Spire Alabama 8-K Energen Reports Second Quarter 2012 Operatingand Financial Results

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending June 30, 2012 and 2011

	2nd Quarter
(in thousands, except per share data)	2012			2011			Change
Operating Revenues
Oil and gas operations	$	399,468		$	244,090		$	155,378
Natural gas distribution		70,887			86,309			(15,422	)
Total operating revenues		470,355			330,399			139,956
Operating Expenses
Cost of gas		13,669			32,419			(18,750	)
Operations and maintenance		112,713			103,232			9,481
Depreciation, depletion and amortization		101,991			65,629			36,362
Taxes, other than income taxes		19,523			21,095			(1,572	)
Accretion expense		1,861			1,689			172
Total operating expenses		249,757			224,064			25,693
Operating Income		220,598			106,335			114,263
Other Income (Expense)
Interest expense		(15,835	)		(9,463	)		(6,372	)
Other income		659			779			(120	)
Other expense		(582	)		(113	)		(469	)
Total other expense		(15,758	)		(8,797	)		(6,961	)
Income Before Income Taxes		204,840			97,538			107,302
Income tax expense		73,553			34,213			39,340
Net Income	$	131,287		$	63,325		$	67,962
Diluted Earnings Per Average Common Share	$	1.82		$	0.87		$	0.95
Basic Earnings Per Average Common Share	$	1.82		$	0.88		$	0.94
Diluted Avg. Common Shares Outstanding		72,330			72,420			(90	)
Basic Avg. Common Shares Outstanding		72,117			72,065			52
Dividends Per Common Share	$	0.14		$	0.135		$	0.005

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CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 6 months ending June 30, 2012 and 2011

	Year-to-date
(in thousands, except per share data)	2012			2011			Change
Operating Revenues
Oil and gas operations	$	623,425		$	460,882		$	162,543
Natural gas distribution		265,374			355,881			(90,507	)
Total operating revenues		888,799			816,763			72,036
Operating Expenses
Cost of gas		73,255			164,168			(90,913	)
Operations and maintenance		223,274			207,014			16,260
Depreciation, depletion and amortization		196,525			126,757			69,768
Asset impairment		21,545			—			21,545
Taxes, other than income taxes		45,758			49,270			(3,512	)
Accretion expense		3,674			3,338			336
Total operating expenses		564,031			550,547			13,484
Operating Income		324,768			266,216			58,552
Other Income (Expense)
Interest expense		(31,260	)		(18,867	)		(12,393	)
Other income		2,217			2,009			208
Other expense		(221	)		(276	)		55
Total other expense		(29,264	)		(17,134	)		(12,130	)
Income Before Income Taxes		295,504			249,082			46,422
Income tax expense		106,811			91,489			15,322
Net Income	$	188,693		$	157,593		$	31,100
Diluted Earnings Per Average Common Share	$	2.61		$	2.18		$	0.43
Basic Earnings Per Average Common Share	$	2.62		$	2.19		$	0.43
Diluted Avg. Common Shares Outstanding		72,336			72,364			(28	)
Basic Avg. Common Shares Outstanding		72,110			72,033			77
Dividends Per Common Share	$	0.28		$	0.27		$	0.01

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CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of June 30, 2012 and December 31, 2011

(in thousands)	June 30, 2012		December 31, 2011
ASSETS
Current Assets
Cash and cash equivalents	$	61,306	$	9,541
Accounts receivable, net of allowance		247,095		231,925
Inventories		75,428		74,012
Regulatory asset		60,485		57,143
Other		27,135		71,547
Total current assets		471,449		444,168
Property, Plant and Equipment
Oil and gas properties, net		4,219,527		3,783,842
Utility plant, net		826,426		813,428
Other property, net		23,914		23,506
Total property, plant and equipment, net		5,069,867		4,620,776
Other Assets
Regulatory asset		89,785		95,633
Long-term derivative instruments		103,273		31,056
Other		45,166		45,783
Total other assets		238,224		172,472
TOTAL ASSETS	$	5,779,540	$	5,237,416
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt due within one year	$	1,000	$	1,000
Notes payable to banks		310,000		15,000
Accounts payable		252,586		302,048
Regulatory liability		28,497		58,279
Other		197,478		167,552
Total current liabilities		789,561		543,879
Long-term debt		1,153,599		1,153,700
Deferred Credits and Other Liabilities
Regulatory liability		77,144		87,234
Deferred income taxes		877,749		806,127
Long-term derivative instruments		1,624		34,663
Other		187,319		179,650
Total deferred credits and other liabilities		1,143,836		1,107,674
Total Shareholders’ Equity		2,692,544		2,432,163
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,779,540	$	5,237,416

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending June 30, 2012 and 2011

	2nd Quarter
(in thousands, except sales price data)	2012		2011		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	68,249	$	98,037	$	(29,788	)
Oil		306,960		118,938		188,022
Natural gas liquids		23,692		21,482		2,210
Other		567		5,633		(5,066	)
Total	$	399,468	$	244,090	$	155,378
Production volumes
Natural gas (MMcf)		19,278		17,778		1,500
Oil (MBbl)		2,195		1,501		694
Natural gas liquids (MMgal)		27.8		22.6		5.2
Total production volumes (MMcfe)		36,414		30,012		6,402
Total production volumes (MBOE)		6,069		5,002		1,067
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	3.54	$	5.51	$	(1.97	)
Oil (barrel)	$	139.85	$	79.24	$	60.61
Natural gas liquids (gallon)	$	0.85	$	0.95	$	(0.10	)
Revenue per unit of production including effects of qualifying cash flow hedges
Natural gas (Mcf)	$	3.55	$	5.51	$	(1.96	)
Oil (barrel)	$	85.70	$	79.24	$	6.46
Natural gas liquids (gallon)	$	0.75	$	0.95	$	(0.20	)
Revenue per unit of production excluding effects of all derivative instruments
Natural gas (Mcf)	$	2.19	$	4.18	$	(1.99	)
Oil (barrel)	$	85.70	$	96.79	$	(11.09	)
Natural gas liquids (gallon)	$	0.71	$	1.12	$	(0.41	)
Other data
Lease operating expense (LOE)
LOE and other	$	58,779	$	50,712	$	8,067
Production taxes		13,205		14,192		(987	)
Total	$	71,984	$	64,904	$	7,080
Depreciation, depletion and amortization	$	91,458	$	55,783	$	35,675
General and administrative expense	$	16,807	$	15,089	$	1,718
Capital expenditures	$	293,909	$	259,533	$	34,376
Exploration expenditures	$	952	$	1,207	$	(255	)
Operating income	$	216,406	$	105,418	$	110,988

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Natural Gas Distribution
Operating revenues
Residential	$	40,371		$	51,370		$	(10,999	)
Commercial and industrial		20,442			23,393			(2,951	)
Transportation		13,661			11,961			1,700
Other		(3,587	)		(415	)		(3,172	)
Total	$	70,887		$	86,309		$	(15,422	)
Gas delivery volumes (MMcf)
Residential		1,985			2,749			(764	)
Commercial and industrial		1,449			1,662			(213	)
Transportation		11,547			10,739			808
Total		14,981			15,150			(169	)
Other data
Depreciation and amortization	$	10,533		$	9,846		$	687
Capital expenditures	$	18,030		$	22,297		$	(4,267	)
Operating income	$	4,448		$	1,163		$	3,285

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 6 months ending June 30, 2012 and 2011

	Year-to-date
(in thousands, except sales price data)	2012		2011		Change
Oil and Gas Operations
Operating revenues
Natural gas	$	143,829	$	193,636	$	(49,807	)
Oil		431,274		222,194		209,080
Natural gas liquids		47,404		39,015		8,389
Other		918		6,037		(5,119	)
Total	$	623,425	$	460,882	$	162,543
Production volumes
Natural gas (MMcf)		38,370		35,112		3,258
Oil (MBbl)		4,148		2,865		1,283
Natural gas liquids (MMgal)		53.8		42.3		11.5
Total production volumes (MMcfe)		70,944		58,350		12,594
Total production volumes (MBOE)		11,824		9,725		2,099
Revenue per unit of production including effects of all derivative instruments
Natural gas (Mcf)	$	3.75	$	5.51	$	(1.76	)
Oil (barrel)	$	103.97	$	77.55	$	26.42
Natural gas liquids (gallon)	$	0.88	$	0.92	$	(0.04	)
Revenue per unit of production including effects of qualifying cash flow hedges
Natural gas (Mcf)	$	3.75	$	5.51	$	(1.76	)
Oil (barrel)	$	85.43	$	77.55	$	7.88
Natural gas liquids (gallon)	$	0.81	$	0.92	$	(0.11	)
Revenue per unit of production excluding effects of all derivative instruments
Natural gas (Mcf)	$	2.43	$	4.10	$	(1.67	)
Oil (barrel)	$	91.77	$	92.92	$	(1.15	)
Natural gas liquids (gallon)	$	0.83	$	1.07	$	(0.24	)
Other data
Lease operating expense (LOE)
LOE and other	$	115,391	$	97,657	$	17,734
Production taxes		27,367		26,475		892
Total	$	142,758	$	124,132	$	18,626
Depreciation, depletion and amortization	$	175,546	$	107,131	$	68,415
Asset impairment	$	21,545	$	—	$	21,545
General and administrative expense	$	34,750	$	33,983	$	767
Capital expenditures	$	634,876	$	399,856	$	235,020
Exploration expenditures	$	2,741	$	1,821	$	920
Operating income	$	242,411	$	190,477	$	51,934

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Natural Gas Distribution
Operating revenues
Residential	$	170,879		$	239,044		$	(68,165	)
Commercial and industrial		67,198			90,299			(23,101	)
Transportation		29,259			28,454			805
Other		(1,962	)		(1,916	)		(46	)
Total	$	265,374		$	355,881		$	(90,507	)
Gas delivery volumes (MMcf)
Residential		10,223			15,340			(5,117	)
Commercial and industrial		4,891			6,662			(1,771	)
Transportation		23,583			23,709			(126	)
Total		38,697			45,711			(7,014	)
Other data
Depreciation and amortization	$	20,979		$	19,626		$	1,353
Capital expenditures	$	32,973		$	35,837		$	(2,864	)
Operating income	$	83,008		$	76,222		$	6,786

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