Spire Alabama 8-K Results of Operations and Financial Condition

Exhibit 99.2

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 3 months ending December 31, 2013 and 2012

	4th Quarter
(in thousands, except per share data)	2013		2012		Change
Operating Revenues
Oil and gas operations	$	329,962	$	289,891	$	40,071
Natural gas distribution		142,771		124,406		18,365
Total operating revenues		472,733		414,297		58,436
Operating Expenses
Cost of gas		52,007		48,049		3,958
Operations and maintenance		148,949		121,516		27,433
Depreciation, depletion and amortization		132,026		108,988		23,038
Taxes, other than income taxes		27,313		22,487		4,826
Accretion expense		1,808		1,648		160
Total operating expenses		362,103		302,688		59,415
Operating Income		110,630		111,609		(979)
Other Income (Expense)
Interest expense		(17,449)		(17,095)		(354)
Other income		1,674		662		1,012
Other expense		(145)		(598)		453
Total other expense		(15,920)		(17,031)		1,111
Income From Continuing Operations Before Income Taxes		94,710		94,578		132
Income tax expense		31,385		34,026		(2,641)
Income From Continuing Operations		63,325		60,552		2,773
Discontinued Operations, net of taxes
Income from discontinued operations		1,496		2,271		(775)
Gain on disposal of discontinued operations, net		19,272		—		19,272
Income From Discontinued Operations		20,768		2,271		18,497
Net Income	$	84,093	$	62,823	$	21,270
Diluted Earnings Per Average Common Share
Continuing operations	$	0.87	$	0.84	$	0.03
Discontinued operations		0.28		0.03		0.25
Net Income	$	1.15	$	0.87	$	0.28
Basic Earnings Per Average Common Share
Continuing operations	$	0.87	$	0.84	$	0.03
Discontinued operations		0.29		0.03		0.26
Net Income	$	1.16	$	0.87	$	0.29
Diluted Avg. Common Shares Outstanding		73,086		72,319		767
Basic Avg. Common Shares Outstanding		72,628		72,138		490
Dividends Per Common Share	$	0.145	$	0.14	$	0.005

CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)

For the 12 months ending December 31, 2013 and 2012

	Year-to-date
(in thousands, except per share data)	2013		2012		Change
Operating Revenues
Oil and gas operations	$	1,205,312	$	1,089,230	$	116,082
Natural gas distribution		533,338		451,589		81,749
Total operating revenues		1,738,650		1,540,819		197,831
Operating Expenses
Cost of gas		215,455		142,228		73,227
Operations and maintenance		562,350		458,084		104,266
Depreciation, depletion and amortization		497,381		385,453		111,928
Taxes, other than income taxes		105,268		86,801		18,467
Accretion expense		6,995		6,339		656
Total operating expenses		1,387,449		1,078,905		308,544
Operating Income		351,201		461,914		(110,713)
Other Income (Expense)
Interest expense		(69,200)		(65,542)		(3,658)
Other income		16,803		4,285		12,518
Other expense		(375)		(903)		528
Total other expense		(52,772)		(62,160)		9,388
Income From Continuing Operations Before Income Taxes		298,429		399,754		(101,325)
Income tax expense		105,282		144,534		(39,252)
Income From Continuing Operations		193,147		255,220		(62,073)
Discontinued Operations, net of taxes
Income (loss) from discontinued operations		7,813		(1,658)		9,471
Gain on disposal of discontinued operations, net		3,594		—		3,594
Income (Loss) From Discontinued Operations		11,407		(1,658)		13,065
Net Income	$	204,554	$	253,562	$	(49,008)
Diluted Earnings Per Average Common Share
Continuing operations	$	2.67	$	3.53	$	(0.86)
Discontinued operations		0.15		(0.02)		0.17
Net Income	$	2.82	$	3.51	$	(0.69)
Basic Earnings Per Average Common Share
Continuing operations	$	2.67	$	3.54	$	(0.87)
Discontinued operations		0.16		(0.02)		0.18
Net Income	$	2.83	$	3.52	$	(0.69)
Diluted Avg. Common Shares Outstanding		72,471		72,316		155
Basic Avg. Common Shares Outstanding		72,318		72,119		199
Dividends Per Common Share	$	0.58	$	0.56	$	0.02

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of December 31, 2013 and December 31, 2012

(in thousands)	December 31, 2013		December 31, 2012
ASSETS
Current Assets
Cash and cash equivalents	$	5,555	$	9,704
Accounts receivable, net of allowance		257,545		277,900
Inventories		52,330		63,994
Regulatory asset		2,756		45,515
Assets held for sale		51,104		—
Other		57,941		28,007
Total current assets		427,231		425,120
Property, Plant and Equipment
Oil and gas properties, net		5,087,573		4,673,886
Utility plant, net		885,509		842,643
Other property, net		30,556		25,107
Total property, plant and equipment, net		6,003,638		5,541,636
Other Assets
Regulatory asset		84,890		110,566
Long-term derivative instruments		5,439		40,577
Other		101,014		57,991
Total other assets		191,343		209,134
TOTAL ASSETS	$	6,622,212	$	6,175,890
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt due within one year	$	60,000	$	50,000
Notes payable to banks		539,000		643,000
Accounts payable		250,756		257,579
Regulatory liability		49,006		45,116
Other		211,131		164,087
Total current liabilities		1,109,893		1,159,782
Long-term debt		1,343,464		1,103,528
Deferred Credits and Other Liabilities
Regulatory liability		94,125		80,404
Deferred income taxes		1,013,245		905,601
Long-term derivative instruments		398		11,305
Other		203,068		238,580
Total deferred credits and other liabilities		1,310,836		1,235,890
Total Shareholders’ Equity		2,858,019		2,676,690
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,622,212	$	6,175,890

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 3 months ending December 31, 2013 and 2012

	4th Quarter
(in thousands, except sales price data)	2013		2012		Change
Oil and Gas Operations (GAAP)
Operating revenues from continuing operations
Natural gas	$	43,332	$	59,765	$	(16,433)
Oil		257,125		210,770		46,355
Natural gas liquids		29,994		20,968		9,026
Other		(489)		(1,612)		1,123
Total (GAAP)	$	329,962	$	289,891	$	40,071
Oil and Gas Operations excluding mark-to-market (Non-GAAP)
Operating revenues from continuing operations
Natural gas	$	63,861	$	56,159	$	7,702
Oil		236,525		188,339		48,186
Natural gas liquids		29,438		22,290		7,148
Other		(489)		(1,612)		1,123
Total (Non-GAAP)*	$	329,335	$	265,176	$	64,159
Production volumes from continuing operations
Natural gas (MMcf)		14,676		15,090		(414)
Oil (MBbl)		2,694		2,335		359
Natural gas liquids (MMgal)		37.3		29.1		8.2
Total production volumes (MMcfe)		36,168		33,252		2,916
Total production volumes (MBOE)		6,028		5,542		486
Revenue per unit of production including effects of designated cash flow hedges
Natural gas (Mcf)	$	4.35	$	3.72	$	0.63
Oil (barrel)	$	87.80	$	80.66	$	7.14
Natural gas liquids (gallon)	$	0.79	$	0.77	$	0.02
Revenue per unit of production excluding effects of all derivative instruments
Natural gas (Mcf)	$	3.50	$	3.23	$	0.27
Oil (barrel)	$	92.84	$	81.10	$	11.74
Natural gas liquids (gallon)	$	0.73	$	0.68	$	0.05
Other data from continuing operations
Lease operating expense (LOE)
LOE and other	$	73,598	$	65,451	$	8,147
Production taxes		17,890		13,808		4,082
Total	$	91,488	$	79,259	$	12,229
Depreciation, depletion and amortization	$	120,784	$	98,269	$	22,515
General and administrative expense	$	25,827	$	15,873	$	9,954
Capital expenditures	$	212,054	$	333,298	$	(121,244)
Exploration expenditures	$	14,040	$	5,974	$	8,066
Operating income	$	76,015	$	88,868	$	(12,853)

*Operating revenues excluding mark-to-market gains of $627 and $24,715 in fourth quarter 2013 and 2012, respectively.

Natural Gas Distribution
Operating revenues
Residential	$	81,072	$	76,161	$	4,911
Commercial and industrial		33,572		30,822		2,750
Transportation		15,993		16,093		(100)
Other		12,134		1,330		10,804
Total	$	142,771	$	124,406	$	18,365
Gas delivery volumes (MMcf)
Residential		4,900		4,413		487
Commercial and industrial		2,534		2,235		299
Transportation		12,801		13,271		(470)
Total		20,235		19,919		316
Other data
Depreciation and amortization	$	11,242	$	10,719	$	523
Capital expenditures	$	20,979	$	20,083	$	896
Operating income	$	34,800	$	22,951	$	11,849

SELECTED BUSINESS SEGMENT DATA (UNAUDITED)

For the 12 months ending December 31, 2013 and 2012

	Year-to-date
(in thousands, except sales price data)	2013			2012			Change
Oil and Gas Operations (GAAP)
Operating revenues from continuing operations
Natural gas	$	239,643		$	216,073		$	23,570
Oil		865,100			788,937			76,163
Natural gas liquids		101,550			85,938			15,612
Other		(981	)		(1,718	)		737
Total (GAAP)	$	1,205,312		$	1,089,230		$	116,082
Oil and Gas Operations excluding mark-to-market (Non-GAAP)
Operating revenues from continuing operations
Natural gas	$	243,562		$	216,588		$	26,974
Oil		908,361			730,151			178,210
Natural gas liquids		102,202			85,459			16,743
Other		(981	)		(1,718	)		737
Total (Non-GAAP)*	$	1,253,144		$	1,030,480		$	222,664
Production volumes from continuing operations
Natural gas (MMcf)		58,104			59,166			(1,062)
Oil (MBbl)		10,364			8,749			1,615
Natural gas liquids (MMgal)		135.8			108.1			27.7
Total production volumes (MMcfe)		139,686			127,098			12,588
Total production volumes (MBOE)		23,281			21,183			2,098
Revenue per unit of production including effects of designated cash flow hedges
Natural gas (Mcf)	$	4.19		$	3.66		$	0.53
Oil (barrel)	$	87.65		$	83.46		$	4.19
Natural gas liquids (gallon)	$	0.75		$	0.79		$	(0.04)
Revenue per unit of production excluding effects of all derivative instruments
Natural gas (Mcf)	$	3.51		$	2.69		$	0.82
Oil (barrel)	$	92.73		$	87.56		$	5.17
Natural gas liquids (gallon)	$	0.67		$	0.75		$	(0.08)
Other data from continuing operations
Lease operating expense (LOE)
LOE and other	$	284,053		$	224,503		$	59,550
Production taxes		67,488			53,690			13,798
Total	$	351,541		$	278,193		$	73,348
Depreciation, depletion and amortization	$	453,474		$	343,183		$	110,291
General and administrative expense	$	107,397		$	72,394		$	35,003
Capital expenditures	$	1,104,745		$	1,291,211		$	(186,466)
Exploration expenditures	$	27,942		$	19,356		$	8,586
Operating income	$	257,963		$	369,765		$	(111,082)

* Operating revenues excluding mark-to-market loss of $47,832 and gain of $58,750 in 2013 and 2012, respectively.

Natural Gas Distribution
Operating revenues
Residential	$	340,563		$	277,698		$	62,865
Commercial and industrial		136,990			115,711			21,279
Transportation		61,254			58,857			2,397
Other		(5,469	)		(677	)		(4,792)
Total	$	533,338		$	451,589		$	81,749
Gas delivery volumes (MMcf)
Residential		20,279			16,014			4,265
Commercial and industrial		9,968			8,372			1,596
Transportation		47,534			48,106			(572)
Total		77,781			72,492			5,289
Other data
Depreciation and amortization	$	43,907		$	42,270		$	1,637
Capital expenditures	$	88,769		$	71,869		$	16,900
Operating income	$	93,768		$	93,216		$	552