Exhibit 99(b)
PETROCORP INCORPORATED
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(in thousands, except share amounts)
(Unaudited)
For the three months For the six months
ended June 30, ended June 30,
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2003 2002 2003 2002
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Revenues:
Oil and gas $ 9,148 $ 7,115 $ 18,951 $ 13,243
Other 178 57 216 105
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9,326 7,172 19,167 13,348
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Expenses:
Production costs 2,467 2,507 4,995 5,091
Depreciation, depletion
and amortization 1,768 2,130 3,293 4,450
General and
administrative 561 375 1,280 738
Other operating expenses 21 32 55 64
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4,817 5,044 9,623 10,343
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Income from operations 4,509 2,128 9,544 3,005
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Other income (expenses):
Investment income 211 95 230 106
Interest expense (81) (426) (416) (850)
Other income (expenses) 2,918 222 3,134 255
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3,048 (109) 2,948 (489)
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Income from continuing
operations before income
taxes and accounting change 7,557 2,019 12,492 2,516
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Income tax provision:
Current (99) (10) 1,651 (27)
Deferred 2,880 573 2,910 764
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2,781 563 4,561 737
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Income from continuing
operations before accounting
change 4,776 1,456 7,931 1,779
Discontinued operations:
Income from discontinued
Canadian operations (net
of applicable taxes of
nil, $816, $1,530 and
$1,248) - 924 2,113 1,647
Gain on sale of Canadian
subsidiaries (net of
taxes of $80 and
$19,771) 138 - 33,664 -
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Income before cumulative
effect of a change in
accounting principle 4,914 2,380 43,708 3,426
Cumulative effect on prior
years of accounting change,
less applicable income taxes
of $1,743 - - (2,969) -
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Net income $ 4,914 $ 2,380 $ 40,739 $ 3,426
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Net income per common share -
basic
Income from continuing
operations $ 0.38 $ 0.12 $ 0.62 $ 0.14
Income from discontinued
operations 0.01 0.07 2.83 0.13
Cumulative effect of
change in accounting
principle - - (0.23) -
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Net income $ 0.39 $ 0.19 $ 3.22 $ 0.27
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Net income per common share -
diluted
Income from continuing
operations $ 0.37 $ 0.12 $ 0.62 $ 0.14
Income from discontinued
operations 0.01 0.07 2.80 0.13
Cumulative effect of
change in accounting
principle - - (0.23) -
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Net income $ 0.38 $ 0.19 $ 3.19 $ 0.27
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Weighted average number of
common shares - basic 12,650 12,561 12,649 12,559
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Weighted average number of
common shares - diluted 12,779 12,685 12,765 12,680
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