Exhibit 99.2
Pogo Producing Company
Supplemental Information (Unaudited) (1)(2)
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| Quarter Ended |
| Six Months Ended |
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Financial Data |
| June 30, |
| June 30, |
| ||||
(Data in $ thousands, except per share amounts) |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
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Revenues: |
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|
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Oil and gas |
| 274,044 |
| 250,479 |
| 528,106 |
| 485,130 |
|
Other |
| 520 |
| 218 |
| 13,610 |
| 700 |
|
Total |
| 274,564 |
| 250,697 |
| 541,716 |
| 485,830 |
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Operating Expenses: |
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Lease operating |
| 33,464 |
| 22,864 |
| 62,185 |
| 46,333 |
|
General and administrative |
| 18,320 |
| 14,674 |
| 37,045 |
| 29,843 |
|
Exploration |
| 3,319 |
| 4,836 |
| 14,498 |
| 13,290 |
|
Dry hole and impairment |
| 6,502 |
| 5,027 |
| 53,857 |
| 7,423 |
|
Depreciation, depletion and amortization |
| 67,923 |
| 66,210 |
| 138,381 |
| 129,209 |
|
Production and other taxes |
| 14,190 |
| 10,009 |
| 25,366 |
| 17,759 |
|
Transportation and other |
| 4,409 |
| 4,760 |
| 10,248 |
| 9,642 |
|
Total |
| 148,127 |
| 128,380 |
| 341,580 |
| 253,499 |
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Operating Income |
| 126,437 |
| 122,317 |
| 200,136 |
| 232,331 |
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Interest: |
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Charges |
| (13,850 | ) | (6,627 | ) | (24,061 | ) | (16,071 | ) |
Income |
| 1,369 |
| 86 |
| 2,186 |
| 204 |
|
Capitalized |
| 2,713 |
| 3,468 |
| 4,910 |
| 8,016 |
|
Total Interest Expense |
| (9,768 | ) | (3,073 | ) | (16,965 | ) | (7,851 | ) |
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Loss on Debt Extinguishment |
| — |
| (10,893 | ) | — |
| (10,893 | ) |
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Foreign Currency Transaction Gain (Loss) |
| (8 | ) | (1 | ) | 2 |
| (3 | ) |
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Income from continuing operations before income taxes |
| 116,661 |
| 108,350 |
| 183,173 |
| 213,584 |
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Income tax expense |
| 42,683 |
| 41,270 |
| 69,686 |
| 79,803 |
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Net Income from continuing operations |
| 73,978 |
| 67,080 |
| 113,487 |
| 133,781 |
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Income (loss) from discontinued operations, net of tax |
| 29,461 |
| (1,891 | ) | 49,188 |
| 3,048 |
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Net income |
| 103,439 |
| 65,189 |
| 162,675 |
| 136,829 |
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Basic earnings per share |
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Income from continuing operations |
| 1.23 |
| 1.05 |
| 1.83 |
| 2.10 |
|
Income (loss) from discontinued operations |
| 0.48 |
| (0.03 | ) | 0.80 |
| 0.05 |
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Basic earnings per share |
| 1.71 |
| 1.02 |
| 2.63 |
| 2.15 |
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Diluted earnings per share |
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Income from continuing operations |
| 1.22 |
| 1.04 |
| 1.82 |
| 2.08 |
|
Income (loss) from discontinued operations |
| 0.48 |
| (0.03 | ) | 0.78 |
| 0.05 |
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Diluted earnings per share |
| 1.70 |
| 1.01 |
| 2.60 |
| 2.13 |
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Weighted Average Number of Common Shares and Potential Common Shares Outstanding: |
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Basic shares |
| 60,342 |
| 63,738 |
| 61,925 |
| 63,703 |
|
Diluted shares |
| 60,909 |
| 64,333 |
| 62,489 |
| 64,273 |
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Discretionary Cash Flow: |
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Net Income |
| 103,439 |
| 65,189 |
| 162,675 |
| 136,829 |
|
(Income) loss from discontinued operations, net of tax |
| (29,461 | ) | 1,891 |
| (49,188 | ) | (3,048 | ) |
Depreciation, depletion and amortization |
| 67,923 |
| 66,210 |
| 138,381 |
| 129,209 |
|
Deferred Taxes |
| (2,192 | ) | 8,993 |
| (9,057 | ) | 4,898 |
|
Dry Hole and Impairment |
| 6,502 |
| 5,027 |
| 53,857 |
| 7,423 |
|
Exploration |
| 3,319 |
| 4,836 |
| 14,498 |
| 13,290 |
|
Gains on Property Sales |
| — |
| (37 | ) | (250 | ) | (268 | ) |
Capitalized Interest |
| (2,713 | ) | (3,468 | ) | (4,910 | ) | (8,016 | ) |
Other Noncash |
| 2,849 |
| 13,104 |
| 6,824 |
| 14,858 |
|
Net cash provided by continuing operations before changes in assets and liabilities |
| 149,666 |
| 161,745 |
| 312,830 |
| 295,175 |
|
Discretionary cash flow of discontinued operations |
| 42,215 |
| 38,289 |
| 100,211 |
| 82,636 |
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Total |
| 191,881 |
| 200,034 |
| 413,041 |
| 377,811 |
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(1) Supplemental Information should be read in conjunction with Pogo’s Quarterly Earnings Release.
(2) Results from continuing operations exclude activities from Thailand and Hungary.