Consolidated Statements of Income (Unaudited) |
4th Quarter | |||||||
(in thousands, except per share data) | 2003 | 2002 | Change | ||||
Operating Revenues | |||||||
Oil and gas operations | $ | 86,827 | $ | 72,477 | $ | 14,350 | |
Natural gas distribution | 115,565 | 101,973 | 13,592 | ||||
Total operating revenues | 202,392 | 174,450 | 27,942 | ||||
Operating Expenses | |||||||
Cost of gas | 54,778 | 45,772 | 9,006 | ||||
Operations & maintenance | 59,214 | 53,970 | 5,244 | ||||
DD&A | 29,385 | 25,791 | 3,594 | ||||
Taxes, other than income taxes | 15,719 | 13,293 | 2,426 | ||||
Total operating expenses | 159,096 | 138,826 | 20,270 | ||||
Operating Income | 43,296 | 35,624 | 7,672 | ||||
Other Income (Expense) | |||||||
Interest expense | (10,553) | (10,884) | 331 | ||||
Accretion expense | (471) | (489) | 18 | ||||
Other income | 1,336 | 5,061 | (3,725) | ||||
Other expense | (1,759) | (4,489) | 2,730 | ||||
Total other expense | (11,447) | (10,801) | (646) | ||||
Income Before Income Taxes | 31,849 | 24,823 | 7,026 | ||||
Income tax expense | 10,823 | 6,336 | 4,487 | ||||
Income from Continuing Operations | 21,026 | 18,487 | 2,539 | ||||
Discontinued Operations, Net of Taxes | |||||||
Income from operations | 6 | 329 | (323) | ||||
Gain (loss) on disposal | (202) | 270 | (472) | ||||
Income (Loss) from Discontinued Operations | (196) | 599 | (795) | ||||
Net Income | $ | 20,830 | $ | 19,086 | $ | 1,744 | |
Diluted Earnings Per Share | |||||||
Continuing operations | $ | 0.58 | $ | 0.53 | $ | 0.05 | |
Discontinued operations | (0.01) | 0.02 | (0.03) | ||||
Net Income | $ | 0.57 | $ | 0.55 | $ | 0.02 | |
Basic Earnings Per Share | |||||||
Continuing operations | $ | 0.58 | $ | 0.53 | $ | 0.05 | |
Discontinued operations | - | 0.02 | (0.02) | ||||
Net Income | $ | 0.58 | $ | 0.55 | $ | 0.03 | |
Diluted Avg. Common Shares Outstanding | 36,394 | 34,858 | 1,536 | ||||
Basic Avg. Common Shares Outstanding | 36,055 | 34,606 | 1,449 | ||||
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 | $ | 353,122 | $ | 244,120 | $ | 109,002 | |||||
Natural gas distribution | 489,099 | 424,431 | 64,668 | ||||||||
Total operating revenues | 842,221 | 668,551 | 173,670 | ||||||||
Operating Expenses | |||||||||||
Cost of gas | 233,823 | 189,810 | 44,013 | ||||||||
Operations & maintenance | 208,219 | 191,656 | 16,563 | ||||||||
DD&A | 116,858 | 101,691 | 15,167 | ||||||||
Taxes, other than income taxes | 63,543 | 49,619 | 13,924 | ||||||||
Total operating expenses | 622,443 | 532,776 | 89,667 | ||||||||
Operating Income | 219,778 | 135,775 | 84,003 | ||||||||
Other Income (Expense) | |||||||||||
Interest expense | (42,262) | (43,713) | 1,451 | ||||||||
Accretion expense | (1,890) | (1,819) | (71) | ||||||||
Other income | 8,744 | 15,644 | (6,900) | ||||||||
Other expense | (9,977) | (15,103) | 5,126 | ||||||||
Total other expense | (45,385) | (44,991) | (394) | ||||||||
Income Before Income Taxes | 174,393 | 90,784 | 83,609 | ||||||||
Income tax expense | 64,128 | 20,388 | 43,740 | ||||||||
Income from Continuing Operations | 110,265 | 70,396 | 39,869 | ||||||||
Discontinued Operations, Net of Taxes | |||||||||||
Income from operations | 973 | (80) | 1,053 | ||||||||
Gain (loss) on disposal | (584) | 543 | (1,127) | ||||||||
Income from Discontinued Operations | 389 | 463 | (74) | ||||||||
Cumulative effect on prior years of a change in accounting principle, net of taxes |
| (2,220) | 2,220 | ||||||||
Net Income | $ | 110,654 | $ | 68,639 | $ | 42,015 | |||||
Diluted Earnings Per Share | |||||||||||
Continuing operations | $ | 3.09 | $ | 2.08 | $ | 1.01 | |||||
Discontinued operations | 0.01 | 0.02 | (0.01) | ||||||||
Cumulative effect of change in accounting principle | - | (0.07) | 0.07 | ||||||||
Net Income | $ | 3.10 | $ | 2.03 | $ | 1.07 | |||||
Basic Earnings Per Share | |||||||||||
Continuing operations | $ | 3.11 | $ | 2.09 | $ | 1.02 | |||||
Discontinued operations | 0.01 | 0.02 | (0.01) | ||||||||
Cumulative effect of change in accounting principle | - | (0.07) | 0.07 | ||||||||
Net Income | $ | 3.12 | $ | 2.04 | $ | 1.08 | |||||
Diluted Avg. Common Shares Outstanding | 35,717 | 33,838 | 1,879 | ||||||||
Basic Avg. Common Shares Outstanding | 35,434 | 33,605 | 1,829 | ||||||||
Dividends Per Share | $ | 0.73 | $ | 0.71 | $ | 0.02 | |||||
Selected Business Segment Data (Unaudited) For the 3 months ending December 31, 2003 and 2002 |
4th Quarter | ||||||
(in thousands, except sales price data) | 2003 | 2002 | Change | |||
Oil and Gas Operations | ||||||
Operating revenues | ||||||
Natural gas | $ | 57,488 | $ | 42,626 | $ | 14,862 |
Oil | 22,081 | 21,752 | 329 | |||
Natural gas liquids | 6,994 | 7,036 | (42) | |||
Other | 264 | 1,063 | (799) | |||
Total | $ | 86,827 | $ | 72,477 | $ | 14,350 |
Production volumes from continuing operations | ||||||
Natural gas (MMcf) | 13,964 | 12,010 | 1,954 | |||
Oil (MBbl) | 872 | 835 | 37 | |||
Natural gas liquids (MBbl) | 408 | 466 | (58) | |||
Production volumes from continuing ops. (Mmcfe) | 21,643 | 19,812 | 1,831 | |||
Total sales volume (Mmcfe) | 21,644 | 20,601 | 1,043 | |||
Average sales price from continuing ops. | ||||||
Natural gas (Mcf) | $ | 4.12 | $ | 3.55 | $ | 0.57 |
Oil (barrel) | $ | 25.32 | $ | 26.07 | $ | (0.75) |
Natural gas liquids (barrel) | $ | 17.16 | $ | 15.10 | $ | 2.06 |
Other data | ||||||
Lease operating expense (LOE) | ||||||
LOE and other | $ | 19,912 | $ | 18,186 | $ | 1,726 |
Production taxes | 16,373 | 5,413 | 10,960 | |||
Total | $ | 36,285 | $ | 23,599 | $ | 12,686 |
DD&A | $ | 19,746 | $ | 17,144 | $ | 2,602 |
Capital expenditures | $ | 50,344 | $ | 43,504 | $ | 6,840 |
Exploration expense | $ | 73 | $ | 1,301 | $ | (1,228) |
Operating income | $ | 32,414 | $ | 25,231 | $ | 7,183 |
Natural Gas Distribution | ||||||
Operating revenues | ||||||
Residential | $ | 74,556 | $ | 65,772 | $ | 8,784 |
Commercial and industrial - small | 29,083 | 24,697 | 4,386 | |||
Transportation | 10,188 | 10,130 | 58 | |||
Other | 1,738 | 1,374 | 364 | |||
Total | $ | 115,565 | $ | 101,973 | $ | 13,592 |
Gas delivery volumes (MMcf) | ||||||
Residential | 5,397 | 6,355 | (958) | |||
Commercial | 2,566 | 2,846 | (280) | |||
Transportation | 13,996 | 15,159 | (1,163) | |||
Total | 21,959 | 24,360 | (2,401) | |||
Other data | ||||||
Depreciation and amortization | $ | 9,639 | $ | 8,647 | $ | 992 |
Capital expenditures | $ | 15,745 | $ | 15,644 | $ | 101 |
Operating income | $ | 12,235 | $ | 10,745 | $ | 1,490 |
Selected Business Segment Data (Unaudited) For the 12 months ending December 31, 2003 and 2002 |
Year to Date | ||||||
(in thousands, except sales price data) | 2003 | 2002 | Change | |||
Oil and Gas Operations | ||||||
Operating revenues | ||||||
Natural gas | $ | 235,649 | $ | 145,935 | $ | 89,714 |
Oil | 87,200 | 72,758 | 14,442 | |||
Natural gas liquids | 25,890 | 21,857 | 4,033 | |||
Other | 4,383 | 3,570 | 813 | |||
Total | $ | 353,122 | $ | 244,120 | $ | 109,002 |
Production volume from continuing operations | ||||||
Natural gas (MMcf) | 55,433 | 46,060 | 9,373 | |||
Oil (MBbl) | 3,412 | 3,016 | 396 | |||
Natural gas liquids (MBbl) | 1,587 | 1,712 | (125) | |||
Production volumes from continuing ops. (Mmcfe) | 85,422 | 74,424 | 10,998 | |||
Total sales volume (Mmcfe) | 86,157 | 77,973 | 8,184 | |||
Average sales price from continuing ops. | ||||||
Natural gas (Mcf) | $ | 4.25 | $ | 3.17 | $ | 1.08 |
Oil (barrel) | $ | 25.56 | $ | 24.13 | $ | 1.43 |
Natural gas liquids (barrel) | $ | 16.32 | $ | 12.77 | $ | 3.55 |
Other data | ||||||
Lease operating expense (LOE) | ||||||
LOE and other | $ | 67,920 | $ | 57,141 | $ | 10,779 |
Production taxes | 27,731 | 18,254 | 9,477 | |||
Total | $ | 95,651 | $ | 75,395 | $ | 20,256 |
DD&A | $ | 79,687 | $ | 68,009 | $ | 11,678 |
Capital expenditures | $ | 163,338 | $ | 305,476 | $ | (142,138) |
Exploration expense | $ | 1,053 | $ | 3,595 | $ | (2,542) |
Operating income | $ | 155,481 | $ | 78,105 | $ | 77,376 |
Natural Gas Distribution | ||||||
Operating revenues | ||||||
Residential | $ | 320,938 | $ | 277,088 | $ | 43,850 |
Commercial and industrial - small | 126,638 | 104,247 | 22,391 | |||
Transportation | 38,250 | 38,395 | (145) | |||
Other | 3,273 | 4,701 | (1,428) | |||
Total | $ | 489,099 | $ | 424,431 | $ | 64,668 |
Gas delivery volumes (MMcf) | ||||||
Residential | 27,248 | 26,358 | 890 | |||
Commercial | 12,564 | 11,838 | 726 | |||
Transportation | 55,623 | 59,644 | (4,021) | |||
Total | 95,435 | 97,840 | (2,405) | |||
Other data | ||||||
Depreciation and amortization | $ | 37,171 | $ | 33,682 | $ | 3,489 |
Capital expenditures | $ | 57,906 | $ | 65,815 | $ | (7,909) |
Operating income | $ | 66,848 | $ | 59,370 | $ | 7,478 |