Exhibit 99.2
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 3 months ending June 30, 2009 and 2008
2nd Quarter | ||||||||||||
(in thousands, except per share data) | 2009 | 2008 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 198,537 | $ | 231,780 | $ | (33,243 | ) | |||||
Natural gas distribution | 107,683 | 109,486 | (1,803 | ) | ||||||||
Total operating revenues | 306,220 | 341,266 | (35,046 | ) | ||||||||
Operating Expenses | ||||||||||||
Cost of gas | 50,837 | 55,869 | (5,032 | ) | ||||||||
Operations and maintenance | 88,500 | 93,427 | (4,927 | ) | ||||||||
Depreciation, depletion and amortization | 56,407 | 44,114 | 12,293 | |||||||||
Taxes, other than income taxes | 15,168 | 29,868 | (14,700 | ) | ||||||||
Accretion expense | 1,163 | 1,055 | 108 | |||||||||
Total operating expenses | 212,075 | 224,333 | (12,258 | ) | ||||||||
Operating Income | 94,145 | 116,933 | (22,788 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (9,788 | ) | (10,258 | ) | 470 | |||||||
Other income | 2,817 | 486 | 2,331 | |||||||||
Other expense | (170 | ) | (452 | ) | 282 | |||||||
Total other expense | (7,141 | ) | (10,224 | ) | 3,083 | |||||||
Income Before Income Taxes | 87,004 | 106,709 | (19,705 | ) | ||||||||
Income tax expense | 32,003 | 39,831 | (7,828 | ) | ||||||||
Net Income | $ | 55,001 | $ | 66,878 | $ | (11,877 | ) | |||||
Diluted Earnings Per Average Common Share | $ | 0.76 | $ | 0.93 | $ | (0.17 | ) | |||||
Basic Earnings Per Average Common Share | $ | 0.77 | $ | 0.93 | $ | (0.16 | ) | |||||
Diluted Avg. Common Shares Outstanding | 71,904 | 72,055 | (151 | ) | ||||||||
Basic Avg. Common Shares Outstanding | 71,644 | 71,585 | 59 | |||||||||
Dividends Per Common Share | $ | 0.125 | $ | 0.12 | $ | 0.005 | ||||||
12
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 6 months ending June 30, 2009 and 2008
Year-to-date | ||||||||||||
(in thousands, except per share data) | 2009 | 2008 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 387,657 | $ | 456,675 | $ | (69,018 | ) | |||||
Natural gas distribution | 402,669 | 406,237 | (3,568 | ) | ||||||||
Total operating revenues | 790,326 | 862,912 | (72,586 | ) | ||||||||
Operating Expenses | ||||||||||||
Cost of gas | 202,906 | 217,258 | (14,352 | ) | ||||||||
Operations and maintenance | 176,887 | 179,979 | (3,092 | ) | ||||||||
Depreciation, depletion and amortization | 110,985 | 86,530 | 24,455 | |||||||||
Taxes, other than income taxes | 41,628 | 64,773 | (23,145 | ) | ||||||||
Accretion expense | 2,299 | 2,100 | 199 | |||||||||
Total operating expenses | 534,705 | 550,640 | (15,935 | ) | ||||||||
Operating Income | 255,621 | 312,272 | (56,651 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (19,569 | ) | (21,380 | ) | 1,811 | |||||||
Other income | 1,522 | 730 | 792 | |||||||||
Other expense | (360 | ) | (1,048 | ) | 688 | |||||||
Total other expense | (18,407 | ) | (21,698 | ) | 3,291 | |||||||
Income Before Income Taxes | 237,214 | 290,574 | (53,360 | ) | ||||||||
Income tax expense | 86,631 | 107,008 | (20,377 | ) | ||||||||
Net Income | $ | 150,583 | $ | 183,566 | $ | (32,983 | ) | |||||
Diluted Earnings Per Average Common Share | $ | 2.09 | $ | 2.55 | $ | (0.46 | ) | |||||
Basic Earnings Per Average Common Share | $ | 2.10 | $ | 2.56 | $ | (0.46 | ) | |||||
Diluted Avg. Common Shares Outstanding | 71,888 | 72,054 | (166 | ) | ||||||||
Basic Avg. Common Shares Outstanding | 71,642 | 71,611 | 31 | |||||||||
Dividends Per Common Share | $ | 0.25 | $ | 0.24 | $ | 0.01 | ||||||
13
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 12 months ending June 30, 2009 and 2008
Trailing 12 Months | ||||||||||||
(in thousands, except per share data) | 2009 | 2008 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 845,114 | $ | 884,878 | $ | (39,764 | ) | |||||
Natural gas distribution | 651,210 | 605,511 | 45,699 | |||||||||
Total operating revenues | 1,496,324 | 1,490,389 | 5,935 | |||||||||
Operating Expenses | ||||||||||||
Cost of gas | 337,422 | 314,191 | 23,231 | |||||||||
Operations and maintenance | 351,668 | 347,268 | 4,400 | |||||||||
Depreciation, depletion and amortization | 212,868 | 171,180 | 41,688 | |||||||||
Taxes, other than income taxes | 84,460 | 108,422 | (23,962 | ) | ||||||||
Accretion expense | 4,489 | 4,127 | 362 | |||||||||
Total operating expenses | 990,907 | 945,188 | 45,719 | |||||||||
Operating Income | 505,417 | 545,201 | (39,784 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (40,168 | ) | (44,243 | ) | 4,075 | |||||||
Other income | 2,675 | 1,887 | 788 | |||||||||
Other expense | (6,326 | ) | (1,625 | ) | (4,701 | ) | ||||||
Total other expense | (43,819 | ) | (43,981 | ) | 162 | |||||||
Income from Continuing Operations Before Income Taxes | 461,598 | 501,220 | (39,622 | ) | ||||||||
Income tax expense | 172,666 | 180,226 | (7,560 | ) | ||||||||
Income from Continuing Operations | 288,932 | 320,994 | (32,062 | ) | ||||||||
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 | $ | 288,932 | $ | 321,014 | $ | (32,082 | ) | |||||
Diluted Earnings Per Average Common Share | ||||||||||||
Continuing operations | $ | 4.02 | $ | 4.46 | $ | (0.44 | ) | |||||
Discontinued operations | — | — | — | |||||||||
Net Income | $ | 4.02 | $ | 4.46 | $ | (0.44 | ) | |||||
Basic Earnings Per Average Common Share | ||||||||||||
Continuing operations | $ | 4.03 | $ | 4.48 | $ | (0.45 | ) | |||||
Discontinued operations | — | — | — | |||||||||
Net Income | $ | 4.03 | $ | 4.48 | $ | (0.45 | ) | |||||
Diluted Avg. Common Shares Outstanding | 71,961 | 72,044 | (83 | ) | ||||||||
Basic Avg. Common Shares Outstanding | 71,641 | 71,641 | — | |||||||||
Dividends Per Common Share | $ | 0.49 | $ | 0.47 | $ | 0.02 | ||||||
14
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending June 30, 2009 and 2008
2nd Quarter | |||||||||||
(in thousands, except sales price data) | 2009 | 2008 | Change | ||||||||
Oil and Gas Operations | |||||||||||
Operating revenues | |||||||||||
Natural gas | $ | 112,822 | $ | 135,216 | $ | (22,394 | ) | ||||
Oil | 66,620 | 74,928 | (8,308 | ) | |||||||
Natural gas liquids | 16,194 | 20,065 | (3,871 | ) | |||||||
Other | 2,901 | 1,571 | 1,330 | ||||||||
Total | $ | 198,537 | $ | 231,780 | $ | (33,243 | ) | ||||
Production volumes | |||||||||||
Natural gas (MMcf) | 18,001 | 16,396 | 1,605 | ||||||||
Oil (MBbl) | 1,113 | 1,006 | 107 | ||||||||
Natural gas liquids (MMgal) | 18.4 | 18.1 | 0.30 | ||||||||
Total production volumes (MMcfe) | 27,314 | 25,022 | 2,292 | ||||||||
Revenue per unit of production including effects of all derivative instruments | |||||||||||
Natural gas (Mcf) | $ | 6.27 | $ | 8.25 | $ | (1.98 | ) | ||||
Oil (barrel) | $ | 59.85 | $ | 74.51 | $ | (14.66 | ) | ||||
Natural gas liquids (gallon) | $ | 0.88 | $ | 1.11 | $ | (0.23 | ) | ||||
Other data | |||||||||||
Lease operating expense (LOE) | |||||||||||
LOE and other | $ | 43,371 | $ | 41,602 | $ | 1,769 | |||||
Production taxes | 7,269 | 21,553 | (14,284 | ) | |||||||
Total | $ | 50,640 | $ | 63,155 | $ | (12,515 | ) | ||||
Depreciation, depletion and amortization | $ | 43,753 | $ | 31,995 | $ | 11,758 | |||||
General and administrative expense | $ | 11,428 | $ | 13,528 | $ | (2,100 | ) | ||||
Capital expenditures | $ | 241,213 | $ | 98,513 | $ | 142,700 | |||||
Exploration expenditures | $ | 104 | $ | 2,960 | $ | (2,856 | ) | ||||
Operating income | $ | 91,449 | $ | 119,087 | $ | (27,638 | ) | ||||
Natural Gas Distribution | |||||||||||
Operating revenues | |||||||||||
Residential | $ | 64,764 | $ | 63,711 | $ | 1,053 | |||||
Commercial and industrial | 29,918 | 31,378 | (1,460 | ) | |||||||
Transportation | 12,209 | 11,506 | 703 | ||||||||
Other | 792 | 2,891 | (2,099 | ) | |||||||
Total | $ | 107,683 | $ | 109,486 | $ | (1,803 | ) | ||||
Gas delivery volumes (MMcf) | |||||||||||
Residential | 3,095 | 3,211 | (116 | ) | |||||||
Commercial and industrial | 1,810 | 1,983 | (173 | ) | |||||||
Transportation | 8,302 | 11,264 | (2,962 | ) | |||||||
Total | 13,207 | 16,458 | (3,251 | ) | |||||||
Other data | |||||||||||
Depreciation and amortization | $ | 12,654 | $ | 12,119 | $ | 535 | |||||
Capital expenditures | $ | 19,864 | $ | 15,926 | $ | 3,938 | |||||
Operating income | $ | 3,242 | $ | (1,472 | ) | $ | 4,714 | ||||
15
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 6 months ending June 30, 2009 and 2008
Year-to-date | ||||||||||
(in thousands, except sales price data) | 2009 | 2008 | Change | |||||||
Oil and Gas Operations | ||||||||||
Operating revenues | ||||||||||
Natural gas | $ | 228,457 | $ | 266,170 | $ | (37,713 | ) | |||
Oil | 124,362 | 139,027 | (14,665 | ) | ||||||
Natural gas liquids | 30,716 | 37,511 | (6,795 | ) | ||||||
Other | 4,122 | 13,967 | (9,845 | ) | ||||||
Total | $ | 387,657 | $ | 456,675 | $ | (69,018 | ) | |||
Production volumes | ||||||||||
Natural gas (MMcf) | 35,651 | 32,823 | 2,828 | |||||||
Oil (MBbl) | 2,203 | 1,950 | 253 | |||||||
Natural gas liquids (MMgal) | 35.9 | 34.9 | 1.00 | |||||||
Total production volumes (MMcfe) | 54,006 | 49,505 | 4,501 | |||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||
Natural gas (Mcf) | $ | 6.41 | $ | 8.11 | $ | (1.70 | ) | |||
Oil (barrel) | $ | 56.44 | $ | 71.31 | $ | (14.87 | ) | |||
Natural gas liquids (gallon) | $ | 0.85 | $ | 1.08 | $ | (0.23 | ) | |||
Other data | ||||||||||
Lease operating expense (LOE) | ||||||||||
LOE and other | $ | 89,243 | $ | 84,737 | $ | 4,506 | ||||
Production taxes | 15,110 | 38,129 | (23,019 | ) | ||||||
Total | $ | 104,353 | $ | 122,866 | $ | (18,513 | ) | |||
Depreciation, depletion and amortization | $ | 85,716 | $ | 62,391 | $ | 23,325 | ||||
General and administrative expense | $ | 22,440 | $ | 25,427 | $ | (2,987 | ) | |||
Capital expenditures | $ | 315,828 | $ | 172,910 | $ | 142,918 | ||||
Exploration expenditures | $ | 254 | $ | 3,309 | $ | (3,055 | ) | |||
Operating income | $ | 172,595 | $ | 240,582 | $ | (67,987 | ) | |||
Natural Gas Distribution | ||||||||||
Operating revenues | ||||||||||
Residential | $ | 269,292 | $ | 263,286 | $ | 6,006 | ||||
Commercial and industrial | 105,294 | 108,883 | (3,589 | ) | ||||||
Transportation | 27,225 | 27,009 | 216 | |||||||
Other | 858 | 7,059 | (6,201 | ) | ||||||
Total | $ | 402,669 | $ | 406,237 | $ | (3,568 | ) | |||
Gas delivery volumes (MMcf) | ||||||||||
Residential | 14,286 | 14,742 | (456 | ) | ||||||
Commercial and industrial | 6,378 | 6,959 | (581 | ) | ||||||
Transportation | 19,271 | 25,561 | (6,290 | ) | ||||||
Total | 39,935 | 47,262 | (7,327 | ) | ||||||
Other data | ||||||||||
Depreciation and amortization | $ | 25,269 | $ | 24,139 | $ | 1,130 | ||||
Capital expenditures | $ | 35,974 | $ | 28,996 | $ | 6,978 | ||||
Operating income | $ | 84,081 | $ | 73,016 | $ | 11,065 | ||||
16
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending June 30, 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 | $ | 498,570 | $ | 517,639 | $ | (19,069 | ) | |||
Oil | 278,243 | 275,825 | 2,418 | |||||||
Natural gas liquids | 61,421 | 74,544 | (13,123 | ) | ||||||
Other | 6,880 | 16,870 | (9,990 | ) | ||||||
Total | $ | 845,114 | $ | 884,878 | $ | (39,764 | ) | |||
Production volumes from continuing operations | ||||||||||
Natural gas (MMcf) | 70,401 | 65,886 | 4,515 | |||||||
Oil (MBbl) | 4,367 | 3,956 | 411 | |||||||
Natural gas liquids (MMgal) | 71.8 | 74.1 | (2.30 | ) | ||||||
Production volumes from continuing ops. (MMcfe) | 106,855 | 100,206 | 6,649 | |||||||
Total production volumes (MMcfe) | 106,855 | 100,206 | 6,649 | |||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||
Natural gas (Mcf) | $ | 7.08 | $ | 7.86 | $ | (0.78 | ) | |||
Oil (barrel) | $ | 63.71 | $ | 69.73 | $ | (6.02 | ) | |||
Natural gas liquids (gallon) | $ | 0.86 | $ | 1.01 | $ | (0.15 | ) | |||
Other data from continuing operations | ||||||||||
Lease operating expense (LOE) | ||||||||||
LOE and other | $ | 178,633 | $ | 158,487 | $ | 20,146 | ||||
Production taxes | 39,533 | 66,327 | (26,794 | ) | ||||||
Total | $ | 218,166 | $ | 224,814 | $ | (6,648 | ) | |||
Depreciation, depletion and amortization | $ | 162,864 | $ | 123,159 | $ | 39,705 | ||||
General and administrative expense | $ | 38,753 | $ | 51,474 | $ | (12,721 | ) | |||
Capital expenditures | $ | 592,489 | $ | 391,868 | $ | 200,621 | ||||
Exploration expenditures | $ | 6,241 | $ | 5,928 | $ | 313 | ||||
Operating income | $ | 414,601 | $ | 475,376 | $ | (60,775 | ) | |||
Natural Gas Distribution | ||||||||||
Operating revenues | ||||||||||
Residential | $ | 414,286 | $ | 380,951 | $ | 33,335 | ||||
Commercial and industrial | 174,130 | 164,892 | 9,238 | |||||||
Transportation | 51,332 | 50,330 | 1,002 | |||||||
Other | 11,462 | 9,338 | 2,124 | |||||||
Total | $ | 651,210 | $ | 605,511 | $ | 45,699 | ||||
Gas delivery volumes (MMcf) | ||||||||||
Residential | 21,176 | 20,641 | 535 | |||||||
Commercial and industrial | 10,353 | 10,699 | (346 | ) | ||||||
Transportation | 40,499 | 51,391 | (10,892 | ) | ||||||
Total | 72,028 | 82,731 | (10,703 | ) | ||||||
Other data | ||||||||||
Depreciation and amortization | $ | 50,004 | $ | 48,021 | $ | 1,983 | ||||
Capital expenditures | $ | 70,298 | $ | 56,285 | $ | 14,013 | ||||
Operating income | $ | 93,021 | $ | 72,351 | $ | 20,670 | ||||
17