Consolidated Statements of Income (Unaudited) |
2nd Quarter | |||||||
(in thousands, except per share data) | 2004 | 2003 | Change | ||||
Operating Revenues | |||||||
Oil and gas operations | $ | 95,433 | $ | 89,782 | $ | 5,651 | |
Natural gas distribution | 92,744 | 94,248 | (1,504) | ||||
Total operating revenues | 188,177 | 184,030 | 4,147 | ||||
Operating Expenses | |||||||
Cost of gas | 40,291 | 42,107 | (1,816) | ||||
Operations & maintenance | 56,244 | 47,711 | 8,533 | ||||
DD&A | 28,927 | 29,535 | (608) | ||||
Taxes, other than income taxes | 16,047 | 14,165 | 1,882 | ||||
Accretion expense | 532 | 466 | 66 | ||||
Total operating expenses | 142,041 | 133,984 | 8,057 | ||||
Operating Income | 46,136 | 50,046 | (3,910) | ||||
Other Income (Expense) | |||||||
Interest expense | (10,694) | (10,734) | 40 | ||||
Other income | 633 | 1,999 | (1,366) | ||||
Other expense | (670) | (2,263) | 1,593 | ||||
Total other expense | (10,731) | (10,998) | 267 | ||||
Income Before Income Taxes | 35,405 | 39,048 | (3,643) | ||||
Income tax expense | 13,137 | 14,589 | (1,452) | ||||
Income from Continuing Operations | 22,268 | 24,459 | (2,191) | ||||
Discontinued Operations, Net of Taxes | |||||||
Income from discontinued operations | 2 | 149 | (147) | ||||
Gain (loss) on disposal | - | (1,261) | 1,261 | ||||
Income (Loss) from Discontinued Operations | 2 | (1,112) | 1,114 | ||||
Net Income | $ | 22,270 | $ | 23,347 | $ | (1,077) | |
Diluted Earnings Per Share | |||||||
Continuing operations | $ | 0.61 | $ | 0.69 | $ | (0.08) | |
Discontinued operations | - | (0.03) | 0.03 | ||||
Net Income | $ | 0.61 | $ | 0.66 | $ | (0.05) | |
Basic Earnings Per Share | |||||||
Continuing operations | $ | 0.61 | $ | 0.70 | $ | (0.09) | |
Discontinued operations | - | (0.03) | 0.03 | ||||
Net Income | $ | 0.61 | $ | 0.67 | $ | (0.06) | |
Diluted Avg. Common Shares Outstanding | 36,625 | 35,349 | 1,276 | ||||
Basic Avg. Common Shares Outstanding | 36,230 | 35,000 | 1,230 | ||||
Dividends Per Share | $ | 0.185 | $ | 0.18 | $ | 0.005 | |
Consolidated Statements of Income (Unaudited) |
Year-to-date | ||||||||
(in thousands, except per share data) | 2004 | 2003 | Change | |||||
Operating Revenues | ||||||||
Oil and gas operations | $ | 191,660 | $ | 178,301 | $ | 13,359 | ||
Natural gas distribution | 347,946 | 315,387 | 32,559 | |||||
Total operating revenues | 539,606 | 493,688 | 45,918 | |||||
Operating Expenses | ||||||||
Cost of gas | 179,029 | 154,079 | 24,950 | |||||
Operations & maintenance | 109,391 | 98,528 | 10,863 | |||||
DD&A | 57,663 | 58,270 | (607) | |||||
Taxes, other than income taxes | 40,325 | 35,685 | 4,640 | |||||
Accretion expense | 1,022 | 960 | 62 | |||||
Total operating expenses | 387,430 | 347,522 | 39,908 | |||||
Operating Income | 152,176 | 146,166 | 6,010 | |||||
Other Income (Expense) | ||||||||
Interest expense | (21,012) | (21,556) | 544 | |||||
Other income | 1,495 | 5,119 | (3,624) | |||||
Other expense | (1,695) | (5,352) | 3,657 | |||||
Total other expense | (21,212) | (21,789) | 577 | |||||
Income Before Income Taxes | 130,964 | 124,377 | 6,587 | |||||
Income tax expense | 48,499 | 46,595 | 1,904 | |||||
Income from Continuing Operations | 82,465 | 77,782 | 4,683 | |||||
Discontinued Operations, Net of Taxes | ||||||||
Income from discontinued operations | 3 | 822 | (819) | |||||
Gain (loss) on disposal | (13) | (676) | 663 | |||||
Income (Loss) from Discontinued Operations | (10) | 146 | (156) | |||||
Net Income | $ | 82,455 | $ | 77,928 | $ | 4,527 | ||
Diluted Earnings Per Share | ||||||||
Continuing operations | $ | 2.25 | $ | 2.21 | $ | 0.04 | ||
Discontinued operations | - | - | - | |||||
Net Income | $ | 2.25 | $ | 2.21 | $ | 0.04 | ||
Basic Earnings Per Share | ||||||||
Continuing operations | $ | 2.28 | $ | 2.23 | $ | 0.05 | ||
Discontinued operations | - | - | - | |||||
Net Income | $ | 2.28 | $ | 2.23 | $ | 0.05 | ||
Diluted Avg. Common Shares Outstanding | 36,600 | 35,193 | 1,407 | |||||
Basic Avg. Common Shares Outstanding | 36,202 | 34,868 | 1,334 | |||||
Dividends Per Share | $ | 0.37 | $ | 0.36 | $ | 0.01 | ||
Consolidated Statements of Income (Unaudited) |
Trailing 12 Months | ||||||||
(in thousands, except per share data) | 2004 | 2003 | Change | |||||
Operating Revenues | ||||||||
Oil and gas operations | $ | 366,481 | $ | 315,397 | $ | 51,084 | ||
Natural gas distribution | 521,658 | 467,585 | 54,073 | |||||
Total operating revenues | 888,139 | 782,982 | 105,157 | |||||
Operating Expenses | ||||||||
Cost of gas | 258,773 | 217,748 | 41,025 | |||||
Operations & maintenance | 219,082 | 200,292 | 18,790 | |||||
DD&A | 116,251 | 110,834 | 5,417 | |||||
Taxes, other than income taxes | 68,183 | 58,221 | 9,962 | |||||
Accretion expense | 1,952 | 1,928 | 24 | |||||
Total operating expenses | 664,241 | 589,023 | 75,218 | |||||
Operating Income | 223,898 | 193,959 | 29,939 | |||||
Other Income (Expense) | ||||||||
Interest expense | (41,718) | (43,427) | 1,709 | |||||
Other income | 5,120 | 14,057 | (8,937) | |||||
Other expense | (6,320) | (13,853) | 7,533 | |||||
Total other expense | (42,918) | (43,223) | 305 | |||||
Income Before Income Taxes | 180,980 | 150,736 | 30,244 | |||||
Income tax expense | 66,032 | 54,369 | 11,663 | |||||
Income from Continuing Operations | 114,948 | 96,367 | 18,581 | |||||
Discontinued Operations, Net of Taxes | ||||||||
Income from discontinued operations | 154 | 1,215 | (1,061) | |||||
Gain (loss) on disposal | 79 | (439) | 518 | |||||
Income (Loss) from Discontinued Operations | 233 | 776 | (543) | |||||
Net Income | $ | 115,181 | $ | 97,143 | $ | 18,038 | ||
Diluted Earnings Per Share | ||||||||
Continuing operations | $ | 3.16 | $ | 2.76 | $ | 0.40 | ||
Discontinued operations | - | 0.02 | (0.02) | |||||
Net Income | $ | 3.16 | $ | 2.78 | $ | 0.38 | ||
Basic Earnings Per Share | ||||||||
Continuing operations | $ | 3.19 | $ | 2.78 | $ | 0.41 | ||
Discontinued operations | - | 0.02 | (0.02) | |||||
Net Income | $ | 3.19 | $ | 2.80 | $ | 0.39 | ||
Diluted Avg. Common Shares Outstanding | 36,407 | 34,948 | 1,459 | |||||
Basic Avg. Common Shares Outstanding | 36,059 | 34,672 | 1,387 | |||||
Dividends Per Share | $ | 0.74 | $ | 0.72 | $ | 0.02 | ||
Selected Business Segment Data (Unaudited) For the 3 months ending June 30, 2004 and 2003 |
2nd Quarter | ||||||
(in thousands, except sales price data) | 2004 | 2003 | Change | |||
Oil and Gas Operations | ||||||
Operating revenues | ||||||
Natural gas | $ | 65,408 | $ | 60,438 | $ | 4,970 |
Oil | 22,026 | 21,803 | 223 | |||
Natural gas liquids | 7,135 | 5,975 | 1,160 | |||
Other | 864 | 1,566 | (702) | |||
Total | $ | 95,433 | $ | 89,782 | $ | 5,651 |
Production volumes from continuing operations | ||||||
Natural gas (MMcf) | 13,754 | 14,248 | (494) | |||
Oil (MBbl) | 831 | 850 | (19) | |||
Natural gas liquids (MBbl) | 402 | 410 | (8) | |||
Production volumes from continuing ops. (MMcfe) | 21,149 | 21,807 | (658) | |||
Total sales volume (MMcfe) | 21,149 | 21,959 | (810) | |||
Average sales price from continuing ops. | ||||||
Natural gas (Mcf) | $ | 4.76 | $ | 4.24 | $ | 0.52 |
Oil (barrel) | $ | 26.52 | $ | 25.65 | $ | 0.87 |
Natural gas liquids (barrel) | $ | 17.75 | $ | 14.58 | $ | 3.17 |
Other data | ||||||
Lease operating expense (LOE) | ||||||
LOE and other | $ | 18,445 | $ | 14,529 | $ | 3,916 |
Production taxes | 8,463 | 6,710 | 1,753 | |||
Total | $ | 26,908 | $ | 21,239 | $ | 5,669 |
DD&A | $ | 19,069 | $ | 20,313 | $ | (1,244) |
Capital expenditures | $ | 49,964 | $ | 27,191 | $ | 22,773 |
Exploration expense | $ | 52 | $ | 38 | $ | 14 |
Operating income | $ | 41,747 | $ | 43,515 | $ | (1,768) |
Natural Gas Distribution | ||||||
Operating revenues | ||||||
Residential | $ | 56,644 | $ | 59,446 | $ | (2,802) |
Commercial and industrial - small | 24,575 | 24,773 | (198) | |||
Transportation | 9,102 | 8,667 | 435 | |||
Other | 2,423 | 1,362 | 1,061 | |||
Total | $ | 92,744 | $ | 94,248 | $ | (1,504) |
Gas delivery volumes (MMcf) | ||||||
Residential | 3,760 | 3,857 | (97) | |||
Commercial | 2,227 | 2,129 | 98 | |||
Transportation | 13,183 | 13,785 | (602) | |||
Total | 19,170 | 19,771 | (601) | |||
Other data | ||||||
Depreciation and amortization | $ | 9,858 | $ | 9,222 | $ | 636 |
Capital expenditures | $ | 16,410 | $ | 14,996 | $ | 1,414 |
Operating income | $ | 4,575 | $ | 6,988 | $ | (2,413) |
| ||||||
Selected Business Segment Data (Unaudited) For the 6 months ending June 30, 2004 and 2003 |
Year-to-date | ||||||
(in thousands, except sales price data) | 2004 | 2003 | Change | |||
Oil and Gas Operations | ||||||
Operating revenues | ||||||
Natural gas | $ | 130,884 | $ | 118,534 | $ | 12,350 |
Oil | 45,713 | 43,906 | 1,807 | |||
Natural gas liquids | 13,155 | 12,651 | 504 | |||
Other | 1,908 | 3,210 | (1,302) | |||
Total | $ | 191,660 | $ | 178,301 | $ | 13,359 |
Production volume from continuing operations | ||||||
Natural gas (MMcf) | 27,491 | 27,515 | (24) | |||
Oil (MBbl) | 1,704 | 1,701 | 3 | |||
Natural gas liquids (MBbl) | 766 | 784 | (18) | |||
Production volumes from continuing ops. (MMcfe) | 42,310 | 42,427 | (117) | |||
Total sales volume (MMcfe) | 42,310 | 43,154 | (844) | |||
Average sales price from continuing ops. | ||||||
Natural gas (Mcf) | $ | 4.76 | $ | 4.31 | $ | 0.45 |
Oil (barrel) | $ | 26.83 | $ | 25.81 | $ | 1.02 |
Natural gas liquids (barrel) | $ | 17.18 | $ | 16.13 | $ | 1.05 |
Other data | ||||||
Lease operating expense (LOE) | ||||||
LOE and other | $ | 36,275 | $ | 31,342 | $ | 4,933 |
Production taxes | 16,711 | 13,957 | 2,754 | |||
Total | $ | 52,986 | $ | 45,299 | $ | 7,687 |
DD&A | $ | 38,195 | $ | 40,123 | $ | (1,928) |
Capital expenditures | $ | 71,408 | $ | 81,022 | $ | (9,614) |
Exploration expense | $ | 100 | $ | 178 | $ | (78) |
Operating income | $ | 85,880 | $ | 82,690 | $ | 3,190 |
Natural Gas Distribution | ||||||
Operating revenues | ||||||
Residential | $ | 233,304 | $ | 213,385 | $ | 19,919 |
Commercial and industrial - small | 89,176 | 79,712 | 9,464 | |||
Transportation | 20,477 | 19,798 | 679 | |||
Other | 4,989 | 2,492 | 2,497 | |||
Total | $ | 347,946 | $ | 315,387 | $ | 32,559 |
Gas delivery volumes (MMcf) | ||||||
Residential | 18,869 | 19,917 | (1,048) | |||
Commercial | 8,275 | 8,373 | (98) | |||
Transportation | 27,781 | 28,178 | (397) | |||
Total | 54,925 | 56,468 | (1,543) | |||
Other data | ||||||
Depreciation and amortization | $ | 19,468 | $ | 18,147 | $ | 1,321 |
Capital expenditures | $ | 30,221 | $ | 28,987 | $ | 1,240 |
Operating income | $ | 66,589 | $ | 64,188 | $ | 2,401 |
Selected Business Segment Data (Unaudited) For the 12 months ending June 30, 2004 and 2003 | ||||||
Trailing 12 Months | ||||||
(in thousands, except sales price data) | 2004 | 2003 | Change | |||
Oil and Gas Operations | ||||||
Operating revenues | ||||||
Natural gas | $ | 247,999 | $ | 199,049 | $ | 48,950 |
Oil | 89,007 | 85,616 | 3,391 | |||
Natural gas liquids | 26,394 | 25,464 | 930 | |||
Other | 3,081 | 5,268 | (2,187) | |||
Total | $ | 366,481 | $ | 315,397 | $ | 51,084 |
Production volumes from continuing operations | ||||||
Natural gas (MMcf) | 55,409 | 51,204 | 4,205 | |||
Oil (MBbl) | 3,415 | 3,375 | 40 | |||
Natural gas liquids (MBbl) | 1,568 | 1,705 | (137) | |||
Production volumes from continuing ops. (MMcfe) | 85,305 | 81,684 | 3,621 | |||
Total sales volume (MMcfe) | 85,313 | 83,943 | 1,370 | |||
Average sales price from continuing ops. | ||||||
Natural gas (Mcf) | $ | 4.48 | $ | 3.89 | $ | 0.59 |
Oil (barrel) | $ | 26.07 | $ | 25.37 | $ | 0.70 |
Natural gas liquids (barrel) | $ | 16.83 | $ | 14.93 | $ | 1.90 |
Other data | ||||||
Lease operating expense (LOE) | ||||||
LOE and other | $ | 72,853 | $ | 63,445 | $ | 9,408 |
Production taxes | 30,485 | 24,153 | 6,332 | |||
Total | $ | 103,338 | $ | 87,598 | $ | 15,740 |
DD&A | $ | 77,759 | $ | 75,548 | $ | 2,211 |
Capital expenditures | $ | 153,724 | $ | 170,299 | $ | (16,575) |
Exploration expense | $ | 975 | $ | 1,833 | $ | (858) |
Operating income | $ | 156,781 | $ | 129,415 | $ | 27,366 |
Natural Gas Distribution | ||||||
Operating revenues | ||||||
Residential | $ | 340,857 | $ | 306,986 | $ | 33,871 |
Commercial and industrial - small | 136,103 | 117,622 | 18,481 | |||
Transportation | 38,929 | 38,091 | 838 | |||
Other | 5,769 | 4,886 | 883 | |||
Total | $ | 521,658 | $ | 467,585 | $ | 54,073 |
Gas delivery volumes (MMcf) | ||||||
Residential | 26,200 | 28,177 | (1,977) | |||
Commercial | 12,466 | 12,648 | (182) | |||
Transportation | 55,225 | 58,222 | (2,997) | |||
Total | 93,891 | 99,047 | (5,156) | |||
Other data | ||||||
Depreciation and amortization | $ | 38,492 | $ | 35,286 | $ | 3,206 |
Capital expenditures | $ | 59,143 | $ | 64,628 | $ | (5,485) |
Operating income | $ | 69,249 | $ | 66,026 | $ | 3,223 |