Attached files
| file | filename |
|---|---|
| EX-99.1 - PRESS RELEASE - SPIRE ALABAMA INC | dex991.htm |
| EX-99.3 - NON-GAAP FINANCIAL MEASURES RECONCILIATION - SPIRE ALABAMA INC | dex993.htm |
| 8-K - FORM 8-K - SPIRE ALABAMA INC | d8k.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending March 31, 2011 and 2010
| 1st Quarter | ||||||||||||
| (in thousands, except per share data) |
2011 | 2010 | Change | |||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 216,792 | $ | 237,614 | $ | (20,822 | ) | |||||
| Natural gas distribution |
269,572 | 337,300 | (67,728 | ) | ||||||||
| Total operating revenues |
486,364 | 574,914 | (88,550 | ) | ||||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
131,749 | 197,156 | (65,407 | ) | ||||||||
| Operations and maintenance |
103,782 | 91,702 | 12,080 | |||||||||
| Depreciation, depletion and amortization |
61,128 | 61,735 | (607 | ) | ||||||||
| Taxes, other than income taxes |
28,175 | 30,637 | (2,462 | ) | ||||||||
| Accretion expense |
1,649 | 1,486 | 163 | |||||||||
| Total operating expenses |
326,483 | 382,716 | (56,233 | ) | ||||||||
| Operating Income |
159,881 | 192,198 | (32,317 | ) | ||||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(9,404 | ) | (9,960 | ) | 556 | |||||||
| Other income |
1,230 | 977 | 253 | |||||||||
| Other expense |
(163 | ) | (163 | ) | — | |||||||
| Total other expense |
(8,337 | ) | (9,146 | ) | 809 | |||||||
| Income Before Income Taxes |
151,544 | 183,052 | (31,508 | ) | ||||||||
| Income tax expense |
57,276 | 66,342 | (9,066 | ) | ||||||||
| Net Income |
$ | 94,268 | $ | 116,710 | $ | (22,442 | ) | |||||
| Diluted Earnings Per Average Common Share |
$ | 1.30 | $ | 1.62 | $ | (0.32 | ) | |||||
| Basic Earnings Per Average Common Share |
$ | 1.31 | $ | 1.63 | $ | (0.32 | ) | |||||
| Diluted Avg. Common Shares Outstanding |
72,240 | 72,039 | 201 | |||||||||
| Basic Avg. Common Shares Outstanding |
72,001 | 71,810 | 191 | |||||||||
| Dividends Per Common Share |
$ | 0.135 | $ | 0.13 | $ | 0.005 | ||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 12 months ending March 31, 2011 and 2010
| Trailing 12 Months | ||||||||||||
| (in thousands, except per share data) |
2011 | 2010 | Change | |||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 937,940 | $ | 871,040 | $ | 66,900 | ||||||
| Natural gas distribution |
552,044 | 660,188 | (108,144 | ) | ||||||||
| Total operating revenues |
1,489,984 | 1,531,228 | (41,244 | ) | ||||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
251,581 | 351,141 | (99,560 | ) | ||||||||
| Operations and maintenance |
441,245 | 383,940 | 57,305 | |||||||||
| Depreciation, depletion and amortization |
247,258 | 242,241 | 5,017 | |||||||||
| Taxes, other than income taxes |
82,499 | 82,506 | (7 | ) | ||||||||
| Accretion expense |
6,341 | 5,285 | 1,056 | |||||||||
| Total operating expenses |
1,028,924 | 1,065,113 | (36,189 | ) | ||||||||
| Operating Income |
461,060 | 466,115 | (5,055 | ) | ||||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(38,664 | ) | (39,556 | ) | 892 | |||||||
| Other income |
4,536 | 7,242 | (2,706 | ) | ||||||||
| Other expense |
(643 | ) | (663 | ) | 20 | |||||||
| Total other expense |
(34,771 | ) | (32,977 | ) | (1,794 | ) | ||||||
| Income Before Income Taxes |
426,289 | 433,138 | (6,849 | ) | ||||||||
| Income tax expense |
157,924 | 155,685 | 2,239 | |||||||||
| Net Income |
$ | 268,365 | $ | 277,453 | $ | (9,088 | ) | |||||
| Diluted Earnings Per Average Common Share |
$ | 3.73 | $ | 3.86 | $ | (0.13 | ) | |||||
| Basic Earnings Per Average Common Share |
$ | 3.73 | $ | 3.87 | $ | (0.14 | ) | |||||
| Diluted Avg. Common Shares Outstanding |
72,026 | 71,869 | 157 | |||||||||
| Basic Avg. Common Shares Outstanding |
71,902 | 71,728 | 174 | |||||||||
| Dividends Per Common Share |
$ | 0.525 | $ | 0.505 | $ | 0.02 | ||||||
2
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending March 31, 2011 and 2010
| 1st Quarter | ||||||||||||
| (in thousands, except sales price data) |
2011 | 2010 | Change | |||||||||
| Oil and Gas Operations |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 95,599 | $ | 125,427 | $ | (29,828 | ) | |||||
| Oil |
103,256 | 93,975 | 9,281 | |||||||||
| Natural gas liquids |
17,533 | 16,536 | 997 | |||||||||
| Other |
404 | 1,676 | (1,272 | ) | ||||||||
| Total |
$ | 216,792 | $ | 237,614 | $ | (20,822 | ) | |||||
| Production volumes |
||||||||||||
| Natural gas (MMcf) |
17,334 | 17,412 | (78 | ) | ||||||||
| Oil (MBbl) |
1,364 | 1,186 | 178 | |||||||||
| Natural gas liquids (MMgal) |
19.7 | 18.8 | 0.9 | |||||||||
| Total production volumes (MMcfe) |
28,338 | 27,209 | 1,129 | |||||||||
| Total production volumes (MBOE) |
4,723 | 4,535 | 188 | |||||||||
| Revenue per unit of production including effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 5.52 | $ | 7.20 | $ | (1.68 | ) | |||||
| Oil (barrel) |
$ | 75.70 | $ | 79.23 | $ | (3.53 | ) | |||||
| Natural gas liquids (gallon) |
$ | 0.89 | $ | 0.88 | $ | 0.01 | ||||||
| Other data |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 46,945 | $ | 43,839 | $ | 3,106 | ||||||
| Production taxes |
12,283 | 9,941 | 2,342 | |||||||||
| Total |
$ | 59,228 | $ | 53,780 | $ | 5,448 | ||||||
| Depreciation, depletion and amortization |
$ | 51,348 | $ | 48,696 | $ | 2,652 | ||||||
| General and administrative expense |
$ | 18,894 | $ | 15,183 | $ | 3,711 | ||||||
| Capital expenditures |
$ | 140,323 | $ | 38,563 | $ | 101,760 | ||||||
| Exploration expenditures |
$ | 614 | $ | 1,184 | $ | (570 | ) | |||||
| Operating income |
$ | 85,059 | $ | 117,285 | $ | (32,226 | ) | |||||
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 187,674 | $ | 241,406 | $ | (53,732 | ) | |||||
| Commercial and industrial |
66,906 | 84,290 | (17,384 | ) | ||||||||
| Transportation |
16,493 | 17,833 | (1,340 | ) | ||||||||
| Other |
(1,501 | ) | (6,229 | ) | 4,728 | |||||||
| Total |
$ | 269,572 | $ | 337,300 | $ | (67,728 | ) | |||||
| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
12,591 | 14,962 | (2,371 | ) | ||||||||
| Commercial and industrial |
5,000 | 5,727 | (727 | ) | ||||||||
| Transportation |
12,970 | 12,682 | 288 | |||||||||
| Total |
30,561 | 33,371 | (2,810 | ) | ||||||||
| Other data |
||||||||||||
| Depreciation and amortization |
$ | 9,780 | $ | 13,039 | $ | (3,259 | ) | |||||
| Capital expenditures |
$ | 13,540 | $ | 16,360 | $ | (2,820 | ) | |||||
| Operating income |
$ | 75,059 | $ | 75,255 | $ | (196 | ) | |||||
3
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending March 31, 2011 and 2010
| Trailing 12 Months | ||||||||||||
| (in thousands, except sales price data) |
2011 | 2010 | Change | |||||||||
| Oil and Gas Operations |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 454,107 | $ | 470,162 | $ | (16,055 | ) | |||||
| Oil |
413,906 | 320,983 | 92,923 | |||||||||
| Natural gas liquids |
66,158 | 69,268 | (3,110 | ) | ||||||||
| Other |
3,769 | 10,627 | (6,858 | ) | ||||||||
| Total |
$ | 937,940 | $ | 871,040 | $ | 66,900 | ||||||
| Production volumes |
||||||||||||
| Natural gas (MMcf) |
70,848 | 72,099 | (1,251 | ) | ||||||||
| Oil (MBbl) |
5,309 | 4,786 | 523 | |||||||||
| Natural gas liquids (MMgal) |
79.9 | 76.5 | 3.4 | |||||||||
| Total production volumes (MMcfe) |
114,120 | 111,741 | 2,379 | |||||||||
| Total production volumes (MBOE) |
19,020 | 18,623 | 397 | |||||||||
| Revenue per unit of production including effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 6.41 | $ | 6.52 | $ | (0.11 | ) | |||||
| Oil (barrel) |
$ | 77.97 | $ | 67.07 | $ | 10.9 | ||||||
| Natural gas liquids (gallon) |
$ | 0.83 | $ | 0.91 | $ | (0.08 | ) | |||||
| Other data |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 185,286 | $ | 179,744 | $ | 5,542 | ||||||
| Production taxes |
45,063 | 37,752 | 7,311 | |||||||||
| Total |
$ | 230,349 | $ | 217,496 | $ | 12,853 | ||||||
| Depreciation, depletion and amortization |
$ | 206,473 | $ | 190,822 | $ | 15,651 | ||||||
| General and administrative expense |
$ | 56,260 | $ | 56,385 | $ | (125 | ) | |||||
| Capital expenditures |
$ | 819,542 | $ | 391,347 | $ | 428,195 | ||||||
| Exploration expenditures |
$ | 64,014 | $ | 11,268 | $ | 52,746 | ||||||
| Operating income |
$ | 374,503 | $ | 389,784 | $ | (15,281 | ) | |||||
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 360,356 | $ | 436,638 | $ | (76,282 | ) | |||||
| Commercial and industrial |
142,030 | 171,055 | (29,025 | ) | ||||||||
| Transportation |
55,599 | 57,129 | (1,530 | ) | ||||||||
| Other |
(5,941 | ) | (4,634 | ) | (1,307 | ) | ||||||
| Total |
$ | 552,044 | $ | 660,188 | $ | (108,144 | ) | |||||
| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
22,092 | 24,692 | (2,600 | ) | ||||||||
| Commercial and industrial |
10,258 | 11,092 | (834 | ) | ||||||||
| Transportation |
46,767 | 42,617 | 4,150 | |||||||||
| Total |
79,117 | 78,401 | 716 | |||||||||
| Other data |
||||||||||||
| Depreciation and amortization |
$ | 40,783 | $ | 51,419 | $ | (10,636 | ) | |||||
| Capital expenditures |
$ | 90,746 | $ | 78,059 | $ | 12,687 | ||||||
| Operating income |
$ | 88,187 | $ | 78,400 | $ | 9,787 | ||||||
4