Exhibit 99.2
Pogo Producing Company
Supplemental Information (Unaudited) (1) (2)
|
| Quarter Ended |
| Nine Months Ended |
| ||||||||
Financial Data |
| September 30, |
| September 30, |
| ||||||||
(Data in $ thousands, except per share amounts) |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Revenues: |
|
|
|
|
|
|
|
|
| ||||
Oil and gas |
| $ | 275,359 |
| $ | 259,590 |
| $ | 803,465 |
| $ | 744,720 |
|
Other |
| 7,816 |
| 121 |
| 21,426 |
| 821 |
| ||||
Total |
| 283,175 |
| 259,711 |
| 824,891 |
| 745,541 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Operating Expenses: |
|
|
|
|
|
|
|
|
| ||||
Lease operating |
| 31,345 |
| 24,536 |
| 93,530 |
| 70,869 |
| ||||
General and administrative |
| 23,173 |
| 17,866 |
| 60,218 |
| 47,709 |
| ||||
Exploration |
| 7,566 |
| 4,097 |
| 22,064 |
| 17,387 |
| ||||
Dry hole and impairment |
| 5,254 |
| 14,177 |
| 59,111 |
| 21,600 |
| ||||
Depreciation, depletion and amortization |
| 67,498 |
| 65,183 |
| 205,879 |
| 194,392 |
| ||||
Production and other taxes |
| 13,806 |
| 13,847 |
| 39,172 |
| 31,606 |
| ||||
Transportation and other |
| 5,506 |
| 5,123 |
| 15,754 |
| 14,765 |
| ||||
Total |
| 154,148 |
| 144,829 |
| 495,728 |
| 398,328 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Operating Income |
| 129,027 |
| 114,882 |
| 329,163 |
| 347,213 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Interest: |
|
|
|
|
|
|
|
|
| ||||
Charges |
| (16,831 | ) | (6,044 | ) | (40,892 | ) | (22,115 | ) | ||||
Income |
| 5,507 |
| 108 |
| 7,693 |
| 312 |
| ||||
Capitalized |
| 2,525 |
| 3,441 |
| 7,435 |
| 11,457 |
| ||||
Total Interest Expense |
| (8,799 | ) | (2,495 | ) | (25,764 | ) | (10,346 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Loss on Debt Extinguishment |
| — |
| — |
| — |
| (10,893 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Commodity Derivative Expense |
| (18,739 | ) | — |
| (18,739 | ) | — |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Foreign Currency Transaction Gain (Loss) |
| (1 | ) | — |
| 1 |
| (3 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations before income taxes |
| 101,488 |
| 112,387 |
| 284,661 |
| 325,971 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Income tax expense |
| 39,585 |
| 43,383 |
| 109,271 |
| 123,186 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income from continuing operations |
| 61,903 |
| 69,004 |
| 175,390 |
| 202,785 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Income (loss) from discontinued operations, net of tax |
| 411,625 |
| 17,608 |
| 460,813 |
| 20,656 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net income |
| $ | 473,528 |
| $ | 86,612 |
| $ | 636,203 |
| $ | 223,441 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share |
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
| $ | 1.04 |
| $ | 1.08 |
| $ | 2.87 |
| $ | 3.18 |
|
Income (loss) from discontinued operations |
| 6.92 |
| 0.28 |
| 7.53 |
| 0.32 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share |
| $ | 7.96 |
| $ | 1.36 |
| $ | 10.40 |
| $ | 3.50 |
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted earnings per share |
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
| $ | 1.03 |
| $ | 1.07 |
| $ | 2.84 |
| $ | 3.15 |
|
Income (loss) from discontinued operations |
| 6.86 |
| 0.28 |
| 7.47 |
| 0.32 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Diluted earnings per share |
| $ | 7.89 |
| $ | 1.35 |
| $ | 10.31 |
| $ | 3.47 |
|
|
|
|
|
|
|
|
|
|
| ||||
Weighted Average Number of Common Shares and Potential Common Shares Outstanding: |
|
|
|
|
|
|
|
|
| ||||
Basic shares |
| 59,512 |
| 63,846 |
| 61,176 |
| 63,780 |
| ||||
Diluted shares |
| 60,033 |
| 64,334 |
| 61,726 |
| 64,323 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Discretionary Cash Flow: |
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 473,528 |
| $ | 86,612 |
| $ | 636,203 |
| $ | 223,441 |
|
(Income) loss from discontinued operations, net of tax |
| (411,625 | ) | (17,608 | ) | (460,813 | ) | (20,656 | ) | ||||
Depreciation, depletion and amortization |
| 67,498 |
| 65,183 |
| 205,879 |
| 194,392 |
| ||||
Deferred Taxes |
| (2,464 | ) | 4,065 |
| (11,521 | ) | 8,963 |
| ||||
Dry Hole and Impairment |
| 5,254 |
| 14,177 |
| 59,111 |
| 21,600 |
| ||||
Exploration |
| 7,566 |
| 4,097 |
| 22,064 |
| 17,387 |
| ||||
Gains on Property Sales |
| 23 |
| 341 |
| (227 | ) | 73 |
| ||||
Capitalized Interest |
| (2,525 | ) | (3,441 | ) | (7,435 | ) | (11,457 | ) | ||||
Other Noncash |
| 21,321 |
| 3,149 |
| 28,145 |
| 18,007 |
| ||||
Net cash provided by continuing operations before changes in assets and liabilities |
| 158,576 |
| 156,575 |
| 471,406 |
| 451,750 |
| ||||
Discretionary cash flow of discontinued operations |
| 19,022 |
| 11,035 |
| 119,233 |
| 133,564 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total |
| $ | 177,598 |
| $ | 167,610 |
| $ | 590,639 |
| $ | 585,314 |
|
(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.