Exhibit 99.2
Consolidated Statements of Income (Unaudited) |
| 1st Quarter |
|
| ||||
(in thousands, except per share data) |
| 2005 |
| 2004 |
| Change | |
Operating Revenues |
|
|
|
|
| ||
Oil and gas operations | $ | 102,880 | $ | 96,080 | $ | 6,800 | |
Natural gas distribution |
| 258,128 |
| 255,202 |
| 2,926 | |
Total operating revenues |
| 361,008 |
| 351,282 |
| 9,726 | |
Operating Expenses |
|
|
|
|
|
| |
Cost of gas |
| 136,855 |
| 138,738 |
| (1,883) | |
Operations & maintenance |
| 60,407 |
| 53,122 |
| 7,285 | |
DD&A |
| 31,425 |
| 28,684 |
| 2,741 | |
Taxes, other than income taxes |
| 26,550 |
| 24,266 |
| 2,284 | |
Accretion expense |
| 643 |
| 490 |
| 153 | |
Total operating expenses |
| 255,880 |
| 245,300 |
| 10,580 | |
Operating Income |
| 105,128 |
| 105,982 |
| (854) | |
Other Income (Expense) |
|
|
|
|
|
| |
Interest expense |
| (11,670) |
| (10,318) |
| (1,352) | |
Other income |
| 353 |
| 862 |
| (509) | |
Other expense |
| (268) |
| (1,025) |
| 757 | |
Total other expense |
| (11,585) |
| (10,481) |
| (1,104) | |
Income Before Income Taxes |
| 93,543 |
| 95,501 |
| (1,958) | |
Income tax expense |
| 34,602 |
| 35,340 |
| (738) | |
Income From Continuing Operations |
| 58,941 |
| 60,161 |
| (1,220) | |
Discontinued Operations, Net of Taxes |
|
|
|
|
|
| |
Income (loss) from discontinued operations | (18) |
| 37 |
| (55) | ||
Gain (loss) on disposal |
| 123 |
| (13) |
| 136 | |
Income From Discontinued Operations |
| 105 |
| 24 |
| 81 | |
Net Income | $ | 59,046 | $ | 60,185 | $ | (1,139) | |
Diluted Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 1.60 | $ | 1.65 | $ | (0.05) | |
Discontinued operations | - | - | |||||
Net Income | $ | 1.60 | $ | 1.65 | $ | (0.05) | |
Basic Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 1.62 | $ | 1.66 | $ | (0.04) | |
Discontinued operations |
| - |
| - |
| - | |
Net Income | $ | 1.62 | $ | 1.66 | $ | (0.04) | |
Diluted Avg. Common Shares Outstanding |
| 36,828 |
| 36,566 |
| 262 | |
Basic Avg. Common Shares Outstanding |
| 36,476 |
| 36,173 |
| 303 | |
Dividends Per Share | $ | 0.20 | $ | 0.185 | $ | 0.015 | |
Consolidated Statements of Income (Unaudited) |
| Trailing 12 Months |
|
| ||||
(in thousands, except per share data) |
| 2005 |
| 2004 |
| Change | |
Operating Revenues |
|
|
|
|
| ||
Oil and gas operations | $ | 416,911 | $ | 360,245 | $ | 56,666 | |
Natural gas distribution |
| 529,666 |
| 523,162 |
| 6,504 | |
Total operating revenues |
| 946,577 |
| 883,407 |
| 63,170 | |
Operating Expenses |
|
|
|
|
|
| |
Cost of gas |
| 258,006 |
| 260,589 |
| (2,583) | |
Operations & maintenance |
| 241,457 |
| 210,474 |
| 30,983 | |
DD&A |
| 123,518 |
| 116,664 |
| 6,854 | |
Taxes, other than income taxes |
| 77,215 |
| 66,256 |
| 10,959 | |
Accretion expense |
| 2,418 |
| 1,886 |
| 532 | |
Total operating expenses |
| 702,614 |
| 655,869 |
| 46,745 | |
Operating Income |
| 243,963 |
| 227,538 |
| 16,425 | |
Other Income (Expense) |
|
|
|
|
|
| |
Interest expense |
| (44,095) |
| (41,758) |
| (2,337) | |
Other income |
| 2,436 |
| 6,487 |
| (4,051) | |
Other expense |
| (1,458) |
| (7,913) |
| 6,455 | |
Total other expense |
| (43,117) |
| (43,184) |
| 67 | |
Income Before Income Taxes |
| 200,846 |
| 184,354 |
| 16,492 | |
Income tax expense |
| 74,776 |
| 67,378 |
| 7,398 | |
Income From Continuing Operations |
| 126,070 |
| 116,976 |
| 9,094 | |
Discontinued Operations, Net of Taxes |
|
|
|
|
|
| |
Income from discontinued operations |
| 123 |
| 465 |
| (342) | |
Gain (loss) on disposal |
| 131 |
| (1,182) |
| 1,313 | |
Income (Loss) From Discontinued Operations |
| 254 |
| (717) |
| 971 | |
Net Income | $ | 126,324 | $ | 116,259 | $ | 10,065 | |
Diluted Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 3.44 | $ | 3.24 | $ | 0.20 | |
Discontinued operations |
| 0.01 |
| (0.02) |
| 0.03 | |
Net Income | $ | 3.45 | $ | 3.22 | $ | 0.23 | |
Basic Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 3.47 | $ | 3.27 | $ | 0.20 | |
Discontinued operations |
| 0.01 |
| (0.02) |
| 0.03 | |
Net Income | $ | 3.48 | $ | 3.25 | $ | 0.23 | |
Diluted Avg. Common Shares Outstanding |
| 36,626 |
| 36,075 |
| 551 | |
Basic Avg. Common Shares Outstanding |
| 36,330 |
| 35,743 |
| 587 | |
Dividends Per Share | $ | 0.77 | $ | 0.735 | $ | 0.035 | |
Selected Business Segment Data (Unaudited) For the 3 months ending March 31, 2005 and 2004 |
1st Quarter | ||||||
(in thousands, except sales price data) |
| 2005 |
| 2004 |
| Change |
Oil and Gas Operations |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Natural gas | $ | 67,600 | $ | 65,329 | $ | 2,271 |
Oil |
| 26,305 |
| 23,687 |
| 2,618 |
Natural gas liquids |
| 8,145 |
| 6,020 |
| 2,125 |
Other |
| 830 |
| 1,044 |
| (214) |
Total | $ | 102,880 | $ | 96,080 | $ | 6,800 |
Production volumes from continuing operations |
|
|
|
|
|
|
Natural gas (MMcf) |
| 14,682 |
| 13,708 |
| 974 |
Oil (MBbl) |
| 819 |
| 874 |
| (55) |
Natural gas liquids (Mgal) |
| 15,827 |
| 15,281 |
| 546 |
Production volumes from continuing ops. (Mmcfe) |
| 21,856 |
| 21,132 |
| 724 |
Total sales volume (Mmcfe) |
| 21,906 |
| 21,161 |
| 745 |
Average sales price from continuing ops. |
|
|
|
|
|
|
Natural gas (Mcf) | $ | 4.60 | $ | 4.77 | $ | (0.17) |
Oil (barrel) | $ | 32.12 | $ | 27.12 | $ | 5.00 |
Natural gas liquids (gallon) | $ | 0.51 | $ | 0.39 | $ | 0.12 |
Other data |
|
|
|
|
|
|
Lease operating expense (LOE) |
|
|
|
|
|
|
LOE and other | $ | 22,751 | $ | 17,805 | $ | 4,946 |
Production taxes | 10,204 | 8,236 | 1,968 | |||
Total | $ | 32,955 | $ | 26,041 | $ | 6,914 |
DD&A | $ | 21,012 | $ | 19,074 | $ | 1,938 |
Capital expenditures | $ | 40,485 | $ | 21,444 | $ | 19,041 |
Exploration expense | $ | 324 | $ | 48 | $ | 276 |
Operating income | $ | 38,975 | $ | 44,075 | $ | (5,100) |
Natural Gas Distribution |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Residential | $ | 178,154 | $ | 176,660 | $ | 1,494 |
Commercial and industrial - small |
| 65,300 |
| 64,601 |
| 699 |
Transportation |
| 13,029 |
| 11,376 |
| 1,653 |
Other |
| 1,645 |
| 2,565 |
| (920) |
Total | $ | 258,128 | $ | 255,202 | $ | 2,926 |
Gas delivery volumes (MMcf) |
|
|
|
|
|
|
Residential |
| 13,013 |
| 15,109 |
| (2,096) |
Commercial |
| 5,295 |
| 6,049 |
| (754) |
Transportation |
| 13,741 |
| 14,598 |
| (857) |
Total |
| 32,049 |
| 35,756 |
| (3,707) |
Other data |
|
|
|
|
|
|
Depreciation and amortization | $ | 10,413 | $ | 9,610 | $ | 803 |
Capital expenditures | $ | 14,802 | $ | 13,811 | $ | 991 |
Operating income | $ | 66,404 | $ | 62,014 | $ | 4,390 |
Selected Business Segment Data (Unaudited) For the 12 months ending March 31, 2005 and 2004 |
| Trailing 12 Months |
|
| |||
(in thousands, except sales price data) |
| 2005 |
| 2004 |
| Change |
Oil and Gas Operations |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Natural gas | $ | 278,743 | $ | 242,445 | $ | 36,298 |
Oil |
| 101,031 |
| 88,784 |
| 12,247 |
Natural gas liquids |
| 33,027 |
| 25,237 |
| 7,790 |
Other |
| 4,110 |
| 3,779 |
| 331 |
Total | $ | 416,911 | $ | 360,245 | $ | 56,666 |
Production volume from continuing operations |
|
|
|
|
|
|
Natural gas (MMcf) |
| 58,129 |
| 55,791 |
| 2,338 |
Oil (MBbl) |
| 3,380 |
| 3,434 |
| (54) |
Natural gas liquids (Mgal) |
| 68,754 |
| 66,192 |
| 2,562 |
Production volumes from continuing ops. (Mmcfe) |
| 88,228 |
| 85,851 |
| 2,377 |
Total sales volume (Mmcfe) |
| 88,351 |
| 86,123 |
| 2,228 |
Average sales price from continuing ops. |
|
|
|
|
|
|
Natural gas (Mcf) | $ | 4.80 | $ | 4.35 | $ | 0.45 |
Oil (barrel) | $ | 29.90 | $ | 25.85 | $ | 4.05 |
Natural gas liquids (gallon) | $ | 0.48 | $ | 0.38 | $ | 0.10 |
Other data |
|
|
|
|
|
|
Lease operating expense (LOE) |
|
|
|
|
|
|
LOE and other | $ | 84,159 | $ | 68,862 | $ | 15,297 |
Production taxes |
| 39,251 |
| 28,687 |
| 10,564 |
Total | $ | 123,410 | $ | 97,549 | $ | 25,861 |
DD&A | $ | 82,834 | $ | 78,808 | $ | 4,026 |
Capital expenditures | $ | 422,977 | $ | 130,961 | $ | 292,016 |
Exploration expense | $ | 2,376 | $ | 961 | $ | 1,415 |
Operating income | $ | 175,253 | $ | 158,279 | $ | 16,974 |
Natural Gas Distribution |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Residential | $ | 341,723 | $ | 343,659 | $ | (1,936) |
Commercial and industrial - small |
| 139,385 |
| 136,301 |
| 3,084 |
Transportation |
| 41,875 |
| 38,494 |
| 3,381 |
Other |
| 6,683 |
| 4,708 |
| 1,975 |
Total | $ | 529,666 | $ | 523,162 | $ | 6,504 |
Gas delivery volumes (MMcf) |
|
|
|
|
|
|
Residential |
| 23,286 |
| 26,297 |
| (3,011) |
Commercial |
| 11,570 |
| 12,368 |
| (798) |
Transportation |
| 53,527 |
| 55,828 |
| (2,301) |
Total |
| 88,383 |
| 94,493 |
| (6,110) |
Other data |
|
|
|
|
|
|
Depreciation and amortization | $ | 40,684 | $ | 37,856 | $ | 2,828 |
Capital expenditures | $ | 59,199 | $ | 56,755 | $ | 2,444 |
Operating income | $ | 70,589 | $ | 71,662 | $ | (1,073) |