Exhibit 99.2
Pogo Producing Company
Supplemental Information (Unaudited)*
| Quarter Ended June 30, | Six Months Ended June 30, | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Financial Data (Data in $ thousands, except per share amounts) | |||||||||||
2003 | 2002 | 2003 | 2002 | ||||||||
Revenues: | |||||||||||
Oil and Gas | 295,530 | 185,241 | 605,397 | 327,538 | |||||||
Other | 69 | (856 | ) | 956 | (243 | ) | |||||
Total | 295,599 | 184,385 | 606,353 | 327,295 | |||||||
Operating Expenses: | |||||||||||
Lease Operating | 31,484 | 29,656 | 64,573 | 58,128 | |||||||
General & Administrative | 15,054 | 10,828 | 28,426 | 22,370 | |||||||
Exploration | 1,827 | 1,352 | 3,659 | 1,176 | |||||||
Dry hole and impairment | 3,920 | 3,500 | 6,098 | 8,495 | |||||||
Depreciation, depletion and amortization | 84,347 | 73,942 | 164,766 | 139,748 | |||||||
Production and other taxes | 10,231 | 4,929 | 19,185 | 7,740 | |||||||
Accretion and other | 4,820 | — | 7,896 | 181 | |||||||
Total | 151,683 | 124,207 | 294,603 | 237,838 | |||||||
Operating Income | 143,916 | 60,178 | 311,750 | 89,457 | |||||||
Interest: | |||||||||||
Charges | (12,984 | ) | (14,500 | ) | (26,679 | ) | (29,088 | ) | |||
Income | 547 | 534 | 934 | 912 | |||||||
Capitalized | 4,117 | 6,859 | 8,131 | 13,512 | |||||||
Total Interest Expense | (8,320 | ) | (7,107 | ) | (17,614 | ) | (14,664 | ) | |||
Minority Interest in Subsidiary | — | (1,638 | ) | — | (4,140 | ) | |||||
Foreign Currency Transaction Gain (Loss) | 336 | 659 | 562 | 1,331 | |||||||
Income Before Income Taxes | 135,932 | 52,092 | 294,698 | 71,984 | |||||||
Income Tax Expense (Benefit) | 56,213 | 23,474 | 122,336 | 34,341 | |||||||
Income Before Change in Accounting Principle | 79,719 | 28,618 | 172,362 | 37,643 | |||||||
Change in accounting principle | — | — | (4,166 | ) | — | ||||||
Net Income | 79,719 | 28,618 | 168,196 | 37,643 | |||||||
Basic earnings per share | |||||||||||
Before change in accounting principle | 1.29 | 0.51 | 2.80 | 0.68 | |||||||
Change in accounting principle | — | — | (0.07 | ) | — | ||||||
Basic earnings per share | 1.29 | 0.51 | 2.73 | 0.68 | |||||||
Diluted earnings per share | |||||||||||
Before change in accounting principle | 1.24 | 0.48 | 2.67 | 0.66 | |||||||
Change in accounting principle | — | — | (0.06 | ) | — | ||||||
Diluted earnings per share | 1.24 | 0.48 | 2.61 | 0.66 | |||||||
Weighted Average Number of Common Shares and Potential Common Shares Outstanding: | |||||||||||
Basic shares | 61,961 | 56,192 | 61,559 | 54,972 | |||||||
Diluted shares | 65,376 | 64,340 | 65,252 | 61,210 | |||||||
Discretionary Cash Flow: | |||||||||||
Net Income | 79,719 | 28,618 | 168,196 | 37,643 | |||||||
Accretion and other | 3,182 | (659 | ) | 7,283 | (1,331 | ) | |||||
Change in accounting principle | — | — | 4,166 | — | |||||||
Depreciation, depletion and amortization | 84,347 | 73,942 | 164,766 | 139,748 | |||||||
Deferred Taxes | (9,732 | ) | 8,065 | 7,269 | 15,611 | ||||||
Dry Hole and Impairment | 3,920 | 3,500 | 6,098 | 8,495 | |||||||
Exploration | 1,827 | 1,352 | 3,659 | 1,176 | |||||||
(Gains) Losses on Property Sales | 28 | 41 | 90 | 303 | |||||||
Capitalized Interest | (4,117 | ) | (6,859 | ) | (8,131 | ) | (13,512 | ) | |||
Undistributed Equity in Minority Owned Subsidiary | — | 1,638 | — | 4,140 | |||||||
Other Noncash | 1,387 | 5,023 | 2,506 | 7,685 | |||||||
Total | 160,561 | 114,661 | 355,902 | 199,958 | |||||||
- *
- Supplemental Information should be read in conjunction with Pogo's Quarterly Earnings Release