Attached files
| file | filename |
|---|---|
| 8-K - 8-K - SPIRE ALABAMA INC | d429693d8k.htm |
| EX-99.1 - EX-99.1 - SPIRE ALABAMA INC | d429693dex991.htm |
| EX-99.3 - EX-99.3 - SPIRE ALABAMA INC | d429693dex993.htm |
EXHIBIT 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending September 30, 2012 and 2011
| 3rd Quarter | ||||||||||||
| (in thousands, except per share data) | 2012 | 2011 | Change | |||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 233,515 | $ | 318,952 | $ | (85,437) | ||||||
| Natural gas distribution |
61,809 | 59,616 | 2,193 | |||||||||
| Total operating revenues |
295,324 | 378,568 | (83,244) | |||||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
20,924 | 21,748 | (824) | |||||||||
| Operations and maintenance |
128,587 | 111,749 | 16,838 | |||||||||
| Depreciation, depletion and amortization |
104,338 | 72,802 | 31,536 | |||||||||
| Taxes, other than income taxes |
20,110 | 20,129 | (19) | |||||||||
| Accretion expense |
1,907 | 1,728 | 179 | |||||||||
| Total operating expenses |
275,866 | 228,156 | 47,710 | |||||||||
| Operating Income |
19,458 | 150,412 | (130,954) | |||||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(17,198) | (11,976) | (5,222) | |||||||||
| Other income |
1,523 | 619 | 904 | |||||||||
| Other expense |
(84) | (2,074) | 1,990 | |||||||||
| Total other expense |
(15,759) | (13,431) | (2,328) | |||||||||
| Income Before Income Taxes |
3,699 | 136,981 | (133,282) | |||||||||
| Income tax expense |
1,653 | 49,382 | (47,729) | |||||||||
| Net Income |
$ | 2,046 | $ | 87,599 | $ | (85,553) | ||||||
| Diluted Earnings Per Average Common Share |
$ | 0.03 | $ | 1.21 | $ | (1.18) | ||||||
| Basic Earnings Per Average Common Share |
$ | 0.03 | $ | 1.22 | $ | (1.19) | ||||||
| Diluted Avg. Common Shares Outstanding |
72,316 | 72,375 | (59) | |||||||||
| Basic Avg. Common Shares Outstanding |
72,130 | 72,068 | 62 | |||||||||
| Dividends Per Common Share |
$ | 0.14 | $ | 0.135 | $ | 0.005 | ||||||
1
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the 9 months ending September 30, 2012 and 2011 |
| Year-to-date | ||||||||||||
| (in thousands, except per share data) | 2012 | 2011 | Change | |||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 856,940 | $ | 779,834 | $ | 77,106 | ||||||
| Natural gas distribution |
327,183 | 415,497 | (88,314) | |||||||||
| Total operating revenues |
1,184,123 | 1,195,331 | (11,208) | |||||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
94,179 | 185,916 | (91,737) | |||||||||
| Operations and maintenance |
351,861 | 318,763 | 33,098 | |||||||||
| Depreciation, depletion and amortization |
300,863 | 199,559 | 101,304 | |||||||||
| Asset impairment |
21,545 | — | 21,545 | |||||||||
| Taxes, other than income taxes |
65,868 | 69,399 | (3,531) | |||||||||
| Accretion expense |
5,581 | 5,066 | 515 | |||||||||
| Total operating expenses |
839,897 | 778,703 | 61,194 | |||||||||
| Operating Income |
344,226 | 416,628 | (72,402) | |||||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(48,458) | (30,843) | (17,615) | |||||||||
| Other income |
3,740 | 1,727 | 2,013 | |||||||||
| Other expense |
(305) | (1,449) | 1,144 | |||||||||
| Total other expense |
(45,023) | (30,565) | (14,458) | |||||||||
| Income Before Income Taxes |
299,203 | 386,063 | (86,860) | |||||||||
| Income tax expense |
108,464 | 140,871 | (32,407) | |||||||||
| Net Income |
$ | 190,739 | $ | 245,192 | $ | (54,453) | ||||||
| Diluted Earnings Per Average Common Share |
$ | 2.64 | $ | 3.39 | $ | (0.75) | ||||||
| Basic Earnings Per Average Common Share |
$ | 2.64 | $ | 3.40 | $ | (0.76) | ||||||
| Diluted Avg. Common Shares Outstanding |
72,301 | 72,409 | (108) | |||||||||
| Basic Avg. Common Shares Outstanding |
72,121 | 72,045 | 76 | |||||||||
| Dividends Per Common Share |
$ | 0.42 | $ | 0.405 | $ | 0.015 | ||||||
2
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of September 30, 2012 and December 31, 2011
| (in thousands) |
September 30, 2012 |
December 31, 2011 | ||||||
| ASSETS |
||||||||
| Current Assets |
||||||||
| Cash and cash equivalents |
$ | 47,137 | $ | 9,541 | ||||
| Accounts receivable, net of allowance |
194,473 | 231,925 | ||||||
| Inventories |
73,950 | 74,012 | ||||||
| Regulatory asset |
56,188 | 57,143 | ||||||
| Other |
55,517 | 71,547 | ||||||
|
|
||||||||
| Total current assets |
427,265 | 444,168 | ||||||
|
|
||||||||
| Property, Plant and Equipment |
||||||||
| Oil and gas properties, net |
4,448,844 | 3,783,842 | ||||||
| Utility plant, net |
835,175 | 813,428 | ||||||
| Other property, net |
23,953 | 23,506 | ||||||
|
|
||||||||
| Total property, plant and equipment, net |
5,307,972 | 4,620,776 | ||||||
|
|
||||||||
| Other Assets |
||||||||
| Regulatory asset |
94,869 | 95,633 | ||||||
| Long-term derivative instruments |
43,137 | 31,056 | ||||||
| Other |
46,586 | 45,783 | ||||||
|
|
||||||||
| Total other assets |
184,592 | 172,472 | ||||||
|
|
||||||||
| TOTAL ASSETS |
$ | 5,919,829 | $ | 5,237,416 | ||||
|
|
||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current Liabilities |
||||||||
| Long-term debt due within one year |
$ | — | $ | 1,000 | ||||
| Notes payable to banks |
480,000 | 15,000 | ||||||
| Accounts payable |
264,930 | 302,048 | ||||||
| Regulatory liability |
27,372 | 58,279 | ||||||
| Other |
190,929 | 167,552 | ||||||
|
|
||||||||
| Total current liabilities |
963,231 | 543,879 | ||||||
|
|
||||||||
| Long-term debt |
1,153,591 | 1,153,700 | ||||||
|
|
||||||||
| Deferred Credits and Other Liabilities |
||||||||
| Regulatory liability |
77,692 | 87,234 | ||||||
| Deferred income taxes |
885,839 | 806,127 | ||||||
| Long-term derivative instruments |
11,110 | 34,663 | ||||||
| Other |
207,277 | 179,650 | ||||||
|
|
||||||||
| Total deferred credits and other liabilities |
1,181,918 | 1,107,674 | ||||||
|
|
||||||||
| Total Shareholders’ Equity |
2,621,089 | 2,432,163 | ||||||
|
|
||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 5,919,829 | $ | 5,237,416 | ||||
3
| SELECTED BUSINESS SEGMENT DATA (UNAUDITED) For the 3 months ending September 30, 2012 and 2011 |
| 3rd Quarter | ||||||||||||
| (in thousands, except sales price data) | 2012 | 2011 | Change | |||||||||
| Oil and Gas Operations (GAAP) |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 67,542 | $ | 96,604 | $ | (29,062) | ||||||
| Oil |
148,004 | 197,636 | (49,632) | |||||||||
| Natural gas liquids |
17,566 | 24,476 | (6,910) | |||||||||
| Other |
403 | 236 | 167 | |||||||||
| Total (GAAP) |
$ | 233,515 | $ | 318,952 | $ | (85,437) | ||||||
| Oil and Gas Operations excluding mark-to-market (Non-GAAP) |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 71,701 | $ | 96,604 | $ | (24,903) | ||||||
| Oil |
188,573 | 144,505 | 44,068 | |||||||||
| Natural gas liquids |
19,590 | 24,381 | (4,791) | |||||||||
| Other |
403 | 236 | 167 | |||||||||
| Total (Non-GAAP)* |
$ | 280,267 | $ | 265,726 | $ | 14,541 | ||||||
| Production volumes |
||||||||||||
| Natural gas (MMcf) |
18,882 | 17,796 | 1,086 | |||||||||
| Oil (MBbl) |
2,279 | 1,709 | 570 | |||||||||
| Natural gas liquids (MMgal) |
25.2 | 24.3 | 0.90 | |||||||||
| Total production volumes (MMcfe) |
36,156 | 31,518 | 4,638 | |||||||||
| Total production volumes (MBOE) |
6,026 | 5,253 | 773 | |||||||||
| Revenue per unit of production including effects of designated cash flow hedges |
||||||||||||
| Natural gas (Mcf) |
$ | 3.80 | $ | 5.43 | $ | (1.63) | ||||||
| Oil (barrel) |
$ | 82.74 | $ | 84.56 | $ | (1.82) | ||||||
| Natural gas liquids (gallon) |
$ | 0.78 | $ | 1.00 | $ | (0.22) | ||||||
| Revenue per unit of production excluding effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 2.72 | $ | 4.11 | $ | (1.39) | ||||||
| Oil (barrel) |
$ | 86.53 | $ | 86.17 | $ | 0.36 | ||||||
| Natural gas liquids (gallon) |
$ | 0.68 | $ | 1.17 | $ | (0.49) | ||||||
| Other data |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 63,731 | $ | 54,563 | $ | 9,168 | ||||||
| Production taxes |
14,069 | 14,367 | (298) | |||||||||
| Total |
$ | 77,800 | $ | 68,930 | $ | 8,870 | ||||||
| Depreciation, depletion and amortization |
$ | 93,766 | $ | 62,822 | $ | 30,944 | ||||||
| General and administrative expense |
$ | 16,989 | $ | 13,366 | $ | 3,623 | ||||||
| Capital expenditures |
$ | 323,037 | $ | 266,745 | $ | 56,292 | ||||||
| Exploration expenditures |
$ | 10,646 | $ | 10,775 | $ | (129) | ||||||
| Operating income |
$ | 32,407 | $ | 161,331 | $ | (128,924) | ||||||
*Operating revenues excluding mark-to-market losses of $46,752 and gains of $53,226 in third quarter 2012 and 2011, respectively.
4
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 30,658 | $ | 30,541 | $ | 117 | ||||||
| Commercial and industrial |
17,695 | 16,984 | 711 | |||||||||
| Transportation |
13,505 | 12,114 | 1,391 | |||||||||
| Other |
(49) | (23) | (26) | |||||||||
| Total |
$ | 61,809 | $ | 59,616 | $ | 2,193 | ||||||
| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
1,378 | 1,385 | (7) | |||||||||
| Commercial and industrial |
1,246 | 1,181 | 65 | |||||||||
| Transportation |
11,252 | 10,004 | 1,248 | |||||||||
| Total |
13,876 | 12,570 | 1,306 | |||||||||
| Other data |
||||||||||||
| Depreciation and amortization |
$ | 10,572 | $ | 9,980 | $ | 592 | ||||||
| Capital expenditures |
$ | 18,813 | $ | 21,333 | $ | (2,520) | ||||||
| Operating loss |
$ | (12,743) | $ | (10,681) | $ | (2,062) | ||||||
5
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 9 months ending September 30, 2012 and 2011
| Year-to-date | ||||||||||||
| (in thousands, except sales price data) | 2012 | 2011 | Change | |||||||||
|
|
||||||||||||
| Oil and Gas Operations (GAAP) |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 211,371 | $ | 290,240 | $ | (78,869) | ||||||
| Oil |
579,278 | 419,830 | 159,448 | |||||||||
| Natural gas liquids |
64,970 | 63,491 | 1,479 | |||||||||
| Other |
1,321 | 6,273 | (4,952) | |||||||||
|
|
||||||||||||
| Total (GAAP) |
$ | 856,940 | $ | 779,834 | $ | 77,106 | ||||||
|
|
||||||||||||
| Oil and Gas Operations excluding mark-to-market (Non-GAAP) |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 215,492 | $ | 290,240 | $ | (74,748) | ||||||
| Oil |
542,923 | 366,700 | 176,223 | |||||||||
| Natural gas liquids |
63,169 | 63,396 | (227) | |||||||||
| Other |
1,321 | 6,273 | (4,952) | |||||||||
|
|
||||||||||||
| Total (Non-GAAP)* |
$ | 822,905 | $ | 726,609 | $ | 96,296 | ||||||
|
|
||||||||||||
| Production volumes |
||||||||||||
| Natural gas (MMcf) |
57,252 | 52,908 | 4,344 | |||||||||
| Oil (MBbl) |
6,427 | 4,574 | 1,853 | |||||||||
| Natural gas liquids (MMgal) |
79.0 | 66.6 | 12.4 | |||||||||
| Total production volumes (MMcfe) |
107,100 | 89,868 | 17,232 | |||||||||
| Total production volumes (MBOE) |
17,850 | 14,978 | 2,872 | |||||||||
| Revenue per unit of production including effects of designated cash flow hedges |
||||||||||||
| Natural gas (Mcf) |
$ | 3.76 | $ | 5.49 | $ | (1.73) | ||||||
| Oil (barrel) |
$ | 84.48 | $ | 80.17 | $ | 4.31 | ||||||
| Natural gas liquids (gallon) |
$ | 0.80 | $ | 0.95 | $ | (0.15) | ||||||
| Revenue per unit of production excluding effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 2.53 | $ | 4.10 | $ | (1.57) | ||||||
| Oil (barrel) |
$ | 89.91 | $ | 90.40 | $ | (0.49) | ||||||
| Natural gas liquids (gallon) |
$ | 0.78 | $ | 1.11 | $ | (0.33) | ||||||
| Other data |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 179,122 | $ | 152,220 | $ | 26,902 | ||||||
| Production taxes |
41,436 | 40,842 | 594 | |||||||||
|
|
||||||||||||
| Total |
$ | 220,558 | $ | 193,062 | $ | 27,496 | ||||||
|
|
||||||||||||
| Depreciation, depletion and amortization |
$ | 269,312 | $ | 169,953 | $ | 99,359 | ||||||
| Asset impairment |
$ | 21,545 | $ | — | $ | 21,545 | ||||||
| General and administrative expense |
$ | 51,739 | $ | 47,349 | $ | 4,390 | ||||||
| Capital expenditures |
$ | 957,913 | $ | 666,601 | $ | 291,312 | ||||||
| Exploration expenditures |
$ | 13,387 | $ | 12,596 | $ | 791 | ||||||
| Operating income |
$ | 274,818 | $ | 351,808 | $ | (76,990) | ||||||
*Operating revenues excluding mark-to-market gains of $34,035 and $53,225 in 2012 and 2011, respectively.
6
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 201,537 | $ | 269,584 | $ | (68,047) | ||||||
| Commercial and industrial |
84,889 | 107,283 | (22,394) | |||||||||
| Transportation |
42,765 | 40,568 | 2,197 | |||||||||
| Other |
(2,008) | (1,938) | (70) | |||||||||
| Total |
$ | 327,183 | $ | 415,497 | $ | (88,314) | ||||||
| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
11,601 | 16,725 | (5,124) | |||||||||
| Commercial and industrial |
6,137 | 7,843 | (1,706) | |||||||||
| Transportation |
34,835 | 33,713 | 1,122 | |||||||||
|
|
||||||||||||
| Total |
52,573 | 58,281 | (5,708) | |||||||||
|
|
||||||||||||
| Other data |
||||||||||||
| Depreciation and amortization |
$ | 31,551 | $ | 29,606 | $ | 1,945 | ||||||
| Capital expenditures |
$ | 51,786 | $ | 57,170 | $ | (5,384) | ||||||
| Operating income |
$ | 70,265 | $ | 65,541 | $ | 4,724 | ||||||
|
|
||||||||||||
7