Exhibit 99.2
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 3 months ending December 31, 2010 and 2009
4th Quarter | ||||||||||||
(in thousands, except per share data) | 2010 | 2009 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 252,451 | $ | 216,388 | $ | 36,063 | ||||||
Natural gas distribution | 121,640 | 146,417 | (24,777 | ) | ||||||||
Total operating revenues | 374,091 | 362,805 | 11,286 | |||||||||
Operating Expenses | ||||||||||||
Cost of gas | 54,038 | 73,771 | (19,733 | ) | ||||||||
Operations and maintenance | 99,584 | 105,775 | (6,191 | ) | ||||||||
Depreciation, depletion and amortization | 62,840 | 62,776 | 64 | |||||||||
Taxes, other than income taxes | 20,453 | 21,230 | (777 | ) | ||||||||
Accretion expense | 1,610 | 1,330 | 280 | |||||||||
Total operating expenses | 238,525 | 264,882 | (26,357 | ) | ||||||||
Operating Income | 135,566 | 97,923 | 37,643 | |||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (9,827 | ) | (9,793 | ) | (34 | ) | ||||||
Other income | 1,730 | 914 | 816 | |||||||||
Other expense | (102 | ) | (101 | ) | (1 | ) | ||||||
Total other expense | (8,199 | ) | (8,980 | ) | 781 | |||||||
Income Before Income Taxes | 127,367 | 88,943 | 38,424 | |||||||||
Income tax expense | 47,117 | 30,322 | 16,795 | |||||||||
Net Income | $ | 80,250 | $ | 58,621 | $ | 21,629 | ||||||
Diluted Earnings Per Average Common Share | $ | 1.11 | $ | 0.81 | $ | 0.30 | ||||||
Basic Earnings Per Average Common Share | $ | 1.12 | $ | 0.82 | $ | 0.30 | ||||||
Diluted Avg. Common Shares Outstanding | 72,081 | 72,057 | 24 | |||||||||
Basic Avg. Common Shares Outstanding | 71,862 | 71,701 | 161 | |||||||||
Dividends Per Common Share | $ | 0.13 | $ | 0.125 | $ | 0.005 | ||||||
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 12 months ending December 31, 2010 and 2009
Year-to-date | ||||||||||||
(in thousands, except per share data) | 2010 | 2009 | Change | |||||||||
Operating Revenues | ||||||||||||
Oil and gas operations | $ | 958,762 | $ | 822,546 | $ | 136,216 | ||||||
Natural gas distribution | 619,772 | 617,874 | 1,898 | |||||||||
Total operating revenues | 1,578,534 | 1,440,420 | 138,114 | |||||||||
Operating Expenses | ||||||||||||
Cost of gas | 316,988 | 306,054 | 10,934 | |||||||||
Operations and maintenance | 429,165 | 380,625 | 48,540 | |||||||||
Depreciation, depletion and amortization | 247,865 | 235,084 | 12,781 | |||||||||
Taxes, other than income taxes | 84,961 | 78,329 | 6,632 | |||||||||
Accretion expense | 6,178 | 4,935 | 1,243 | |||||||||
Total operating expenses | 1,085,157 | 1,005,027 | 80,130 | |||||||||
Operating Income | 493,377 | 435,393 | 57,984 | |||||||||
Other Income (Expense) | ||||||||||||
Interest expense | (39,222 | ) | (39,379 | ) | 157 | |||||||
Other income | 4,285 | 4,972 | (687 | ) | ||||||||
Other expense | (643 | ) | (690 | ) | 47 | |||||||
Total other expense | (35,580 | ) | (35,097 | ) | (483 | ) | ||||||
Income Before Income Taxes | 457,797 | 400,296 | 57,501 | |||||||||
Income tax expense | 166,990 | 143,971 | 23,019 | |||||||||
Net Income | $ | 290,807 | $ | 256,325 | $ | 34,482 | ||||||
Diluted Earnings Per Average Common Share | $ | 4.04 | $ | 3.57 | $ | 0.47 | ||||||
Basic Earnings Per Average Common Share | $ | 4.05 | $ | 3.58 | $ | 0.47 | ||||||
Diluted Avg. Common Shares Outstanding | 72,051 | 71,885 | 166 | |||||||||
Basic Avg. Common Shares Outstanding | 71,845 | 71,667 | 178 | |||||||||
Dividends Per Common Share | $ | 0.52 | $ | 0.50 | $ | 0.02 | ||||||
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending December 31, 2010 and 2009
4th Quarter | Change | |||||||||||
(in thousands, except sales price data) | 2010 | 2009 | ||||||||||
Oil and Gas Operations | ||||||||||||
Operating revenues | ||||||||||||
Natural gas | $ | 118,633 | $ | 116,686 | $ | 1,947 | ||||||
Oil | 113,082 | 80,163 | 32,919 | |||||||||
Natural gas liquids | 18,626 | 19,042 | (416 | ) | ||||||||
Other | 2,110 | 497 | 1,613 | |||||||||
Total | $ | 252,451 | $ | 216,388 | $ | 36,063 | ||||||
Production volumes | ||||||||||||
Natural gas (MMcf) | 18,156 | 17,805 | 351 | |||||||||
Oil (MBbl) | 1,397 | 1,234 | 163 | |||||||||
Natural gas liquids (MMgal) | 21.3 | 19.3 | 2.0 | |||||||||
Total production volumes (MMcfe) | 29,588 | 27,965 | 1,623 | |||||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||||
Natural gas (Mcf) | $ | 6.53 | $ | 6.55 | $ | (0.02 | ) | |||||
Oil (barrel) | $ | 80.93 | $ | 64.98 | $ | 15.95 | ||||||
Natural gas liquids (gallon) | $ | 0.87 | $ | 0.99 | $ | (0.12 | ) | |||||
Other data | ||||||||||||
Lease operating expense (LOE) | ||||||||||||
LOE and other | $ | 46,215 | $ | 47,054 | $ | (839 | ) | |||||
Production taxes | 11,659 | 11,492 | 167 | |||||||||
Total | $ | 57,874 | $ | 58,546 | $ | (672 | ) | |||||
Depreciation, depletion and amortization | $ | 53,176 | $ | 49,900 | $ | 3,276 | ||||||
General and administrative expense | $ | 12,230 | $ | 14,384 | $ | (2,154 | ) | |||||
Capital expenditures | $ | 330,972 | $ | 73,975 | $ | 256,997 | ||||||
Exploration expense | $ | 10,217 | $ | 8,860 | $ | 1,357 | ||||||
Operating income | $ | 117,344 | $ | 83,368 | $ | 33,976 | ||||||
Natural Gas Distribution | ||||||||||||
Operating revenues | ||||||||||||
Residential | $ | 80,441 | $ | 94,097 | $ | (13,656 | ) | |||||
Commercial and industrial | 31,442 | 36,013 | (4,571 | ) | ||||||||
Transportation | 15,006 | 15,044 | (38 | ) | ||||||||
Other | (5,249 | ) | 1,263 | (6,512 | ) | |||||||
Total | $ | 121,640 | $ | 146,417 | $ | (24,777 | ) | |||||
Gas delivery volumes (MMcf) | ||||||||||||
Residential | 4,790 | 5,137 | (347 | ) | ||||||||
Commercial and industrial | 2,250 | 2,320 | (70 | ) | ||||||||
Transportation | 12,491 | 11,129 | 1,362 | |||||||||
Total | 19,531 | 18,586 | 945 | |||||||||
Other data | ||||||||||||
Depreciation and amortization | $ | 9,662 | $ | 12,876 | $ | (3,214 | ) | |||||
Capital expenditures | $ | 17,756 | $ | 20,702 | $ | (2,946 | ) | |||||
Operating income | $ | 19,005 | $ | 15,140 | $ | 3,865 | ||||||
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending December 31, 2010 and 2009
Year-to-date | ||||||||||||
(in thousands, except sales price data) | 2010 | 2009 | Change | |||||||||
Oil and Gas Operations | ||||||||||||
Operating revenues | ||||||||||||
Natural gas | $ | 483,935 | $ | 460,370 | $ | 23,565 | ||||||
Oil | 404,625 | 284,750 | 119,875 | |||||||||
Natural gas liquids | 65,161 | 67,254 | (2,093 | ) | ||||||||
Other | 5,041 | 10,172 | (5,131 | ) | ||||||||
Total | $ | 958,762 | $ | 822,546 | $ | 136,216 | ||||||
Production volumes | ||||||||||||
Natural gas (MMcf) | 70,924 | 72,337 | (1,413 | ) | ||||||||
Oil (MBbl) | 5,131 | 4,690 | 441 | |||||||||
Natural gas liquids (MMgal) | 79.0 | 75.2 | 3.8 | |||||||||
Total production volumes (MMcfe) | 112,989 | 111,224 | 1,765 | |||||||||
Revenue per unit of production including effects of all derivative instruments | ||||||||||||
Natural gas (Mcf) | $ | 6.82 | $ | 6.36 | $ | 0.46 | ||||||
Oil (barrel) | $ | 78.86 | $ | 60.72 | $ | 18.14 | ||||||
Natural gas liquids (gallon) | $ | 0.83 | $ | 0.89 | $ | (0.06 | ) | |||||
Other data | ||||||||||||
Lease operating expense (LOE) | ||||||||||||
LOE and other | $ | 182,180 | $ | 181,777 | $ | 403 | ||||||
Production taxes | 42,721 | 35,652 | 7,069 | |||||||||
Total | $ | 224,901 | $ | 217,429 | $ | 7,472 | ||||||
Depreciation, depletion and amortization | $ | 203,821 | $ | 184,089 | $ | 19,732 | ||||||
General and administrative expense | $ | 52,549 | $ | 52,214 | $ | 335 | ||||||
Capital expenditures | $ | 717,782 | $ | 427,399 | $ | 290,383 | ||||||
Exploration expense | $ | 64,584 | $ | 10,234 | $ | 54,350 | ||||||
Operating income | $ | 406,729 | $ | 353,645 | $ | 53,084 | ||||||
Natural Gas Distribution | ||||||||||||
Operating revenues | ||||||||||||
Residential | $ | 414,870 | $ | 399,760 | $ | 15,110 | ||||||
Commercial and industrial | 159,658 | 162,141 | (2,483 | ) | ||||||||
Transportation | 57,049 | 54,312 | 2,737 | |||||||||
Other | (11,805 | ) | 1,661 | (13,466 | ) | |||||||
Total | $ | 619,772 | $ | 617,874 | $ | 1,898 | ||||||
Gas delivery volumes (MMcf) | ||||||||||||
Residential | 24,463 | 20,921 | 3,542 | |||||||||
Commercial and industrial | 10,985 | 9,934 | 1,051 | |||||||||
Transportation | 46,479 | 40,903 | 5,576 | |||||||||
Total | 81,927 | 71,758 | 10,169 | |||||||||
Other data | ||||||||||||
Depreciation and amortization | $ | 44,042 | $ | 50,995 | $ | (6,953 | ) | |||||
Capital expenditures | $ | 93,566 | $ | 77,809 | $ | 15,757 | ||||||
Operating income | $ | 88,383 | $ | 83,984 | $ | 4,399 | ||||||