EXHIBIT 99-2 |
Consolidated Statements of Income (Unaudited) |
2nd Quarter | |||||||
(in thousands, except per share data) | 2005 | 2004 | Change | ||||
Operating Revenues | |||||||
Oil and gas operations | $ | 134,453 | $ | 95,322 | $ | 39,131 | |
Natural gas distribution | 107,197 | 92,744 | 14,453 | ||||
Total operating revenues | 241,650 | 188,066 | 53,584 | ||||
Operating Expenses | |||||||
Cost of gas | 50,424 | 40,291 | 10,133 | ||||
Operations & maintenance | 66,904 | 56,242 | 10,662 | ||||
DD&A | 33,101 | 28,885 | 4,216 | ||||
Taxes, other than income taxes | 19,794 | 16,040 | 3,754 | ||||
Accretion expense | 654 | 532 | 122 | ||||
Total operating expenses | 170,877 | 141,990 | 28,887 | ||||
Operating Income | 70,773 | 46,076 | 24,697 | ||||
Other Income (Expense) | |||||||
Interest expense | (11,524) | (10,694) | (830) | ||||
Other income | 517 | 633 | (116) | ||||
Other expense | (268) | (670) | 402 | ||||
Total other expense | (11,275) | (10,731) | (544) | ||||
Income Before Income Taxes | 59,498 | 35,345 | 24,153 | ||||
Income tax expense | 21,910 | 13,114 | 8,796 | ||||
Income from Continuing Operations | 37,588 | 22,231 | 15,357 | ||||
Discontinued Operations, Net of Taxes | |||||||
Income (loss) from discontinued operations | (2) | 39 | (41) | ||||
Gain (loss) on disposal | (13) | - | (13) | ||||
Income (Loss) from Discontinued Operations | (15) | 39 | (54) | ||||
Net Income | $ | 37,573 | $ | 22,270 | $ | 15,303 | |
Diluted Earnings Per Share | |||||||
Continuing operations | $ | 0.51 | $ | 0.30 | $ | 0.21 | |
Discontinued operations | - | - | - | ||||
Net Income | $ | 0.51 | $ | 0.30 | $ | 0.21 | |
Basic Earnings Per Share | |||||||
Continuing operations | $ | 0.51 | $ | 0.31 | $ | 0.20 | |
Discontinued operations | - | - | - | ||||
Net Income | $ | 0.51 | $ | 0.31 | $ | 0.20 | |
Diluted Avg. Common Shares Outstanding | 73,782 | 73,249 | 533 | ||||
Basic Avg. Common Shares Outstanding | 73,017 | 72,459 | 558 | ||||
Dividends Per Share | $ | 0.10 | $ | 0.0925 | $ | 0.0075 | |
Consolidated Statements of Income (Unaudited) | |||||||
Year-to-date | |||||||
(in thousands, except per share data) | 2005 | 2004 | Change | ||||
Operating Revenues | |||||||
Oil and gas operations | $ | 237,333 | $ | 191,402 | $ | 45,931 | |
Natural gas distribution | 365,325 | 347,946 | 17,379 | ||||
Total operating revenues | 602,658 | 539,348 | 63,310 | ||||
Operating Expenses | |||||||
Cost of gas | 187,279 | 179,029 | 8,250 | ||||
Operations & maintenance | 127,311 | 109,364 | 17,947 | ||||
DD&A | 64,526 | 57,569 | 6,957 | ||||
Taxes, other than income taxes | 46,344 | 40,306 | 6,038 | ||||
Accretion expense | 1,297 | 1,022 | 275 | ||||
Total operating expenses | 426,757 | 387,290 | 39,467 | ||||
Operating Income | 175,901 | 152,058 | 23,843 | ||||
Other Income (Expense) | |||||||
Interest expense | (23,194) | (21,012) | (2,182) | ||||
Other income | 870 | 1,495 | (625) | ||||
Other expense | (536) | (1,695) | 1,159 | ||||
Total other expense | (22,860) | (21,212) | (1,648) | ||||
Income Before Income Taxes | 153,041 | 130,846 | 22,195 | ||||
Income tax expense | 56,512 | 48,454 | 8,058 | ||||
Income from Continuing Operations | 96,529 | 82,392 | 14,137 | ||||
Discontinued Operations, Net of Taxes | |||||||
Income (loss) from discontinued operations | (20) | 76 | (96) | ||||
Gain (loss) on disposal | 110 | (13) | 123 | ||||
Income (Loss) from Discontinued Operations | 90 | 63 | 27 | ||||
Net Income | $ | 96,619 | $ | 82,455 | $ | 14,164 | |
Diluted Earnings Per Share | |||||||
Continuing operations | $ | 1.31 | $ | 1.13 | $ | 0.18 | |
Discontinued operations | - | - | - | ||||
Net Income | $ | 1.31 | $ | 1.13 | $ | 0.18 | |
Basic Earnings Per Share | |||||||
Continuing operations | $ | 1.32 | $ | 1.14 | $ | 0.18 | |
Discontinued operations | - | - | - | ||||
Net Income | $ | 1.32 | $ | 1.14 | $ | 0.18 | |
Diluted Avg. Common Shares Outstanding | 73,726 | 73,200 | 526 | ||||
Basic Avg. Common Shares Outstanding | 72,985 | 72,404 | 581 | ||||
Dividends Per Share | $ | 0.20 | $ | 0.1875 | $ | 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 | $ | 456,042 | $ | 365,975 | $ | 90,067 | |
Natural gas distribution | 544,119 | 521,658 | 22,461 | ||||
Total operating revenues | 1,000,161 | 887,633 | 112,528 | ||||
Operating Expenses | |||||||
Cost of gas | 268,139 | 258,773 | 9,366 | ||||
Operations & maintenance | 252,119 | 219,016 | 33,103 | ||||
DD&A | 127,734 | 116,060 | 11,674 | ||||
Taxes, other than income taxes | 80,969 | 68,146 | 12,823 | ||||
Accretion expense | 2,540 | 1,952 | 588 | ||||
Total operating expenses | 731,501 | 663,947 | 67,554 | ||||
Operating Income | 268,660 | 223,686 | 44,974 | ||||
Other Income (Expense) | |||||||
Interest expense | (44,925) | (41,718) | (3,207) | ||||
Other income | 2,320 | 5,120 | (2,800) | ||||
Other expense | (1,056) | (6,320) | 5,264 | ||||
Total other expense | (43,661) | (42,918) | (743) | ||||
Income Before Income Taxes | 224,999 | 180,768 | 44,231 | ||||
Income tax expense | 83,572 | 65,949 | 17,623 | ||||
Income from Continuing Operations | 141,427 | 114,819 | 26,608 | ||||
Discontinued Operations, Net of Taxes | |||||||
Income from discontinued operations | 82 | 283 | (201) | ||||
Gain (loss) on disposal | 118 | 79 | 39 | ||||
Income (Loss) from Discontinued Operations | 200 | 362 | (162) | ||||
Net Income | $ | 141,627 | $ | 115,181 | $ | 26,446 | |
Diluted Earnings Per Share | |||||||
Continuing operations | $ | 1.92 | $ | 1.58 | $ | 0.34 | |
Discontinued operations | 0.01 | - | 0.01 | ||||
Net Income | $ | 1.93 | $ | 1.58 | $ | 0.35 | |
Basic Earnings Per Share | |||||||
Continuing operations | $ | 1.94 | $ | 1.59 | $ | 0.35 | |
Discontinued operations | 0.01 | 0.01 | - | ||||
Net Income | $ | 1.95 | $ | 1.60 | $ | 0.35 | |
Diluted Avg. Common Shares Outstanding | 73,480 | 72,814 | 666 | ||||
Basic Avg. Common Shares Outstanding | 72,802 | 72,118 | 684 | ||||
Dividends Per Share | $ | 0.3895 | $ | 0.37 | $ | 0.0195 | |
Selected Business Segment Data (Unaudited) For the 3 months ending June 30, 2005 and 2004 |
2nd Quarter | ||||||
(in thousands, except sales price data) | 2005 | 2004 | Change | |||
Oil and Gas Operations | ||||||
Operating revenues | ||||||
Natural gas | $ | 94,401 | $ | 65,330 | $ | 29,071 |
Oil | 28,499 | 22,026 | 6,473 | |||
Natural gas liquids | 9,653 | 7,135 | 2,518 | |||
Other | 1,900 | 831 | 1,069 | |||
Total | $ | 134,453 | $ | 95,322 | $ | 39,131 |
Production volumes from continuing operations | ||||||
Natural gas (MMcf) | 15,177 | 13,731 | 1,446 | |||
Oil (MBbl) | 848 | 831 | 17 | |||
Natural gas liquids (Mgal) | 18,550 | 16,884 | 1,666 | |||
Production volumes from continuing ops. (MMcfe) | 22,912 | 21,126 | 1,786 | |||
Total sales volume (MMcfe) | 22,919 | 21,149 | 1,770 | |||
Average sales price from continuing ops. | ||||||
Natural gas (Mcf) | $ | 6.22 | $ | 4.76 | $ | 1.46 |
Oil (barrel) | $ | 33.63 | $ | 26.52 | $ | 7.11 |
Natural gas liquids (gallon) | $ | 0.52 | $ | 0.42 | $ | 0.10 |
Other data | ||||||
Lease operating expense (LOE) | ||||||
LOE and other | $ | 25,366 | $ | 18,443 | $ | 6,923 |
Production taxes | 11,869 | 8,456 | 3,413 | |||
Total | $ | 37,235 | $ | 26,899 | $ | 10,336 |
DD&A | $ | 22,458 | $ | 19,027 | $ | 3,431 |
Capital expenditures | $ | 48,024 | $ | 49,964 | $ | (1,940) |
Exploration expense | $ | 170 | $ | 52 | $ | 118 |
Operating income | $ | 65,394 | $ | 41,687 | $ | 23,707 |
Natural Gas Distribution | ||||||
Operating revenues | ||||||
Residential | $ | 64,778 | $ | 56,644 | $ | 8,134 |
Commercial and industrial - small | 29,580 | 24,575 | 5,005 | |||
Transportation | 10,245 | 9,102 | 1,143 | |||
Other | 2,594 | 2,423 | 171 | |||
Total | $ | 107,197 | $ | 92,744 | $ | 14,453 |
Gas delivery volumes (MMcf) | ||||||
Residential | 4,170 | 3,760 | 410 | |||
Commercial | 2,411 | 2,227 | 184 | |||
Transportation | 11,942 | 13,183 | (1,241) | |||
Total | 18,523 | 19,170 | (647) | |||
Other data | ||||||
Depreciation and amortization | $ | 10,643 | $ | 9,858 | $ | 785 |
Capital expenditures | $ | 20,897 | $ | 16,410 | $ | 4,487 |
Operating income | $ | 5,630 | $ | 4,575 | $ | 1,055 |
Selected Business Segment Data (Unaudited) For the 6 months ending June 30, 2005 and 2004 |
Year-to-date | ||||||
(in thousands, except sales price data) | 2005 | 2004 | Change | |||
Oil and Gas Operations | ||||||
Operating revenues | ||||||
Natural gas | $ | 162,001 | $ | 130,659 | $ | 31,342 |
Oil | 54,804 | 45,713 | 9,091 | |||
Natural gas liquids | 17,798 | 13,155 | 4,643 | |||
Other | 2,730 | 1,875 | 855 | |||
Total | $ | 237,333 | $ | 191,402 | $ | 45,931 |
Production volume from continuing operations | ||||||
Natural gas (MMcf) | 29,859 | 27,439 | 2,420 | |||
Oil (MBbl) | 1,666 | 1,704 | (38) | |||
Natural gas liquids (Mgal) | 34,377 | 32,165 | 2,212 | |||
Production volumes from continuing ops. (MMcfe) | 44,768 | 42,258 | 2,510 | |||
Total sales volume (MMcfe) | 44,825 | 42,310 | 2,515 | |||
Average sales price from continuing ops. | ||||||
Natural gas (Mcf) | $ | 5.43 | $ | 4.76 | $ | 0.67 |
Oil (barrel) | $ | 32.89 | $ | 26.83 | $ | 6.06 |
Natural gas liquids (gallon) | $ | 0.52 | $ | 0.41 | $ | 0.11 |
Other data | ||||||
Lease operating expense (LOE) | ||||||
LOE and other | $ | 48,117 | $ | 36,248 | $ | 11,869 |
Production taxes | 22,073 | 16,692 | 5,381 | |||
Total | $ | 70,190 | $ | 52,940 | $ | 17,250 |
DD&A | $ | 43,470 | $ | 38,101 | $ | 5,369 |
Capital expenditures | $ | 88,509 | $ | 71,408 | $ | 17,101 |
Exploration expense | $ | 494 | $ | 100 | $ | 394 |
Operating income | $ | 104,369 | $ | 85,762 | $ | 18,607 |
Natural Gas Distribution | ||||||
Operating revenues | ||||||
Residential | $ | 242,932 | $ | 233,304 | $ | 9,628 |
Commercial and industrial - small | 94,880 | 89,176 | 5,704 | |||
Transportation | 23,274 | 20,477 | 2,797 | |||
Other | 4,239 | 4,989 | (750) | |||
Total | $ | 365,325 | $ | 347,946 | $ | 17,379 |
Gas delivery volumes (MMcf) | ||||||
Residential | 17,183 | 18,869 | (1,686) | |||
Commercial | 7,706 | 8,275 | (569) | |||
Transportation | 25,683 | 27,781 | (2,098) | |||
Total | 50,572 | 54,925 | (4,353) | |||
Other data | ||||||
Depreciation and amortization | $ | 21,056 | $ | 19,468 | $ | 1,588 |
Capital expenditures | $ | 35,699 | $ | 30,221 | $ | 5,478 |
Operating income | $ | 72,034 | $ | 66,589 | $ | 5,445 |
Selected Business Segment Data (Unaudited) For the 12 months ending June 30, 2005 and 2004 | ||||||
Trailing 12 Months | ||||||
(in thousands, except sales price data) | 2005 | 2004 | Change | |||
Oil and Gas Operations | ||||||
Operating revenues | ||||||
Natural gas | $ | 307,814 | $ | 247,530 | $ | 60,284 |
Oil | 107,504 | 89,007 | 18,497 | |||
Natural gas liquids | 35,545 | 26,394 | 9,151 | |||
Other | 5,179 | 3,044 | 2,135 | |||
Total | $ | 456,042 | $ | 365,975 | $ | 90,067 |
Production volumes from continuing operations | ||||||
Natural gas (MMcf) | 59,575 | 55,303 | 4,272 | |||
Oil (MBbl) | 3,397 | 3,415 | (18) | |||
Natural gas liquids (Mgal) | 70,420 | 65,863 | 4,557 | |||
Production volumes from continuing ops. (MMcfe) | 90,014 | 85,199 | 4,815 | |||
Total sales volume (MMcfe) | 90,121 | 85,313 | 4,808 | |||
Average sales price from continuing ops. | ||||||
Natural gas (Mcf) | $ | 5.17 | $ | 4.48 | $ | 0.69 |
Oil (barrel) | $ | 31.65 | $ | 26.07 | $ | 5.58 |
Natural gas liquids (gallon) | $ | 0.50 | $ | 0.40 | $ | 0.10 |
Other data | ||||||
Lease operating expense (LOE) | ||||||
LOE and other | $ | 91,082 | $ | 72,787 | $ | 18,295 |
Production taxes | 42,664 | 30,448 | 12,216 | |||
Total | $ | 133,746 | $ | 103,235 | $ | 30,511 |
DD&A | $ | 86,265 | $ | 77,568 | $ | 8,697 |
Capital expenditures | $ | 421,037 | $ | 153,724 | $ | 267,313 |
Exploration expense | $ | 2,494 | $ | 975 | $ | 1,519 |
Operating income | $ | 198,960 | $ | 156,569 | $ | 42,391 |
Natural Gas Distribution | ||||||
Operating revenues | ||||||
Residential | $ | 349,857 | $ | 340,857 | $ | 9,000 |
Commercial and industrial - small | 144,390 | 136,103 | 8,287 | |||
Transportation | 43,018 | 38,929 | 4,089 | |||
Other | 6,854 | 5,769 | 1,085 | |||
Total | $ | 544,119 | $ | 521,658 | $ | 22,461 |
Gas delivery volumes (MMcf) | ||||||
Residential | 23,696 | 26,200 | (2,504) | |||
Commercial | 11,753 | 12,466 | (713) | |||
Transportation | 52,287 | 55,225 | (2,938) | |||
Total | 87,736 | 93,891 | (6,155) | |||
Other data | ||||||
Depreciation and amortization | $ | 41,469 | $ | 38,492 | $ | 2,977 |
Capital expenditures | $ | 63,686 | $ | 59,143 | $ | 4,543 |
Operating income | $ | 71,644 | $ | 69,249 | $ | 2,395 |