Consolidated Statements of Income (Unaudited) |
| 4th Quarter |
|
| ||||
(in thousands, except per share data) |
| 2004 |
| 2003 |
| Change | |
Operating Revenues |
|
|
|
|
| ||
Oil and gas operations | $ | 114,648 | $ | 86,827 | $ | 27,821 | |
Natural gas distribution |
| 116,632 |
| 115,565 |
| 1,067 | |
Total operating revenues |
| 231,280 |
| 202,392 |
| 28,888 | |
Operating Expenses |
|
|
|
|
|
| |
Cost of gas |
| 54,315 |
| 54,778 |
| (463) | |
Operations & maintenance |
| 64,045 |
| 59,214 |
| 4,831 | |
DD&A |
| 32,401 |
| 29,385 |
| 3,016 | |
Taxes, other than income taxes |
| 19,291 |
| 15,719 |
| 3,572 | |
Accretion expense |
| 630 |
| 471 |
| 159 | |
Total operating expenses |
| 170,682 |
| 159,567 |
| 11,115 | |
Operating Income |
| 60,598 |
| 42,825 |
| 17,773 | |
Other Income (Expense) |
|
|
|
|
|
| |
Interest expense |
| (11,216) |
| (10,553) |
| (663) | |
Other income |
| 748 |
| 1,336 |
| (588) | |
Other expense |
| (295) |
| (1,759) |
| 1,464 | |
Total other expense |
| (10,763) |
| (10,976) |
| 213 | |
Income Before Income Taxes |
| 49,835 |
| 31,849 |
| 17,986 | |
Income tax expense |
| 18,582 |
| 10,823 |
| 7,759 | |
Income from Continuing Operations |
| 31,253 |
| 21,026 |
| 10,227 | |
Discontinued Operations, Net of Taxes |
|
|
|
|
|
| |
Income from discontinued operations |
| 15 |
| 6 |
| 9 | |
Loss on disposal |
| - |
| (202) |
| 202 | |
Income (Loss) from Discontinued Operations |
| 15 |
| (196) |
| 211 | |
Net Income | $ | 31,268 | $ | 20,830 | $ | 10,438 | |
Diluted Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 0.85 | $ | 0.58 | $ | 0.27 | |
Discontinued operations | - | (0.01) | 0.01 | ||||
Net Income | $ | 0.85 | $ | 0.57 | $ | 0.28 | |
Basic Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 0.86 | $ | 0.58 | $ | 0.28 | |
Discontinued operations |
| - |
| - |
| - | |
Net Income | $ | 0.86 | $ | 0.58 | $ | 0.28 | |
Diluted Avg. Common Shares Outstanding |
| 36,726 |
| 36,394 |
| 332 | |
Basic Avg. Common Shares Outstanding |
| 36,378 |
| 36,055 |
| 323 | |
Dividends Per Share | $ | 0.1925 | $ | 0.185 | $ | 0.0075 | |
Consolidated Statements of Income (Unaudited) |
| Year-to-date |
|
| ||||
(in thousands, except per share data) |
| 2004 |
| 2003 |
| Change | |
Operating Revenues |
|
|
|
|
| ||
Oil and gas operations | $ | 410,644 | $ | 353,122 | $ | 57,522 | |
Natural gas distribution |
| 526,740 |
| 489,099 |
| 37,641 | |
Total operating revenues |
| 937,384 |
| 842,221 |
| 95,163 | |
Operating Expenses |
|
|
|
|
|
| |
Cost of gas |
| 259,889 |
| 233,823 |
| 26,066 | |
Operations & maintenance |
| 234,224 |
| 208,219 |
| 26,005 | |
DD&A |
| 120,960 |
| 116,858 |
| 4,102 | |
Taxes, other than income taxes |
| 74,970 |
| 63,543 |
| 11,427 | |
Accretion expense |
| 2,265 |
| 1,890 |
| 375 | |
Total operating expenses |
| 692,308 |
| 624,333 |
| 67,975 | |
Operating Income |
| 245,076 |
| 217,888 |
| 27,188 | |
Other Income (Expense) |
|
|
|
|
|
| |
Interest expense |
| (42,743) |
| (42,262) |
| (481) | |
Other income |
| 2,945 |
| 8,744 |
| (5,799) | |
Other expense |
| (2,215) |
| (9,977) |
| 7,762 | |
Total other expense |
| (42,013) |
| (43,495) |
| 1,482 | |
Income Before Income Taxes |
| 203,063 |
| 174,393 |
| 28,670 | |
Income tax expense |
| 75,613 |
| 64,128 |
| 11,485 | |
Income from Continuing Operations |
| 127,450 |
| 110,265 |
| 17,185 | |
Discontinued Operations, Net of Taxes |
|
|
|
|
|
| |
Income from discontinued operations |
| 18 |
| 973 |
| (955) | |
Loss on disposal |
| (5) |
| (584) |
| 579 | |
Income (Loss) from Discontinued Operations |
| 13 |
| 389 |
| (376) | |
Net Income | $ | 127,463 | $ | 110,654 | $ | 16,809 | |
Diluted Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 3.49 | $ | 3.09 | $ | 0.40 | |
Discontinued operations |
| - |
| 0.01 |
| (0.01) | |
Net Income | $ | 3.49 | $ | 3.10 | $ | 0.39 | |
Basic Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 3.51 | $ | 3.11 | $ | 0.40 | |
Discontinued operations |
| - |
| 0.01 |
| (0.01) | |
Net Income | $ | 3.51 | $ | 3.12 | $ | 0.39 | |
Diluted Avg. Common Shares Outstanding |
| 36,560 |
| 35,717 |
| 843 | |
Basic Avg. Common Shares Outstanding |
| 36,273 |
| 35,434 |
| 839 | |
Dividends Per Share | $ | 0.755 | $ | 0.73 | $ | 0.025 | |
Selected Business Segment Data (Unaudited) For the 3 months ending December 31, 2004 and 2003 | ||||||
4th Quarter | ||||||
(in thousands, except sales price data) |
| 2004 |
| 2003 |
| Change |
Oil and Gas Operations |
|
|
|
|
|
|
Operating revenues from continuing operations |
|
|
|
|
|
|
Natural gas | $ | 76,188 | $ | 57,488 | $ | 18,700 |
Oil |
| 28,147 |
| 22,081 |
| 6,066 |
Natural gas liquids |
| 8,682 |
| 6,994 |
| 1,688 |
Other |
| 1,631 |
| 264 |
| 1,367 |
Total | $ | 114,648 | $ | 86,827 | $ | 27,821 |
Production volumes from continuing operations |
|
|
|
|
|
|
Natural gas (MMcf) |
| 15,109 |
| 13,964 |
| 1,145 |
Oil (MBbl) |
| 876 |
| 872 |
| 4 |
Natural gas liquids (MMgal) |
| 17.9 |
| 17.1 |
| 0.8 |
Production volumes from continuing ops. (MMcfe) |
| 22,922 |
| 21,643 |
| 1,279 |
Total production volumes (MMcfe) |
| 22,922 |
| 21,644 |
| 1,278 |
Average sales price from continuing ops. |
|
|
|
|
|
|
Natural gas (Mcf) | $ | 5.04 | $ | 4.12 | $ | 0.92 |
Oil (barrel) | $ | 32.12 | $ | 25.32 | $ | 6.80 |
Natural gas liquids (gallon) | $ | 0.49 | $ | 0.41 | $ | 0.08 |
Other data from continuing operations |
|
|
|
|
|
|
Lease operating expense (LOE) |
|
|
|
|
|
|
LOE and other | $ | 20,914 | $ | 19,912 | $ | 1,002 |
Production taxes | 11,035 | 7,010 | 4,025 | |||
Total | $ | 31,949 | $ | 26,922 | $ | 5,027 |
Depreciation, depletion and amortization | $ | 21,973 | $ | 19,746 | $ | 2,227 |
Capital expenditures | $ | 43,709 | $ | 50,344 | $ | (6,635) |
Exploration expense | $ | 193 | $ | 73 | $ | 120 |
Operating income | $ | 52,059 | $ | 31,943 | $ | 20,116 |
Natural Gas Distribution |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Residential | $ | 73,065 | $ | 74,556 | $ | (1,491) |
Commercial and industrial - small |
| 30,994 |
| 29,083 |
| 1,911 |
Transportation |
| 10,905 |
| 10,188 |
| 717 |
Other |
| 1,668 |
| 1,738 |
| (70) |
Total | $ | 116,632 | $ | 115,565 | $ | 1,067 |
Gas delivery volumes (MMcf) |
|
|
|
|
|
|
Residential |
| 4,639 |
| 5,397 |
| (758) |
Commercial and industrial - small |
| 2,477 |
| 2,566 |
| (89) |
Transportation |
| 13,813 |
| 13,996 |
| (183) |
Total |
| 20,929 |
| 21,959 |
| (1,030) |
Other data |
|
|
|
|
|
|
Depreciation and amortization | $ | 10,428 | $ | 9,639 | $ | 789 |
Capital expenditures | $ | 16,118 | $ | 15,745 | $ | 373 |
Operating income | $ | 9,740 | $ | 12,235 | $ | (2,495) |
| ||||||
Selected Business Segment Data (Unaudited) For the 12 months ending December 31, 2004 and 2003 | ||||||
| Year-to-date |
|
| |||
(in thousands, except sales price data) |
| 2004 |
| 2003 |
| Change |
Oil and Gas Operations |
|
|
|
|
|
|
Operating revenues from continuing operations |
|
|
|
|
|
|
Natural gas | $ | 276,972 | $ | 235,649 | $ | 41,323 |
Oil |
| 98,413 |
| 87,200 |
| 11,213 |
Natural gas liquids |
| 30,902 |
| 25,890 |
| 5,012 |
Other |
| 4,357 |
| 4,383 |
| (26) |
Total | $ | 410,644 | $ | 353,122 | $ | 57,522 |
Production volume from continuing operations |
|
|
|
|
|
|
Natural gas (MMcf) |
| 57,257 |
| 55,433 |
| 1,824 |
Oil (MBbl) |
| 3,434 |
| 3,412 |
| 22 |
Natural gas liquids (MMgal) |
| 68.2 |
| 66.6 |
| 1.6 |
Production volumes from continuing ops. (MMcfe) |
| 87,606 |
| 85,422 |
| 2,184 |
Total production volumes (MMcfe) |
| 87,606 |
| 86,157 |
| 1,449 |
Average sales price from continuing ops. |
|
|
|
|
|
|
Natural gas (Mcf) | $ | 4.84 | $ | 4.25 | $ | 0.59 |
Oil (barrel) | $ | 28.66 | $ | 25.56 | $ | 3.10 |
Natural gas liquids (gallon) | $ | 0.45 | $ | 0.39 | $ | 0.06 |
Other data from continuing operations |
|
|
|
|
|
|
Lease operating expense (LOE) |
|
|
|
|
|
|
LOE and other | $ | 79,265 | $ | 67,920 | $ | 11,345 |
Production taxes |
| 37,322 |
| 27,731 |
| 9,591 |
Total | $ | 116,587 | $ | 95,651 | $ | 20,936 |
Depreciation, depletion and amortization | $ | 81,079 | $ | 79,687 | $ | 1,392 |
Capital expenditures | $ | 403,702 | $ | 163,338 | $ | 240,364 |
Exploration expense | $ | 2,100 | $ | 1,053 | $ | 1,047 |
Operating income | $ | 180,612 | $ | 153,591 | $ | 27,021 |
Natural Gas Distribution |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Residential | $ | 340,229 | $ | 320,938 | $ | 19,291 |
Commercial and industrial - small |
| 138,686 |
| 126,638 |
| 12,048 |
Transportation |
| 40,221 |
| 38,250 |
| 1,971 |
Other |
| 7,604 |
| 3,273 |
| 4,331 |
Total | $ | 526,740 | $ | 489,099 | $ | 37,641 |
Gas delivery volumes (MMcf) |
|
|
|
|
|
|
Residential |
| 25,383 |
| 27,248 |
| (1,865) |
Commercial and industrial - small |
| 12,323 |
| 12,564 |
| (241) |
Transportation |
| 54,385 |
| 55,623 |
| (1,238) |
Total |
| 92,091 |
| 95,435 |
| (3,344) |
Other data |
|
|
|
|
|
|
Depreciation and amortization | $ | 39,881 | $ | 37,171 | $ | 2,710 |
Capital expenditures | $ | 58,208 | $ | 57,906 | $ | 302 |
Operating income | $ | 66,199 | $ | 66,848 | $ | (649) |