Consolidated Statements of Income (Unaudited) |
3rd Quarter | |||||||
(in thousands, except per share data) | 2003 | 2002 | Change | ||||
Operating Revenues | |||||||
Oil and gas operations | $ | 87,994 | $ | 64,619 | $ | 23,375 | |
Natural gas distribution | 58,147 | 50,225 | 7,922 | ||||
Total operating revenues | 146,141 | 114,844 | 31,297 | ||||
Operating Expenses | |||||||
Cost of gas | 24,966 | 17,897 | 7,069 | ||||
Operations & maintenance | 50,227 | 47,772 | 2,455 | ||||
DD&A | 29,203 | 26,773 | 2,430 | ||||
Taxes, other than income taxes | 12,389 | 9,265 | 3,124 | ||||
Total operating expenses | 116,785 | 101,707 | 15,078 | ||||
Operating Income | 29,356 | 13,137 | 16,219 | ||||
Other Income (Expense) | |||||||
Interest expense | (10,153) | (10,987) | 834 | ||||
Accretion expense | (459) | (480) | 21 | ||||
Other income | 2,289 | 3,885 | (1,596) | ||||
Other expense | (2,866) | (4,020) | 1,154 | ||||
Total other expense | (11,189) | (11,602) | 413 | ||||
Income Before Income Taxes | 18,167 | 1,535 | 16,632 | ||||
Income tax expense | 6,710 | 1,438 | 5,272 | ||||
Income from Continuing Operations | 11,457 | 97 | 11,360 | ||||
Discontinued Operations, Net of Taxes | |||||||
Income from operations | 145 | 63 | 82 | ||||
Gain (loss) on disposal | 294 | (33) | 327 | ||||
Income from Discontinued Operations | 439 | 30 | 409 | ||||
Net Income | $ | 11,896 | $ | 127 | $ | 11,769 | |
Diluted Earnings Per Share | |||||||
Continuing operations | $ | 0.32 | $ | - | $ | 0.32 | |
Discontinued operations | 0.01 | - | 0.01 | ||||
Net Income | $ | 0.33 | $ | - | $ | 0.33 | |
Basic Earnings Per Share | |||||||
Continuing operations | $ | 0.32 | $ | - | $ | 0.32 | |
Discontinued operations | 0.01 | - | 0.01 | ||||
Net Income | $ | 0.33 | $ | - | $ | 0.33 | |
Diluted Avg. Common Shares Outstanding | 36,261 | 34,731 | 1,530 | ||||
Basic Avg. Common Shares Outstanding | 35,869 | 34,425 | 1,444 | ||||
Dividends Per Share | $ | 0.185 | $ | 0.18 | $ | 0.005 | |
Consolidated Statements of Income (Unaudited) |
Year to Date | |||||||||||
(in thousands, except per share data) | 2003 | 2002 | Change | ||||||||
Operating Revenues | |||||||||||
Oil and gas operations | $ | 266,296 | $ | 171,643 | $ | 94,653 | |||||
Natural gas distribution | 373,534 | 322,458 | 51,076 | ||||||||
Total operating revenues | 639,830 | 494,101 | 145,729 | ||||||||
Operating Expenses | |||||||||||
Cost of gas | 179,045 | 144,038 | 35,007 | ||||||||
Operations & maintenance | 149,005 | 137,686 | 11,319 | ||||||||
DD&A | 87,473 | 76,501 | 10,972 | ||||||||
Taxes, other than income taxes | 47,824 | 36,326 | 11,498 | ||||||||
Total operating expenses | 463,347 | 394,551 | 68,796 | ||||||||
Operating Income | 176,483 | 99,550 | 76,933 | ||||||||
Other Income (Expense) | |||||||||||
Interest expense | (31,709) | (32,828) | 1,119 | ||||||||
Accretion expense | (1,419) | (1,331) | (88) | ||||||||
Other income | 7,408 | 10,583 | (3,175) | ||||||||
Other expense | (8,218) | (10,614) | 2,396 | ||||||||
Total other expense | (33,938) | (34,190) | 252 | ||||||||
Income Before Income Taxes | 142,545 | 65,360 | 77,185 | ||||||||
Income tax expense | 53,305 | 13,817 | 39,488 | ||||||||
Income from Continuing Operations | 89,240 | 51,543 | 37,697 | ||||||||
Discontinued Operations, Net of Taxes | |||||||||||
Income from operations | 966 | (43) | 1,009 | ||||||||
Gain (loss) on disposal | (382) | 273 | (655) | ||||||||
Income from Discontinued Operations | 584 | 230 | 354 | ||||||||
Cumulative effect on prior years of a change in accounting principle, net of taxes |
| (2,220) | 2,220 | ||||||||
Net Income | $ | 89,824 | $ | 49,553 | $ | 40,271 | |||||
Diluted Earnings Per Share | |||||||||||
Continuing operations | $ | 2.51 | $ | 1.54 | $ | 0.97 | |||||
Discontinued operations | 0.02 | 0.01 | 0.01 | ||||||||
Cumulative effect of change in accounting principle | - | (0.07) | 0.07 | ||||||||
Net Income | $ | 2.53 | $ | 1.48 | $ | 1.05 | |||||
Basic Earnings Per Share | |||||||||||
Continuing operations | $ | 2.53 | $ | 1.55 | $ | 0.98 | |||||
Discontinued operations | 0.02 | 0.01 | 0.01 | ||||||||
Cumulative effect of change in accounting principle | - | (0.07) | 0.07 | ||||||||
Net Income | $ | 2.55 | $ | 1.49 | $ | 1.06 | |||||
Diluted Avg. Common Shares Outstanding | 35,561 | 33,543 | 2,018 | ||||||||
Basic Avg. Common Shares Outstanding | 35,208 | 33,245 | 1,963 | ||||||||
Dividends Per Share | $ | 0.545 | $ | 0.53 | $ | 0.015 | |||||
Consolidated Statements of Income (Unaudited) |
Trailing 12 Months | |||||||||||
(in thousands, except per share data) | 2003 | 2002 | Change | ||||||||
Operating Revenues | |||||||||||
Oil and gas operations | $ | 338,773 | $ | 218,597 | $ | 120,176 | |||||
Natural gas distribution | 475,509 | 419,136 | 56,373 | ||||||||
Total operating revenues | 814,282 | 637,733 | 176,549 | ||||||||
Operating Expenses | |||||||||||
Cost of gas | 224,816 | 189,329 | 35,487 | ||||||||
Operations & maintenance | 203,736 | 191,460 | 12,276 | ||||||||
DD&A | 113,264 | 100,253 | 13,011 | ||||||||
Taxes, other than income taxes | 60,354 | 46,312 | 14,042 | ||||||||
Total operating expenses | 602,170 | 527,354 | 74,816 | ||||||||
Operating Income | 212,112 | 110,379 | 101,733 | ||||||||
Other Income (Expense) | |||||||||||
Interest expense | (42,590) | (43,462) | 872 | ||||||||
Accretion expense | (1,908) | (1,331) | (577) | ||||||||
Other income | 13,973 | 14,937 | (964) | ||||||||
Other expense | (14,217) | (14,999) | 782 | ||||||||
Total other expense | (44,742) | (44,855) | 113 | ||||||||
Income Before Income Taxes | 167,370 | 65,524 | 101,846 | ||||||||
Income tax expense | 59,642 | 10,424 | 49,218 | ||||||||
Income from Continuing Operations | 107,728 | 55,100 | 52,628 | ||||||||
Discontinued Operations, Net of Taxes | |||||||||||
Income from operations | 1,296 | 58 | 1,238 | ||||||||
Gain (loss) on disposal | (112) | 273 | (385) | ||||||||
Income from Discontinued Operations | 1,184 | 331 | 853 | ||||||||
Cumulative effect on prior years of a change in accounting principle, net of taxes | - | (2,220) | 2,220 | ||||||||
Net Income | $ | 108,912 | $ | 53,211 | $ | 55,701 | |||||
Diluted Earnings Per Share | |||||||||||
Continuing operations | $ | 3.05 | $ | 1.67 | $ | 1.38 | |||||
Discontinued operations | 0.03 | 0.01 | 0.02 | ||||||||
Cumulative effect of change in accounting principle | - | (0.07) | 0.07 | ||||||||
Net Income | $ | 3.08 | $ | 1.61 | $ | 1.47 | |||||
Basic Earnings Per Share | |||||||||||
Continuing operations | $ | 3.07 | $ | 1.69 | $ | 1.38 | |||||
Discontinued operations | 0.04 | 0.01 | 0.03 | ||||||||
Cumulative effect of change in accounting principle | - | (0.07) | 0.07 | ||||||||
Net Income | $ | 3.11 | $ | 1.63 | $ | 1.48 | |||||
Diluted Avg. Common Shares Outstanding | 35,366 | 32,965 | 2,401 | ||||||||
Basic Avg. Common Shares Outstanding | 35,045 | 32,692 | 2,353 | ||||||||
Dividends Per Share | $ | 0.725 | $ | 0.705 | $ | 0.02 | |||||
Selected Business Segment Data (Unaudited) For the 3 months ending September 30, 2003 and 2002 |
3rd Quarter | ||||||
(in thousands, except sales price data) | 2003 | 2002 | Change | |||
Oil and Gas Operations | ||||||
Operating revenues | ||||||
Natural gas | $ | 59,627 | $ | 37,889 | $ | 21,738 |
Oil | 21,213 | 19,958 | 1,255 | |||
Natural gas liquids | 6,245 | 5,777 | 468 | |||
Other | 909 | 995 | (86) | |||
Total | $ | 87,994 | $ | 64,619 | $ | 23,375 |
Production volumes from continuing operations | ||||||
Natural gas (MMcf) | 13,954 | 11,679 | 2,275 | |||
Oil (MBbl) | 838 | 839 | (1) | |||
Natural gas liquids (MBbl) | 395 | 455 | (60) | |||
Production volumes from continuing ops. (Mmcfe) | 21,352 | 19,445 | 1,907 | |||
Total sales volume (Mmcfe) | 21,359 | 20,188 | 1,171 | |||
Average sales price from continuing ops. | ||||||
Natural gas (Mcf) | $ | 4.27 | $ | 3.24 | $ | 1.03 |
Oil (barrel) | $ | 25.30 | $ | 23.78 | $ | 1.52 |
Natural gas liquids (barrel) | $ | 15.82 | $ | 12.70 | $ | 3.12 |
Other data | ||||||
Lease operating expense (LOE) | ||||||
LOE and other | $ | 16,666 | $ | 13,916 | $ | 2,750 |
Production taxes | 6,764 | 4,783 | 1,981 | |||
Total | $ | 23,430 | $ | 18,699 | $ | 4,731 |
DD&A | $ | 19,818 | $ | 18,281 | $ | 1,537 |
Capital expenditures | $ | 31,972 | $ | 25,639 | $ | 6,333 |
Exploration expense | $ | 802 | $ | 354 | $ | 448 |
Operating income | $ | 39,417 | $ | 22,464 | $ | 16,953 |
Natural Gas Distribution | ||||||
Operating revenues | ||||||
Residential | $ | 32,997 | $ | 27,829 | $ | 5,168 |
Commercial and industrial - small | 17,844 | 13,214 | 4,630 | |||
Transportation | 8,264 | 8,163 | 101 | |||
Other | (958) | 1,019 | (1,977) | |||
Total | $ | 58,147 | $ | 50,225 | $ | 7,922 |
Gas delivery volumes (MMcf) | ||||||
Residential | 1,934 | 1,906 | 28 | |||
Commercial | 1,625 | 1,430 | 195 | |||
Transportation | 13,449 | 14,885 | (1,436) | |||
Total | 17,008 | 18,221 | (1,213) | |||
Other data | ||||||
Depreciation and amortization | $ | 9,385 | $ | 8,492 | $ | 893 |
Capital expenditures | $ | 13,177 | $ | 20,719 | $ | (7,542) |
Operating income | $ | (9,575) | $ | (8,907) | $ | (668) |
Selected Business Segment Data (Unaudited) For the 9 months ending September 30, 2003 and 2002 |
Year to Date | ||||||
(in thousands, except sales price data) | 2003 | 2002 | Change | |||
Oil and Gas Operations | ||||||
Operating revenues | ||||||
Natural gas | $ | 178,162 | $ | 103,309 | $ | 74,853 |
Oil | 65,119 | 51,006 | 14,113 | |||
Natural gas liquids | 18,896 | 14,821 | 4,075 | |||
Other | 4,119 | 2,507 | 1,612 | |||
Total | $ | 266,296 | $ | 171,643 | $ | 94,653 |
Production volumes from continuing operations | ||||||
Natural gas (MMcf) | 41,469 | 34,050 | 7,419 | |||
Oil (MBbl) | 2,539 | 2,181 | 358 | |||
Natural gas liquids (MBbl) | 1,179 | 1,246 | (67) | |||
Production volumes from continuing ops. (Mmcfe) | 63,779 | 54,612 | 9,167 | |||
Total sales volume (Mmcfe) | 64,513 | 57,372 | 7,141 | |||
Average sales price from continuing ops. | ||||||
Natural gas (Mcf) | $ | 4.30 | $ | 3.03 | $ | 1.27 |
Oil (barrel) | $ | 25.64 | $ | 23.38 | $ | 2.26 |
Natural gas liquids (barrel) | $ | 16.03 | $ | 11.90 | $ | 4.13 |
Other data | ||||||
Lease operating expense (LOE) | ||||||
LOE and other | $ | 48,008 | $ | 38,955 | $ | 9,053 |
Production taxes | 20,721 | 12,841 | 7,880 | |||
Total | $ | 68,729 | $ | 51,796 | $ | 16,933 |
DD&A | $ | 59,941 | $ | 51,466 | $ | 8,475 |
Capital expenditures | $ | 112,994 | $ | 241,838 | $ | (128,844) |
Exploration expense | $ | 980 | $ | 2,294 | $ | (1,314) |
Operating income | $ | 123,068 | $ | 52,273 | $ | 70,795 |
Natural Gas Distribution | ||||||
Operating revenues | ||||||
Residential | $ | 246,382 | $ | 211,316 | $ | 35,066 |
Commercial and industrial - small | 97,556 | 79,550 | 18,006 | |||
Transportation | 28,062 | 28,265 | (203) | |||
Other | 1,534 | 3,327 | (1,793) | |||
Total | $ | 373,534 | $ | 322,458 | $ | 51,076 |
Gas delivery volumes (MMcf) | ||||||
Residential | 21,851 | 20,003 | 1,848 | |||
Commercial | 9,998 | 8,991 | 1,007 | |||
Transportation | 41,627 | 44,486 | (2,859) | |||
Total | 73,476 | 73,480 | (4) | |||
Other data | ||||||
Depreciation and amortization | $ | 27,352 | $ | 25,035 | $ | 2,317 |
Capital expenditures | $ | 42,158 | $ | 50,455 | $ | (8,297) |
Operating income | $ | 54,613 | $ | 48,625 | $ | 5,988 |
Selected Business Segment Data (Unaudited) For the 12 months ending September 30, 2003 and 2002 |
Trailing 12 Months | ||||||
(in thousands, except sales price data) | 2003 | 2002 | Change | |||
Oil and Gas Operations | ||||||
Operating revenues | ||||||
Natural gas | $ | 220,788 | $ | 137,599 | $ | 83,189 |
Oil | 86,871 | 62,134 | 24,737 | |||
Natural gas liquids | 25,932 | 19,103 | 6,829 | |||
Other | 5,182 | (239) | 5,421 | |||
Total | $ | 338,773 | $ | 218,597 | $ | 120,176 |
Production volume from continuing operations | ||||||
Natural gas (MMcf) | 53,479 | 45,504 | 7,975 | |||
Oil (MBbl) | 3,374 | 2,645 | 729 | |||
Natural gas liquids (MBbl) | 1,645 | 1,673 | (28) | |||
Production volumes from continuing ops. (Mmcfe) | 83,591 | 71,413 | 12,178 | |||
Total production volume (Mmcfe) | 85,114 | 75,394 | 9,720 | |||
Average sales price from continuing ops. | ||||||
Natural gas (Mcf) | $ | 4.13 | $ | 3.02 | $ | 1.11 |
Oil (barrel) | $ | 25.75 | $ | 23.49 | $ | 2.26 |
Natural gas liquids (barrel) | $ | 15.77 | $ | 11.42 | $ | 4.35 |
Other data | ||||||
Lease operating expense (LOE) | ||||||
LOE and other | $ | 66,194 | $ | 50,429 | $ | 15,765 |
Production taxes | 26,134 | 16,228 | 9,906 | |||
Total | $ | 92,328 | $ | 66,657 | $ | 25,671 |
DD&A | $ | 77,085 | $ | 67,067 | $ | 10,018 |
Capital expenditures | $ | 176,632 | $ | 266,889 | $ | (90,257) |
Exploration expense | $ | 2,281 | $ | 3,121 | $ | (840) |
Operating income | $ | 148,301 | $ | 55,485 | $ | 92,816 |
Natural Gas Distribution | ||||||
Operating revenues | ||||||
Residential | $ | 312,154 | $ | 275,040 | $ | 37,114 |
Commercial and industrial - small | 122,252 | 101,995 | 20,257 | |||
Transportation | 38,192 | 38,031 | 161 | |||
Other | 2,911 | 4,070 | (1,159) | |||
Total | $ | 475,509 | $ | 419,136 | $ | 56,373 |
Gas delivery volumes (MMcf) | ||||||
Residential | 28,205 | 25,131 | 3,074 | |||
Commercial | 12,843 | 11,185 | 1,658 | |||
Transportation | 56,786 | 57,459 | (673) | |||
Total | 97,834 | 93,775 | 4,059 | |||
Other data | ||||||
Depreciation and amortization | $ | 36,179 | $ | 33,186 | $ | 2,993 |
Capital expenditures | $ | 58,905 | $ | 63,415 | $ | (4,510) |
Operating income | $ | 65,361 | $ | 56,659 | $ | 8,702 |