Exhibit 99.2
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 3 months ending September 30, 2010 and 2009
3rd Quarter | ||||||||||||
(in thousands, except per share data) | 2010 | 2009 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 234,111 | $ | 218,501 | $ | 15,610 | ||||||
Natural gas distribution | 61,693 | 68,788 | (7,095 | ) | ||||||||
Total operating revenues | 295,804 | 287,289 | 8,515 | |||||||||
Operating Expenses | ||||||||||||
Cost of gas | 22,560 | 29,377 | (6,817 | ) | ||||||||
Operations and maintenance | 127,934 | 97,963 | 29,971 | |||||||||
Depreciation, depletion and amortization | 60,814 | 61,323 | (509 | ) | ||||||||
Taxes, other than income taxes | 15,615 | 15,471 | 144 | |||||||||
Accretion expense | 1,561 | 1,306 | 255 | |||||||||
Total operating expenses | 228,484 | 205,440 | 23,044 | |||||||||
Operating Income | 67,320 | 81,849 | (14,529 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (9,591 | ) | (10,017 | ) | 426 | |||||||
Other income | 2,222 | 2,536 | (314 | ) | ||||||||
Other expense | (61 | ) | (229 | ) | 168 | |||||||
Total other expense | (7,430 | ) | (7,710 | ) | 280 | |||||||
Income Before Income Taxes | 59,890 | 74,139 | (14,249 | ) | ||||||||
Income tax expense | 21,586 | 27,018 | (5,432 | ) | ||||||||
Net Income | $ | 38,304 | $ | 47,121 | $ | (8,817 | ) | |||||
Diluted Earnings Per Average Common Share | $ | 0.53 | $ | 0.65 | $ | (0.12 | ) | |||||
Basic Earnings Per Average Common Share | $ | 0.53 | $ | 0.66 | $ | (0.13 | ) | |||||
Diluted Avg. Common Shares Outstanding | 72,070 | 71,996 | 74 | |||||||||
Basic Avg. Common Shares Outstanding | 71,854 | 71,651 | 203 | |||||||||
Dividends Per Common Share | $ | 0.13 | $ | 0.125 | $ | 0.005 | ||||||
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 9 months ending September 30, 2010 and 2009
Year-to-date | ||||||||||||
(in thousands, except per share data) | 2010 | 2009 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 706,311 | $ | 606,158 | $ | 100,153 | ||||||
Natural gas distribution | 498,132 | 471,457 | 26,675 | |||||||||
Total operating revenues | 1,204,443 | 1,077,615 | 126,828 | |||||||||
Operating Expenses | ||||||||||||
Cost of gas | 262,950 | 232,283 | 30,667 | |||||||||
Operations and maintenance | 329,581 | 274,850 | 54,731 | |||||||||
Depreciation, depletion and amortization | 185,025 | 172,308 | 12,717 | |||||||||
Taxes, other than income taxes | 64,508 | 57,099 | 7,409 | |||||||||
Accretion expense | 4,568 | 3,605 | 963 | |||||||||
Total operating expenses | 846,632 | 740,145 | 106,487 | |||||||||
Operating Income | 357,811 | 337,470 | 20,341 | |||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (29,395 | ) | (29,586 | ) | 191 | |||||||
Other income | 2,555 | 4,058 | (1,503 | ) | ||||||||
Other expense | (541 | ) | (589 | ) | 48 | |||||||
Total other expense | (27,381 | ) | (26,117 | ) | (1,264 | ) | ||||||
Income Before Income Taxes | 330,430 | 311,353 | 19,077 | |||||||||
Income tax expense | 119,873 | 113,649 | 6,224 | |||||||||
Net Income | $ | 210,557 | $ | 197,704 | $ | 12,853 | ||||||
Diluted Earnings Per Average Common Share | $ | 2.92 | $ | 2.75 | $ | 0.17 | ||||||
Basic Earnings Per Average Common Share | $ | 2.93 | $ | 2.76 | $ | 0.17 | ||||||
Diluted Avg. Common Shares Outstanding | 72,061 | 71,878 | 183 | |||||||||
Basic Avg. Common Shares Outstanding | 71,838 | 71,641 | 197 | |||||||||
Dividends Per Common Share | $ | 0.39 | $ | 0.375 | $ | 0.015 | ||||||
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 12 months ending September 30, 2010 and 2009
Trailing 12 Months | Change | |||||||||||
(in thousands, except per share data) | 2010 | 2009 | ||||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 922,699 | $ | 815,862 | $ | 106,837 | ||||||
Natural gas distribution | 644,549 | 637,546 | 7,003 | |||||||||
Total operating revenues | 1,567,248 | 1,453,408 | 113,840 | |||||||||
Operating Expenses | ||||||||||||
Cost of gas | 336,721 | 330,898 | 5,823 | |||||||||
Operations and maintenance | 435,356 | 361,463 | 73,893 | |||||||||
Depreciation, depletion and amortization | 247,801 | 227,080 | 20,721 | |||||||||
Taxes, other than income taxes | 85,738 | 72,665 | 13,073 | |||||||||
Accretion expense | 5,898 | 4,714 | 1,184 | |||||||||
Total operating expenses | 1,111,514 | 996,820 | 114,694 | |||||||||
Operating Income | 455,734 | 456,588 | (854 | ) | ||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (39,186 | ) | (39,866 | ) | 680 | |||||||
Other income | 3,467 | 2,394 | 1,073 | |||||||||
Other expense | (642 | ) | (2,454 | ) | 1,812 | |||||||
Total other expense | (36,361 | ) | (39,926 | ) | 3,565 | |||||||
Income Before Income Taxes | 419,373 | 416,662 | 2,711 | |||||||||
Income tax expense | 150,195 | 153,673 | (3,478 | ) | ||||||||
Net Income | $ | 269,178 | $ | 262,989 | $ | 6,189 | ||||||
Diluted Earnings Per Average Common Share | $ | 3.74 | $ | 3.66 | $ | 0.08 | ||||||
Basic Earnings Per Average Common Share | $ | 3.75 | $ | 3.67 | $ | 0.08 | ||||||
Diluted Avg. Common Shares Outstanding | 72,020 | 71,874 | 146 | |||||||||
Basic Avg. Common Shares Outstanding | 71,811 | 71,640 | 171 | |||||||||
Dividends Per Common Share | $ | 0.515 | $ | 0.495 | $ | 0.02 | ||||||
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending September 30, 2010 and 2009
3rd Quarter | Change | |||||||||||
(in thousands, except sales price data) | 2010 | 2009 | ||||||||||
Oil and Gas Operations | ||||||||||||
Operating revenues | ||||||||||||
Natural gas | $ | 119,287 | $ | 115,227 | $ | 4,060 | ||||||
Oil | 99,045 | 80,225 | 18,820 | |||||||||
Natural gas liquids | 15,388 | 17,496 | (2,108 | ) | ||||||||
Other | 391 | 5,553 | (5,162 | ) | ||||||||
Total | $ | 234,111 | $ | 218,501 | $ | 15,610 | ||||||
Production volumes | ||||||||||||
Natural gas (MMcf) | 17,723 | 18,881 | (1,158 | ) | ||||||||
Oil (MBbl) | 1,290 | 1,253 | 37 | |||||||||
Natural gas liquids (MMgal) | 19.8 | 20.0 | (0.2 | ) | ||||||||
Total production volumes (MMcfe) | 28,295 | 29,253 | (958 | ) | ||||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||||
Natural gas (Mcf) | $ | 6.73 | $ | 6.10 | $ | 0.63 | ||||||
Oil (barrel) | $ | 76.80 | $ | 64.03 | $ | 12.77 | ||||||
Natural gas liquids (gallon) | $ | 0.78 | $ | 0.88 | $ | (0.10 | ) | |||||
Other data | ||||||||||||
Lease operating expense (LOE) | ||||||||||||
LOE and other | $ | 47,405 | $ | 45,480 | $ | 1,925 | ||||||
Production taxes | 10,475 | 9,050 | 1,425 | |||||||||
Total | $ | 57,880 | $ | 54,530 | $ | 3,350 | ||||||
Depreciation, depletion and amortization | $ | 51,363 | $ | 48,473 | $ | 2,890 | ||||||
General and administrative expense | $ | 12,157 | $ | 15,390 | $ | (3,233 | ) | |||||
Capital expenditures | $ | 275,895 | $ | 37,596 | $ | 238,299 | ||||||
Exploration expenditures | $ | 34,506 | $ | 1,120 | $ | 33,386 | ||||||
Operating income | $ | 76,644 | $ | 97,682 | $ | (21,038 | ) | |||||
Natural Gas Distribution | ||||||||||||
Operating revenues | ||||||||||||
Residential | $ | 25,714 | $ | 36,371 | $ | (10,657 | ) | |||||
Commercial and industrial | 15,224 | 20,834 | (5,610 | ) | ||||||||
Transportation | 10,025 | 12,043 | (2,018 | ) | ||||||||
Other | 10,730 | (460 | ) | 11,190 | ||||||||
Total | $ | 61,693 | $ | 68,788 | $ | (7,095 | ) | |||||
Gas delivery volumes (MMcf) | ||||||||||||
Residential | 1,401 | 1,498 | (97 | ) | ||||||||
Commercial and industrial | 1,155 | 1,235 | (80 | ) | ||||||||
Transportation | 10,783 | 10,504 | 279 | |||||||||
Total | 13,339 | 13,237 | 102 | |||||||||
Other data | ||||||||||||
Depreciation and amortization | $ | 9,451 | $ | 12,850 | $ | (3,399 | ) | |||||
Capital expenditures | $ | 38,283 | $ | 21,133 | $ | 17,150 | ||||||
Operating income | $ | (9,015 | ) | $ | (15,237 | ) | $ | 6,222 | ||||
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 9 months ending September 30, 2010 and 2009
Year-to-date | ||||||||||||
(in thousands, except sales price data) | 2010 | 2009 | Change | |||||||||
Oil and Gas Operations | ||||||||||||
Operating revenues | ||||||||||||
Natural gas | $ | 365,302 | $ | 343,684 | $ | 21,618 | ||||||
Oil | 291,543 | 204,587 | 86,956 | |||||||||
Natural gas liquids | 46,535 | 48,212 | (1,677 | ) | ||||||||
Other | 2,931 | 9,675 | (6,744 | ) | ||||||||
Total | $ | 706,311 | $ | 606,158 | $ | 100,153 | ||||||
Production volumes | ||||||||||||
Natural gas (MMcf) | 52,768 | 54,532 | (1,764 | ) | ||||||||
Oil (MBbl) | 3,734 | 3,456 | 278 | |||||||||
Natural gas liquids (MMgal) | 57.6 | 55.9 | 1.7 | |||||||||
Total production volumes (MMcfe) | 83,401 | 83,259 | 142 | |||||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||||
Natural gas (Mcf) | $ | 6.92 | $ | 6.30 | $ | 0.62 | ||||||
Oil (barrel) | $ | 78.09 | $ | 59.19 | $ | 18.90 | ||||||
Natural gas liquids (gallon) | $ | 0.81 | $ | 0.86 | $ | (0.05 | ) | |||||
Other data | ||||||||||||
Lease operating expense (LOE) | ||||||||||||
LOE and other | $ | 135,965 | $ | 134,723 | $ | 1,242 | ||||||
Production taxes | 31,062 | 24,160 | 6,902 | |||||||||
Total | $ | 167,027 | $ | 158,883 | $ | 8,144 | ||||||
Depreciation, depletion and amortization | $ | 150,645 | $ | 134,189 | $ | 16,456 | ||||||
General and administrative expense | $ | 40,319 | $ | 37,830 | $ | 2,489 | ||||||
Capital expenditures | $ | 386,810 | $ | 353,424 | $ | 33,386 | ||||||
Exploration expenditures | $ | 54,367 | $ | 1,374 | $ | 52,993 | ||||||
Operating income | $ | 289,385 | $ | 270,277 | $ | 19,108 | ||||||
Natural Gas Distribution | ||||||||||||
Operating revenues | ||||||||||||
Residential | $ | 326,796 | $ | 305,663 | $ | 21,133 | ||||||
Commercial and industrial | 125,704 | 126,128 | (424 | ) | ||||||||
Transportation | 39,541 | 39,268 | 273 | |||||||||
Other | 6,091 | 398 | 5,693 | |||||||||
Total | $ | 498,132 | $ | 471,457 | $ | 26,675 | ||||||
Gas delivery volumes (MMcf) | ||||||||||||
Residential | 19,673 | 15,784 | 3,889 | |||||||||
Commercial and industrial | 8,735 | 7,613 | 1,122 | |||||||||
Transportation | 33,988 | 29,775 | 4,213 | |||||||||
Total | 62,396 | 53,172 | 9,224 | |||||||||
Other data | ||||||||||||
Depreciation and amortization | $ | 34,380 | $ | 38,119 | $ | (3,739 | ) | |||||
Capital expenditures | $ | 75,810 | $ | 57,107 | $ | 18,703 | ||||||
Operating income | $ | 69,378 | $ | 68,844 | $ | 534 | ||||||
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending September 30, 2010 and 2009
Trailing 12 Months | ||||||||||||
(in thousands, except sales price data) | 2010 | 2009 | Change | |||||||||
Oil and Gas Operations | ||||||||||||
Operating revenues | ||||||||||||
Natural gas | $ | 481,988 | $ | 468,514 | $ | 13,474 | ||||||
Oil | 371,706 | 276,093 | 95,613 | |||||||||
Natural gas liquids | 65,577 | 60,513 | 5,064 | |||||||||
Other | 3,428 | 10,742 | (7,314 | ) | ||||||||
Total | $ | 922,699 | $ | 815,862 | $ | 106,837 | ||||||
Production volumes | ||||||||||||
Natural gas (MMcf) | 70,573 | 72,024 | (1,451 | ) | ||||||||
Oil (MBbl) | 4,967 | 4,565 | 402 | |||||||||
Natural gas liquids (MMgal) | 76.9 | 73.9 | 3.0 | |||||||||
Total production volumes (MMcfe) | 111,366 | 109,974 | 1,392 | |||||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||||
Natural gas (Mcf) | $ | 6.83 | $ | 6.50 | $ | 0.33 | ||||||
Oil (barrel) | $ | 74.83 | $ | 60.48 | $ | 14.35 | ||||||
Natural gas liquids (gallon) | $ | 0.85 | $ | 0.82 | $ | 0.03 | ||||||
Other data | ||||||||||||
Lease operating expense (LOE) | ||||||||||||
LOE and other | $ | 183,019 | $ | 180,223 | $ | 2,796 | ||||||
Production taxes | 42,554 | 27,973 | 14,581 | |||||||||
Total | $ | 225,573 | $ | 208,196 | $ | 17,377 | ||||||
Depreciation, depletion and amortization | $ | 200,545 | $ | 176,488 | $ | 24,057 | ||||||
General and administrative expense | $ | 54,703 | $ | 44,996 | $ | 9,707 | ||||||
Capital expenditures | $ | 460,785 | $ | 507,488 | $ | (46,703 | ) | |||||
Exploration expenditures | $ | 63,227 | $ | 6,455 | $ | 56,772 | ||||||
Operating income | $ | 372,753 | $ | 375,013 | $ | (2,260 | ) | |||||
Natural Gas Distribution | ||||||||||||
Operating revenues | ||||||||||||
Residential | $ | 420,893 | $ | 412,310 | $ | 8,583 | ||||||
Commercial and industrial | 161,717 | 170,843 | (9,126 | ) | ||||||||
Transportation | 54,585 | 52,559 | 2,026 | |||||||||
Other | 7,354 | 1,834 | 5,520 | |||||||||
Total | $ | 644,549 | $ | 637,546 | $ | 7,003 | ||||||
Gas delivery volumes (MMcf) | ||||||||||||
Residential | 24,810 | 21,169 | 3,641 | |||||||||
Commercial and industrial | 11,055 | 10,198 | 857 | |||||||||
Transportation | 45,117 | 40,297 | 4,820 | |||||||||
Total | 80,982 | 71,664 | 9,318 | |||||||||
Other data | ||||||||||||
Depreciation and amortization | $ | 47,256 | $ | 50,592 | $ | (3,336 | ) | |||||
Capital expenditures | $ | 96,512 | $ | 75,472 | $ | 21,040 | ||||||
Operating income | $ | 84,518 | $ | 83,675 | $ | 843 | ||||||