Exhibit 99.2
Pogo Producing Company
Supplemental Information (Unaudited) *
Financial Data |
| Quarter Ended |
| Twelve Months |
| ||||
(Data in $ thousands, except per share amounts) |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
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|
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Revenues: |
|
|
|
|
|
|
|
|
|
Oil and Gas |
| 310,215 |
| 272,197 |
| 1,308,225 |
| 1,159,544 |
|
Other |
| 13,792 |
| 648 |
| 14,754 |
| 2,452 |
|
Total |
| 324,007 |
| 272,845 |
| 1,322,979 |
| 1,161,996 |
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Operating Expenses: |
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|
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|
|
|
|
Lease Operating |
| 40,914 |
| 31,287 |
| 144,473 |
| 123,098 |
|
General & Administrative |
| 17,022 |
| 15,929 |
| 69,775 |
| 61,291 |
|
Exploration |
| 4,490 |
| 2,456 |
| 23,063 |
| 7,547 |
|
Dry hole and impairment |
| 37,762 |
| 24,436 |
| 92,312 |
| 35,102 |
|
Depreciation, depletion and amortization |
| 87,877 |
| 81,366 |
| 365,089 |
| 325,820 |
|
Production and other taxes |
| 15,604 |
| 8,216 |
| 67,984 |
| 35,485 |
|
Transportation and other |
| 6,090 |
| 4,922 |
| 21,699 |
| 25,924 |
|
Total |
| 209,759 |
| 168,612 |
| 784,395 |
| 614,267 |
|
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Operating Income |
| 114,248 |
| 104,233 |
| 538,584 |
| 547,729 |
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Interest: |
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Charges |
| (7,218 | ) | (9,426 | ) | (29,333 | ) | (46,360 | ) |
Income |
| 1,044 |
| 472 |
| 2,526 |
| 1,852 |
|
Capitalized |
| 2,759 |
| 4,154 |
| 14,216 |
| 16,531 |
|
Total Interest Expense |
| (3,415 | ) | (4,800 | ) | (12,591 | ) | (27,977 | ) |
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Loss on Debt Extinguishment |
| (2,866 | ) | — |
| (13,759 | ) | (5,893 | ) |
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Foreign Currency Transaction Gain (Loss) |
| (3,165 | ) | 221 |
| (1,726 | ) | 1,370 |
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Income Before Income Taxes |
| 104,802 |
| 99,654 |
| 510,508 |
| 515,229 |
|
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|
Income Tax Expense (Benefit) |
| 57,534 |
| 44,569 |
| 239,799 |
| 220,122 |
|
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Income Before Change in Accounting Principle |
| 47,268 |
| 55,085 |
| 270,709 |
| 295,107 |
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Change in accounting principle |
| — |
| — |
| — |
| (4,166 | ) |
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Net Income |
| 47,268 |
| 55,085 |
| 270,709 |
| 290,941 |
|
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Basic earnings per share |
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|
|
|
|
Before change in accounting principle |
| 0.74 |
| 0.87 |
| 4.24 |
| 4.72 |
|
Change in accounting principle |
| — |
| — |
| — |
| (0.07 | ) |
|
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|
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|
Basic earnings per share |
| 0.74 |
| 0.87 |
| 4.24 |
| 4.65 |
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|
Diluted earnings per share |
|
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|
Before change in accounting principle |
| 0.73 |
| 0.86 |
| 4.20 |
| 4.60 |
|
Change in accounting principle |
| — |
| — |
| — |
| (0.06 | ) |
|
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Diluted earnings per share |
| 0.73 |
| 0.86 |
| 4.20 |
| 4.54 |
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Weighted Average Number of Common Shares and |
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Basic shares |
| 64,053 |
| 63,607 |
| 63,848 |
| 62,538 |
|
Diluted shares |
| 64,605 |
| 64,013 |
| 64,393 |
| 64,612 |
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Discretionary Cash Flow: |
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Net Income |
| 47,268 |
| 55,085 |
| 270,709 |
| 290,941 |
|
Change in accounting principle |
| — |
| — |
| — |
| 4,166 |
|
Depreciation, depletion and amortization |
| 87,877 |
| 81,366 |
| 365,089 |
| 325,820 |
|
Deferred Taxes |
| 1,700 |
| 18,857 |
| (3,666 | ) | 51,818 |
|
Dry Hole and Impairment |
| 37,762 |
| 24,436 |
| 92,312 |
| 35,102 |
|
Exploration |
| 4,490 |
| 2,456 |
| 23,063 |
| 7,547 |
|
(Gains) Losses on Property Sales |
| 203 |
| (473 | ) | 279 |
| (386 | ) |
Capitalized Interest |
| (2,759 | ) | (4,154 | ) | (14,216 | ) | (16,531 | ) |
Other Noncash |
| 8,768 |
| 8,382 |
| 26,018 |
| 34,335 |
|
Total |
| 185,309 |
| 185,955 |
| 759,588 |
| 732,812 |
|
* Supplemental Information should be read in conjunction with Pogo’s Quarterly Earnings Release