EX-99 2 exhibit991.htm SELECTED FINANCIAL DATA - POST 2-FOR-1 STOCK SPLIT SWN022804FORM10K

EXHIBIT 99.1

SELECTED FINANCIAL DATA

        The following table sets forth a summary of selected historical financial information for each of the years in the five-year period ended December 31, 2004. This information and the notes thereto are derived from our financial statements.

 

 

2004

 

 

2003

 

 

2002

 

 

2001

 

 

2000

 

 

 

(in thousands except share, per share, shareholder data and percentages)

Financial Review

Operating revenues
Exploration and production

  $

286,924 

  $

176,245 

  $

122,207 

  $

153,937 

  $

110,920

 

   Gas distribution

152,449 

137,356 

115,850 

147,282 

151,234

   Gas marketing and other

 

321,226 

 

205,449 

 

131,514 

 

190,773 

 

208,196

   Intersegment revenues

(283,462)

(191,649)

(108,069)

(147,065)

(106,467)

 

477,137 

 

327,401 

 

261,502 

 

344,927 

 

363,883

Operating costs and expenses
Gas purchases - utility

   

64,311 

   

52,585 

   

48,388 

   

68,161 

   

58,669

 

   Gas purchases - marketing

 

60,804 

 

39,428 

 

37,927 

 

68,010 

 

133,221

   Operating and general

78,231 

70,479 

64,600 

64,108 

59,790

   Unusual items

 

--  

 

--  

 

--  

 

--  

 

111,288

   Depreciation, depletion and amortization

73,674 

55,948 

53,992 

52,899 

45,869

   Taxes, other than income taxes

 

17,830 

 

11,619 

 

10,090 

 

9,080 

 

8,515

 

294,850 

 

230,059 

 

214,997 

 

262,258 

 

417,352

Operating income (loss)

 

182,287 

 

97,342 

 

46,505 

 

82,669 

 

(53,469)

Interest expense, net

(16,992)

(17,311)

(21,466)

(23,699)

(24,689)

Other income (expense)

 

(362)

 

797 

 

(566)

 

(799)

 

1,997

Minority interest in partnership

(1,579)

(2,180)

(1,454)

(930)

--

Income (loss) before income taxes and accounting    change

   

163,354 

   

78,648 

   

23,019 

   

57,241 

   

(76,161)

 

Income taxes
Current

   

--  

   

--  

   

--  

   

--  

   

--

 

    Deferred

 

59,778 

 

28,896 

 

8,708 

 

21,917 

 

(29,474)

 

59,778 

 

28,896 

 

8,708 

 

21,917 

 

(29,474)

Income before accounting change

 

103,576 

 

49,752 

 

14,311 

 

35,324 

 

(46,687)

Cumulative effect of adoption of accounting    principle

   

--  

   

(855)

   

--  

   

--  

   

--

 

Net income (loss)

$

103,576 

$

48,897 

$

14,311 

$

35,324 

$

(46,687)

Net cash provided by operating activities

  $

237,897 

  $

109,099 

  $

77,574 

  $

144,583 

  $

(53,203)

(1)

Return on equity

 

23.1%

 

14.3%

 

8.1%

 

19.3%

 

n/a

Common Stock Statistics (2)
Earnings (loss) per share:

   

   

   

   

   

 

   Basic

$

1.45 

$

.74 

$

.28 

$

.70 

$

 (.93)

   Diluted

$

1.40 

$

.73 

$

 .27 

$

.69 

$

(.93)

Cash dividends declared and paid per share

  $

-- 

  $

-- 

  $

 --  

  $

--  

  $

 .06

 

Book value per average diluted share

$

6.06 

$

4.99 

$

3.41 

$

3.58 

$

2.82

Market price at year-end

$

25.35 

$

11.95 

$

5.73 

$

5.20 

$

5.19

Number of shareholders of record at year-end

   

2,022 

   

2,026 

   

2,079 

   

2,124 

   

2,192

 

Average diluted shares outstanding

 

73,925,544 

 

68,475,868 

 

52,104,476 

 

51,202,220 

 

50,087,172

        (1) Net cash provided by operating activities for 2000 would have been $58.1 million excluding the effects of unusual items for the Hales judgment and other litigation.

        (2) Common stock statistics have been restated to reflect the June 3, 2005 two-for-one stock split.


2004

2003

2002

2001

2000

Capitalization (in thousands)

         

   

   

   

Total debt, including current portion

  $

325,000

  $

278,800

  $

342,400

  $

350,000

  $

396,000

Common shareholders' equity(1)

   

447,677

   

341,561

   

177,488

   

183,086

   

141,291

Total capitalization

  $

772,677

  $

620,361

  $

519,888

  $

533,086

  $

537,291

Total assets

  $

1,146,144

  $

890,710

  $

740,162

  $

743,123

  $

705,378

Capitalization ratios:

   

   

   

   

   

Debt

   

42.1%

   

44.9%

   

65.9%

   

65.7%

   

73.7%

Equity

   

57.9%

   

55.1%

   

34.1%

   

34.3%

   

26.3%

Capital Expenditures (in millions) (2)

   

   

   

   

   

Exploration and production

$

282.0

$

170.9

$

85.2

$

99.0

$

69.2

Gas distribution

7.3

8.2

6.1

5.3

6.0

Other

   

5.7

   

1.1

   

0.8

   

1.8

   

0.5

    $

295.0

  $

180.2

  $

92.1

  $

106.1

  $

75.7

Exploration and Production

   

   

   

   

   

Natural gas:

         

   

   

   

Production, Bcf

   

50.4

   

38.0

   

36.0

   

35.5

   

31.6

Average price per Mcf, including hedges

  $

5.21

  $

4.20

  $

3.00

  $

3.85

  $

2.88

Average price per Mcf, excluding hedges

  $

5.80

  $

5.15

  $

3.11

  $

4.16

  $

3.92

Oil:

   

   

   

   

   

Production, MBbls

   

618

   

531

   

682

   

719

   

676

Average price per barrel, including hedges

  $

31.47

  $

26.72

  $

21.02

  $

23.55

  $

22.99

Average price per barrel, excluding hedges

  $

40.55

  $

29.66

  $

23.94

  $

23.58

  $

29.38

Total gas and oil production, Bcfe

   

54.1

   

41.2

   

40.1

   

39.8

   

35.7

Lease operating expenses per Mcfe

  $

.38

  $

.39

  $

.45

  $

.45

  $

.40

Taxes other than income taxes per Mcfe

  $

.28

  $

.22

  $

.19

  $

 .17

  $

.16

Proved reserves at year-end:

         

   

   

   

Natural gas, Bcf

594.5

457.0

374.6

355.8

331.8

Oil, MBbls

8,508

7,675

6,784

7,704

8,130

Total reserves, Bcfe

   

645.5

   

503.1

   

415.3

   

402.0

   

380.6

Gas Distribution(3)

   

   

   

   

   

Sales and transportation volumes, Bcf:

         

   

   

   

Residential

   

8.5

   

9.0

   

9.0

   

8.4

   

7.9

Commercial

   

5.7

   

6.1

   

6.2

   

6.1

   

6.0

Industrial

   

1.3

   

1.2

   

1.5

   

2.5

   

2.9

End-use transportation

   

8.5

   

8.4

   

8.4

   

7.0

   

6.3

 

   

24.0

   

24.7

   

25.1

   

24.0

   

23.1

Off-system transportation

   

1.0

   

0.3

   

2.2

   

3.1

   

3.1

 

   

25.0

   

25.0

   

27.3

   

27.1

   

26.2

Customers at year-end:

   

 

   

   

   

   

Residential

127,622

124,776

122,906

119,856

119,024

Commercial

   

16,815

   

16,623

   

16,448

   

16,177

   

16,282

Industrial

   

175

   

174

   

189

   

209

   

228

 

   

144,612

   

141,573

   

139,543

   

136,242

   

135,534

Degree days

   

3,678

   

3,969

   

3,950

   

3,654

   

3,994

Percent of normal

   

90%

   

99%

   

98%

   

91%

   

100%

(1) Shareholders' equity included accumulated other comprehensive losses of $19.8 million in 2004 ($18.8 million related to our cash flow hedges and $1.0 million related to our pension plan), $12.5 million in 2003 ($12.0 million related to our cash flow hedges and $0.5 million related to our pension plan), and $17.4 million in 2002 ($14.0 million related to our cash flow hedges and $3.4 million related to our pension plan), and accumulated other comprehensive income of $5.8 million in 2001 related to our cash flow hedges.

 

(2) Capital expenditures for 2004 and 2003 included $3.9 million and $12.0 million, respectively, related to the change in accrued expenditures between years.

 

(3) Gas distribution statistics for 2000 exclude the operations of Missouri properties which were sold May 31, 2000.