Energen Announces 3rd Quarter Results, Raises Earnings Guidance.Business Editors BIRMINGHAM Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Oct. 30, 2002 Energen Based in Birmingham, Alabama, Energen Corporation is a diversified energy company with an oil and gas acquisition and development company and a natural gas utility. Corporation (NYSE NYSE See: New York Stock Exchange : EGN EGN External Gateway Network (WorldCom) EGN East Gate News EGN European Games Network ) today announced third quarter 2002 financial results and raised its earnings guidance for both 2002 and 2003. For the three months ended September September: see month. 30, 2002, Energen's net income and income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the totaled $0.2 million, or 1 cent per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, including a $1.6 million, or 4 cents per diluted share, non-cash benefit associated with accounting for the company's previous hedges with Enron Corporation Enron Corporation, U.S. company that in 2001 became the largest bankruptcy and stock collapse in U.S. history up to that time. The company was formed in 1985 when InterNorth purchased Houston Natural Gas to create the country's longest natural-gas pipeline network. . In the same period last year, Energen recorded a net loss of $3.2 million, or 10 cents per diluted share, and a net loss from continuing operations of $3.5 million, or 11 cents per diluted share. "In light of our year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results, the outlook for oil and gas commodity prices for the remainder of 2002, and prospects for better-than-expected utility performance, we are raising Energen's earnings guidance from a range of $1.85 to $1.95 per diluted share to a range of $1.95 to $2.05 per diluted share," said Mike Warren
San Juan (săn wän, Span. sän hwän), city (1991 pop. 353,476), capital of San Juan prov., W Argentina. It is a commercial and industrial center in an agricultural region. gas prices resulting from a higher expected basis differential. "We are very pleased to be revising upward Energen's earnings guidance, particularly for 2003," Warren Warren. 1 City (1990 pop. 144,864), Macomb co., SE Mich., a suburb of Detroit; est. 1837, inc. as a city 1957. It is an important metalworking center where steel is processed. said. "Through the major acquisition this year of Permian Basin The Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas. It reaches from just south of Lubbock, Texas, to just south of Midland & Odessa, extending westward into the southeastern part of the adjacent state of New Mexico. properties, a highly encouraging coalbed methane Coalbed methane is a form of natural gas extracted from coal beds. In recent decades it has become an important source of energy in United States, Canada, and other countries. down-spacing program and prospects for continued commodity price strength, Energen is well-positioned to generate meaningful earnings growth in 2003 despite the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of tax credits on our coalbed methane production of about 40 cents per diluted share. This is a significant achievement, and one of which we are very proud." Third Quarter Results Increases in oil and gas production volumes and in the average sales price of natural gas contributed to a significant increase in third quarter earnings at Energen Resources Corporation Energen Resources Corporation is the largest subsidiary of Energen Corporation, a diversified energy company headquartered in Birmingham, Alabama. It is a growing oil and gas acquisition and development company that has approximately 1. , the oil and gas acquisition and exploitation Exploitation See also Opportunism. Barnum, P. T. (1810–1891) circus impressario famous for his saying, “Never give a sucker an even break.” [Am. Hist. subsidiary of Energen. The increase would have been even greater had it not been for some substantive Substantive may refer to: In grammar:
For the three months ended September 30, 2002, Energen Resources' net income from continuing operations totaled $8 million and compared with net income from continuing operations in the same period last year of $2.6 million. Oil, gas and natural gas liquids (NGL NGL - A dialect of IGL. ) production from continuing operations increased 3 billion cubic feet equivalent (Bcfe) to 20.2 Bcfe. Energen Resources' average sales price for its natural gas production increased 20.5 percent from $2.68 per thousand cubic feet (Mcf) to $3.23 per Mcf, including the non-cash accounting benefit associated with its previous Enron Enron A U.S. energy-trading and utilities company that housed one of the biggest accounting frauds in history. Enron's executives employed accounting practices that falsely inflated the company's revenues, which, at the height of the scandal, made the firm become the seventh hedge position. The company's average oil sales price declined 6.6 percent from $25.39 per barrel barrel: see English units of measurement. to $23.72 per barrel, and the average NGL sales price remained virtually unchanged at $12.68 per barrel. Energen Resources' earnings were negatively affected by increased depreciation, depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able and amortization (DD&A) expense as well as the timing of recognition of nonconventional fuels tax credits on an interim basis and the mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. of open hedge contracts scheduled to close this year. Energen's natural gas utility, Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). Gas Corporation (Alagasco Alabama Gas Corporation (Alagasco) is the largest natural gas utility in north and central Alabama that provides energy to 460,000 homes and businesses. Its history dates back more than 150 years and has operating divisions in Anniston, Birmingham, Gadsden, Montgomery, Opelika, ), generated a net loss in the quarter of $7.7 million as compared with a net loss of $5.9 million in the same period a year ago. While the utility continued to earn on a higher level of equity for the year, Alagasco's third quarter earnings were negatively affected by the timing of revenue recovery between quarters. YEAR-TO-DATE RESULTS Energen's year-to-date net income and income from continuing operations totaled $52 million, or $1.55 per diluted share, as compared with net income of $54.2 million, or $1.74 per diluted share, and income from continuing operations of $53 million, or $1.70 per diluted share, in the same period last year. The current year results include a $5.6 million, or 17 cents per diluted share, non-cash benefit associated with accounting for the company's previous hedges with Enron. Energen Resources' income from continuing operations for the year-to-date fell 10 percent to $28.5 million from $31.5 million a year ago. A 7.2 Bcfe increase in production was more than offset by significantly lower average sales prices, increased DD&A expense and lower operating fees. The average natural gas sales price for the current year-to-date fell 6 percent from the same period a year ago to $3.02 per Mcf (including the non-cash accounting benefit from the former Enron hedges); for the same periods, the average sales price of oil was down 4 percent to $23.24 per barrel; and the average NGL sales price dropped 28 percent, period to period, to $11.88 per barrel. Energen Resources' production from continuing operations in the nine-months period rose 14.5 percent over the same period last year to 56.8 Bcfe, largely due to the April acquisition of Permian Basin oil properties. Alagasco's net income for the year-to-date totaled $23.8 million as compared with $22 million in the same period last year, primarily due to the utility earning on a higher level of equity. 12-MONTHS EARNINGS For the 12 months ended September 30, 2002, Energen's net income totaled $55.7 million, or $1.69 per diluted share, as compared with $67.9 million, or $2.18 per diluted share, in the same period a year ago. Income from continuing operations for the 12-months period totaled $55.6 million, or $1.69 per diluted share, and compared with income from continuing operations of $66.1 million, or $2.13 per diluted share, in the same period last year. Energen Resources' current-period income from continuing operations totaled $29.6 million and compared with $40.8 million in the prior-year 12 months. Current 12-months earnings were negatively affected by lower average sales prices for natural gas, oil and NGLs, increased DD&A expense and lower operating fees, partially offset by increased production and lower lease operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. . Alagasco's net income for the 12-month period was $26.5 million as compared with $26 million in the same period last year. While the utility earned on a higher level of equity, its return on average equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) for the period was 12 percent as compared with 12.3 percent in the same period a year ago. Alagasco's ROE in the current period, which coincides with the utility's rate year, was negatively affected by lower industrial and retail gas demand. 2002 EARNINGS OUTLOOK INCREASED TO $1.95-$2.05 PER DILUTED SHARE With one quarter remaining, Energen is increasing its 2002 earnings outlook range by 10 cents to $1.95 to $2.05 per diluted share (including a 17 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. non-cash gain associated with the accounting for the company's previous Enron hedges). This higher earnings range reflects the impact of greater-than-previously expected commodity prices on Energen Resources' remaining unhedged volumes and greater-than-anticipated utility performance. In addition to year-to-date results, Energen's new guidance is based largely on Energen Resources' fourth quarter hedge position, gas prices applicable to its unhedged volumes of $3.69 per Mcf in October October: see month. and $4 per Mcf in November November: see month. and December December: see month. , and oil prices applicable to its unhedged volumes of $27 per barrel in the last three months of the year, partially offset by lower NGL prices and an increase in the expected basis differential in the San Juan Basin The San Juan Basin is a drainage basin and geologic structural basin in the Four Corners region of the Southwestern United States; its main portion covers around 4,600 square miles, encompassing much of northwestern New Mexico, northeastern Arizona, and parts of Colorado and Utah. . This guidance also includes utility earnings that are now expected to reflect a 13 percent ROE on the basis of higher-than-anticipated throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. in the fourth quarter and the impact of cost-control measures implemented during the year. Current properties classified as discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: are not expected to have a measurable impact on Energen's earnings in 2002. The company announced last quarter that it is considering the sale of some properties. Energen's guidance does not reflect any impact of such property sales. Additionally, on the basis of current oil and gas prices, Energen Resources' DD&A look-back adjustment, which is influenced by year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. reserve valuations, may increase actual earnings. Energen's guidance also is based on Energen Resources' plans to invest in 2002 approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $95 million for well drilling Well drilling is the process of drilling a hole in the ground for the extraction of a natural resource such as ground water, natural gas, or petroleum. Drilling for the exploration of the nature of the material underground (for instance in search of metallic ore) is best described and other exploitation activities. Production from continuing operations is estimated to be 76 Bcfe, with another 0.6 Bcfe generated by discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Lease operating expense in 2002 is expected to be approximately $1.06 per Mcfe, while DD&A expense is estimated to be 94 cents per Mcfe. Additionally, Energen Resources' current-year coalbed methane production is expected to generate some $14 million of nonconventional fuels tax credits in 2002. For the fourth quarter of 2002, the company estimates that earnings will range from 40 to 50 cents per diluted share. Approximately 85 percent of Energen Resources' estimated gas production in the fourth quarter of 11.5 Bcf is hedged hedge n. 1. A row of closely planted shrubs or low-growing trees forming a fence or boundary. 2. A line of people or objects forming a barrier: a hedge of spectators along the sidewalk. at an average NYMEX See New York Mercantile Exchange. NYMEX See New York Mercantile Exchange (NYM). price $3.47 per Mcf. Given this significant hedge position and taking into account the actual NYMEX price for October of $3.69 per Mcf, Energen's net income exposure during November and December to every 10-cent change in the NYMEX price of gas from the guidance assumption of $4 per Mcf per month is expected to be $271,000. Energen Resources' oil production in the fourth quarter of 2002 is estimated to be 856,000 barrels; of that amount, approximately 80 percent is hedged at an average NYMEX price of $27.06 per barrel. Energen's net income exposure during the fourth quarter to every $1 change in the NYMEX price of oil (together with a corresponding change in the NGL price) from the assumption of $27 per barrel per month is expected to be approximately $200,000. THE 2003 OUTLOOK Energen's recent and significant additions to its oil and gas hedge position for 2003, combined with the expectation of higher commodity prices applicable to its unhedged volumes, has resulted in the diversified diversified (di·verˑ·s energy company raising its 2003 earnings guidance to a range of $2.10 to $2.25 per diluted share on 35.3 million average diluted shares outstanding. Including hedges added just this week, Energen Resources now has 32.4 Bcf of natural gas, or 65 percent of its estimated gas production for the year of approximately 50 Bcf, hedged at an average NYMEX-equivalent price of $4.04 per Mcf and 1,500,000 barrels of oil, or 41 percent of its estimated oil production for the year of approximately 3.6 million barrels, hedged at an average NYMEX price of $26.26 per barrel. Estimated NGL production of 1.8 million barrels is unhedged. Assuming the NYMEX price for Energen Resources' unhedged production in 2003 averages $4 per Mcf for gas and $25 per barrel for oil, Energen's earnings could well reach the high end of its earnings guidance range. Relative to the company's unhedged volumes: -- Every 10-cent change in the 2003 average NYMEX price of gas from $4 per Mcf is estimated to have a net income impact of $1 million (3 cents per diluted share). -- Every $1 change in the 2003 average NYMEX price of oil -- together with a corresponding change in the price of NGLS -- from $25 per barrel is estimated to have a net income impact of $1.6 million (4 cents per diluted share). In addition to its hedge position and its pricing assumptions for unhedged production, Energen's new guidance for 2003 factors in the expectation of lower NGL prices and a higher basis differential in the San Juan Basin. Alagasco also is expected to earn within its allowed return range on 13-month average equity of approximately $235 million. Current properties classified as discontinued are not expected to have a measurable impact on Energen's earnings in 2003. The company announced last quarter that it is considering the sale of some properties. Energen's guidance for 2003 does not reflect any impact of such property sales. Energen's guidance also is based on Energen Resources' plans to invest in 2003 approximately $85 million for well drilling and other development activities and on Alagasco's plans to invest approximately $56 million for normal system needs and a financial accounting software system. Energen has not completed its 2003 budget, and all guidance is subject to additional near-term near-term adj. Of, for, or involving a short period of time in the near future. fine-tuning In theoretical physics, fine-tuning refers to circumstances when the parameters of a model must be adjusted very precisely in order to agree with observations. Theories requiring fine-tuning are regarded as problematic in the absence of a known mechanism to explain why the as a result of this internal process. Energen Corporation is a diversified energy holding company with headquarters in Birmingham, Alabama Birmingham (pronounced [ˈbɝmɪŋˌhæm]) is the largest city in the U.S. state of Alabama and is the county seat of Jefferson County. . Its two lines of business are natural gas distribution in central and north Alabama North Alabama is a region of the U.S. state of Alabama, generally thought to include these 12 counties: Cherokee, Colbert, DeKalb, Franklin, Jackson, Lauderdale, Lawrence, Limestone, Madison, Marshall, Morgan, and Winston, with a combined population of 953,247, or 20. and the acquisition, exploitation, exploration and production of natural gas, oil and natural gas liquids onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Additional information on Energen is available at www.energen.com. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release contains statements expressing expectations of future plans, objectives and performance that constitute forward-looking statements made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Except as otherwise disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). , the Company's forward-looking statements do not reflect the impact of possible or pending acquisitions, divestitures or restructurings. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. All statements based on future expectations rather than on historical facts are forward-looking statements that are dependent on certain events, risks and uncertainties that could cause actual results to differ materially from those anticipated. In addition, the Company cannot guarantee the absence of errors in input data, calculations and formulas used in its estimates, assumptions and forecasts. A discussion of risks and uncertainties, which could affect future results of Energen and its subsidiaries, is included in the Company's periodic reports filed with the Securities and Exchange Commission.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending September 30, 2002 and 2001
3rd Quarter
-----------------
(in thousands, except per share data) 2002 2001 Change
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Operating Revenues
Oil and gas operations $ 66,727 $ 51,382 $ 15,345
Natural gas distribution 50,225 60,671 (10,446)
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Total operating revenues 116,952 112,053 4,899
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Operating Expenses
Cost of gas 17,897 28,902 (11,005)
Operations & maintenance 48,859 45,559 3,300
DD&A 27,980 24,511 3,469
Taxes, other than income taxes 9,382 9,429 (47)
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Total operating expenses 104,118 108,401 (4,283)
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Operating Income 12,834 3,652 9,182
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Other Income (Expense)
Interest expense (10,987) (10,716) (271)
Other, net (135) 512 (647)
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Total other expense (11,122) (10,204) (918)
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Income Before Income Taxes 1,712 (6,552) 8,264
Income tax expense 1,509 (3,008) 4,517
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Income from Continuing Operations 203 (3,544) 3,747
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Discontinued Operations, Net of Taxes
Income (loss) from operations 39 356 (317)
Gain on disposal (36) - (36)
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Income from Discontinued Operations 3 356 (353)
----------------------------------------------------------------------
Net Income $ 206 $ (3,188) $ 3,394
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Diluted Earnings Per Share
Continuing Operations $ 0.01 $ (0.11) $ 0.12
Discontinued Operations - 0.01 (0.01)
----------------------------------------------------------------------
Net Income $ 0.01 $ (0.10) $ 0.11
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Basic Earnings Per Share
Continuing Operations $ 0.01 $ (0.11) $ 0.12
Discontinued Operations - 0.01 (0.01)
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Net Income $ 0.01 $ (0.10) $ 0.11
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Diluted Avg. Common Shares Outstanding 34,731 31,244 3,487
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Basic Avg. Common Shares Outstanding 34,425 30,948 3,477
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Dividends Per Share $ 0.18 $ 0.175 $ 0.005
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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 9 months ending September 30, 2002 and 2001
Year to Date
--------------
(in thousands, except per share data) 2002 2001 Change
----------------------------------------------------------------------
Operating Revenues
Oil and gas operations $177,341 $168,650 $ 8,691
Natural gas distribution 322,458 434,736 (112,278)
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Total operating revenues 499,799 603,386 (103,587)
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Operating Expenses
Cost of gas 144,038 260,348 (116,310)
Operations & maintenance 140,811 137,117 3,694
DD&A 79,214 65,357 13,857
Taxes, other than income taxes 36,749 46,254 (9,505)
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Total operating expenses 400,812 509,076 (108,264)
----------------------------------------------------------------------
Operating Income 98,987 94,310 4,677
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Other Income (Expense)
Interest expense (32,828) (31,830) (998)
Other, net (31) 1,270 (1,301)
----------------------------------------------------------------------
Total other expense (32,859) (30,560) (2,299)
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Income Before Income Taxes 66,128 63,750 2,378
Income tax expense 14,114 10,778 3,336
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Income from Continuing Operations 52,014 52,972 (958)
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Discontinued Operations, Net of Taxes
Income (loss) from operations (270) 1,205 (1,475)
Gain on disposal 270 - 270
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Income (loss) from Discontinued
Operations - 1,205 (1,205)
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Net Income $ 52,014 $ 54,177 $ (2,163)
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Diluted Earnings Per Share
Continuing Operations $ 1.55 $ 1.70 $ (0.15)
Discontinued Operations - 0.04 (0.04)
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Net Income $ 1.55 $ 1.74 $ (0.19)
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Basic Earnings Per Share
Continuing Operations $ 1.56 $ 1.72 $ (0.16)
Discontinued Operations - 0.04 (0.04)
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Net Income $ 1.56 $ 1.76 $ (0.20)
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Diluted Avg. Common Shares Outstanding 33,543 31,171 2,372
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Basic Avg. Common Shares Outstanding 33,245 30,814 2,431
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Dividends Per Share $ 0.53 $ 0.515 $ 0.015
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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 12 months ending September 30, 2002 and 2001
Trailing 12 Months
------------------
(in thousands, except per share data) 2002 2001 Change
----------------------------------------------------------------------
Operating Revenues
Oil and gas operations $226,827 $223,512 $ 3,315
Natural gas distribution 419,136 553,862 (134,726)
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Total operating revenues 645,963 777,374 (131,411)
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Operating Expenses
Cost of gas 189,329 327,531 (138,202)
Operations & maintenance 188,804 182,917 5,887
DD&A 103,716 84,779 18,937
Taxes, other than income taxes 54,267 61,112 (6,845)
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Total operating expenses 536,116 656,339 (120,223)
----------------------------------------------------------------------
Operating Income 109,847 121,035 (11,188)
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Other Income (Expense)
Interest expense (43,462) (42,070) (1,392)
Other, net (62) 1,933 (1,995)
----------------------------------------------------------------------
Total other expense (43,524) (40,137) (3,387)
----------------------------------------------------------------------
Income Before Income Taxes 66,323 80,898 (14,575)
Income tax expense 10,730 14,811 (4,081)
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Income From Continuing Operations 55,593 66,087 (10,494)
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Discontinued Operations, Net of Taxes
Income from operations (191) 1,809 (2,000)
Gain on disposal 270 - 270
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Income From Discontinued Operations 79 1,809 (1,730)
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Net Income $ 55,672 $ 67,896 $ (12,224)
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Diluted Earnings Per Share
Continuing Operations $ 1.69 $ 2.13 $ (0.44)
Discontinued Operations - 0.05 (0.05)
----------------------------------------------------------------------
Net Income $ 1.69 $ 2.18 $ (0.49)
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Basic Earnings Per Share
Continuing Operations $ 1.70 $ 2.15 $ (0.45)
Discontinued Operations - 0.06 (0.06)
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Net Income $ 1.70 $ 2.21 $ (0.51)
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Diluted Avg. Common Shares Outstanding 32,965 31,084 1,881
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Basic Avg. Common Shares Outstanding 32,692 30,726 1,966
----------------------------------------------------------------------
Dividends Per Share $ 0.705 $ 0.685 $ 0.02
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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending September 30, 2002 and 2001
3rd Quarter
-------------
(in thousands, except sales price data) 2002 2001 Change
----------------------------------------------------------------------
Oil and Gas Operations
Operating revenues
Natural gas $39,035 $30,810 $ 8,225
Oil 20,691 13,427 7,264
Natural gas liquids 6,004 5,219 785
Other 997 1,926 (929)
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Total $66,727 $51,382 $ 15,345
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Sales volume from continuing operations
Natural gas (MMcf) 12,085 11,495 590
Oil (MBbl) 872 529 343
Natural gas liquids (MBbl) 473 412 61
Sales volume from continuing ops. (MMcfe) 20,159 17,139 3,020
Total sales volume (MMcfe) 20,188 17,548 2,640
Average sales price from continuing ops.
Natural gas (Mcf) $ 3.23 $ 2.68 $ 0.55
Oil (barrel) $ 23.72 $ 25.39 $ (1.67)
Natural gas liquids (barrel) $ 12.68 $ 12.67 $ 0.01
Other data
DD&A $ 19,488 $16,604 $ 2,884
Capital expenditures $25,639 $45,320 $(19,681)
Exploration expense $ 355 $ 1,418 $ (1,063)
Operating income $22,161 $10,644 $ 11,517
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Natural Gas Distribution
Operating revenues
Residential $27,829 $33,243 $ (5,414)
Commercial and industrial - small 13,214 17,698 (4,484)
Transportation 8,163 7,783 380
Other 1,019 1,947 (928)
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Total $50,225 $60,671 $(10,446)
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Gas delivery volumes (MMcf)
Residential 1,906 1,984 (78)
Commercial and industrial - small 1,430 1,524 (94)
Transportation 14,885 14,239 646
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Total 18,221 17,747 474
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Other data
Depreciation and amortization $ 8,492 $ 7,907 $ 585
Capital expenditures $20,575 $15,469 $ 5,106
Operating income $(8,907) $(6,534) $ (2,373)
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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 9 months ending September 30, 2002 and 2001
Year to Date
---------------
(in thousands, except sales price data) 2002 2001 Change
----------------------------------------------------------------------
Oil and Gas Operations
Operating revenues
Natural gas $ 106,622 $ 109,189 $ (2,567)
Oil 52,709 36,430 16,279
Natural gas liquids 15,503 17,831 (2,328)
Other 2,507 5,200 (2,693)
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Total $ 177,341 $ 168,650 $ 8,691
----------------------------------------------------------------------
Sales volume from continuing
operations
Natural gas (MMcf) 35,321 34,051 1,270
Oil (MBbl) 2,268 1,503 765
Natural gas liquids (MBbl) 1,305 1,082 223
Sales volume from continuing ops.
(MMcfe) 56,760 49,559 7,201
Total sales volume (MMcfe) 57,372 50,783 6,589
Average sales price from continuing
ops.
Natural gas (Mcf) $ 3.02 $ 3.21 $ (0.19)
Oil (barrel) $ 23.24 $ 24.24 $ (1.00)
Natural gas liquids (barrel) $ 11.88 $ 16.48 $ (4.60)
Other data
DD&A $ $ 54,179 $ 41,978 $ 12,201
Capital expenditures $ 241,838 $ 126,799 $ 115,039
Exploration expense $ 2,295 $ 3,129 $ (834)
Operating income $ 51,710 $ 53,844 $ (2,134)
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Natural Gas Distribution
Operating revenues
Residential $ 211,316 $ 289,634 $ (78,318)
Commercial and industrial - small 79,550 116,601 (37,051)
Transportation 28,265 24,456 3,809
Other 3,327 4,045 (718)
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Total $ 322,458 $ 434,736 $(112,278)
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Gas delivery volumes (MMcf)
Residential 20,003 23,834 (3,831)
Commercial and industrial - small 8,991 10,716 (1,725)
Transportation 44,486 40,138 4,348
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Total 73,480 74,688 (1,208)
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Other data
Depreciation and amortization $ 25,035 $ 23,379 $ 1,656
Capital expenditures $ 50,171 $ 42,947 $ 7,224
Operating income $ 48,625 $ 41,696 $ 6,929
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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending September 30, 2002 and 2001
Trailing 12 Months
------------------
(in thousands, except sales price data) 2002 2001 Change
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Oil and Gas Operations
Operating revenues
Natural gas $141,946 $141,505 $ 441
Oil 65,084 48,016 17,068
Natural gas liquids 20,036 26,011 (5,975)
Other (239) 7,980 (8,219)
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Total $226,827 $223,512 $ 3,315
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Sales volume from continuing operations
Natural gas (MMcf) 47,207 45,847 1,360
Oil (MBbl) 2,780 2,019 761
Natural gas liquids (MBbl) 1,755 1,477 278
Sales volume from continuing ops.
(MMcfe) 74,416 66,623 7,793
Total sales volume (MMcfe) 75,394 68,478 6,916
Average sales price from continuing ops.
Natural gas (Mcf) $ 3.01 $ 3.09 $ (0.08)
Oil (barrel) $ 23.41 $ 23.78 $ (0.37)
Natural gas liquids (barrel) $ 11.42 $ 17.61 $ (6.19)
Other data
DD&A $ $ 70,530 $ 53,846 $ 16,684
Capital expenditures $266,889 $136,886 $ 130,003
Exploration expense $ 3,122 $ 4,226 $ (1,104)
Operating income $ 54,953 $ 72,425 $ (17,472)
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Natural Gas Distribution
Operating revenues
Residential $275,040 $367,109 $ (92,069)
Commercial and industrial - small 101,995 147,636 (45,641)
Transportation 38,031 33,972 4,059
Other 4,070 5,145 (1,075)
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Total $419,136 $553,862 $(134,726)
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Gas delivery volumes (MMcf)
Residential 25,131 31,064 (5,933)
Commercial and industrial - small 11,185 14,054 (2,869)
Transportation 57,459 53,989 3,470
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Total 93,775 99,107 (5,332)
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Other data
Depreciation and amortization $ 33,186 $ 30,933 $ 2,253
Capital expenditures $ 63,044 $ 53,073 $ 9,971
Operating income $ 56,659 $ 50,288 $ 6,371
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