Exhibit 99.2
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 3 months ending September 30, 2009 and 2008
3rd Quarter | ||||||||||||
(in thousands, except per share data) | 2009 | 2008 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 218,501 | $ | 247,753 | $ | (29,252 | ) | |||||
Natural gas distribution | 68,788 | 82,452 | (13,664 | ) | ||||||||
Total operating revenues | 287,289 | 330,205 | (42,916 | ) | ||||||||
Operating Expenses | ||||||||||||
Cost of gas | 29,377 | 35,901 | (6,524 | ) | ||||||||
Operations and maintenance | 97,963 | 88,168 | 9,795 | |||||||||
Depreciation, depletion and amortization | 61,323 | 47,111 | 14,212 | |||||||||
Taxes, other than income taxes | 15,471 | 27,266 | (11,795 | ) | ||||||||
Accretion expense | 1,306 | 1,081 | 225 | |||||||||
Total operating expenses | 205,440 | 199,527 | 5,913 | |||||||||
Operating Income | 81,849 | 130,678 | (48,829 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (10,017 | ) | (10,319 | ) | 302 | |||||||
Other income | 2,536 | 725 | 1,811 | |||||||||
Other expense | (229 | ) | (2,009 | ) | 1,780 | |||||||
Total other expense | (7,710 | ) | (11,603 | ) | 3,893 | |||||||
Income Before Income Taxes | 74,139 | 119,075 | (44,936 | ) | ||||||||
Income tax expense | 27,018 | 46,011 | (18,993 | ) | ||||||||
Net Income | $ | 47,121 | $ | 73,064 | $ | (25,943 | ) | |||||
Diluted Earnings Per Average Common Share | $ | 0.65 | $ | 1.01 | $ | (0.36 | ) | |||||
Basic Earnings Per Average Common Share | $ | 0.66 | $ | 1.02 | $ | (0.36 | ) | |||||
Diluted Avg. Common Shares Outstanding | 71,996 | 72,116 | (120 | ) | ||||||||
Basic Avg. Common Shares Outstanding | 71,651 | 71,590 | 61 | |||||||||
Dividends Per Common Share | $ | 0.125 | $ | 0.12 | $ | 0.005 | ||||||
14
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 9 months ending September 30, 2009 and 2008
Year-to-date | ||||||||||||
(in thousands, except per share data) | 2009 | 2008 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 606,158 | $ | 704,428 | $ | (98,270 | ) | |||||
Natural gas distribution | 471,457 | 488,689 | (17,232 | ) | ||||||||
Total operating revenues | 1,077,615 | 1,193,117 | (115,502 | ) | ||||||||
Operating Expenses | ||||||||||||
Cost of gas | 232,283 | 253,159 | (20,876 | ) | ||||||||
Operations and maintenance | 274,850 | 268,147 | 6,703 | |||||||||
Depreciation, depletion and amortization | 172,308 | 133,641 | 38,667 | |||||||||
Taxes, other than income taxes | 57,099 | 92,039 | (34,940 | ) | ||||||||
Accretion expense | 3,605 | 3,181 | 424 | |||||||||
Total operating expenses | 740,145 | 750,167 | (10,022 | ) | ||||||||
Operating Income | 337,470 | 442,950 | (105,480 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (29,586 | ) | (31,699 | ) | 2,113 | |||||||
Other income | 4,058 | 1,455 | 2,603 | |||||||||
Other expense | (589 | ) | (3,057 | ) | 2,468 | |||||||
Total other expense | (26,117 | ) | (33,301 | ) | 7,184 | |||||||
Income Before Income Taxes | 311,353 | 409,649 | (98,296 | ) | ||||||||
Income tax expense | 113,649 | 153,019 | (39,370 | ) | ||||||||
Net Income | $ | 197,704 | $ | 256,630 | $ | (58,926 | ) | |||||
Diluted Earnings Per Average Common Share | $ | 2.75 | $ | 3.56 | $ | (0.81 | ) | |||||
Basic Earnings Per Average Common Share | $ | 2.76 | $ | 3.58 | $ | (0.82 | ) | |||||
Diluted Avg. Common Shares Outstanding | 71,878 | 72,129 | (251 | ) | ||||||||
Basic Avg. Common Shares Outstanding | 71,641 | 71,604 | 37 | |||||||||
Dividends Per Common Share | $ | 0.375 | $ | 0.36 | $ | 0.015 | ||||||
15
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 12 months ending September 30, 2009 and 2008
Trailing 12 Months | ||||||||||||
(in thousands, except per share data) | 2009 | 2008 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 815,862 | $ | 924,208 | $ | (108,346 | ) | |||||
Natural gas distribution | 637,546 | 620,364 | 17,182 | |||||||||
Total operating revenues | 1,453,408 | 1,544,572 | (91,164 | ) | ||||||||
Operating Expenses | ||||||||||||
Cost of gas | 330,898 | 319,004 | 11,894 | |||||||||
Operations and maintenance | 361,463 | 350,579 | 10,884 | |||||||||
Depreciation, depletion and amortization | 227,080 | 176,834 | 50,246 | |||||||||
Taxes, other than income taxes | 72,665 | 116,700 | (44,035 | ) | ||||||||
Accretion expense | 4,714 | 4,208 | 506 | |||||||||
Total operating expenses | 996,820 | 967,325 | 29,495 | |||||||||
Operating Income | 456,588 | 577,247 | (120,659 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (39,866 | ) | (43,144 | ) | 3,278 | |||||||
Other income | 2,394 | 1,727 | 667 | |||||||||
Other expense | (2,454 | ) | (3,390 | ) | 936 | |||||||
Total other expense | (39,926 | ) | (44,807 | ) | 4,881 | |||||||
Income Before Income Taxes | 416,662 | 532,440 | (115,778 | ) | ||||||||
Income tax expense | 153,673 | 196,396 | (42,723 | ) | ||||||||
Net Income | $ | 262,989 | $ | 336,044 | $ | (73,055 | ) | |||||
Diluted Earnings Per Average Common Share | $ | 3.66 | $ | 4.66 | $ | (1.00 | ) | |||||
Basic Earnings Per Average Common Share | $ | 3.67 | $ | 4.69 | $ | (1.02 | ) | |||||
Diluted Avg. Common Shares Outstanding | 71,874 | 72,141 | (267 | ) | ||||||||
Basic Avg. Common Shares Outstanding | 71,640 | 71,626 | 14 | |||||||||
Dividends Per Common Share | $ | 0.495 | $ | 0.475 | $ | 0.02 | ||||||
16
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending September 30, 2009 and 2008
3rd Quarter | ||||||||||||
(in thousands, except sales price data) | 2009 | 2008 | Change | |||||||||
Oil and Gas Operations | ||||||||||||
Operating revenues | ||||||||||||
Natural gas | $ | 115,227 | $ | 145,283 | $ | (30,056 | ) | |||||
Oil | 80,225 | 82,375 | (2,150 | ) | ||||||||
Natural gas liquids | 17,496 | 18,404 | (908 | ) | ||||||||
Other | 5,553 | 1,691 | 3,862 | |||||||||
Total | $ | 218,501 | $ | 247,753 | $ | (29,252 | ) | |||||
Production volumes | ||||||||||||
Natural gas (MMcf) | 18,881 | 17,258 | 1,623 | |||||||||
Oil (MBbl) | 1,253 | 1,055 | 198 | |||||||||
Natural gas liquids (MMgal) | 20.0 | 17.8 | 2.2 | |||||||||
Total production volumes (MMcfe) | 29,253 | 26,134 | 3,119 | |||||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||||
Natural gas (Mcf) | $ | 6.10 | $ | 8.42 | $ | (2.32 | ) | |||||
Oil (barrel) | $ | 64.03 | $ | 78.08 | $ | (14.05 | ) | |||||
Natural gas liquids (gallon) | $ | 0.88 | $ | 1.03 | $ | (0.15 | ) | |||||
Other data | ||||||||||||
Lease operating expense (LOE) | ||||||||||||
LOE and other | $ | 45,480 | $ | 43,890 | $ | 1,590 | ||||||
Production taxes | 9,050 | 20,610 | (11,560 | ) | ||||||||
Total | $ | 54,530 | $ | 64,500 | $ | (9,970 | ) | |||||
Depreciation, depletion and amortization | $ | 48,473 | $ | 34,849 | $ | 13,624 | ||||||
General and administrative expense | $ | 15,390 | $ | 9,147 | $ | 6,243 | ||||||
Capital expenditures | $ | 37,596 | $ | 122,597 | $ | (85,001 | ) | |||||
Exploration expenditures | $ | 1,120 | $ | 906 | $ | 214 | ||||||
Operating income | $ | 97,682 | $ | 137,270 | $ | (39,588 | ) | |||||
Natural Gas Distribution | ||||||||||||
Operating revenues | ||||||||||||
Residential | $ | 36,371 | $ | 38,347 | $ | (1,976 | ) | |||||
Commercial and industrial | 20,834 | 24,121 | (3,287 | ) | ||||||||
Transportation | 12,043 | 10,816 | 1,227 | |||||||||
Other | (460 | ) | 9,168 | (9,628 | ) | |||||||
Total | $ | 68,788 | $ | 82,452 | $ | (13,664 | ) | |||||
Gas delivery volumes (MMcf) | ||||||||||||
Residential | 1,498 | 1,505 | (7 | ) | ||||||||
Commercial and industrial | 1,235 | 1,390 | (155 | ) | ||||||||
Transportation | 10,504 | 10,706 | (202 | ) | ||||||||
Total | 13,237 | 13,601 | (364 | ) | ||||||||
Other data | ||||||||||||
Depreciation and amortization | $ | 12,850 | $ | 12,262 | $ | 588 | ||||||
Capital expenditures | $ | 21,133 | $ | 15,959 | $ | 5,174 | ||||||
Operating loss | $ | (15,237 | ) | $ | (5,891 | ) | $ | (9,346 | ) | |||
17
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 9 months ending September 30, 2009 and 2008
Year-to-date | ||||||||||
(in thousands, except sales price data) | 2009 | 2008 | Change | |||||||
Oil and Gas Operations | ||||||||||
Operating revenues | ||||||||||
Natural gas | $ | 343,684 | $ | 411,453 | $ | (67,769 | ) | |||
Oil | 204,587 | 221,402 | (16,815 | ) | ||||||
Natural gas liquids | 48,212 | 55,915 | (7,703 | ) | ||||||
Other | 9,675 | 15,658 | (5,983 | ) | ||||||
Total | $ | 606,158 | $ | 704,428 | $ | (98,270 | ) | |||
Production volumes | ||||||||||
Natural gas (MMcf) | 54,532 | 50,081 | 4,451 | |||||||
Oil (MBbl) | 3,456 | 3,005 | 451 | |||||||
Natural gas liquids (MMgal) | 55.9 | 52.7 | 3.2 | |||||||
Total production volumes (MMcfe) | 83,259 | 75,639 | 7,620 | |||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||
Natural gas (Mcf) | $ | 6.30 | $ | 8.22 | $ | (1.92 | ) | |||
Oil (barrel) | $ | 59.19 | $ | 73.69 | $ | (14.5 | ) | |||
Natural gas liquids (gallon) | $ | 0.86 | $ | 1.06 | $ | (0.20 | ) | |||
Other data | ||||||||||
Lease operating expense (LOE) | ||||||||||
LOE and other | $ | 134,723 | $ | 128,627 | $ | 6,096 | ||||
Production taxes | 24,160 | 58,739 | (34,579 | ) | ||||||
Total | $ | 158,883 | $ | 187,366 | $ | (28,483 | ) | |||
Depreciation, depletion and amortization | $ | 134,189 | $ | 97,240 | $ | 36,949 | ||||
General and administrative expense | $ | 37,830 | $ | 34,574 | $ | 3,256 | ||||
Capital expenditures | $ | 353,424 | $ | 295,507 | $ | 57,917 | ||||
Exploration expenditures | $ | 1,374 | $ | 4,215 | $ | (2,841 | ) | |||
Operating income | $ | 270,277 | $ | 377,852 | $ | (107,575 | ) | |||
Natural Gas Distribution | ||||||||||
Operating revenues | ||||||||||
Residential | $ | 305,663 | $ | 301,633 | $ | 4,030 | ||||
Commercial and industrial | 126,128 | 133,004 | (6,876 | ) | ||||||
Transportation | 39,268 | 37,825 | 1,443 | |||||||
Other | 398 | 16,227 | (15,829 | ) | ||||||
Total | $ | 471,457 | $ | 488,689 | $ | (17,232 | ) | |||
Gas delivery volumes (MMcf) | ||||||||||
Residential | 15,784 | 16,247 | (463 | ) | ||||||
Commercial and industrial | 7,613 | 8,349 | (736 | ) | ||||||
Transportation | 29,775 | 36,267 | (6,492 | ) | ||||||
Total | 53,172 | 60,863 | (7,691 | ) | ||||||
Other data | ||||||||||
Depreciation and amortization | $ | 38,119 | $ | 36,401 | $ | 1,718 | ||||
Capital expenditures | $ | 57,107 | $ | 44,955 | $ | 12,152 | ||||
Operating income | $ | 68,844 | $ | 67,125 | $ | 1,719 | ||||
18
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending September 30, 2009 and 2008
Trailing 12 Months | ||||||||||
(in thousands, except sales price data) | 2009 | 2008 | Change | |||||||
Oil and Gas Operations | ||||||||||
Operating revenues | ||||||||||
Natural gas | $ | 468,514 | $ | 539,423 | $ | (70,909 | ) | |||
Oil | 276,093 | 291,511 | (15,418 | ) | ||||||
Natural gas liquids | 60,513 | 75,462 | (14,949 | ) | ||||||
Other | 10,742 | 17,812 | (7,070 | ) | ||||||
Total | $ | 815,862 | $ | 924,208 | $ | (108,346 | ) | |||
Production volumes | ||||||||||
Natural gas (MMcf) | 72,024 | 66,649 | 5,375 | |||||||
Oil (MBbl) | 4,565 | 3,986 | 579 | |||||||
Natural gas liquids (MMgal) | 73.9 | 72.3 | 1.6 | |||||||
Total production volumes (MMcfe) | 109,974 | 100,895 | 9,079 | |||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||
Natural gas (Mcf) | $ | 6.50 | $ | 8.09 | $ | (1.59 | ) | |||
Oil (barrel) | $ | 60.48 | $ | 73.14 | $ | (12.66 | ) | |||
Natural gas liquids (gallon) | $ | 0.82 | $ | 1.04 | $ | (0.22 | ) | |||
Other data | ||||||||||
Lease operating expense (LOE) | ||||||||||
LOE and other | $ | 180,223 | $ | 163,671 | $ | 16,552 | ||||
Production taxes | 27,973 | 73,969 | (45,996 | ) | ||||||
Total | $ | 208,196 | $ | 237,640 | $ | (29,444 | ) | |||
Depreciation, depletion and amortization | $ | 176,488 | $ | 128,398 | $ | 48,090 | ||||
General and administrative expense | $ | 44,996 | $ | 48,777 | $ | (3,781 | ) | |||
Capital expenditures | $ | 507,488 | $ | 420,191 | $ | 87,297 | ||||
Exploration expenditures | $ | 6,455 | $ | 5,438 | $ | 1,017 | ||||
Operating income | $ | 375,013 | $ | 499,747 | $ | (124,734 | ) | |||
Natural Gas Distribution | ||||||||||
Operating revenues | ||||||||||
Residential | $ | 412,310 | $ | 383,613 | $ | 28,697 | ||||
Commercial and industrial | 170,843 | 167,629 | 3,214 | |||||||
Transportation | 52,559 | 50,571 | 1,988 | |||||||
Other | 1,834 | 18,551 | (16,717 | ) | ||||||
Total | $ | 637,546 | $ | 620,364 | $ | 17,182 | ||||
Gas delivery volumes (MMcf) | ||||||||||
Residential | 21,169 | 20,609 | 560 | |||||||
Commercial and industrial | 10,198 | 10,569 | (371 | ) | ||||||
Transportation | 40,297 | 49,318 | (9,021 | ) | ||||||
Total | 71,664 | 80,496 | (8,832 | ) | ||||||
Other data | ||||||||||
Depreciation and amortization | $ | 50,592 | $ | 48,436 | $ | 2,156 | ||||
Capital expenditures | $ | 75,472 | $ | 58,221 | $ | 17,251 | ||||
Operating income | $ | 83,675 | $ | 80,133 | $ | 3,542 | ||||
19