Exhibit 99.2
Pogo Producing Company
Supplemental Information (Unaudited) *
Financial Data |
| Quarter Ended |
| Twelve Months |
| ||||
(Data in $ thousands, except per share amounts) |
| 2003 |
| 2002 |
| 2003 |
| 2002 |
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Revenues: |
|
|
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|
|
|
Oil and Gas |
| 272,197 |
| 217,320 |
| 1,159,544 |
| 750,401 |
|
Other |
| 648 |
| 807 |
| 2,452 |
| 4,453 |
|
Total |
| 272,845 |
| 218,127 |
| 1,161,996 |
| 754,854 |
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Operating Expenses: |
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|
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Lease Operating |
| 31,287 |
| 30,095 |
| 123,098 |
| 112,663 |
|
General & Administrative |
| 15,929 |
| 12,675 |
| 61,291 |
| 49,490 |
|
Exploration |
| 2,456 |
| 1,099 |
| 7,547 |
| 4,783 |
|
Dry hole and impairment |
| 24,436 |
| 10,325 |
| 35,102 |
| 26,999 |
|
Depreciation, depletion and amortization |
| 81,366 |
| 74,101 |
| 325,820 |
| 287,809 |
|
Production and other taxes |
| 8,216 |
| 7,064 |
| 35,485 |
| 20,058 |
|
Transportation and other |
| 4,922 |
| 3,647 |
| 31,817 |
| 12,879 |
|
Total |
| 168,612 |
| 139,006 |
| 620,160 |
| 514,681 |
|
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Operating Income |
| 104,233 |
| 79,121 |
| 541,836 |
| 240,173 |
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Interest: |
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Charges |
| (9,426 | ) | (13,998 | ) | (46,360 | ) | (57,450 | ) |
Income |
| 472 |
| 444 |
| 1,852 |
| 1,760 |
|
Capitalized |
| 4,154 |
| 4,588 |
| 16,531 |
| 24,033 |
|
Total Interest Expense |
| (4,800 | ) | (8,966 | ) | (27,977 | ) | (31,657 | ) |
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Minority Interest in Subsidiary |
| — |
| — |
| — |
| (4,140 | ) |
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Foreign Currency Transaction Gain (Loss) |
| 221 |
| (438 | ) | 1,370 |
| 435 |
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Income Before Income Taxes |
| 99,654 |
| 69,717 |
| 515,229 |
| 204,811 |
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Income Tax Expense (Benefit) |
| 44,569 |
| 31,966 |
| 220,122 |
| 97,780 |
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Income Before Change in Accounting Principle |
| 55,085 |
| 37,751 |
| 295,107 |
| 107,031 |
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Change in accounting principle |
| — |
| — |
| (4,166 | ) | — |
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Net Income |
| 55,085 |
| 37,751 |
| 290,941 |
| 107,031 |
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Basic earnings per share |
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|
Before change in accounting principle |
| 0.87 |
| 0.62 |
| 4.72 |
| 1.85 |
|
Change in accounting principle |
| — |
| — |
| (0.07 | ) | — |
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Basic earnings per share |
| 0.87 |
| 0.62 |
| 4.65 |
| 1.85 |
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Diluted earnings per share |
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Before change in accounting principle |
| 0.86 |
| 0.60 |
| 4.60 |
| 1.77 |
|
Change in accounting principle |
| — |
| — |
| (0.06 | ) | — |
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Diluted earnings per share |
| 0.86 |
| 0.60 |
| 4.54 |
| 1.77 |
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Weighted Average Number of Common Shares and Potential Common Shares Outstanding: |
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Basic shares |
| 63,607 |
| 60,966 |
| 62,538 |
| 57,963 |
|
Diluted shares |
| 64,013 |
| 64,920 |
| 64,612 |
| 64,321 |
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Discretionary Cash Flow: |
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Net Income |
| 55,085 |
| 37,751 |
| 290,941 |
| 107,031 |
|
Change in accounting principle |
| — |
| — |
| 4,166 |
| — |
|
Depreciation, depletion and amortization |
| 81,366 |
| 74,101 |
| 325,820 |
| 287,809 |
|
Deferred Taxes |
| 18,857 |
| 10,912 |
| 51,818 |
| 70,929 |
|
Dry Hole and Impairment |
| 24,436 |
| 10,325 |
| 35,102 |
| 26,999 |
|
Exploration |
| 2,456 |
| 1,099 |
| 7,547 |
| 4,783 |
|
(Gains) Losses on Property Sales |
| (473 | ) | 66 |
| (386 | ) | (3,034 | ) |
Capitalized Interest |
| (4,154 | ) | (4,588 | ) | (16,531 | ) | (24,033 | ) |
Undistributed Equity in Minority Owned Subsidiary |
| — |
| — |
| — |
| 4,140 |
|
Other Noncash |
| 8,382 |
| 6,174 |
| 34,335 |
| 18,317 |
|
Total |
| 185,955 |
| 135,840 |
| 732,812 |
| 492,941 |
|
* Supplemental Information should be read in conjunction with Pogo’s Quarterly Earnings Release