Exhibit 99.2
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 3 months ending March 31, 2009 and 2008
| 1st Quarter | ||||||||||||
(in thousands, except per share data) | 2009 | 2008 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 189,120 | $ | 224,895 | $ | (35,775 | ) | |||||
Natural gas distribution | 294,986 | 296,751 | (1,765 | ) | ||||||||
Total operating revenues | 484,106 | 521,646 | (37,540 | ) | ||||||||
Operating Expenses | ||||||||||||
Cost of gas | 152,069 | 161,389 | (9,320 | ) | ||||||||
Operations & maintenance | 88,387 | 86,552 | 1,835 | |||||||||
Depreciation, depletion and amortization | 54,578 | 42,416 | 12,162 | |||||||||
Taxes, other than income taxes | 26,460 | 34,905 | (8,445 | ) | ||||||||
Accretion expense | 1,136 | 1,045 | 91 | |||||||||
Total operating expenses | 322,630 | 326,307 | (3,677 | ) | ||||||||
Operating Income | 161,476 | 195,339 | (33,863 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (9,781 | ) | (11,122 | ) | 1,341 | |||||||
Other income | 401 | 244 | 157 | |||||||||
Other expense | (1,886 | ) | (596 | ) | (1,290 | ) | ||||||
Total other expense | (11,266 | ) | (11,474 | ) | 208 | |||||||
Income Before Income Taxes | 150,210 | 183,865 | (33,655 | ) | ||||||||
Income tax expense | 54,628 | 67,177 | (12,549 | ) | ||||||||
Net Income | $ | 95,582 | $ | 116,688 | $ | (21,106 | ) | |||||
Diluted Earnings Per Average Common Share | $ | 1.33 | $ | 1.62 | $ | (0.29 | ) | |||||
Basic Earnings Per Average Common Share | $ | 1.33 | $ | 1.63 | $ | (0.30 | ) | |||||
Diluted Avg. Common Shares Outstanding | 71,897 | 72,125 | (228 | ) | ||||||||
Basic Avg. Common Shares Outstanding | 71,640 | 71,637 | 3 | |||||||||
Dividends Per Common Share | $ | 0.125 | $ | 0.12 | $ | 0.005 | ||||||
10
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 12 months ending March 31, 2009 and 2008
| Trailing 12 Months | ||||||||||||
(in thousands, except per share data) | 2009 | 2008 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 878,357 | $ | 856,454 | $ | 21,903 | ||||||
Natural gas distribution | 653,013 | 607,591 | 45,422 | |||||||||
Total operating revenues | 1,531,370 | 1,464,045 | 67,325 | |||||||||
Operating Expenses | ||||||||||||
Cost of gas | 342,454 | 311,680 | 30,774 | |||||||||
Operations & maintenance | 356,595 | 337,952 | 18,643 | |||||||||
Depreciation, depletion and amortization | 200,575 | 165,773 | 34,802 | |||||||||
Taxes, other than income taxes | 99,160 | 100,424 | (1,264 | ) | ||||||||
Accretion expense | 4,381 | 4,043 | 338 | |||||||||
Total operating expenses | 1,003,165 | 919,872 | 83,293 | |||||||||
Operating Income | 528,205 | 544,173 | (15,968 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (40,640 | ) | (46,001 | ) | 5,361 | |||||||
Other income | 2,042 | 2,351 | (309 | ) | ||||||||
Other expense | (8,304 | ) | (1,360 | ) | (6,944 | ) | ||||||
Total other expense | (46,902 | ) | (45,010 | ) | (1,892 | ) | ||||||
Income from Continuing Operations Before Income Taxes | 481,303 | 499,163 | (17,860 | ) | ||||||||
Income tax expense | 180,494 | 177,144 | 3,350 | |||||||||
Income from Continuing Operations | 300,809 | 322,019 | (21,210 | ) | ||||||||
Discontinued Operations, Net of Taxes | ||||||||||||
Income from discontinued operations | — | 2 | (2 | ) | ||||||||
Gain on disposal of discontinued operations | — | 18 | (18 | ) | ||||||||
Income from Discontinued Operations | — | 20 | (20 | ) | ||||||||
Net Income | $ | 300,809 | $ | 322,039 | $ | (21,230 | ) | |||||
Diluted Earnings Per Average Common Share | ||||||||||||
Continuing operations | $ | 4.17 | $ | 4.47 | $ | (0.30 | ) | |||||
Discontinued operations | — | — | — | |||||||||
Net Income | $ | 4.17 | $ | 4.47 | $ | (0.30 | ) | |||||
Basic Earnings Per Average Common Share | ||||||||||||
Continuing operations | $ | 4.20 | $ | 4.49 | $ | (0.29 | ) | |||||
Discontinued operations | — | — | — | |||||||||
Net Income | $ | 4.20 | $ | 4.49 | $ | (0.29 | ) | |||||
Diluted Avg. Common Shares Outstanding | 72,146 | 72,088 | 58 | |||||||||
Basic Avg. Common Shares Outstanding | 71,639 | 71,650 | (11 | ) | ||||||||
Dividends Per Common Share | $ | 0.485 | $ | 0.465 | $ | 0.02 | ||||||
11
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending March 31, 2009 and 2008
| 1st Quarter | ||||||||||
(in thousands, except sales price data) | 2009 | 2008 | Change | |||||||
Oil and Gas Operations | ||||||||||
Operating revenues | ||||||||||
Natural gas | $ | 115,635 | $ | 130,954 | $ | (15,319 | ) | |||
Oil | 57,742 | 64,099 | (6,357 | ) | ||||||
Natural gas liquids | 14,522 | 17,446 | (2,924 | ) | ||||||
Other | 1,221 | 12,396 | (11,175 | ) | ||||||
Total | $ | 189,120 | $ | 224,895 | $ | (35,775 | ) | |||
Production volumes | ||||||||||
Natural gas (MMcf) | 17,650 | 16,427 | 1,223 | |||||||
Oil (MBbl) | 1,090 | 944 | 146 | |||||||
Natural gas liquids (MMgal) | 17.5 | 16.7 | 0.80 | |||||||
Total production volumes (MMcfe) | 26,692 | 24,483 | 2,209 | |||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||
Natural gas (Mcf) | $ | 6.55 | $ | 7.97 | $ | (1.42 | ) | |||
Oil (barrel) | $ | 52.97 | $ | 67.90 | $ | (14.93 | ) | |||
Natural gas liquids (gallon) | $ | 0.83 | $ | 1.04 | $ | (0.21 | ) | |||
Other data | ||||||||||
Lease operating expense (LOE) | ||||||||||
LOE and other | $ | 45,872 | $ | 43,135 | $ | 2,737 | ||||
Production taxes | 7,841 | 16,576 | (8,735 | ) | ||||||
Total | $ | 53,713 | $ | 59,711 | $ | (5,998 | ) | |||
Depreciation, depletion and amortization | $ | 41,963 | $ | 30,396 | $ | 11,567 | ||||
General and administrative expense | $ | 11,012 | $ | 11,899 | $ | (887 | ) | |||
Capital expenditures | $ | 74,615 | $ | 74,397 | $ | 218 | ||||
Exploration expenditures | $ | 150 | $ | 349 | $ | (199 | ) | |||
Operating income | $ | 81,146 | $ | 121,495 | $ | (40,349 | ) | |||
Natural Gas Distribution | ||||||||||
Operating revenues | ||||||||||
Residential | $ | 204,528 | $ | 199,575 | $ | 4,953 | ||||
Commercial and industrial | 75,376 | 77,505 | (2,129 | ) | ||||||
Transportation | 15,016 | 15,503 | (487 | ) | ||||||
Other | 66 | 4,168 | (4,102 | ) | ||||||
Total | $ | 294,986 | $ | 296,751 | $ | (1,765 | ) | |||
Gas delivery volumes (MMcf) | ||||||||||
Residential | 11,191 | 11,531 | (340 | ) | ||||||
Commercial and industrial | 4,568 | 4,976 | (408 | ) | ||||||
Transportation | 10,969 | 14,297 | (3,328 | ) | ||||||
Total | 26,728 | 30,804 | (4,076 | ) | ||||||
Other data | ||||||||||
Depreciation and amortization | $ | 12,615 | $ | 12,020 | $ | 595 | ||||
Capital expenditures | $ | 16,110 | $ | 13,070 | $ | 3,040 | ||||
Operating income | $ | 80,839 | $ | 74,488 | $ | 6,351 | ||||
12
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending March 31, 2009 and 2008
| Trailing 12 Months | ||||||||||
(in thousands, except sales price data) | 2009 | 2008 | Change | |||||||
Oil and Gas Operations | ||||||||||
Operating revenues from continuing operations | ||||||||||
Natural gas | $ | 520,964 | $ | 507,135 | $ | 13,829 | ||||
Oil | 286,551 | 261,512 | 25,039 | |||||||
Natural gas liquids | 65,292 | 71,027 | (5,735 | ) | ||||||
Other | 5,550 | 16,780 | (11,230 | ) | ||||||
Total | $ | 878,357 | $ | 856,454 | $ | 21,903 | ||||
Production volumes from continuing operations | ||||||||||
Natural gas (MMcf) | 68,796 | 65,180 | 3,616 | |||||||
Oil (MBbl) | 4,260 | 3,897 | 363 | |||||||
Natural gas liquids (MMgal) | 71.5 | 75.1 | (3.6 | ) | ||||||
Production volumes from continuing ops. (MMcfe) | 104,563 | 99,283 | 5,280 | |||||||
Total production volumes (MMcfe) | 104,563 | 99,283 | 5,280 | |||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||
Natural gas (Mcf) | $ | 7.57 | $ | 7.78 | $ | (0.21 | ) | |||
Oil (barrel) | $ | 67.27 | $ | 67.11 | $ | 0.16 | ||||
Natural gas liquids (gallon) | $ | 0.91 | $ | 0.95 | $ | (0.04 | ) | |||
Other data from continuing operations | ||||||||||
Lease operating expense (LOE) | ||||||||||
LOE and other | $ | 176,864 | $ | 156,006 | $ | 20,858 | ||||
Production taxes | 53,817 | 58,363 | (4,546 | ) | ||||||
Total | $ | 230,681 | $ | 214,369 | $ | 16,312 | ||||
Depreciation, depletion and amortization | $ | 151,106 | $ | 118,164 | $ | 32,942 | ||||
General and administrative expense | $ | 40,853 | $ | 48,971 | $ | (8,118 | ) | |||
Capital expenditures | $ | 449,789 | $ | 400,481 | $ | 49,308 | ||||
Exploration expenditures | $ | 9,097 | $ | 3,146 | $ | 5,951 | ||||
Operating income | $ | 442,239 | $ | 467,761 | $ | (25,522 | ) | |||
Natural Gas Distribution | ||||||||||
Operating revenues | ||||||||||
Residential | $ | 413,233 | $ | 384,068 | $ | 29,165 | ||||
Commercial and industrial | 175,590 | 164,686 | 10,904 | |||||||
Transportation | 50,629 | 50,191 | 438 | |||||||
Other | 13,561 | 8,646 | 4,915 | |||||||
Total | $ | 653,013 | $ | 607,591 | $ | 45,422 | ||||
Gas delivery volumes (MMcf) | ||||||||||
Residential | 21,292 | 20,617 | 675 | |||||||
Commercial and industrial | 10,526 | 10,697 | (171 | ) | ||||||
Transportation | 43,461 | 52,324 | (8,863 | ) | ||||||
Total | 75,279 | 83,638 | (8,359 | ) | ||||||
Other data | ||||||||||
Depreciation and amortization | $ | 49,469 | $ | 47,609 | $ | 1,860 | ||||
Capital expenditures | $ | 66,360 | $ | 56,965 | $ | 9,395 | ||||
Operating income | $ | 88,307 | $ | 78,793 | $ | 9,514 | ||||
13