Consolidated Statements of Income (Unaudited) |
| 3rd Quarter |
|
| ||||
(in thousands, except per share data) |
| 2004 |
| 2003 |
| Change | |
Operating Revenues |
|
|
|
|
| ||
Oil and gas operations | $ | 104,336 | $ | 87,994 | $ | 16,342 | |
Natural gas distribution |
| 62,162 |
| 58,147 |
| 4,015 | |
Total operating revenues |
| 166,498 |
| 146,141 |
| 20,357 | |
Operating Expenses |
|
|
|
|
|
| |
Cost of gas |
| 26,545 |
| 24,966 |
| 1,579 | |
Operations & maintenance |
| 60,788 |
| 50,227 |
| 10,561 | |
DD&A |
| 30,896 |
| 29,203 |
| 1,693 | |
Taxes, other than income taxes |
| 15,354 |
| 12,389 |
| 2,965 | |
Accretion expense |
| 613 |
| 459 |
| 154 | |
Total operating expenses |
| 134,196 |
| 117,244 |
| 16,952 | |
Operating Income |
| 32,302 |
| 28,897 |
| 3,405 | |
Other Income (Expense) |
|
|
|
|
|
| |
Interest expense |
| (10,515) |
| (10,153) |
| (362) | |
Other income |
| 702 |
| 2,289 |
| (1,587) | |
Other expense |
| (225) |
| (2,866) |
| 2,641 | |
Total other expense |
| (10,038) |
| (10,730) |
| 692 | |
Income Before Income Taxes |
| 22,264 |
| 18,167 |
| 4,097 | |
Income tax expense |
| 8,532 |
| 6,710 |
| 1,822 | |
Income from Continuing Operations |
| 13,732 |
| 11,457 |
| 2,275 | |
Discontinued Operations, Net of Taxes |
|
|
|
|
|
| |
Income from discontinued operations |
| - |
| 145 |
| (145) | |
Gain on disposal |
| 8 |
| 294 |
| (286) | |
Income from Discontinued Operations |
| 8 |
| 439 |
| (431) | |
Net Income | $ | 13,740 | $ | 11,896 | $ | 1,844 | |
Diluted Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 0.37 | $ | 0.32 | $ | 0.05 | |
Discontinued operations | - | 0.01 | (0.01) | ||||
Net Income | $ | 0.37 | $ | 0.33 | $ | 0.04 | |
Basic Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 0.38 | $ | 0.32 | $ | 0.06 | |
Discontinued operations |
| - |
| 0.01 |
| (0.01) | |
Net Income | $ | 0.38 | $ | 0.33 | $ | 0.05 | |
Diluted Avg. Common Shares Outstanding |
| 36,700 |
| 36,261 |
| 439 | |
Basic Avg. Common Shares Outstanding |
| 36,268 |
| 35,869 |
| 399 | |
Dividends Per Share | $ | 0.1925 | $ | 0.185 | $ | 0.0075 | |
Consolidated Statements of Income (Unaudited) |
| Year-to-date |
|
| |||||
(in thousands, except per share data) |
| 2004 |
| 2003 |
| Change | ||
Operating Revenues |
|
|
|
|
| |||
Oil and gas operations | $ | 295,996 | $ | 266,296 | $ | 29,700 | ||
Natural gas distribution |
| 410,108 |
| 373,534 |
| 36,574 | ||
Total operating revenues |
| 706,104 |
| 639,830 |
| 66,274 | ||
Operating Expenses |
|
|
|
|
|
| ||
Cost of gas |
| 205,574 |
| 179,045 |
| 26,529 | ||
Operations & maintenance |
| 170,179 |
| 149,005 |
| 21,174 | ||
DD&A |
| 88,559 |
| 87,473 |
| 1,086 | ||
Taxes, other than income taxes |
| 55,679 |
| 47,824 |
| 7,855 | ||
Accretion expense |
| 1,635 |
| 1,419 |
| 216 | ||
Total operating expenses |
| 521,626 |
| 464,766 |
| 56,860 | ||
Operating Income |
| 184,478 |
| 175,064 |
| 9,414 | ||
Other Income (Expense) |
|
|
|
|
|
| ||
Interest expense |
| (31,527) |
| (31,709) |
| 182 | ||
Other income |
| 2,197 |
| 7,408 |
| (5,211) | ||
Other expense |
| (1,920) |
| (8,218) |
| 6,298 | ||
Total other expense |
| (31,250) |
| (32,519) |
| 1,269 | ||
Income Before Income Taxes |
| 153,228 |
| 142,545 |
| 10,683 | ||
Income tax expense |
| 57,031 |
| 53,305 |
| 3,726 | ||
Income from Continuing Operations |
| 96,197 |
| 89,240 |
| 6,957 | ||
Discontinued Operations, Net of Taxes |
|
|
|
|
|
| ||
Income from discontinued operations |
| 3 |
| 966 |
| (963) | ||
Loss on disposal |
| (5) |
| (382) |
| 377 | ||
Income (Loss) from Discontinued Operations |
| (2) |
| 584 |
| (586) | ||
Net Income | $ | 96,195 | $ | 89,824 | $ | 6,371 | ||
Diluted Earnings Per Share |
|
|
|
|
|
| ||
Continuing operations | $ | 2.63 | $ | 2.51 | $ | 0.12 | ||
Discontinued operations |
| - |
| 0.02 |
| (0.02) | ||
Net Income | $ | 2.63 | $ | 2.53 | $ | 0.10 | ||
Basic Earnings Per Share |
|
|
|
|
|
| ||
Continuing operations | $ | 2.66 | $ | 2.53 | $ | 0.13 | ||
Discontinued operations |
| - |
| 0.02 |
| (0.02) | ||
Net Income | $ | 2.66 | $ | 2.55 | $ | 0.11 | ||
Diluted Avg. Common Shares Outstanding |
| 36,629 |
| 35,561 |
| 1,068 | ||
Basic Avg. Common Shares Outstanding |
| 36,224 |
| 35,208 |
| 1,016 | ||
Dividends Per Share | $ | 0.5625 | $ | 0.545 | $ | 0.0175 | ||
Consolidated Statements of Income (Unaudited) |
| Trailing 12 Months |
|
| ||||
(in thousands, except per share data) |
| 2004 |
| 2003 |
| Change | |
Operating Revenues |
|
|
|
|
| ||
Oil and gas operations | $ | 382,823 | $ | 338,773 | $ | 44,050 | |
Natural gas distribution |
| 525,673 |
| 475,509 |
| 50,164 | |
Total operating revenues |
| 908,496 |
| 814,282 |
| 94,214 | |
Operating Expenses |
|
|
|
|
|
| |
Cost of gas |
| 260,352 |
| 224,816 |
| 35,536 | |
Operations & maintenance |
| 229,393 |
| 203,736 |
| 25,657 | |
DD&A |
| 117,944 |
| 113,264 |
| 4,680 | |
Taxes, other than income taxes |
| 71,398 |
| 60,354 |
| 11,044 | |
Accretion expense |
| 2,106 |
| 1,908 |
| 198 | |
Total operating expenses |
| 681,193 |
| 604,078 |
| 77,115 | |
Operating Income |
| 227,303 |
| 210,204 |
| 17,099 | |
Other Income (Expense) |
|
|
|
|
|
| |
Interest expense |
| (42,080) |
| (42,590) |
| 510 | |
Other income |
| 3,533 |
| 13,973 |
| (10,440) | |
Other expense |
| (3,679) |
| (14,217) |
| 10,538 | |
Total other expense |
| (42,226) |
| (42,834) |
| 608 | |
Income Before Income Taxes |
| 185,077 |
| 167,370 |
| 17,707 | |
Income tax expense |
| 67,854 |
| 59,642 |
| 8,212 | |
Income from Continuing Operations |
| 117,223 |
| 107,728 |
| 9,495 | |
Discontinued Operations, Net of Taxes |
|
|
|
|
|
| |
Income from discontinued operations |
| 9 |
| 1,296 |
| (1,287) | |
Loss on disposal | (207) |
| (112) | (95) | |||
Income (Loss) from Discontinued Operations |
| (198) |
| 1,184 |
| (1,382) | |
Net Income | $ | 117,025 | $ | 108,912 | $ | 8,113 | |
Diluted Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 3.21 | $ | 3.05 | $ | 0.16 | |
Discontinued operations |
| (0.01) |
| 0.03 |
| (0.04) | |
Net Income | $ | 3.20 | $ | 3.08 | $ | 0.12 | |
Basic Earnings Per Share |
|
|
|
|
|
| |
Continuing operations | $ | 3.24 | $ | 3.07 | $ | 0.17 | |
Discontinued operations |
| - |
| 0.04 |
| (0.04) | |
Net Income | $ | 3.24 | $ | 3.11 | $ | 0.13 | |
Diluted Avg. Common Shares Outstanding |
| 36,539 |
| 35,366 |
| 1,173 | |
Basic Avg. Common Shares Outstanding |
| 36,169 |
| 35,045 |
| 1,124 | |
Dividends Per Share | $ | 0.7475 | $ | 0.725 | $ | 0.0225 | |
Selected Business Segment Data (Unaudited) For the 3 months ending September 30, 2004 and 2003 |
3rd Quarter | ||||||
(in thousands, except sales price data) |
| 2004 |
| 2003 |
| Change |
Oil and Gas Operations |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Natural gas | $ | 69,900 | $ | 59,627 | $ | 10,273 |
Oil |
| 24,553 |
| 21,213 |
| 3,340 |
Natural gas liquids |
| 9,065 |
| 6,245 |
| 2,820 |
Other |
| 818 |
| 909 |
| (91) |
Total | $ | 104,336 | $ | 87,994 | $ | 16,342 |
Production volumes from continuing operations |
|
|
|
|
|
|
Natural gas (MMcf) |
| 14,657 |
| 13,954 |
| 703 |
Oil (MBbl) |
| 854 |
| 838 |
| 16 |
Natural gas liquids (MMgal) |
| 18.2 |
| 16.6 |
| 1.6 |
Production volumes from continuing ops. (MMcfe) |
| 22,374 |
| 21,352 |
| 1,022 |
Total sales volume (MMcfe) |
| 22,374 |
| 21,359 |
| 1,015 |
Average sales price from continuing ops. |
|
|
|
|
|
|
Natural gas (Mcf) | $ | 4.77 | $ | 4.27 | $ | 0.50 |
Oil (barrel) | $ | 28.76 | $ | 25.30 | $ | 3.46 |
Natural gas liquids (gallon) | $ | 0.50 | $ | 0.38 | $ | 0.12 |
Other data |
|
|
|
|
|
|
Lease operating expense (LOE) |
|
|
|
|
|
|
LOE and other | $ | 22,076 | $ | 16,666 | $ | 5,410 |
Production taxes | 9,576 | 6,764 | 2,812 | |||
Total | $ | 31,652 | $ | 23,430 | $ | 8,222 |
DD&A | $ | 20,911 | $ | 19,818 | $ | 1,093 |
Capital expenditures | $ | 288,585 | $ | 31,972 | $ | 256,613 |
Exploration expense | $ | 1,807 | $ | 802 | $ | 1,005 |
Operating income | $ | 42,673 | $ | 38,958 | $ | 3,715 |
Natural Gas Distribution |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Residential | $ | 33,860 | $ | 32,997 | $ | 863 |
Commercial and industrial - small |
| 18,516 |
| 17,844 |
| 672 |
Transportation |
| 8,838 |
| 8,264 |
| 574 |
Other |
| 948 |
| (958) |
| 1,906 |
Total | $ | 62,162 | $ | 58,147 | $ | 4,015 |
Gas delivery volumes (MMcf) |
|
|
|
|
|
|
Residential |
| 1,874 |
| 1,934 |
| (60) |
Commercial |
| 1,570 |
| 1,625 |
| (55) |
Transportation |
| 12,790 |
| 13,449 |
| (659) |
Total |
| 16,234 |
| 17,008 |
| (774) |
Other data |
|
|
|
|
|
|
Depreciation and amortization | $ | 9,985 | $ | 9,385 | $ | 600 |
Capital expenditures | $ | 11,869 | $ | 13,177 | $ | (1,308) |
Operating income | $ | (10,130) | $ | (9,575) | $ | (555) |
| ||||||
Selected Business Segment Data (Unaudited) For the 9 months ending September 30, 2004 and 2003 |
| Year-to-date |
|
| |||
(in thousands, except sales price data) |
| 2004 |
| 2003 |
| Change |
Oil and Gas Operations |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Natural gas | $ | 200,784 | $ | 178,162 | $ | 22,622 |
Oil |
| 70,266 |
| 65,119 |
| 5,147 |
Natural gas liquids |
| 22,220 |
| 18,896 |
| 3,324 |
Other |
| 2,726 |
| 4,119 |
| (1,393) |
Total | $ | 295,996 | $ | 266,296 | $ | 29,700 |
Production volume from continuing operations |
|
|
|
|
|
|
Natural gas (MMcf) |
| 42,148 |
| 41,469 |
| 679 |
Oil (MBbl) |
| 2,558 |
| 2,539 |
| 19 |
Natural gas liquids (MMgal) |
| 50.3 |
| 49.5 |
| 0.8 |
Production volumes from continuing ops. (MMcfe) |
| 64,684 |
| 63,779 |
| 905 |
Total sales volume (MMcfe) |
| 64,684 |
| 64,513 |
| 171 |
Average sales price from continuing ops. |
|
|
|
|
|
|
Natural gas (Mcf) | $ | 4.76 | $ | 4.30 | $ | 0.46 |
Oil (barrel) | $ | 27.47 | $ | 25.64 | $ | 1.83 |
Natural gas liquids (gallon) | $ | 0.44 | $ | 0.38 | $ | 0.06 |
Other data |
|
|
|
|
|
|
Lease operating expense (LOE) |
|
|
|
|
|
|
LOE and other | $ | 58,351 | $ | 48,008 | $ | 10,343 |
Production taxes |
| 26,287 |
| 20,721 |
| 5,566 |
Total | $ | 84,638 | $ | 68,729 | $ | 15,909 |
DD&A | $ | 59,106 | $ | 59,941 | $ | (835) |
Capital expenditures | $ | 359,993 | $ | 112,994 | $ | 246,999 |
Exploration expense | $ | 1,907 | $ | 980 | $ | 927 |
Operating income | $ | 128,553 | $ | 121,649 | $ | 6,904 |
Natural Gas Distribution |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Residential | $ | 267,164 | $ | 246,382 | $ | 20,782 |
Commercial and industrial - small |
| 107,692 |
| 97,556 |
| 10,136 |
Transportation |
| 29,316 |
| 28,062 |
| 1,254 |
Other |
| 5,936 |
| 1,534 |
| 4,402 |
Total | $ | 410,108 | $ | 373,534 | $ | 36,574 |
Gas delivery volumes (MMcf) |
|
|
|
|
|
|
Residential |
| 20,743 |
| 21,851 |
| (1,108) |
Commercial |
| 9,845 |
| 9,998 |
| (153) |
Transportation |
| 40,571 |
| 41,627 |
| (1,056) |
Total |
| 71,159 |
| 73,476 |
| (2,317) |
Other data |
|
|
|
|
|
|
Depreciation and amortization | $ | 29,453 | $ | 27,532 | $ | 1,921 |
Capital expenditures | $ | 42,090 | $ | 42,158 | $ | (68) |
Operating income | $ | 56,459 | $ | 54,613 | $ | 1,846 |
Selected Business Segment Data (Unaudited) For the 12 months ending September 30, 2004 and 2003 | ||||||
Trailing 12 Months | ||||||
(in thousands, except sales price data) |
| 2004 |
| 2003 |
| Change |
Oil and Gas Operations |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Natural gas | $ | 258,272 | $ | 220,788 | $ | 37,484 |
Oil |
| 92,347 |
| 86,871 |
| 5,476 |
Natural gas liquids |
| 29,214 |
| 25,932 |
| 3,282 |
Other |
| 2,990 |
| 5,182 |
| (2,192) |
Total | $ | 382,823 | $ | 338,773 | $ | 44,050 |
Production volumes from continuing operations |
|
|
|
|
|
|
Natural gas (MMcf) |
| 56,112 |
| 53,479 |
| 2,633 |
Oil (MBbl) |
| 3,430 |
| 3,374 |
| 56 |
Natural gas liquids (MMgal) |
| 67.4 |
| 69.1 |
| (1.7) |
Production volumes from continuing ops. (MMcfe) |
| 86,327 |
| 83,591 |
| 2,736 |
Total sales volume (MMcfe) |
| 86,328 |
| 85,114 |
| 1,214 |
Average sales price from continuing ops. |
|
|
|
|
|
|
Natural gas (Mcf) | $ | 4.60 | $ | 4.13 | $ | 0.47 |
Oil (barrel) | $ | 26.92 | $ | 25.75 | $ | 1.17 |
Natural gas liquids (gallon) | $ | 0.43 | $ | 0.38 | $ | 0.05 |
Other data |
|
|
|
|
|
|
Lease operating expense (LOE) |
|
|
|
|
|
|
LOE and other | $ | 78,263 | $ | 66,194 | $ | 12,069 |
Production taxes | 33,297 | 26,134 | 7,163 | |||
Total | $ | 111,560 | $ | 92,328 | $ | 19,232 |
DD&A | $ | 78,852 | $ | 77,085 | $ | 1,767 |
Capital expenditures | $ | 346,699 | $ | 176,632 | $ | 170,067 |
Exploration expense | $ | 1,980 | $ | 2,281 | $ | (301) |
Operating income | $ | 160,496 | $ | 146,393 | $ | 14,103 |
Natural Gas Distribution |
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
Residential | $ | 341,720 | $ | 312,154 | $ | 29,566 |
Commercial and industrial - small |
| 136,775 |
| 122,252 |
| 14,523 |
Transportation |
| 39,503 |
| 38,192 |
| 1,311 |
Other |
| 7,675 |
| 2,911 |
| 4,764 |
Total | $ | 525,673 | $ | 475,509 | $ | 50,164 |
Gas delivery volumes (MMcf) |
|
|
|
|
|
|
Residential |
| 26,141 |
| 28,205 |
| (2,064) |
Commercial |
| 12,411 |
| 12,843 |
| (432) |
Transportation |
| 54,567 |
| 56,786 |
| (2,219) |
Total |
| 93,119 |
| 97,834 |
| (4,715) |
Other data |
|
|
|
|
|
|
Depreciation and amortization | $ | 39,092 | $ | 36,179 | $ | 2,913 |
Capital expenditures | $ | 57,835 | $ | 58,905 | $ | (1,070) |
Operating income | $ | 68,694 | $ | 65,361 | $ | 3,333 |