Spire Alabama 8-K Energen Reports 4TH Quarterand CY12 Operatingand Financial Results

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending December 31, 2012 and 2011

	4th Quarter
(in thousands, except per share data)	2012			2011			Change
Operating Revenues
Oil and gas operations	$	308,640		$	168,692		$	139,948
Natural gas distribution		124,406			119,456			4,950
Total operating revenues		433,046			288,148			144,898
Operating Expenses
Cost of gas		48,049			47,607			442
Operations and maintenance		126,022			100,356			25,666
Depreciation, depletion and amortization		118,735			84,438			34,297
Taxes, other than income taxes		23,121			22,335			786
Accretion expense		1,953			1,771			182
Total operating expenses		317,880			256,507			61,373
Operating Income		115,166			31,641			83,525
Other Income (Expense)
Interest expense		(17,098	)		(13,979	)		(3,119	)
Other income		708			1,706			(998	)
Other expense		(598	)		(106	)		(492	)
Total other expense		(16,988	)		(12,379	)		(4,609	)
Income Before Income Taxes		98,178			19,262			78,916
Income tax expense		35,355			4,830			30,525
Net Income	$	62,823		$	14,432		$	48,391
Diluted Earnings Per Average Common Share	$	0.87		$	0.20		$	0.67
Basic Earnings Per Average Common Share	$	0.87		$	0.20		$	0.67
Diluted Avg. Common Shares Outstanding		72,319			72,269			50
Basic Avg. Common Shares Outstanding		72,138			72,082			56
Dividends Per Common Share	$	0.14		$	0.135		$	0.005

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CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending December 31, 2012 and 2011

	Year-to-date
(in thousands, except per share data)	2012			2011			Change
Operating Revenues
Oil and gas operations	$	1,165,580		$	948,526		$	217,054
Natural gas distribution		451,589			534,953			(83,364	)
Total operating revenues		1,617,169			1,483,479			133,690
Operating Expenses
Cost of gas		142,228			233,523			(91,295	)
Operations and maintenance		477,883			419,119			58,764
Depreciation, depletion and amortization		419,598			283,997			135,601
Asset impairment		21,545			—			21,545
Taxes, other than income taxes		88,989			91,734			(2,745	)
Accretion expense		7,534			6,837			697
Total operating expenses		1,157,777			1,035,210			122,567
Operating Income		459,392			448,269			11,123
Other Income (Expense)
Interest expense		(65,556	)		(44,822	)		(20,734	)
Other income		4,448			2,334			2,114
Other expense		(903	)		(456	)		(447	)
Total other expense		(62,011	)		(42,944	)		(19,067	)
Income Before Income Taxes		397,381			405,325			(7,944	)
Income tax expense		143,819			145,701			(1,882	)
Net Income	$	253,562		$	259,624		$	(6,062	)
Diluted Earnings Per Average Common Share	$	3.51		$	3.59		$	(0.08	)
Basic Earnings Per Average Common Share	$	3.52		$	3.60		$	(0.08	)
Diluted Avg. Common Shares Outstanding		72,316			72,332			(16	)
Basic Avg. Common Shares Outstanding		72,119			72,056			63
Dividends Per Common Share	$	0.56		$	0.54		$	0.02

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CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of December 31, 2012 and December 31, 2011

(in thousands)	December 31, 2012		December 31, 2011
ASSETS
Current Assets
Cash and cash equivalents	$	17,014	$	9,541
Accounts receivable, net of allowance		282,405		231,925
Inventories		63,994		74,012
Regulatory asset		45,515		57,143
Other		28,007		71,547
Total current assets		436,935		444,168
Property, Plant and Equipment
Oil and gas properties, net		4,673,886		3,783,842
Utility plant, net		842,643		813,428
Other property, net		25,107		23,506
Total property, plant and equipment, net		5,541,636		4,620,776
Other Assets
Regulatory asset		110,566		95,633
Long-term derivative instruments		40,577		31,056
Other		53,486		45,783
Total other assets		204,629		172,472
TOTAL ASSETS	$	6,183,200	$	5,237,416
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LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt due within one year	$	50,000	$	1,000
Notes payable to banks		643,000		15,000
Accounts payable		264,889		302,048
Regulatory liability		45,116		58,279
Other		164,087		167,552
Total current liabilities		1,167,092		543,879
Long-term debt		1,103,528		1,153,700
Deferred Credits and Other Liabilities
Regulatory liability		80,404		87,234
Deferred income taxes		905,601		806,127
Long-term derivative instruments		11,305		34,663
Other		238,580		179,650
Total deferred credits and other liabilities		1,235,890		1,107,674
Total Shareholders’ Equity		2,676,690		2,432,163
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,183,200	$	5,237,416

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending December 31, 2012 and 2011

	4th Quarter
(in thousands, except sales price data)	2012			2011		Change
Oil and Gas Operations (GAAP)
Operating revenues
Natural gas	$	77,608		$	96,654	$	(19,046	)
Oil		211,067			47,490		163,577
Natural gas liquids		20,968			23,975		(3,007	)
Other		(1,003	)		573		(1,576	)
Total (GAAP)	$	308,640		$	168,692	$	139,948
Oil and Gas Operations excluding mark-to-market (Non-GAAP)
Operating revenues
Natural gas	$	74,002		$	96,654	$	(22,652	)
Oil		188,636			138,093		50,543
Natural gas liquids		22,290			24,184		(1,894	)
Other		(1,003	)		573		(1,576	)
Total (Non-GAAP)*	$	283,925		$	259,504	$	24,421
Production volumes
Natural gas (MMcf)		19,110			18,810		300
Oil (MBbl)		2,339			1,744		595
Natural gas liquids (MMgal)		29.1			24.8		4.3
Total production volumes (MMcfe)		37,296			32,820		4,476
Total production volumes (MBOE)		6,216			5,470		746
Revenue per unit of production including effects of designated cash flow hedges
Natural gas (Mcf)	$	3.87		$	5.14	$	(1.27	)
Oil (barrel)	$	80.65		$	78.52	$	2.13
Natural gas liquids (gallon)	$	0.77		$	0.97	$	(0.20	)
Revenue per unit of production excluding effects of all derivative instruments
Natural gas (Mcf)	$	3.27		$	3.45	$	(0.18	)
Oil (barrel)	$	81.09		$	90.89	$	(9.80	)
Natural gas liquids (gallon)	$	0.68		$	1.14	$	(0.46	)
Other data
Lease operating expense (LOE)
LOE and other	$	71,375		$	49,874	$	21,501
Production taxes		14,442			14,109		333
Total	$	85,817		$	63,983	$	21,834
Depreciation, depletion and amortization	$	108,016		$	74,128	$	33,888
General and administrative expense	$	14,453		$	16,973	$	(2,520	)
Capital expenditures	$	333,298		$	448,851	$	115,553
Exploration expenditures	$	5,976		$	514	$	5,462
Operating income	$	92,425		$	11,323	$	81,102

* Operating revenues excluding mark-to-market gains of $24,715 and losses of $90,812 in fourth quarter 2012 and 2011, respectively.

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Natural Gas Distribution
Operating revenues
Residential	$	76,161	$	74,157	$	2,004
Commercial and industrial		30,822		29,186		1,636
Transportation		16,093		14,665		1,428
Other		1,330		1,448		(118	)
Total	$	124,406	$	119,456	$	4,950
Gas delivery volumes (MMcf)
Residential		4,413		4,407		6
Commercial and industrial		2,235		2,151		84
Transportation		13,271		10,901		2,370
Total		19,919		17,459		2,460
Other data
Depreciation and amortization	$	10,719	$	10,310	$	409
Capital expenditures	$	20,083	$	16,814	$	3,269
Operating income	$	22,951	$	20,675	$	2,276

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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending December 31, 2012 and 2011

	Year-to-date
(in thousands, except sales price data)	2012		2011		Change
Oil and Gas Operations (GAAP)
Operating revenues
Natural gas	$	288,979	$	386,894	$	(97,915	)
Oil		790,345		467,320		323,025
Natural gas liquids		85,938		87,466		(1,528	)
Other		318		6,846		(6,528	)
Total (GAAP)	$	1,165,580	$	948,526	$	217,054
Oil and Gas Operations excluding mark-to-market (Non-GAAP)
Operating revenues
Natural gas	$	289,494	$	386,894	$	(97,400	)
Oil		731,559		504,793		226,766
Natural gas liquids		85,459		87,580		(2,121	)
Other		318		6,846		(6,528	)
Total (Non-GAAP)*	$	1,106,830	$	986,113	$	120,717
Production volumes
Natural gas (MMcf)		76,362		71,718		4,644
Oil (MBbl)		8,766		6,318		2,448
Natural gas liquids (MMgal)		108.1		91.4		16.7
Total production volumes (MMcfe)		144,396		122,688		21,708
Total production volumes (MBOE)		24,066		20,448		3,618
Revenue per unit of production including effects of designated cash flow hedges
Natural gas (Mcf)	$	3.79	$	5.39	$	(1.60	)
Oil (barrel)	$	83.45	$	79.72	$	3.73
Natural gas liquids (gallon)	$	0.79	$	0.96	$	(0.17	)
Revenue per unit of production excluding effects of all derivative instruments
Natural gas (Mcf)	$	2.71	$	3.93	$	(1.22	)
Oil (barrel)	$	87.56	$	90.53	$	(2.97	)
Natural gas liquids (gallon)	$	0.75	$	1.11	$	(0.36	)
Other data
Lease operating expense (LOE)
LOE and other	$	250,497	$	202,094	$	48,403
Production taxes		55,878		54,951		927
Total	$	306,375	$	257,045	$	49,330
Depreciation, depletion and amortization	$	377,328	$	244,081	$	133,247
Asset impairment	$	21,545	$	—	$	21,545
General and administrative expense	$	66,192	$	64,322	$	1,870
Capital expenditures	$	1,291,211	$	1,115,452	$	175,759
Exploration expenditures	$	19,363	$	13,110	$	6,253
Operating income	$	367,243	$	363,131	$	4,112

* Operating revenues excluding mark-to-market gains of $58,750 and losses of $37,587 in 2012 and 2011, respectively.

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Natural Gas Distribution
Operating revenues
Residential	$	277,698		$	343,740		$	(66,042	)
Commercial and industrial		115,711			136,469			(20,758	)
Transportation		58,857			55,234			3,623
Other		(677	)		(490	)		(187	)
Total	$	451,589		$	534,953		$	(83,364	)
Gas delivery volumes (MMcf)
Residential		16,014			21,132			(5,118	)
Commercial and industrial		8,372			9,994			(1,622	)
Transportation		48,106			44,614			3,492
Total		72,492			75,740			(3,248	)
Other data
Depreciation and amortization	$	42,270		$	39,916		$	2,354
Capital expenditures	$	71,869		$	73,984		$	(2,115	)
Operating income	$	93,216		$	86,216		$	7,000

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