PXP Producing (PPP) 8-K Pogo's Strong First Quarter Earnings Sparked by 30% Production Increase

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Pogo Producing Company
Supplemental Information (Unaudited)

			Quarter Ended March 31,
			2003			2002
			(Data in $ thousands, except per share amount)
Financial Data
Revenues:
	Oil and Gas		$	309,867		$	142,297
	Other			887			613
		Total		310,754			142,910
Operating Costs/Expenses:
	Lease Operating			39,669			31,283
	General & Administrative			13,372			11,542
	Exploration			1,832			(176	)
	Dry hole and impairment			2,178			4,995
	Depreciation, depletion and amortization			80,419			65,806
	Accretion and other			5,450			181
		Total		142,920			113,631
Operating Income				167,834			29,279
Interest:
	Charges			(13,695	)		(14,588	)
	Income			387			378
	Capitalized			4,014			6,653
		Total Interest Expense		(9,294	)		(7,557	)
Minority Interest in Subsidiary				—			(2,502	)
Foreign Currency Transaction Gain				226			672
Income Before Income Taxes				158,766			19,892
Income Tax Expense				66,123			10,867
Income Before Change in Accounting Principle				92,643			9,025
Change in accounting principle				(4,166	)		—
Net Income			$	88,477		$	9,025
Basic earnings per share
		Before change in accounting principle	$	1.52		$	0.17
		Change in accounting principle		(0.07	)		—
		Basic earnings per share	$	1.45		$	0.17
Diluted earnings per share
		Before change in accounting principle	$	1.44		$	0.17
		Change in accounting principle		(0.07	)		—
		Diluted earnings per share	$	1.37		$	0.17
Weighted Average Number of Common Shares and Potential Common Shares Outstanding:
	Basic shares			61,157			53,750
	Diluted shares			65,128			54,487
Discretionary Cash Flow:
	Net Income			88,477			9,025
	Accretion and other			4,101			(672	)
	Change in accounting principle			4,166			—
	Depreciation, depletion and amortization			80,419			65,806
	Deferred Taxes			17,001			7,546
	Dry Hole and Impairment			2,178			4,995
	Exploration			1,832			(176	)
	(Gains) Losses on Property Sales			62			262
	Capitalized Interest			(4,014	)		(6,653	)
	Undistributed Equity in Minority Owned Subsidiary			—			2,502
	Other Noncash			1,119			2,662
		Total	$	195,341		$	85,297

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Pogo Producing Company Supplemental Information (Unaudited)