Exhibit 99.2
Pogo Producing Company
Supplemental Information (Unaudited) *
Financial Data |
| Quarter Ended |
| Nine Months |
| ||||
(Data in $thousands, except per share amounts) |
| 2003 |
| 2002 |
| 2003 |
| 2002 |
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Revenues: |
|
|
|
|
|
|
|
|
|
Oil and Gas |
| 277,067 |
| 203,919 |
| 882,464 |
| 531,457 |
|
Other |
| 848 |
| 3,889 |
| 1,804 |
| 3,646 |
|
Total |
| 277,915 |
| 207,808 |
| 884,268 |
| 535,103 |
|
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Operating Expenses: |
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|
Lease Operating |
| 32,886 |
| 29,734 |
| 97,459 |
| 87,862 |
|
General & Administrative |
| 16,936 |
| 14,445 |
| 45,362 |
| 36,815 |
|
Exploration |
| 1,432 |
| 2,508 |
| 5,091 |
| 3,684 |
|
Dry hole and impairment |
| 4,568 |
| 8,179 |
| 10,666 |
| 16,674 |
|
Depreciation, depletion and amortization |
| 79,688 |
| 73,960 |
| 244,454 |
| 213,708 |
|
Production and other taxes |
| 8,084 |
| 5,254 |
| 27,269 |
| 12,994 |
|
Accretion and other |
| 8,468 |
| 2,133 |
| 16,364 |
| 2,314 |
|
Total |
| 152,062 |
| 136,213 |
| 446,665 |
| 374,051 |
|
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Operating Income |
| 125,853 |
| 71,595 |
| 437,603 |
| 161,052 |
|
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Interest: |
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Charges |
| (10,255 | ) | (14,364 | ) | (36,934 | ) | (43,452 | ) |
Income |
| 446 |
| 404 |
| 1,380 |
| 1,316 |
|
Capitalized |
| 4,246 |
| 5,933 |
| 12,377 |
| 19,445 |
|
Total Interest Expense |
| (5,563 | ) | (8,027 | ) | (23,177 | ) | (22,691 | ) |
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Minority Interest in Subsidiary |
| — |
| — |
| — |
| (4,140 | ) |
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Foreign Currency Transaction Gain (Loss) |
| 587 |
| (458 | ) | 1,149 |
| 873 |
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Income Before Income Taxes |
| 120,877 |
| 63,110 |
| 415,575 |
| 135,094 |
|
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|
Income Tax Expense (Benefit) |
| 53,217 |
| 31,473 |
| 175,553 |
| 65,814 |
|
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Income Before Change in Accounting Principle |
| 67,660 |
| 31,637 |
| 240,022 |
| 69,280 |
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Change in accounting principle |
| — |
| — |
| (4,166 | ) | — |
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Net Income |
| 67,660 |
| 31,637 |
| 235,856 |
| 69,280 |
|
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Basic earnings per share |
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|
Before change in accounting principle |
| 1.07 |
| 0.52 |
| 3.86 |
| 1.22 |
|
Change in accounting principle |
| — |
| — |
| (0.07 | ) | — |
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Basic earnings per share |
| 1.07 |
| 0.52 |
| 3.79 |
| 1.22 |
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Diluted earnings per share |
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|
Before change in accounting principle |
| 1.06 |
| 0.51 |
| 3.74 |
| 1.17 |
|
Change in accounting principle |
| — |
| — |
| (0.07 | ) | — |
|
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Diluted earnings per share |
| 1.06 |
| 0.51 |
| 3.67 |
| 1.17 |
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Weighted Average Number of Common Shares and Potential Common Shares Outstanding: |
|
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Basic shares |
| 63,379 |
| 60,779 |
| 62,170 |
| 56,953 |
|
Diluted shares |
| 63,963 |
| 64,454 |
| 64,826 |
| 64,111 |
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Discretionary Cash Flow: |
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|
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Net Income |
| 67,660 |
| 31,637 |
| 235,856 |
| 69,280 |
|
Accretion and other |
| 13,771 |
| 458 |
| 21,054 |
| (873 | ) |
Change in accounting principle |
| — |
| — |
| 4,166 |
| — |
|
Depreciation, depletion and amortization |
| 79,688 |
| 73,960 |
| 244,454 |
| 213,708 |
|
Deferred Taxes |
| 25,692 |
| 44,406 |
| 32,961 |
| 60,017 |
|
Dry Hole and Impairment |
| 4,568 |
| 8,179 |
| 10,666 |
| 16,674 |
|
Exploration |
| 1,432 |
| 2,508 |
| 5,091 |
| 3,684 |
|
(Gains) Losses on Property Sales |
| (3 | ) | (3,403 | ) | 87 |
| (3,100 | ) |
Capitalized Interest |
| (4,246 | ) | (5,933 | ) | (12,377 | ) | (19,445 | ) |
Undistributed Equity in Minority Owned Subsidiary |
| — |
| — |
| — |
| 4,140 |
|
Other Noncash |
| 2,393 |
| 5,331 |
| 4,899 |
| 13,016 |
|
Total |
| 190,955 |
| 157,143 |
| 546,857 |
| 357,101 |
|
* Supplemental Information should be read in conjunction with Pogo’s Quarterly Earnings Release