Attached files
| file | filename |
|---|---|
| EX-99.3 - EX-99.3 - SPIRE ALABAMA INC | d248044dex993.htm |
| EX-99.1 - EX-99.1 - SPIRE ALABAMA INC | d248044dex991.htm |
| 8-K - 8-K - SPIRE ALABAMA INC | d248044d8k.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending September 30, 2011 and 2010
| 3rd Quarter | ||||||||||||
| (in thousands, except per share data) |
2011 | 2010 | Change | |||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 318,952 | $ | 234,111 | $ | 84,841 | ||||||
| Natural gas distribution |
59,616 | 61,693 | (2,077 | ) | ||||||||
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|||||||
| Total operating revenues |
378,568 | 295,804 | 82,764 | |||||||||
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|||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
21,748 | 22,560 | (812 | ) | ||||||||
| Operations and maintenance |
111,749 | 127,934 | (16,185 | ) | ||||||||
| Depreciation, depletion and amortization |
72,802 | 60,814 | 11,988 | |||||||||
| Taxes, other than income taxes |
20,129 | 15,615 | 4,514 | |||||||||
| Accretion expense |
1,728 | 1,561 | 167 | |||||||||
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|||||||
| Total operating expenses |
228,156 | 228,484 | (328 | ) | ||||||||
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| Operating Income |
150,412 | 67,320 | 83,092 | |||||||||
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| Other Income (Expense) |
||||||||||||
| Interest expense |
(11,976 | ) | (9,591 | ) | (2,385 | ) | ||||||
| Other income |
619 | 2,222 | (1,603 | ) | ||||||||
| Other expense |
(2,074 | ) | (61 | ) | (2,013 | ) | ||||||
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| Total other expense |
(13,431 | ) | (7,430 | ) | (6,001 | ) | ||||||
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|||||||
| Income Before Income Taxes |
136,981 | 59,890 | 77,091 | |||||||||
| Income tax expense |
49,382 | 21,586 | 27,796 | |||||||||
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|||||||
| Net Income |
$ | 87,599 | $ | 38,304 | $ | 49,295 | ||||||
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| Diluted Earnings Per Average Common Share |
$ | 1.21 | $ | 0.53 | $ | 0.68 | ||||||
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| Basic Earnings Per Average Common Share |
$ | 1.22 | $ | 0.53 | $ | 0.69 | ||||||
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| Diluted Avg. Common Shares Outstanding |
72,375 | 72,070 | 305 | |||||||||
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| Basic Avg. Common Shares Outstanding |
72,068 | 71,854 | 214 | |||||||||
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| Dividends Per Common Share |
$ | 0.135 | $ | 0.13 | $ | 0.005 | ||||||
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1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 9 months ending September 30, 2011 and 2010
| Year-to-date | ||||||||||||
| (in thousands, except per share data) |
2011 | 2010 | Change | |||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 779,834 | $ | 706,311 | $ | 73,523 | ||||||
| Natural gas distribution |
415,497 | 498,132 | (82,635 | ) | ||||||||
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|
|||||||
| Total operating revenues |
1,195,331 | 1,204,443 | (9,112 | ) | ||||||||
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|
|||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
185,916 | 262,950 | (77,034 | ) | ||||||||
| Operations and maintenance |
318,763 | 329,581 | (10,818 | ) | ||||||||
| Depreciation, depletion and amortization |
199,559 | 185,025 | 14,534 | |||||||||
| Taxes, other than income taxes |
69,399 | 64,508 | 4,891 | |||||||||
| Accretion expense |
5,066 | 4,568 | 498 | |||||||||
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| Total operating expenses |
778,703 | 846,632 | (67,929 | ) | ||||||||
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|||||||
| Operating Income |
416,628 | 357,811 | 58,817 | |||||||||
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| Other Income (Expense) |
||||||||||||
| Interest expense |
(30,843 | ) | (29,395 | ) | (1,448 | ) | ||||||
| Other income |
1,727 | 2,555 | (828 | ) | ||||||||
| Other expense |
(1,449 | ) | (541 | ) | (908 | ) | ||||||
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| Total other expense |
(30,565 | ) | (27,381 | ) | (3,184 | ) | ||||||
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|||||||
| Income Before Income Taxes |
386,063 | 330,430 | 55,633 | |||||||||
| Income tax expense |
140,871 | 119,873 | 20,998 | |||||||||
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| Net Income |
$ | 245,192 | $ | 210,557 | $ | 34,635 | ||||||
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| Diluted Earnings Per Average Common Share |
$ | 3.39 | $ | 2.92 | $ | 0.47 | ||||||
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| Basic Earnings Per Average Common Share |
$ | 3.40 | $ | 2.93 | $ | 0.47 | ||||||
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| Diluted Avg. Common Shares Outstanding |
72,409 | 72,061 | 348 | |||||||||
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| Basic Avg. Common Shares Outstanding |
72,045 | 71,838 | 207 | |||||||||
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| Dividends Per Common Share |
$ | 0.405 | $ | 0.39 | $ | 0.015 | ||||||
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2
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of September 30, 2011 and December 31, 2010
| (in thousands) |
September 30, 2011 | December 31, 2010 | ||||||
| ASSETS |
||||||||
| Current Assets |
||||||||
| Cash and cash equivalents |
$ | 21,396 | $ | 22,659 | ||||
| Accounts receivable, net of allowance |
214,553 | 286,849 | ||||||
| Inventories |
74,795 | 59,302 | ||||||
| Regulatory asset |
44,525 | 28,286 | ||||||
| Other |
22,332 | 89,187 | ||||||
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|||||
| Total current assets |
377,601 | 486,283 | ||||||
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| Property, Plant and Equipment |
||||||||
| Oil and gas properties, net |
3,408,986 | 2,919,144 | ||||||
| Utility plant, net |
811,559 | 782,622 | ||||||
| Other property, net |
23,423 | 17,461 | ||||||
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| Total property, plant and equipment, net |
4,243,968 | 3,719,227 | ||||||
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| Other Assets |
||||||||
| Regulatory asset |
109,244 | 105,365 | ||||||
| Long-term derivative instruments |
101,175 | — | ||||||
| Other |
43,454 | 52,685 | ||||||
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| Total other assets |
253,873 | 158,050 | ||||||
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| TOTAL ASSETS |
$ | 4,875,442 | $ | 4,363,560 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current Liabilities |
||||||||
| Long-term debt due within one year |
$ | 1,000 | $ | 5,000 | ||||
| Notes payable to banks |
75,000 | 305,000 | ||||||
| Accounts payable |
212,722 | 268,214 | ||||||
| Regulatory liability |
51,849 | 75,703 | ||||||
| Other |
175,727 | 164,694 | ||||||
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| Total current liabilities |
516,298 | 818,611 | ||||||
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| Long-term debt |
803,829 | 405,254 | ||||||
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| Deferred Credits and Other Liabilities |
||||||||
| Regulatory liability |
87,579 | 110,447 | ||||||
| Deferred income taxes |
785,826 | 615,084 | ||||||
| Long-term derivative instruments |
13,331 | 112,936 | ||||||
| Other |
180,678 | 147,185 | ||||||
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| Total deferred credits and other liabilities |
1,067,414 | 985,652 | ||||||
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| Total Shareholders’ Equity |
2,487,901 | 2,154,043 | ||||||
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| TOTAL LIABILTIES AND SHAREHOLDERS’ EQUITY |
$ | 4,875,442 | $ | 4,363,560 | ||||
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3
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending September 30, 2011 and 2010
| 3rd Quarter | ||||||||||||
| (in thousands, except sales price data) |
2011 | 2010 | Change | |||||||||
| Oil and Gas Operations |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 96,604 | $ | 119,287 | $ | (22,683 | ) | |||||
| Oil |
197,636 | 99,045 | 98,591 | |||||||||
| Natural gas liquids |
24,476 | 15,388 | 9,088 | |||||||||
| Other |
236 | 391 | (155 | ) | ||||||||
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| Total |
$ | 318,952 | $ | 234,111 | $ | 84,841 | ||||||
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| Production volumes |
||||||||||||
| Natural gas (MMcf) |
17,796 | 17,723 | 73 | |||||||||
| Oil (MBbl) |
1,709 | 1,290 | 419 | |||||||||
| Natural gas liquids (MMgal) |
24.3 | 19.8 | 4.5 | |||||||||
| Total production volumes (MMcfe) |
31,518 | 28,295 | 3,223 | |||||||||
| Total production volumes (MBOE) |
5,253 | 4,716 | 537 | |||||||||
| Revenue per unit of production including effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 5.43 | $ | 6.73 | $ | (1.3 | ) | |||||
| Oil (barrel) |
$ | 115.64 | $ | 76.80 | $ | 38.84 | ||||||
| Natural gas liquids (gallon) |
$ | 1.01 | $ | 0.78 | $ | 0.23 | ||||||
| Revenue per unit of production including effects of qualifying cash flow hedges |
||||||||||||
| Natural gas (Mcf) |
$ | 5.43 | $ | 6.73 | $ | (1.3 | ) | |||||
| Oil (barrel) |
$ | 84.56 | $ | 76.80 | $ | 7.76 | ||||||
| Natural gas liquids (gallon) |
$ | 1.00 | $ | 0.78 | $ | 0.22 | ||||||
| Revenue per unit of production excluding effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 4.11 | $ | 4.03 | $ | 0.8 | ||||||
| Oil (barrel) |
$ | 86.17 | $ | 71.75 | $ | 14.42 | ||||||
| Natural gas liquids (gallon) |
$ | 1.17 | $ | 0.77 | $ | 0.40 | ||||||
| Other data |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 54,563 | $ | 47,405 | $ | 7,158 | ||||||
| Production taxes |
14,367 | 10,475 | 3,892 | |||||||||
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| Total |
$ | 68,930 | $ | 57,880 | $ | 11,050 | ||||||
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| Depreciation, depletion and amortization |
$ | 62,822 | $ | 51,363 | $ | 11,459 | ||||||
| General and administrative expense |
$ | 13,366 | $ | 12,157 | $ | 1,209 | ||||||
| Capital expenditures |
$ | 266,745 | $ | 275,895 | $ | (9,150 | ) | |||||
| Exploration expenditures |
$ | 10,775 | $ | 34,506 | $ | (23,731 | ) | |||||
| Operating income |
$ | 161,331 | $ | 76,644 | $ | 84,687 | ||||||
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4
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 30,541 | $ | 31,409 | $ | (868 | ) | |||||
| Commercial and industrial |
16,984 | 17,130 | (146 | ) | ||||||||
| Transportation |
12,114 | 12,020 | 94 | |||||||||
| Other |
(23 | ) | 1,134 | (1,157 | ) | |||||||
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| Total |
$ | 59,616 | $ | 61,693 | $ | (2,077 | ) | |||||
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| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
1,385 | 1,401 | (16 | ) | ||||||||
| Commercial and industrial |
1,181 | 1,155 | 26 | |||||||||
| Transportation |
10,004 | 10,783 | (779 | ) | ||||||||
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| Total |
12,570 | 13,339 | (769 | ) | ||||||||
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| Other data |
||||||||||||
| Depreciation and amortization |
$ | 9,980 | $ | 9,451 | $ | 529 | ||||||
| Capital expenditures |
$ | 21,333 | $ | 38,283 | $ | (16,950 | ) | |||||
| Operating income |
$ | (10,681 | ) | $ | (9,015 | ) | $ | (1,666 | ) | |||
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5
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 9 months ending September 30, 2011 and 2010
| Year-to-date | ||||||||||||
| (in thousands, except sales price data) |
2011 | 2010 | Change | |||||||||
| Oil and Gas Operations |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 290,240 | $ | 365,302 | $ | (75,062 | ) | |||||
| Oil |
419,830 | 291,543 | 128,287 | |||||||||
| Natural gas liquids |
63,491 | 46,535 | 16,956 | |||||||||
| Other |
6,273 | 2,931 | 3,342 | |||||||||
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| Total |
$ | 779,834 | $ | 706,311 | $ | 73,523 | ||||||
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| Production volumes |
||||||||||||
| Natural gas (MMcf) |
52,908 | 52,768 | 140 | |||||||||
| Oil (MBbl) |
4,574 | 3,734 | 840 | |||||||||
| Natural gas liquids (MMgal) |
66.6 | 57.6 | 9 | |||||||||
| Total production volumes (MMcfe) |
89,868 | 83,401 | 6,467 | |||||||||
| Total production volumes (MBOE) |
14,978 | 13,900 | 1,078 | |||||||||
| Revenue per unit of production including effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 5.49 | $ | 6.92 | $ | (1.43 | ) | |||||
| Oil (barrel) |
$ | 91.79 | $ | 78.09 | $ | 13.7 | ||||||
| Natural gas liquids (gallon) |
$ | 0.95 | $ | 0.81 | $ | 0.14 | ||||||
| Revenue per unit of production including effects of qualifying cash flow hedges |
||||||||||||
| Natural gas (Mcf) |
$ | 5.49 | $ | 6.92 | $ | (1.43 | ) | |||||
| Oil (barrel) |
$ | 80.17 | $ | 78.09 | $ | 2.08 | ||||||
| Natural gas liquids (gallon) |
$ | 0.95 | $ | 0.81 | $ | 0.14 | ||||||
| Revenue per unit of production excluding effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 4.10 | $ | 4.40 | (0.30 | ) | ||||||
| Oil (barrel) |
$ | 90.40 | $ | 73.16 | 17.24 | |||||||
| Natural gas liquids (gallon) |
$ | 1.11 | $ | 0.83 | 0.28 | |||||||
| Other data |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 152,220 | $ | 135,965 | $ | 16,255 | ||||||
| Production taxes |
40,842 | 31,062 | 9,780 | |||||||||
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| Total |
$ | 193,062 | $ | 167,027 | $ | 26,035 | ||||||
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|||||||
| Depreciation, depletion and amortization |
$ | 169,953 | $ | 150,645 | $ | 19,308 | ||||||
| General and administrative expense |
$ | 47,349 | $ | 40,319 | $ | 7,030 | ||||||
| Capital expenditures |
$ | 666,601 | $ | 386,810 | $ | 279,791 | ||||||
| Exploration expenditures |
$ | 12,596 | $ | 54,367 | $ | (41,771 | ) | |||||
| Operating income |
$ | 351,808 | $ | 289,385 | $ | 62,423 | ||||||
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6
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 269,584 | $ | 334,429 | $ | (64,845 | ) | |||||
| Commercial and industrial |
107,283 | 128,216 | (20,933 | ) | ||||||||
| Transportation |
40,568 | 42,043 | (1,475 | ) | ||||||||
| Other |
(1,938 | ) | (6,556 | ) | 4,618 | |||||||
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| Total |
$ | 415,497 | $ | 498,132 | $ | (82,635 | ) | |||||
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| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
16,725 | 19,673 | (2,948 | ) | ||||||||
| Commercial and industrial |
7,843 | 8,735 | (892 | ) | ||||||||
| Transportation |
33,713 | 33,988 | (275 | ) | ||||||||
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| Total |
58,281 | 62,396 | (4,115 | ) | ||||||||
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| Other data |
||||||||||||
| Depreciation and amortization |
$ | 29,606 | $ | 34,380 | $ | (4,774 | ) | |||||
| Capital expenditures |
$ | 57,170 | $ | 75,810 | $ | (18,640 | ) | |||||
| Operating income |
$ | 65,541 | $ | 69,378 | $ | (3,837 | ) | |||||
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7