Exhibit 99.2
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 3 months ending December 31, 2009 and 2008
4th Quarter | ||||||||||||
(in thousands, except per share data) | 2009 | 2008 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 216,388 | $ | 209,704 | $ | 6,684 | ||||||
Natural gas distribution | 146,417 | 166,089 | (19,672 | ) | ||||||||
Total operating revenues | 362,805 | 375,793 | (12,988 | ) | ||||||||
Operating Expenses | ||||||||||||
Cost of gas | 73,771 | 98,615 | (24,844 | ) | ||||||||
Operations and maintenance | 105,775 | 86,613 | 19,162 | |||||||||
Depreciation, depletion and amortization | 62,776 | 54,772 | 8,004 | |||||||||
Taxes, other than income taxes | 21,230 | 15,566 | 5,664 | |||||||||
Accretion expense | 1,330 | 1,109 | 221 | |||||||||
Total operating expenses | 264,882 | 256,675 | 8,207 | |||||||||
Operating Income | 97,923 | 119,118 | (21,195 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (9,793 | ) | (10,282 | ) | 489 | |||||||
Other income | 914 | 430 | 484 | |||||||||
Other expense | (101 | ) | (3,957 | ) | 3,856 | |||||||
Total other expense | (8,980 | ) | (13,809 | ) | 4,829 | |||||||
Income Before Income Taxes | 88,943 | 105,309 | (16,366 | ) | ||||||||
Income tax expense | 30,322 | 40,024 | (9,702 | ) | ||||||||
Net Income | $ | 58,621 | $ | 65,285 | $ | (6,664 | ) | |||||
Diluted Earnings Per Average Common Share | $ | 0.81 | $ | 0.91 | $ | (0.10 | ) | |||||
Basic Earnings Per Average Common Share | $ | 0.82 | $ | 0.91 | $ | (0.09 | ) | |||||
Diluted Avg. Common Shares Outstanding | 72,057 | 71,909 | 148 | |||||||||
Basic Avg. Common Shares Outstanding | 71,701 | 71,592 | 109 | |||||||||
Dividends Per Common Share | $ | 0.125 | $ | 0.12 | $ | 0.005 | ||||||
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CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 12 months ending December 31, 2009 and 2008
Year-to-date | ||||||||||||
(in thousands, except per share data) | 2009 | 2008 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 822,546 | $ | 914,132 | $ | (91,586 | ) | |||||
Natural gas distribution | 617,874 | 654,778 | (36,904 | ) | ||||||||
Total operating revenues | 1,440,420 | 1,568,910 | (128,490 | ) | ||||||||
Operating Expenses | ||||||||||||
Cost of gas | 306,054 | 351,774 | (45,720 | ) | ||||||||
Operations and maintenance | 380,625 | 354,760 | 25,865 | |||||||||
Depreciation, depletion and amortization | 235,084 | 188,413 | 46,671 | |||||||||
Taxes, other than income taxes | 78,329 | 107,605 | (29,276 | ) | ||||||||
Accretion expense | 4,935 | 4,290 | 645 | |||||||||
Total operating expenses | 1,005,027 | 1,006,842 | (1,815 | ) | ||||||||
Operating Income | 435,393 | 562,068 | (126,675 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (39,379 | ) | (41,981 | ) | 2,602 | |||||||
Other income | 4,972 | 1,885 | 3,087 | |||||||||
Other expense | (690 | ) | (7,014 | ) | 6,324 | |||||||
Total other expense | (35,097 | ) | (47,110 | ) | 12,013 | |||||||
Income Before Income Taxes | 400,296 | 514,958 | (114,662 | ) | ||||||||
Income tax expense | 143,971 | 193,043 | (49,072 | ) | ||||||||
Net Income | $ | 256,325 | $ | 321,915 | $ | (65,590 | ) | |||||
Diluted Earnings Per Average Common Share | $ | 3.57 | $ | 4.47 | $ | (0.90 | ) | |||||
Basic Earnings Per Average Common Share | $ | 3.58 | $ | 4.50 | $ | (0.92 | ) | |||||
Diluted Avg. Common Shares Outstanding | 71,885 | 72,030 | (145 | ) | ||||||||
Basic Avg. Common Shares Outstanding | 71,667 | 71,601 | 66 | |||||||||
Dividends Per Common Share | $ | 0.50 | $ | 0.48 | $ | 0.02 | ||||||
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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending December 31, 2009 and 2008
4th Quarter | ||||||||||
(in thousands, except sales price data) | 2009 | 2008 | Change | |||||||
Oil and Gas Operations | ||||||||||
Operating revenues | ||||||||||
Natural gas | $ | 116,686 | $ | 124,830 | $ | (8,144 | ) | |||
Oil | 80,163 | 71,506 | 8,657 | |||||||
Natural gas liquids | 19,042 | 12,301 | 6,741 | |||||||
Other | 497 | 1,067 | (570 | ) | ||||||
Total | $ | 216,388 | $ | 209,704 | $ | 6,684 | ||||
Production volumes | ||||||||||
Natural gas (MMcf) | 17,805 | 17,492 | 313 | |||||||
Oil (MBbl) | 1,234 | 1,109 | 125 | |||||||
Natural gas liquids (MMgal) | 19.3 | 18.0 | 1.3 | |||||||
Total production volumes (MMcfe) | 27,965 | 26,715 | 1,250 | |||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||
Natural gas (Mcf) | $ | 6.55 | $ | 7.14 | $ | (0.59 | ) | |||
Oil (barrel) | $ | 64.98 | $ | 64.48 | $ | 0.50 | ||||
Natural gas liquids (gallon) | $ | 0.99 | $ | 0.68 | $ | 0.31 | ||||
Other data | ||||||||||
Lease operating expense (LOE) | ||||||||||
LOE and other | $ | 47,054 | $ | 45,500 | $ | 1,554 | ||||
Production taxes | 11,492 | 3,813 | 7,679 | |||||||
Total | $ | 58,546 | $ | 49,313 | $ | 9,233 | ||||
Depreciation, depletion and amortization | $ | 49,900 | $ | 42,299 | $ | 7,601 | ||||
General and administrative expense | $ | 14,384 | $ | 7,166 | $ | 7,218 | ||||
Capital expenditures | $ | 73,975 | $ | 154,064 | $ | (80,089 | ) | |||
Exploration expense | $ | 8,860 | $ | 5,081 | $ | 3,779 | ||||
Operating income | $ | 83,368 | $ | 104,736 | $ | (21,368 | ) | |||
Natural Gas Distribution | ||||||||||
Operating revenues | ||||||||||
Residential | $ | 94,097 | $ | 106,647 | $ | (12,550 | ) | |||
Commercial and industrial | 36,013 | 44,715 | (8,702 | ) | ||||||
Transportation | 15,044 | 13,291 | 1,753 | |||||||
Other | 1,263 | 1,436 | (173 | ) | ||||||
Total | $ | 146,417 | $ | 166,089 | $ | (19,672 | ) | |||
Gas delivery volumes (MMcf) | ||||||||||
Residential | 5,137 | 5,385 | (248 | ) | ||||||
Commercial and industrial | 2,320 | 2,585 | (265 | ) | ||||||
Transportation | 11,129 | 10,522 | 607 | |||||||
Total | 18,586 | 18,492 | 94 | |||||||
Other data | ||||||||||
Depreciation and amortization | $ | 12,876 | $ | 12,473 | $ | 403 | ||||
Capital expenditures | $ | 20,702 | $ | 18,365 | $ | 2,337 | ||||
Operating income | $ | 15,140 | $ | 14,831 | $ | 309 | ||||
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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending December 31, 2009 and 2008
Year-to-date | ||||||||||
(in thousands, except sales price data) | 2009 | 2008 | Change | |||||||
Oil and Gas Operations | ||||||||||
Operating revenues | ||||||||||
Natural gas | $ | 460,370 | $ | 536,283 | $ | (75,913 | ) | |||
Oil | 284,750 | 292,908 | (8,158 | ) | ||||||
Natural gas liquids | 67,254 | 68,216 | (962 | ) | ||||||
Other | 10,172 | 16,725 | (6,553 | ) | ||||||
Total | $ | 822,546 | $ | 914,132 | $ | (91,586 | ) | |||
Production volumes | ||||||||||
Natural gas (MMcf) | 72,337 | 67,573 | 4,764 | |||||||
Oil (MBbl) | 4,690 | 4,114 | 576 | |||||||
Natural gas liquids (MMgal) | 75.2 | 70.7 | 4.5 | |||||||
Total production volumes (MMcfe) | 111,224 | 102,354 | 8,870 | |||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||
Natural gas (Mcf) | $ | 6.36 | $ | 7.94 | $ | (1.58 | ) | |||
Oil (barrel) | $ | 60.72 | $ | 71.20 | $ | (10.48 | ) | |||
Natural gas liquids (gallon) | $ | 0.89 | $ | 0.96 | $ | (0.07 | ) | |||
Other data | ||||||||||
Lease operating expense (LOE) | ||||||||||
LOE and other | $ | 181,777 | $ | 174,127 | $ | 7,650 | ||||
Production taxes | 35,652 | 62,552 | (26,900 | ) | ||||||
Total | $ | 217,429 | $ | 236,679 | $ | (19,250 | ) | |||
Depreciation, depletion and amortization | $ | 184,089 | $ | 139,539 | $ | 44,550 | ||||
General and administrative expense | $ | 52,214 | $ | 41,740 | $ | 10,474 | ||||
Capital expenditures | $ | 427,399 | $ | 449,571 | $ | (22,172 | ) | |||
Exploration expense | $ | 10,234 | $ | 9,296 | $ | 938 | ||||
Operating income | $ | 353,645 | $ | 482,588 | $ | (128,943 | ) | |||
Natural Gas Distribution | ||||||||||
Operating revenues | ||||||||||
Residential | $ | 399,760 | $ | 408,280 | $ | (8,520 | ) | |||
Commercial and industrial | 162,141 | 177,719 | (15,578 | ) | ||||||
Transportation | 54,312 | 51,116 | 3,196 | |||||||
Other | 1,661 | 17,663 | (16,002 | ) | ||||||
Total | $ | 617,874 | $ | 654,778 | $ | (36,904 | ) | |||
Gas delivery volumes (MMcf) | ||||||||||
Residential | 20,921 | 21,632 | (711 | ) | ||||||
Commercial and industrial | 9,934 | 10,934 | (1,000 | ) | ||||||
Transportation | 40,903 | 46,789 | (5,886 | ) | ||||||
Total | 71,758 | 79,355 | (7,597 | ) | ||||||
Other data | ||||||||||
Depreciation and amortization | $ | 50,995 | $ | 48,874 | $ | 2,121 | ||||
Capital expenditures | $ | 77,809 | $ | 63,320 | $ | 14,489 | ||||
Operating income | $ | 83,984 | $ | 81,956 | $ | 2,028 | ||||
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