Exhibit 99.2
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 3 months ending March 31, 2010 and 2009
1st Quarter | ||||||||||||
(in thousands, except per share data) | 2010 | 2009 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 237,614 | $ | 189,120 | $ | 48,494 | ||||||
Natural gas distribution | 337,300 | 294,986 | 42,314 | |||||||||
Total operating revenues | 574,914 | 484,106 | 90,808 | |||||||||
Operating Expenses | ||||||||||||
Cost of gas | 197,156 | 152,069 | 45,087 | |||||||||
Operations and maintenance | 91,702 | 88,387 | 3,315 | |||||||||
Depreciation, depletion and amortization | 61,735 | 54,578 | 7,157 | |||||||||
Taxes, other than income taxes | 30,637 | 26,460 | 4,177 | |||||||||
Accretion expense | 1,486 | 1,136 | 350 | |||||||||
Total operating expenses | 382,716 | 322,630 | 60,086 | |||||||||
Operating Income | 192,198 | 161,476 | 30,722 | |||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (9,960 | ) | (9,781 | ) | (179 | ) | ||||||
Other income | 977 | 401 | 576 | |||||||||
Other expense | (163 | ) | (1,886 | ) | 1,723 | |||||||
Total other expense | (9,146 | ) | (11,266 | ) | 2,120 | |||||||
Income Before Income Taxes | 183,052 | 150,210 | 32,842 | |||||||||
Income tax expense | 66,342 | 54,628 | 11,714 | |||||||||
Net Income | $ | 116,710 | $ | 95,582 | $ | 21,128 | ||||||
Diluted Earnings Per Average Common Share | $ | 1.62 | $ | 1.33 | $ | 0.29 | ||||||
Basic Earnings Per Average Common Share | $ | 1.63 | $ | 1.33 | $ | 0.30 | ||||||
�� | ||||||||||||
Diluted Avg. Common Shares Outstanding | 72,039 | 71,897 | 142 | |||||||||
Basic Avg. Common Shares Outstanding | 71,810 | 71,640 | 170 | |||||||||
Dividends Per Common Share | $ | 0.13 | $ | 0.125 | $ | 0.005 | ||||||
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CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 12 months ending March 31, 2010 and 2009
Trailing 12 Months | ||||||||||||
(in thousands, except per share data) | 2010 | 2009 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 871,040 | $ | 878,357 | $ | (7,317 | ) | |||||
Natural gas distribution | 660,188 | 653,013 | 7,175 | |||||||||
Total operating revenues | 1,531,228 | 1,531,370 | (142 | ) | ||||||||
Operating Expenses | ||||||||||||
Cost of gas | 351,141 | 342,454 | 8,687 | |||||||||
Operations and maintenance | 383,940 | 356,595 | 27,345 | |||||||||
Depreciation, depletion and amortization | 242,241 | 200,575 | 41,666 | |||||||||
Taxes, other than income taxes | 82,506 | 99,160 | (16,654 | ) | ||||||||
Accretion expense | 5,285 | 4,381 | 904 | |||||||||
Total operating expenses | 1,065,113 | 1,003,165 | 61,948 | |||||||||
Operating Income | 466,115 | 528,205 | (62,090 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (39,556 | ) | (40,640 | ) | 1,084 | |||||||
Other income | 7,242 | 2,042 | 5,200 | |||||||||
Other expense | (663 | ) | (8,304 | ) | 7,641 | |||||||
Total other expense | (32,977 | ) | (46,902 | ) | 13,925 | |||||||
Income Before Income Taxes | 433,138 | 481,303 | (48,165 | ) | ||||||||
Income tax expense | 155,685 | 180,494 | (24,809 | ) | ||||||||
Net Income | $ | 277,453 | $ | 300,809 | $ | (23,356 | ) | |||||
Diluted Earnings Per Average Common Share | $ | 3.86 | $ | 4.17 | $ | (0.31 | ) | |||||
Basic Earnings Per Average Common Share | $ | 3.87 | $ | 4.20 | $ | (0.33 | ) | |||||
Diluted Avg. Common Shares Outstanding | 71,869 | 72,146 | (277 | ) | ||||||||
Basic Avg. Common Shares Outstanding | 71,728 | 71,639 | 89 | |||||||||
Dividends Per Common Share | $ | 0.505 | $ | 0.485 | $ | 0.02 | ||||||
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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending March 31, 2010 and 2009
1st Quarter | |||||||||||
(in thousands, except sales price data) | 2010 | 2009 | Change | ||||||||
Oil and Gas Operations | |||||||||||
Operating revenues | |||||||||||
Natural gas | $ | 125,427 | $ | 115,635 | $ | 9,792 | |||||
Oil | 93,975 | 57,742 | 36,233 | ||||||||
Natural gas liquids | 16,536 | 14,522 | 2,014 | ||||||||
Other | 1,676 | 1,221 | 455 | ||||||||
Total | $ | 237,614 | $ | 189,120 | $ | 48,494 | |||||
Production volumes | |||||||||||
Natural gas (MMcf) | 17,412 | 17,650 | (238 | ) | |||||||
Oil (MBbl) | 1,186 | 1,090 | 96 | ||||||||
Natural gas liquids (MMgal) | 18.8 | 17.5 | 1.3 | ||||||||
Total production volumes (MMcfe) | 27,209 | 26,692 | 517 | ||||||||
Revenue per unit of production including effects of all derivative instruments | |||||||||||
Natural gas (Mcf) | $ | 7.20 | $ | 6.55 | $ | 0.65 | |||||
Oil (barrel) | $ | 79.23 | $ | 52.97 | $ | 26.26 | |||||
Natural gas liquids (gallon) | $ | 0.88 | $ | 0.83 | $ | 0.05 | |||||
Other data | |||||||||||
Lease operating expense (LOE) | |||||||||||
LOE and other | $ | 43,839 | $ | 45,872 | $ | (2,033 | ) | ||||
Production taxes | 9,941 | 7,841 | 2,100 | ||||||||
Total | $ | 53,780 | $ | 53,713 | $ | 67 | |||||
Depreciation, depletion and amortization | $ | 48,696 | $ | 41,963 | $ | 6,733 | |||||
General and administrative expense | $ | 15,183 | $ | 11,012 | $ | 4,171 | |||||
Capital expenditures | $ | 38,563 | $ | 74,615 | $ | (36,052 | ) | ||||
Exploration expenditures | $ | 1,184 | $ | 150 | $ | 1,034 | |||||
Operating income | $ | 117,285 | $ | 81,146 | $ | 36,139 | |||||
Natural Gas Distribution | |||||||||||
Operating revenues | |||||||||||
Residential | $ | 241,406 | $ | 204,528 | $ | 36,878 | |||||
Commercial and industrial | 84,290 | 75,376 | 8,914 | ||||||||
Transportation | 17,833 | 15,016 | 2,817 | ||||||||
Other | (6,229 | ) | 66 | (6,295 | ) | ||||||
Total | $ | 337,300 | $ | 294,986 | $ | 42,314 | |||||
Gas delivery volumes (MMcf) | |||||||||||
Residential | 14,962 | 11,191 | 3,771 | ||||||||
Commercial and industrial | 5,727 | 4,568 | 1,159 | ||||||||
Transportation | 12,682 | 10,969 | 1,713 | ||||||||
Total | 33,371 | 26,728 | 6,643 | ||||||||
Other data | |||||||||||
Depreciation and amortization | $ | 13,039 | $ | 12,615 | $ | 424 | |||||
Capital expenditures | $ | 16,360 | $ | 16,110 | $ | 250 | |||||
Operating income | $ | 75,255 | $ | 80,839 | $ | (5,584 | ) | ||||
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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending March 31, 2010 and 2009
Trailing 12 Months | |||||||||||
(in thousands, except sales price data) | 2010 | 2009 | Change | ||||||||
Oil and Gas Operations | |||||||||||
Operating revenues | |||||||||||
Natural gas | $ | 470,162 | $ | 520,964 | $ | (50,802 | ) | ||||
Oil | 320,983 | 286,551 | 34,432 | ||||||||
Natural gas liquids | 69,268 | 65,292 | 3,976 | ||||||||
Other | 10,627 | 5,550 | 5,077 | ||||||||
Total | $ | 871,040 | $ | 878,357 | $ | (7,317 | ) | ||||
Production volumes | |||||||||||
Natural gas (MMcf) | 72,099 | 68,796 | 3,303 | ||||||||
Oil (MBbl) | 4,786 | 4,260 | 526 | ||||||||
Natural gas liquids (MMgal) | 76.5 | 71.5 | 5.0 | ||||||||
Total production volumes (MMcfe) | 111,741 | 104,563 | 7,178 | ||||||||
Revenue per unit of production including effects of all derivative instruments | |||||||||||
Natural gas (Mcf) | $ | 6.52 | $ | 7.57 | $ | (1.05 | ) | ||||
Oil (barrel) | $ | 67.07 | $ | 67.27 | $ | (0.20 | ) | ||||
Natural gas liquids (gallon) | $ | 0.91 | $ | 0.91 | $ | –– | |||||
Other data | |||||||||||
Lease operating expense (LOE) | |||||||||||
LOE and other | $ | 179,744 | $ | 176,864 | $ | 2,880 | |||||
Production taxes | 37,752 | 53,817 | (16,065 | ) | |||||||
Total | $ | 217,496 | $ | 230,681 | $ | (13,185 | ) | ||||
Depreciation, depletion and amortization | $ | 190,822 | $ | 151,106 | $ | 39,716 | |||||
General and administrative expense | $ | 56,385 | $ | 40,853 | $ | 15,532 | |||||
Capital expenditures | $ | 391,347 | $ | 449,789 | $ | (58,442 | ) | ||||
Exploration expenditures | $ | 11,268 | $ | 9,097 | $ | 2,171 | |||||
Operating income | $ | 389,784 | $ | 442,239 | $ | (52,455 | ) | ||||
Natural Gas Distribution | |||||||||||
Operating revenues | |||||||||||
Residential | $ | 436,638 | $ | 413,233 | $ | 23,405 | |||||
Commercial and industrial | 171,055 | 175,590 | (4,535 | ) | |||||||
Transportation | 57,129 | 50,629 | 6,500 | ||||||||
Other | (4,634 | ) | 13,561 | (18,195 | ) | ||||||
Total | $ | 660,188 | $ | 653,013 | $ | 7,175 | |||||
Gas delivery volumes (MMcf) | |||||||||||
Residential | 24,692 | 21,292 | 3,400 | ||||||||
Commercial and industrial | 11,092 | 10,526 | 566 | ||||||||
Transportation | 42,617 | 43,461 | (844 | ) | |||||||
Total | 78,401 | 75,279 | 3,122 | ||||||||
Other data | |||||||||||
Depreciation and amortization | $ | 51,419 | $ | 49,469 | $ | 1,950 | |||||
Capital expenditures | $ | 78,059 | $ | 66,360 | $ | 11,699 | |||||
Operating income | $ | 78,400 | $ | 88,307 | $ | (9,907 | ) | ||||
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