expense (LOE)
LOE and other	$	180,223	$	163,671	$	16,552
Production taxes		27,973		73,969		(45,996	)

Total	$	208,196	$	237,640	$	(29,444	)

Depreciation, depletion and amortization	$	176,488	$	128,398	$	48,090
General and administrative expense	$	44,996	$	48,777	$	(3,781	)
Capital expenditures	$	507,488	$	420,191	$	87,297
Exploration expenditures	$	6,455	$	5,438	$	1,017
Operating income	$	375,013	$	499,747	$	(124,734	)

Natural Gas Distribution
Operating revenues
Residential	$	412,310	$	383,613	$	28,697
Commercial and industrial		170,843		167,629		3,214
Transportation		52,559		50,571		1,988
Other		1,834		18,551		(16,717	)

Total	$	637,546	$	620,364	$	17,182

Gas delivery volumes (MMcf)
Residential		21,169		20,609		560
Commercial and industrial		10,198		10,569		(371	)
Transportation		40,297		49,318		(9,021	)

Total		71,664		80,496		(8,832	)

Other data
Depreciation and amortization	$	50,592	$	48,436	$	2,156
Capital expenditures	$	75,472	$	58,221	$	17,251
Operating income	$	83,675	$	80,133	$	3,542