Exhibit 99.2
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 3 months ending June 30, 2010 and 2009
2nd Quarter | ||||||||||||
(in thousands, except per share data) | 2010 | 2009 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 234,586 | $ | 198,537 | $ | 36,049 | ||||||
Natural gas distribution | 99,139 | 107,683 | (8,544 | ) | ||||||||
Total operating revenues | 333,725 | 306,220 | 27,505 | |||||||||
Operating Expenses | ||||||||||||
Cost of gas | 43,234 | 50,837 | (7,603 | ) | ||||||||
Operations and maintenance | 109,945 | 88,500 | 21,445 | |||||||||
Depreciation, depletion and amortization | 62,476 | 56,407 | 6,069 | |||||||||
Taxes, other than income taxes | 18,256 | 15,168 | 3,088 | |||||||||
Accretion expense | 1,521 | 1,163 | 358 | |||||||||
Total operating expenses | 235,432 | 212,075 | 23,357 | |||||||||
Operating Income | 98,293 | 94,145 | 4,148 | |||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (9,844 | ) | (9,788 | ) | (56 | ) | ||||||
Other income | 385 | 2,817 | (2,432 | ) | ||||||||
Other expense | (1,346 | ) | (170 | ) | (1,176 | ) | ||||||
Total other expense | (10,805 | ) | (7,141 | ) | (3,664 | ) | ||||||
Income Before Income Taxes | 87,488 | 87,004 | 484 | |||||||||
Income tax expense | 31,945 | 32,003 | (58 | ) | ||||||||
Net Income | $ | 55,543 | $ | 55,001 | $ | 542 | ||||||
Diluted Earnings Per Average Common Share | $ | 0.77 | $ | 0.76 | $ | 0.01 | ||||||
Basic Earnings Per Average Common Share | $ | 0.77 | $ | 0.77 | $ | 0.00 | ||||||
Diluted Avg. Common Shares Outstanding | 72,089 | 71,904 | 185 | |||||||||
Basic Avg. Common Shares Outstanding | 71,844 | 71,644 | 200 | |||||||||
Dividends Per Common Share | $ | 0.13 | $ | 0.125 | $ | 0.005 | ||||||
1
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 6 months ending June 30, 2010 and 2009
Year-to-date | ||||||||||||
(in thousands, except per share data) | 2010 | 2009 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 472,200 | $ | 387,657 | $ | 84,543 | ||||||
Natural gas distribution | 436,439 | 402,669 | 33,770 | |||||||||
Total operating revenues | 908,639 | 790,326 | 118,313 | |||||||||
Operating Expenses | ||||||||||||
Cost of gas | 240,390 | 202,906 | 37,484 | |||||||||
Operations and maintenance | 201,647 | 176,887 | 24,760 | |||||||||
Depreciation, depletion and amortization | 124,211 | 110,985 | 13,226 | |||||||||
Taxes, other than income taxes | 48,893 | 41,628 | 7,265 | |||||||||
Accretion expense | 3,007 | 2,299 | 708 | |||||||||
Total operating expenses | 618,148 | 534,705 | 83,443 | |||||||||
Operating Income | 290,491 | 255,621 | 34,870 | |||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (19,804 | ) | (19,569 | ) | (235 | ) | ||||||
Other income | 723 | 1,522 | (799 | ) | ||||||||
Other expense | (870 | ) | (360 | ) | (510 | ) | ||||||
Total other expense | (19,951 | ) | (18,407 | ) | (1,544 | ) | ||||||
Income Before Income Taxes | 270,540 | 237,214 | 33,326 | |||||||||
Income tax expense | 98,287 | 86,631 | 11,656 | |||||||||
Net Income | $ | 172,253 | $ | 150,583 | $ | 21,670 | ||||||
Diluted Earnings Per Average Common Share | $ | 2.39 | $ | 2.09 | $ | 0.30 | ||||||
Basic Earnings Per Average Common Share | $ | 2.40 | $ | 2.10 | $ | 0.30 | ||||||
Diluted Avg. Common Shares Outstanding | 72,069 | 71,888 | 181 | |||||||||
Basic Avg. Common Shares Outstanding | 71,830 | 71,642 | 188 | |||||||||
Dividends Per Common Share | $ | 0.26 | $ | 0.25 | $ | 0.01 | ||||||
2
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 12 months ending June 30, 2010 and 2009
Trailing 12 Months | ||||||||||||
(in thousands, except per share data) | 2010 | 2009 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 907,089 | $ | 845,114 | $ | 61,975 | ||||||
Natural gas distribution | 651,644 | 651,210 | 434 | |||||||||
Total operating revenues | 1,558,733 | 1,496,324 | 62,409 | |||||||||
Operating Expenses | ||||||||||||
Cost of gas | 343,538 | 337,422 | 6,116 | |||||||||
Operations and maintenance | 405,385 | 351,668 | 53,717 | |||||||||
Depreciation, depletion and amortization | 248,310 | 212,868 | 35,442 | |||||||||
Taxes, other than income taxes | 85,594 | 84,460 | 1,134 | |||||||||
Accretion expense | 5,643 | 4,489 | 1,154 | |||||||||
Total operating expenses | 1,088,470 | 990,907 | 97,563 | |||||||||
Operating Income | 470,263 | 505,417 | (35,154 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (39,612 | ) | (40,168 | ) | 556 | |||||||
Other income | 3,781 | 2,675 | 1,106 | |||||||||
Other expense | (810 | ) | (6,326 | ) | 5,516 | |||||||
Total other expense | (36,641 | ) | (43,819 | ) | 7,178 | |||||||
Income Before Income Taxes | 433,622 | 461,598 | (27,976 | ) | ||||||||
Income tax expense | 155,627 | 172,666 | (17,039 | ) | ||||||||
Net Income | $ | 277,995 | $ | 288,932 | $ | (10,937 | ) | |||||
Diluted Earnings Per Average Common Share | $ | 3.86 | $ | 4.02 | $ | (0.16 | ) | |||||
Basic Earnings Per Average Common Share | $ | 3.87 | $ | 4.03 | $ | (0.16 | ) | |||||
Diluted Avg. Common Shares Outstanding | 71,971 | 71,961 | 10 | |||||||||
Basic Avg. Common Shares Outstanding | 71,770 | 71,641 | 129 | |||||||||
Dividends Per Common Share | $ | 0.51 | $ | 0.49 | $ | 0.02 | ||||||
3
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending June 30, 2010 and 2009
2nd Quarter | ||||||||||
(in thousands, except sales price data) | 2010 | 2009 | Change | |||||||
Oil and Gas Operations | ||||||||||
Operating revenues | ||||||||||
Natural gas | $ | 120,588 | $ | 112,822 | $ | 7,766 | ||||
Oil | 98,523 | 66,620 | 31,903 | |||||||
Natural gas liquids | 14,611 | 16,194 | (1,583 | ) | ||||||
Other | 864 | 2,901 | (2,037 | ) | ||||||
Total | $ | 234,586 | $ | 198,537 | $ | 36,049 | ||||
Production volumes | ||||||||||
Natural gas (MMcf) | 17,633 | 18,001 | (368 | ) | ||||||
Oil (MBbl) | 1,258 | 1,113 | 145 | |||||||
Natural gas liquids (MMgal) | 19.0 | 18.4 | 0.6 | |||||||
Total production volumes (MMcfe) | 27,897 | 27,314 | 583 | |||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||
Natural gas (Mcf) | $ | 6.84 | $ | 6.27 | $ | 0.57 | ||||
Oil (barrel) | $ | 78.34 | $ | 59.85 | $ | 18.49 | ||||
Natural gas liquids (gallon) | $ | 0.77 | $ | 0.88 | $ | (0.11 | ) | |||
Other data | ||||||||||
Lease operating expense (LOE) | ||||||||||
LOE and other | $ | 44,721 | $ | 43,371 | $ | 1,350 | ||||
Production taxes | 10,646 | 7,269 | 3,377 | |||||||
Total | $ | 55,367 | $ | 50,640 | $ | 4,727 | ||||
Depreciation, depletion and amortization | $ | 50,586 | $ | 43,753 | $ | 6,833 | ||||
General and administrative expense | $ | 12,979 | $ | 11,428 | $ | 1,551 | ||||
Capital expenditures | $ | 72,352 | $ | 241,213 | $ | (168,861 | ) | |||
Exploration expenditures | $ | 18,677 | $ | 104 | $ | 18,573 | ||||
Operating income | $ | 95,456 | $ | 91,449 | $ | 4,007 | ||||
Natural Gas Distribution | ||||||||||
Operating revenues | ||||||||||
Residential | $ | 59,676 | $ | 64,764 | $ | (5,088 | ) | |||
Commercial and industrial | 26,190 | 29,918 | (3,728 | ) | ||||||
Transportation | 11,683 | 12,209 | (526 | ) | ||||||
Other | 1,590 | 792 | 798 | |||||||
Total | $ | 99,139 | $ | 107,683 | $ | (8,544 | ) | |||
Gas delivery volumes (MMcf) | ||||||||||
Residential | 3,310 | 3,095 | 215 | |||||||
Commercial and industrial | 1,853 | 1,810 | 43 | |||||||
Transportation | 10,523 | 8,302 | 2,221 | |||||||
Total | 15,686 | 13,207 | 2,479 | |||||||
Other data | ||||||||||
Depreciation and amortization | $ | 11,890 | $ | 12,654 | $ | (764 | ) | |||
Capital expenditures | $ | 21,167 | $ | 19,864 | $ | 1,303 | ||||
Operating income | $ | 3,138 | $ | 3,242 | $ | (104 | ) | |||
4
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 6 months ending June 30, 2010 and 2009
Year-to-date | |||||||||||
(in thousands, except sales price data) | 2010 | 2009 | Change | ||||||||
Oil and Gas Operations | |||||||||||
Operating revenues | |||||||||||
Natural gas | $ | 246,015 | $ | 228,457 | $ | 17,558 | |||||
Oil | 192,498 | 124,362 | 68,136 | ||||||||
Natural gas liquids | 31,147 | 30,716 | 431 | ||||||||
Other | 2,540 | 4,122 | (1,582 | ) | |||||||
Total | $ | 472,200 | $ | 387,657 | $ | 84,543 | |||||
Production volumes | |||||||||||
Natural gas (MMcf) | 35,045 | 35,651 | (606 | ) | |||||||
Oil (MBbl) | 2,444 | 2,203 | 241 | ||||||||
Natural gas liquids (MMgal) | 37.8 | 35.9 | 1.9 | ||||||||
Total production volumes (MMcfe) | 55,106 | 54,006 | 1,100 | ||||||||
Revenue per unit of production including effects of all derivative instruments | |||||||||||
Natural gas (Mcf) | $ | 7.02 | $ | 6.41 | $ | 0.61 | |||||
Oil (barrel) | $ | 78.77 | $ | 56.44 | $ | 22.33 | |||||
Natural gas liquids (gallon) | $ | 0.82 | $ | 0.85 | $ | (0.03 | ) | ||||
Other data | |||||||||||
Lease operating expense (LOE) | |||||||||||
LOE and other | $ | 88,560 | $ | 89,243 | $ | (683 | ) | ||||
Production taxes | 20,587 | 15,110 | 5,477 | ||||||||
Total | $ | 109,147 | $ | 104,353 | $ | 4,794 | |||||
Depreciation, depletion and amortization | $ | 99,282 | $ | 85,716 | $ | 13,566 | |||||
General and administrative expense | $ | 28,162 | $ | 22,440 | $ | 5,722 | |||||
Capital expenditures | $ | 110,915 | $ | 315,828 | $ | (204,913 | ) | ||||
Exploration expenditures | $ | 19,861 | $ | 254 | $ | 19,607 | |||||
Operating income | $ | 212,741 | $ | 172,595 | $ | 40,146 | |||||
Natural Gas Distribution | |||||||||||
Operating revenues | |||||||||||
Residential | $ | 301,082 | $ | 269,292 | $ | 31,790 | |||||
Commercial and industrial | 110,480 | 105,294 | 5,186 | ||||||||
Transportation | 29,516 | 27,225 | 2,291 | ||||||||
Other | (4,639 | ) | 858 | (5,497 | ) | ||||||
Total | $ | 436,439 | $ | 402,669 | $ | 33,770 | |||||
Gas delivery volumes (MMcf) | |||||||||||
Residential | 18,272 | 14,286 | 3,986 | ||||||||
Commercial and industrial | 7,580 | 6,378 | 1,202 | ||||||||
Transportation | 23,205 | 19,271 | 3,934 | ||||||||
Total | 49,057 | 39,935 | 9,122 | ||||||||
Other data | |||||||||||
Depreciation and amortization | $ | 24,929 | $ | 25,269 | $ | (340 | ) | ||||
Capital expenditures | $ | 37,527 | $ | 35,974 | $ | 1,553 | |||||
Operating income | $ | 78,393 | $ | 84,081 | $ | (5,688 | ) | ||||
5
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending June 30, 2010 and 2009
Trailing 12 Months | |||||||||||
(in thousands, except sales price data) | 2010 | 2009 | Change | ||||||||
Oil and Gas Operations | |||||||||||
Operating revenues | |||||||||||
Natural gas | $ | 477,928 | $ | 498,570 | $ | (20,642 | ) | ||||
Oil | 352,886 | 278,243 | 74,643 | ||||||||
Natural gas liquids | 67,685 | 61,421 | 6,264 | ||||||||
Other | 8,590 | 6,880 | 1,710 | ||||||||
Total | $ | 907,089 | $ | 845,114 | $ | 61,975 | |||||
Production volumes | |||||||||||
Natural gas (MMcf) | 71,731 | 70,401 | 1,330 | ||||||||
Oil (MBbl) | 4,930 | 4,367 | 563 | ||||||||
Natural gas liquids (MMgal) | 77.1 | 71.8 | 5.3 | ||||||||
Total production volumes (MMcfe) | 112,324 | 106,855 | 5,469 | ||||||||
Revenue per unit of production including effects of all derivative instruments | |||||||||||
Natural gas (Mcf) | $ | 6.66 | $ | 7.08 | $ | (0.42 | ) | ||||
Oil (barrel) | $ | 71.57 | $ | 63.71 | $ | 7.86 | |||||
Natural gas liquids (gallon) | $ | 0.88 | $ | 0.86 | $ | 0.02 | |||||
Other data | |||||||||||
Lease operating expense (LOE) | |||||||||||
LOE and other | $ | 181,094 | $ | 178,633 | $ | 2,461 | |||||
Production taxes | 41,129 | 39,533 | 1,596 | ||||||||
Total | $ | 222,223 | $ | 218,166 | $ | 4,057 | |||||
Depreciation, depletion and amortization | $ | 197,655 | $ | 162,864 | $ | 34,791 | |||||
General and administrative expense | $ | 57,936 | $ | 38,753 | $ | 19,183 | |||||
Capital expenditures | $ | 222,485 | $ | 592,489 | $ | (370,004 | ) | ||||
Exploration expenditures | $ | 29,841 | $ | 6,241 | $ | 23,600 | |||||
Operating income | $ | 393,791 | $ | 414,601 | $ | (20,810 | ) | ||||
Natural Gas Distribution | |||||||||||
Operating revenues | |||||||||||
Residential | $ | 431,550 | $ | 414,286 | $ | 17,264 | |||||
Commercial and industrial | 167,327 | 174,130 | (6,803 | ) | |||||||
Transportation | 56,603 | 51,332 | 5,271 | ||||||||
Other | (3,836 | ) | 11,462 | (15,298 | ) | ||||||
Total | $ | 651,644 | $ | 651,210 | $ | 434 | |||||
Gas delivery volumes (MMcf) | |||||||||||
Residential | 24,907 | 21,176 | 3,731 | ||||||||
Commercial and industrial | 11,135 | 10,353 | 782 | ||||||||
Transportation | 44,838 | 40,499 | 4,339 | ||||||||
Total | 80,880 | 72,028 | 8,852 | ||||||||
Other data | |||||||||||
Depreciation and amortization | $ | 50,655 | $ | 50,004 | $ | 651 | |||||
Capital expenditures | $ | 79,362 | $ | 70,298 | $ | 9,064 | |||||
Operating income | $ | 78,296 | $ | 93,021 | $ | (14,725 | ) | ||||
6