EXHIBIT 99.1
SELECTED FINANCIAL DATA
The following table sets forth a summary of selected historical financial information for each of the years in the five-year period ended December 31, 2004. This information and the notes thereto are derived from our financial statements.
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| 2004 |
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| 2003 |
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| 2002 |
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| 2001 |
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| 2000 |
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| (in thousands except share, per share, shareholder data and percentages) | ||||||||||||||
Financial Review Operating revenues | $ | 286,924 | $ | 176,245 | $ | 122,207 | $ | 153,937 | $ | 110,920 | ||||||
Gas distribution | 152,449 | 137,356 | 115,850 | 147,282 | 151,234 | |||||||||||
Gas marketing and other | 321,226 | 205,449 | 131,514 | 190,773 | 208,196 | |||||||||||
Intersegment revenues | (283,462) | (191,649) | (108,069) | (147,065) | (106,467) | |||||||||||
477,137 | 327,401 | 261,502 | 344,927 | 363,883 | ||||||||||||
Operating costs and expenses | 64,311 | 52,585 | 48,388 | 68,161 | 58,669 | |||||||||||
Gas purchases - marketing | 60,804 | 39,428 | 37,927 | 68,010 | 133,221 | |||||||||||
Operating and general | 78,231 | 70,479 | 64,600 | 64,108 | 59,790 | |||||||||||
Unusual items | -- | -- | -- | -- | 111,288 | |||||||||||
Depreciation, depletion and amortization | 73,674 | 55,948 | 53,992 | 52,899 | 45,869 | |||||||||||
Taxes, other than income taxes | 17,830 | 11,619 | 10,090 | 9,080 | 8,515 | |||||||||||
294,850 | 230,059 | 214,997 | 262,258 | 417,352 | ||||||||||||
Operating income (loss) | 182,287 | 97,342 | 46,505 | 82,669 | (53,469) | |||||||||||
Interest expense, net | (16,992) | (17,311) | (21,466) | (23,699) | (24,689) | |||||||||||
Other income (expense) | (362) | 797 | (566) | (799) | 1,997 | |||||||||||
Minority interest in partnership | (1,579) | (2,180) | (1,454) | (930) | -- | |||||||||||
Income (loss) before income taxes and accounting change | 163,354 | 78,648 | 23,019 | 57,241 | (76,161) | |||||||||||
Income taxes | -- | -- | -- | -- | -- | |||||||||||
Deferred | 59,778 | 28,896 | 8,708 | 21,917 | (29,474) | |||||||||||
59,778 | 28,896 | 8,708 | 21,917 | (29,474) | ||||||||||||
Income before accounting change | 103,576 | 49,752 | 14,311 | 35,324 | (46,687) | |||||||||||
Cumulative effect of adoption of accounting principle | -- | (855) | -- | -- | -- | |||||||||||
Net income (loss) | $ | 103,576 | $ | 48,897 | $ | 14,311 | $ | 35,324 | $ | (46,687) | ||||||
Net cash provided by operating activities | $ | 237,897 | $ | 109,099 | $ | 77,574 | $ | 144,583 | $ | (53,203) | (1) | |||||
Return on equity | 23.1% | 14.3% | 8.1% | 19.3% | n/a | |||||||||||
Common Stock Statistics (2) | ||||||||||||||||
Basic | $ | 1.45 | $ | .74 | $ | .28 | $ | .70 | $ | (.93) | ||||||
Diluted | $ | 1.40 | $ | .73 | $ | .27 | $ | .69 | $ | (.93) | ||||||
Cash dividends declared and paid per share | $ | -- | $ | -- | $ | -- | $ | -- | $ | .06 | ||||||
Book value per average diluted share | $ | 6.06 | $ | 4.99 | $ | 3.41 | $ | 3.58 | $ | 2.82 | ||||||
Market price at year-end | $ | 25.35 | $ | 11.95 | $ | 5.73 | $ | 5.20 | $ | 5.19 | ||||||
Number of shareholders of record at year-end | 2,022 | 2,026 | 2,079 | 2,124 | 2,192 | |||||||||||
Average diluted shares outstanding | 73,925,544 | 68,475,868 | 52,104,476 | 51,202,220 | 50,087,172 |
(1) Net cash provided by operating activities for 2000 would have been $58.1 million excluding the effects of unusual items for the Hales judgment and other litigation.
(2) Common stock statistics have been restated to reflect the June 3, 2005 two-for-one stock split.
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||
Capitalization(in thousands) | |||||||||||||||
Total debt, including current portion | $ | 325,000 | $ | 278,800 | $ | 342,400 | $ | 350,000 | $ | 396,000 | |||||
Common shareholders' equity(1) | 447,677 | 341,561 | 177,488 | 183,086 | 141,291 | ||||||||||
Total capitalization | $ | 772,677 | $ | 620,361 | $ | 519,888 | $ | 533,086 | $ | 537,291 | |||||
Total assets | $ | 1,146,144 | $ | 890,710 | $ | 740,162 | $ | 743,123 | $ | 705,378 | |||||
Capitalization ratios: | |||||||||||||||
Debt | 42.1% | 44.9% | 65.9% | 65.7% | 73.7% | ||||||||||
Equity | 57.9% | 55.1% | 34.1% | 34.3% | 26.3% | ||||||||||
Capital Expenditures(in millions) (2) | |||||||||||||||
Exploration and production | $ | 282.0 | $ | 170.9 | $ | 85.2 | $ | 99.0 | $ | 69.2 | |||||
Gas distribution | 7.3 | 8.2 | 6.1 | 5.3 | 6.0 | ||||||||||
Other | 5.7 | 1.1 | 0.8 | 1.8 | 0.5 | ||||||||||
$ | 295.0 | $ | 180.2 | $ | 92.1 | $ | 106.1 | $ | 75.7 | ||||||
Exploration and Production | |||||||||||||||
Natural gas: | |||||||||||||||
Production, Bcf | 50.4 | 38.0 | 36.0 | 35.5 | 31.6 | ||||||||||
Average price per Mcf, including hedges | $ | 5.21 | $ | 4.20 | $ | 3.00 | $ | 3.85 | $ | 2.88 | |||||
Average price per Mcf, excluding hedges | $ | 5.80 | $ | 5.15 | $ | 3.11 | $ | 4.16 | $ | 3.92 | |||||
Oil: | |||||||||||||||
Production, MBbls | 618 | 531 | 682 | 719 | 676 | ||||||||||
Average price per barrel, including hedges | $ | 31.47 | $ | 26.72 | $ | 21.02 | $ | 23.55 | $ | 22.99 | |||||
Average price per barrel, excluding hedges | $ | 40.55 | $ | 29.66 | $ | 23.94 | $ | 23.58 | $ | 29.38 | |||||
Total gas and oil production, Bcfe | 54.1 | 41.2 | 40.1 | 39.8 | 35.7 | ||||||||||
Lease operating expenses per Mcfe | $ | .38 | $ | .39 | $ | .45 | $ | .45 | $ | .40 | |||||
Taxes other than income taxes per Mcfe | $ | .28 | $ | .22 | $ | .19 | $ | .17 | $ | .16 | |||||
Proved reserves at year-end: | |||||||||||||||
Natural gas, Bcf | 594.5 | 457.0 | 374.6 | 355.8 | 331.8 | ||||||||||
Oil, MBbls | 8,508 | 7,675 | 6,784 | 7,704 | 8,130 | ||||||||||
Total reserves, Bcfe | 645.5 | 503.1 | 415.3 | 402.0 | 380.6 | ||||||||||
Gas Distribution(3) | |||||||||||||||
Sales and transportation volumes, Bcf: | |||||||||||||||
Residential | 8.5 | 9.0 | 9.0 | 8.4 | 7.9 | ||||||||||
Commercial | 5.7 | 6.1 | 6.2 | 6.1 | 6.0 | ||||||||||
Industrial | 1.3 | 1.2 | 1.5 | 2.5 | 2.9 | ||||||||||
End-use transportation | 8.5 | 8.4 | 8.4 | 7.0 | 6.3 | ||||||||||
| 24.0 | 24.7 | 25.1 | 24.0 | 23.1 | ||||||||||
Off-system transportation | 1.0 | 0.3 | 2.2 | 3.1 | 3.1 | ||||||||||
| 25.0 | 25.0 | 27.3 | 27.1 | 26.2 | ||||||||||
Customers at year-end: |
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Residential | 127,622 | 124,776 | 122,906 | 119,856 | 119,024 | ||||||||||
Commercial | 16,815 | 16,623 | 16,448 | 16,177 | 16,282 | ||||||||||
Industrial | 175 | 174 | 189 | 209 | 228 | ||||||||||
| 144,612 | 141,573 | 139,543 | 136,242 | 135,534 | ||||||||||
Degree days | 3,678 | 3,969 | 3,950 | 3,654 | 3,994 | ||||||||||
Percent of normal | 90% | 99% | 98% | 91% | 100% |
(1) Shareholders' equity included accumulated other comprehensive losses of $19.8 million in 2004 ($18.8 million related to our cash flow hedges and $1.0 million related to our pension plan), $12.5 million in 2003 ($12.0 million related to our cash flow hedges and $0.5 million related to our pension plan), and $17.4 million in 2002 ($14.0 million related to our cash flow hedges and $3.4 million related to our pension plan), and accumulated other comprehensive income of $5.8 million in 2001 related to our cash flow hedges.
(2) Capital expenditures for 2004 and 2003 included $3.9 million and $12.0 million, respectively, related to the change in accrued expenditures between years.
(3) Gas distribution statistics for 2000 exclude the operations of Missouri properties which were sold May 31, 2000.