PXP Producing (PPP) 8-K Results of Operations and Financial Condition

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.