Spire Alabama 8-K Results of Operations and Financial Condition

EXHIBIT 99.2

Consolidated Statements of Income (Unaudited)
For the 3 months ending December 31, 2005 and 2004

	4th Quarter
(in thousands, except per share data)		2005		2004		Change
Operating Revenues
Oil and gas operations	$	164,127	$	114,579	$	49,548
Natural gas distribution		170,954		116,632		54,322
Total operating revenues		335,081		231,211		103,870
Operating Expenses
Cost of gas		100,957		54,315		46,642
Operations & maintenance		73,600		64,024		9,576
DD&A		32,950		32,359		591
Taxes, other than income taxes		28,116		19,286		8,830
Accretion expense		682		630		52
Total operating expenses		236,305		170,614		65,691
Operating Income		98,776		60,597		38,179
Other Income (Expense)
Interest expense		(12,006)		(11,216)		(790)
Other income		469		748		(279)
Other expense		(72)		(295)		223
Total other expense		(11,609)		(10,763)		(846)
Income Before Income Taxes		87,167		49,834		37,333
Income tax expense		29,872		18,582		11,290
Income from Continuing Operations		57,295		31,252		26,043
Discontinued Operations, Net of Taxes
Income (loss) from discontinued operations		(4)		16		(20)
Gain on disposal		12		-		12
Income from Discontinued Operations		8		16		(8)
Net Income	$	57,303	$	31,268	$	26,035
Diluted Earnings Per Share*
Continuing operations	$	0.77	$	0.43	$	0.34
Discontinued operations		0.01		-		0.01
Net Income	$	0.78	$	0.43	$	0.35
Basic Earnings Per Share*
Continuing operations	$	0.78	$	0.43	$	0.35
Discontinued operations		-		-		-
Net Income	$	0.78	$	0.43	$	0.35
Diluted Avg. Common Shares Outstanding*		73,938		73,448		490
Basic Avg. Common Shares Outstanding*		73,166		72,756		410
Dividends Per Share*	$	0.10	$	0.09625	$	0.00375
* Shares and per share data have been restated to reflect a 2-for-1 stock split payable June 1, 2005

Consolidated Statements of Income (Unaudited)
For the 12 months ending December 31, 2005 and 2004

	Year-to-date
(in thousands, except per share data)		2005		2004		Change
Operating Revenues
Oil and gas operations	$	527,694	$	410,117	$	117,577
Natural gas distribution		600,700		526,740		73,960
Total operating revenues		1,128,394		936,857		191,537
Operating Expenses
Cost of gas		315,622		259,889		55,733
Operations & maintenance		268,727		234,150		34,577
DD&A		131,691		120,777		10,914
Taxes, other than income taxes		93,983		74,933		19,050
Accretion expense		2,647		2,265		382
Total operating expenses		812,670		692,014		120,656
Operating Income		315,724		244,843		70,881
Other Income (Expense)
Interest expense		(46,800)		(42,743)		(4,057)
Other income		2,163		2,945		(782)
Other expense		(710)		(2,215)		1,505
Total other expense		(45,347)		(42,013)		(3,334)
Income Before Income Taxes		270,377		202,830		67,547
Income tax expense		97,491		75,525		21,966
Income from Continuing Operations		172,886		127,305		45,581
Discontinued Operations, Net of Taxes
Income (loss) from discontinued operations		(6)		163		(169)
Gain (loss) on disposal		132		(5)		137
Income (Loss) from Discontinued Operations		126		158		(32)
Net Income	$	173,012	$	127,463	$	45,549
Diluted Earnings Per Share*
Continuing operations	$	2.35	$	1.74	$	0.61
Discontinued operations		-		-		-
Net Income	$	2.35	$	1.74	$	0.61
Basic Earnings Per Share*
Continuing operations	$	2.37	$	1.75	$	0.62
Discontinued operations		-		0.01		(0.01)
Net Income	$	2.37	$	1.76	$	0.61
Diluted Avg. Common Shares Outstanding*		73,715		73,117		598
Basic Avg. Common Shares Outstanding*		73,052		72,547		505
Dividends Per Share*	$	0.40	$	0.3775	$	0.0225
* Shares and per share data have been restated to reflect a 2-for-1 stock split payable June 1, 2005

Selected Business Segment Data (Unaudited) For the 3 months ending December 31, 2005 and 2004
	4th Quarter
(in thousands, except sales price data)		2005		2004		Change
Oil and Gas Operations
Operating revenues from continuing operations
Natural gas	$	118,548	$	76,119	$	42,429
Oil		32,968		28,147		4,821
Natural gas liquids		9,936		8,682		1,254
Other		2,675		1,631		1,044
Total	$	164,127	$	114,579	$	49,548
Production volumes from continuing operations
Natural gas (MMcf)		15,177		15,101		76
Oil (MBbl)		836		876		(40)
Natural gas liquids (MMgal)		18.1		17.9		0.2
Production volumes from continuing ops. (MMcfe)		22,773		22,914		(141)
Total production volumes (MMcfe)		22,796		22,922		(126)
Revenue per unit of production from continuing operations
Natural gas (Mcf)	$	7.81	$	5.04	$	2.77
Oil (barrel)	$	39.43	$	32.12	$	7.31
Natural gas liquids (gallon)	$	0.55	$	0.49	$	0.06
Other data from continuing operations
Lease operating expense (LOE)
LOE and other	$	28,730	$	20,893	$	7,837
Production taxes		16,721		11,030		5,691
Total	$	45,451	$	31,923	$	13,528
Depreciation, depletion and amortization	$	22,323	$	21,931	$	392
Capital expenditures	$	220,741	$	43,943	$	176,798
Exploration expense	$	108	$	193	$	(85)
Operating income	$	87,163	$	52,058	$	35,105
Natural Gas Distribution
Operating revenues
Residential	$	108,025	$	73,065	$	34,960
Commercial and industrial - small		50,345		30,994		19,351
Transportation		10,639		10,905		(266)
Other		1,945		1,668		277
Total	$	170,954	$	116,632	$	54,322
Gas delivery volumes (MMcf)
Residential		5,608		4,639		969
Commercial and industrial - small		3,001		2,477		524
Transportation		12,216		13,813		(1,597)
Total		20,825		20,929		(104)
Other data
Depreciation and amortization	$	10,627	$	10,428	$	199
Capital expenditures	$	19,714	$	16,118	$	3,596
Operating income	$	11,914	$	9,742	$	2,172
Selected Business Segment Data (Unaudited) For the 12 months ending December 31, 2005 and 2004

	Year-to-date
(in thousands, except sales price data)		2005		2004		Change
Oil and Gas Operations
Operating revenues from continuing operations
Natural gas	$	365,635	$	276,482	$	89,153
Oil		116,651		98,409		18,242
Natural gas liquids		38,455		30,902		7,553
Other		6,953		4,324		2,629
Total	$	527,694	$	410,117	$	117,577
Production volume from continuing operations
Natural gas (MMcf)		61,048		57,164		3,884
Oil (MBbl)		3,316		3,434		(118)
Natural gas liquids (MMgal)		70.5		68.2		2.3
Production volumes from continuing ops. (MMcfe)		91,020		87,513		3,507
Total production volumes (MMcfe)		91,099		87,606		3,493
Revenue per unit of production from continuing operations
Natural gas (Mcf)	$	5.99	$	4.84	$	1.15
Oil (barrel)	$	35.18	$	28.66	$	6.52
Natural gas liquids (gallon)	$	0.55	$	0.45	$	0.10
Other data from continuing operations
Lease operating expense (LOE)
LOE and other	$	104,241	$	79,191	$	25,050
Production taxes		52,271		37,285		14,986
Total	$	156,512	$	116,476	$	40,036
Depreciation, depletion and amortization	$	89,340	$	80,896	$	8,444
Capital expenditures	$	353,712	$	403,936	$	(50,224)
Exploration expense	$	676	$	2,100	$	(1,424)
Operating income	$	243,876	$	180,379	$	63,497
Natural Gas Distribution
Operating revenues
Residential	$	384,753	$	340,229	$	44,524
Commercial and industrial - small		166,957		138,686		28,271
Transportation		43,291		40,221		3,070
Other		5,699		7,604		(1,905)
Total	$	600,700	$	526,740	$	73,960
Gas delivery volumes (MMcf)
Residential		24,601		25,383		(782)
Commercial and industrial - small		12,498		12,323		175
Transportation		49,850		54,385		(4,535)
Total		86,949		92,091		(5,142)
Other data
Depreciation and amortization	$	42,351	$	39,881	$	2,470
Capital expenditures	$	73,276	$	58,208	$	15,068
Operating income	$	72,920	$	66,199	$	6,721