Consolidated Statements of Income (Unaudited) |
| 1st Quarter |
|
| ||||
(in thousands, except per share data) |
| 2004 |
| 2003 |
| Change | |
Operating Revenues |
|
|
|
|
| ||
Oil and gas operations | $ | 96,227 | $ | 88,519 | $ | 7,708 | |
Natural gas distribution |
| 255,202 |
| 221,139 |
| 34,063 | |
Total operating revenues |
| 351,429 |
| 309,658 |
| 41,771 | |
Operating Expenses |
|
|
|
|
|
| |
Cost of gas |
| 138,738 |
| 111,972 |
| 26,766 | |
Operations & maintenance |
| 53,147 |
| 50,817 |
| 2,330 | |
DD&A |
| 28,736 |
| 28,735 |
| 1 | |
Taxes, other than income taxes |
| 24,278 |
| 21,520 |
| 2,758 | |
Accretion expense |
| 490 |
| 494 |
| (4) | |
Total operating expenses |
| 245,389 |
| 213,538 |
| 31,851 | |
Operating Income |
| 106,040 |
| 96,120 |
| 9,920 | |
Other Income (Expense) |
|
|
|
|
|
| |
Interest expense |
| (10,318) |
| (10,822) |
| 504 | |
Other income |
| 862 |
| 3,120 |
| (2,258) | |
Other expense |
| (1,025) |
| (3,089) |
| 2,064 | |
Total other expense |
| (10,481) |
| (10,791) |
| 310 | |
Income Before Income Taxes |
| 95,559 |
| 85,329 |
| 10,230 | |
Income tax expense |
| 35,362 |
| 32,006 |
| 3,356 | |
Income from Continuing Operations |
| 60,197 |
| 53,323 |
| 6,874 | |
Discontinued Operations, Net of Taxes |
|
|
|
|
|
| |
Income from discontinued operations |
| 1 |
| 673 |
| (672) | |
Gain (loss) on disposal |
| (13) |
| 585 |
| (598) | |
Income (Loss) from Discontinued Operations |
| (12) |
| 1,258 |
| (1,270) | |
Net Income | $ | 60,185 | $ | 54,581 | $ | 5,604 | |
Diluted Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 1.65 | $ | 1.52 | $ | 0.13 | |
Discontinued operations | - | 0.04 | (0.04) | ||||
Net Income | $ | 1.65 | $ | 1.56 | $ | 0.09 | |
Basic Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 1.66 | $ | 1.54 | $ | 0.12 | |
Discontinued operations |
| - |
| 0.03 |
| (0.03) | |
Net Income | $ | 1.66 | $ | 1.57 | $ | 0.09 | |
Diluted Avg. Common Shares Outstanding |
| 36,566 |
| 35,034 |
| 1,532 | |
Basic Avg. Common Shares Outstanding |
| 36,173 |
| 34,729 |
| 1,444 | |
Dividends Per Share | $ | 0.185 | $ | 0.18 | $ | 0.005 | |
Consolidated Statements of Income (Unaudited) |
| Trailing 12 Months |
|
| |||||
(in thousands, except per share data) |
| 2004 |
| 2003 |
| Change | ||
Operating Revenues |
|
|
|
|
| |||
Oil and gas operations | $ | 360,830 | $ | 287,750 | $ | 73,080 | ||
Natural gas distribution |
| 523,162 |
| 449,046 |
| 74,116 | ||
Total operating revenues |
| 883,992 |
| 736,796 |
| 147,196 | ||
Operating Expenses |
|
|
|
|
|
| ||
Cost of gas |
| 260,589 |
| 205,634 |
| 54,955 | ||
Operations & maintenance |
| 211,380 |
| 197,665 |
| 13,715 | ||
DD&A |
| 116,859 |
| 107,326 |
| 9,533 | ||
Taxes, other than income taxes |
| 65,470 |
| 55,034 |
| 10,436 | ||
Accretion expense |
| 1,886 |
| 1,935 |
| (49) | ||
Total operating expenses |
| 656,184 |
| 567,594 |
| 88,590 | ||
Operating Income |
| 227,808 |
| 169,202 |
| 58,606 | ||
Other Income (Expense) |
|
|
|
|
|
| ||
Interest expense |
| (41,758) |
| (43,865) |
| 2,107 | ||
Other income |
| 6,487 |
| 15,195 |
| (8,708) | ||
Other expense |
| (7,913) |
| (14,684) |
| 6,771 | ||
Total other expense |
| (43,184) |
| (43,354) |
| 170 | ||
Income Before Income Taxes |
| 184,624 |
| 125,848 |
| 58,776 | ||
Income tax expense |
| 67,484 |
| 41,171 |
| 26,313 | ||
Income from Continuing Operations |
| 117,140 |
| 84,677 |
| 32,463 | ||
Discontinued Operations, Net of Taxes |
|
|
|
|
|
| ||
Income from discontinued operations |
| 301 |
| 733 |
| (432) | ||
Gain (loss) on disposal |
| (1,182) |
| 1,128 |
| (2,310) | ||
Income (Loss) from Discontinued Operations |
| (881) |
| 1,861 |
| (2,742) | ||
Net Income | $ | 116,259 | $ | 86,538 | $ | 29,721 | ||
Diluted Earnings Per Share |
|
|
|
|
|
| ||
Continuing operations | $ | 3.25 | $ | 2.44 | $ | 0.81 | ||
Discontinued operations |
| (0.03) |
| 0.05 |
| (0.08) | ||
Net Income | $ | 3.22 | $ | 2.49 | $ | 0.73 | ||
Basic Earnings Per Share |
|
|
|
|
|
| ||
Continuing operations | $ | 3.28 | $ | 2.46 | $ | 0.82 | ||
Discontinued operations |
| (0.03) |
| 0.05 |
| (0.08) | ||
Net Income | $ | 3.25 | $ | 2.51 | $ | 0.74 | ||
Diluted Avg. Common Shares Outstanding |
| 36,075 |
| 34,685 |
| 1,390 | ||
Basic Avg. Common Shares Outstanding |
| 35,743 |
| 34,434 |
| 1,309 | ||
Dividends Per Share | $ | 0.735 | $ | 0.715 | $ | 0.02 | ||
Selected Business Segment Data (Unaudited) For the 3 months ending March 31, 2004 and 2003 |
1st Quarter | ||||||
(in thousands, except sales price data) |
| 2004 |
| 2003 |
| Change |
Oil and Gas Operations |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Natural gas | $ | 65,476 | $ | 58,096 | $ | 7,380 |
Oil |
| 23,687 |
| 22,103 |
| 1,584 |
Natural gas liquids |
| 6,020 |
| 6,676 |
| (656) |
Other |
| 1,044 |
| 1,644 |
| (600) |
Total | $ | 96,227 | $ | 88,519 | $ | 7,708 |
Production volumes from continuing operations |
|
|
|
|
|
|
Natural gas (MMcf) |
| 13,737 |
| 13,267 |
| 470 |
Oil (MBbl) |
| 874 |
| 851 |
| 23 |
Natural gas liquids (MBbl) |
| 364 |
| 375 |
| (11) |
Production volumes from continuing ops. (Mmcfe) |
| 21,161 |
| 20,620 |
| 541 |
Total sales volume (Mmcfe) |
| 21,161 |
| 21,195 |
| (34) |
Average sales price from continuing ops. |
|
|
|
|
|
|
Natural gas (Mcf) | $ | 4.77 | $ | 4.38 | $ | 0.39 |
Oil (barrel) | $ | 27.12 | $ | 25.97 | $ | 1.15 |
Natural gas liquids (barrel) | $ | 16.55 | $ | 17.83 | $ | (1.28) |
Other data |
|
|
|
|
|
|
Lease operating expense (LOE) |
|
|
|
|
|
|
LOE and other | $ | 17,830 | $ | 16,813 | $ | 1,017 |
Production taxes | 8,248 | 7,247 | 1,001 | |||
Total | $ | 26,078 | $ | 24,060 | $ | 2,018 |
DD&A | $ | 19,126 | $ | 19,810 | $ | (684) |
Capital expenditures | $ | 21,444 | $ | 53,821 | $ | (32,377) |
Exploration expense | $ | 48 | $ | 140 | $ | (92) |
Operating income | $ | 44,133 | $ | 39,175 | $ | 4,958 |
Natural Gas Distribution |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Residential | $ | 176,660 | $ | 153,939 | $ | 22,721 |
Commercial and industrial - small |
| 64,601 |
| 54,939 |
| 9,662 |
Transportation |
| 11,376 |
| 11,131 |
| 245 |
Other |
| 2,565 |
| 1,130 |
| 1,435 |
Total | $ | 255,202 | $ | 221,139 | $ | 34,063 |
Gas delivery volumes (MMcf) |
|
|
|
|
|
|
Residential |
| 15,109 |
| 16,060 |
| (951) |
Commercial |
| 6,049 |
| 6,244 |
| (195) |
Transportation |
| 14,598 |
| 14,393 |
| 205 |
Total |
| 35,756 |
| 36,697 |
| (941) |
Other data |
|
|
|
|
|
|
Depreciation and amortization | $ | 9,610 | $ | 8,925 | $ | 685 |
Capital expenditures | $ | 13,811 | $ | 14,959 | $ | (1,148) |
Operating income | $ | 62,014 | $ | 57,200 | $ | 4,814 |
| ||||||
Selected Business Segment Data (Unaudited) For the 12 months ending March 31, 2004 and 2003 |
| Trailing 12 Months |
|
| |||
(in thousands, except sales price data) |
| 2004 |
| 2003 |
| Change |
Oil and Gas Operations |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Natural gas | $ | 243,029 | $ | 174,120 | $ | 68,909 |
Oil |
| 88,784 |
| 84,078 |
| 4,706 |
Natural gas liquids |
| 25,234 |
| 24,647 |
| 587 |
Other |
| 3,783 |
| 4,905 |
| (1,122) |
Total | $ | 360,830 | $ | 287,750 | $ | 73,080 |
Production volume from continuing operations |
|
|
|
|
|
|
Natural gas (MMcf) |
| 55,903 |
| 48,158 |
| 7,745 |
Oil (MBbl) |
| 3,434 |
| 3,393 |
| 41 |
Natural gas liquids (MBbl) |
| 1,576 |
| 1,705 |
| (129) |
Production volumes from continuing ops. (Mmcfe) |
| 85,963 |
| 78,748 |
| 7,215 |
Total sales volume (Mmcfe) |
| 86,123 |
| 82,106 |
| 4,017 |
Average sales price from continuing ops. |
|
|
|
|
|
|
Natural gas (Mcf) | $ | 4.35 | $ | 3.62 | $ | 0.73 |
Oil (barrel) | $ | 25.85 | $ | 24.78 | $ | 1.07 |
Natural gas liquids (barrel) | $ | 16.01 | $ | 14.45 | $ | 1.56 |
Other data |
|
|
|
|
|
|
Lease operating expense (LOE) |
|
|
|
|
|
|
LOE and other | $ | 68,937 | $ | 62,285 | $ | 6,652 |
Production taxes |
| 28,732 |
| 22,071 |
| 6,661 |
Total | $ | 97,669 | $ | 84,356 | $ | 13,313 |
DD&A | $ | 79,003 | $ | 72,949 | $ | 6,054 |
Capital expenditures | $ | 130,961 | $ | 337,639 | $ | (206,678) |
Exploration expense | $ | 961 | $ | 2,067 | $ | (1,106) |
Operating income | $ | 158,549 | $ | 106,941 | $ | 51,608 |
Natural Gas Distribution |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Residential | $ | 343,659 | $ | 293,616 | $ | 50,043 |
Commercial and industrial - small |
| 136,301 |
| 111,788 |
| 24,513 |
Transportation |
| 38,494 |
| 38,885 |
| (391) |
Other |
| 4,708 |
| 4,757 |
| (49) |
Total | $ | 523,162 | $ | 449,046 | $ | 74,116 |
Gas delivery volumes (MMcf) |
|
|
|
|
|
|
Residential |
| 26,297 |
| 28,124 |
| (1,827) |
Commercial |
| 12,368 |
| 12,588 |
| (220) |
Transportation |
| 55,828 |
| 58,986 |
| (3,158) |
Total |
| 94,493 |
| 99,698 |
| (5,205) |
Other data |
|
|
|
|
|
|
Depreciation and amortization | $ | 37,856 | $ | 34,377 | $ | 3,479 |
Capital expenditures | $ | 56,755 | $ | 67,339 | $ | (10,584) |
Operating income | $ | 71,662 | $ | 63,759 | $ | 7,903 |