PXP Producing (PPP) 8-K Pogo’s Second Quarter Revenues Up, Net Income Down from Year Ago

Exhibit 99.2

Pogo Producing Company

Supplemental Information (Unaudited) *

Financial Data	Quarter Ended June 30,				Six Months June 30,
(Data in $ thousands, except per share amounts)	2004		2003		2004		2003
Revenues:
Oil and Gas	326,659		297,077		633,986		608,863
Other	234		69		789		956
Total	326,893		297,146		634,775		609,819
Operating Expenses:
Lease Operating	32,350		29,752		67,225		60,543
General & Administrative	16,774		15,054		34,006		28,426
Exploration	4,916		1,827		13,387		3,659
Dry hole and impairment	24,842		3,920		36,465		6,098
Depreciation, depletion and amortization	93,114		84,347		180,453		164,766
Production and other taxes	14,236		10,231		23,774		19,185
Transportation and other	5,032		8,099		10,157		15,392
Total	191,264		153,230		365,467		298,069
Operating Income	135,629		143,916		269,308		311,750
Interest:
Charges	(6,627	)	(12,984	)	(16,071	)	(26,679	)
Income	443		547		895		934
Capitalized	3,468		4,117		8,016		8,131
Total Interest Expense	(2,716	)	(8,320	)	(7,160	)	(17,614	)
Loss on Debt Extinguishment	(10,893	)	—		(10,893	)	—
Foreign Currency Transaction Gain (Loss)	1,196		336		1,152		562
Income Before Income Taxes	123,216		135,932		252,407		294,698
Income Tax Expense (Benefit)	58,027		56,213		115,578		122,336
Income Before Change in Accounting Principle	65,189		79,719		136,829		172,362
Change in accounting principle	—		—		—		(4,166	)
Net Income	65,189		79,719		136,829		168,196
Basic earnings per share
Before change in accounting principle	1.02		1.29		2.15		2.80
Change in accounting principle	—		—		—		(0.07	)
Basic earnings per share	1.02		1.29		2.15		2.73
Diluted earnings per share
Before change in accounting principle	1.01		1.24		2.13		2.67
Change in accounting principle	—		—		—		(0.06	)
Diluted earnings per share	1.01		1.24		2.13		2.61
Weighted Average Number of Common Shares and Potential Common Shares Outstanding:
Basic shares	63,738		61,961		63,703		61,559
Diluted shares	64,333		65,376		64,273		65,252
Discretionary Cash Flow:
Net Income	65,189		79,719		136,829		168,196
Change in accounting principle	—		—		—		4,166
Depreciation, depletion and amortization	93,114		84,347		180,453		164,766
Deferred Taxes	3,312		(9,732	)	4,751		7,269
Dry Hole and Impairment	24,842		3,920		36,465		6,098
Exploration	4,916		1,827		13,387		3,659
(Gains) Losses on Property Sales	(37	)	28		(265	)	90
Capitalized Interest	(3,468	)	(4,117	)	(8,016	)	(8,131	)
Other Noncash	12,166		4,569		14,207		9,789
Total	200,034		160,561		377,811		355,902

*   Supplemental Information should be read in conjunction with Pogo’s Quarterly Earnings Release