Attached files
| file | filename |
|---|---|
| 8-K - 8-K - ENERGEN CORP | d674460d8k.htm |
| EX-99.1 - EX-99.1 - ENERGEN CORP | d674460dex991.htm |
| EX-99.3 - EX-99.3 - ENERGEN CORP | d674460dex993.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending December 31, 2013 and 2012
|
|
||||||||||||
| 4th Quarter | ||||||||||||
| (in thousands, except per share data) | 2013 | 2012 | Change | |||||||||
|
|
||||||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 329,962 | $ | 289,891 | $ | 40,071 | ||||||
| Natural gas distribution |
142,771 | 124,406 | 18,365 | |||||||||
|
|
||||||||||||
| Total operating revenues |
472,733 | 414,297 | 58,436 | |||||||||
|
|
||||||||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
52,007 | 48,049 | 3,958 | |||||||||
| Operations and maintenance |
148,949 | 121,516 | 27,433 | |||||||||
| Depreciation, depletion and amortization |
132,026 | 108,988 | 23,038 | |||||||||
| Taxes, other than income taxes |
27,313 | 22,487 | 4,826 | |||||||||
| Accretion expense |
1,808 | 1,648 | 160 | |||||||||
|
|
||||||||||||
| Total operating expenses |
362,103 | 302,688 | 59,415 | |||||||||
|
|
||||||||||||
| Operating Income |
110,630 | 111,609 | (979) | |||||||||
|
|
||||||||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(17,449) | (17,095) | (354) | |||||||||
| Other income |
1,674 | 662 | 1,012 | |||||||||
| Other expense |
(145) | (598) | 453 | |||||||||
|
|
||||||||||||
| Total other expense |
(15,920) | (17,031) | 1,111 | |||||||||
|
|
||||||||||||
| Income From Continuing Operations Before Income Taxes |
94,710 | 94,578 | 132 | |||||||||
| Income tax expense |
31,385 | 34,026 | (2,641) | |||||||||
|
|
||||||||||||
| Income From Continuing Operations |
63,325 | 60,552 | 2,773 | |||||||||
|
|
||||||||||||
| Discontinued Operations, net of taxes |
||||||||||||
| Income from discontinued operations |
1,496 | 2,271 | (775) | |||||||||
| Gain on disposal of discontinued operations, net |
19,272 | — | 19,272 | |||||||||
|
|
||||||||||||
| Income From Discontinued Operations |
20,768 | 2,271 | 18,497 | |||||||||
|
|
||||||||||||
| Net Income |
$ | 84,093 | $ | 62,823 | $ | 21,270 | ||||||
|
|
||||||||||||
| Diluted Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | 0.87 | $ | 0.84 | $ | 0.03 | ||||||
| Discontinued operations |
0.28 | 0.03 | 0.25 | |||||||||
|
|
||||||||||||
| Net Income |
$ | 1.15 | $ | 0.87 | $ | 0.28 | ||||||
|
|
||||||||||||
| Basic Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | 0.87 | $ | 0.84 | $ | 0.03 | ||||||
| Discontinued operations |
0.29 | 0.03 | 0.26 | |||||||||
|
|
||||||||||||
| Net Income |
$ | 1.16 | $ | 0.87 | $ | 0.29 | ||||||
|
|
||||||||||||
| Diluted Avg. Common Shares Outstanding |
73,086 | 72,319 | 767 | |||||||||
|
|
||||||||||||
| Basic Avg. Common Shares Outstanding |
72,628 | 72,138 | 490 | |||||||||
|
|
||||||||||||
| Dividends Per Common Share |
$ | 0.145 | $ | 0.14 | $ | 0.005 | ||||||
|
|
||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 12 months ending December 31, 2013 and 2012
|
|
||||||||||||
| Year-to-date | ||||||||||||
| (in thousands, except per share data) | 2013 | 2012 | Change | |||||||||
|
|
||||||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 1,205,312 | $ | 1,089,230 | $ | 116,082 | ||||||
| Natural gas distribution |
533,338 | 451,589 | 81,749 | |||||||||
|
|
||||||||||||
| Total operating revenues |
1,738,650 | 1,540,819 | 197,831 | |||||||||
|
|
||||||||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
215,455 | 142,228 | 73,227 | |||||||||
| Operations and maintenance |
562,350 | 458,084 | 104,266 | |||||||||
| Depreciation, depletion and amortization |
497,381 | 385,453 | 111,928 | |||||||||
| Taxes, other than income taxes |
105,268 | 86,801 | 18,467 | |||||||||
| Accretion expense |
6,995 | 6,339 | 656 | |||||||||
|
|
||||||||||||
| Total operating expenses |
1,387,449 | 1,078,905 | 308,544 | |||||||||
|
|
||||||||||||
| Operating Income |
351,201 | 461,914 | (110,713) | |||||||||
|
|
||||||||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(69,200) | (65,542) | (3,658) | |||||||||
| Other income |
16,803 | 4,285 | 12,518 | |||||||||
| Other expense |
(375) | (903) | 528 | |||||||||
|
|
||||||||||||
| Total other expense |
(52,772) | (62,160) | 9,388 | |||||||||
|
|
||||||||||||
| Income From Continuing Operations Before Income Taxes |
298,429 | 399,754 | (101,325) | |||||||||
| Income tax expense |
105,282 | 144,534 | (39,252) | |||||||||
|
|
||||||||||||
| Income From Continuing Operations |
193,147 | 255,220 | (62,073) | |||||||||
|
|
||||||||||||
| Discontinued Operations, net of taxes |
||||||||||||
| Income (loss) from discontinued operations |
7,813 | (1,658) | 9,471 | |||||||||
| Gain on disposal of discontinued operations, net |
3,594 | — | 3,594 | |||||||||
|
|
||||||||||||
| Income (Loss) From Discontinued Operations |
11,407 | (1,658) | 13,065 | |||||||||
|
|
||||||||||||
| Net Income |
$ | 204,554 | $ | 253,562 | $ | (49,008) | ||||||
|
|
||||||||||||
| Diluted Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | 2.67 | $ | 3.53 | $ | (0.86) | ||||||
| Discontinued operations |
0.15 | (0.02) | 0.17 | |||||||||
|
|
||||||||||||
| Net Income |
$ | 2.82 | $ | 3.51 | $ | (0.69) | ||||||
|
|
||||||||||||
| Basic Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | 2.67 | $ | 3.54 | $ | (0.87) | ||||||
| Discontinued operations |
0.16 | (0.02) | 0.18 | |||||||||
|
|
||||||||||||
| Net Income |
$ | 2.83 | $ | 3.52 | $ | (0.69) | ||||||
|
|
||||||||||||
| Diluted Avg. Common Shares Outstanding |
72,471 | 72,316 | 155 | |||||||||
|
|
||||||||||||
| Basic Avg. Common Shares Outstanding |
72,318 | 72,119 | 199 | |||||||||
|
|
||||||||||||
| Dividends Per Common Share |
$ | 0.58 | $ | 0.56 | $ | 0.02 | ||||||
|
|
||||||||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of December 31, 2013 and December 31, 2012
|
|
||||||||||
|
|
||||||||||
| (in thousands) | December 31, 2013 | December 31, 2012 | ||||||||
|
|
||||||||||
| ASSETS |
||||||||||
| Current Assets |
||||||||||
| Cash and cash equivalents |
$ | 5,555 | $ | 9,704 | ||||||
| Accounts receivable, net of allowance |
257,545 | 277,900 | ||||||||
| Inventories |
52,330 | 63,994 | ||||||||
| Regulatory asset |
2,756 | 45,515 | ||||||||
| Assets held for sale |
51,104 | — | ||||||||
| Other |
57,941 | 28,007 | ||||||||
|
|
||||||||||
| Total current assets |
427,231 | 425,120 | ||||||||
|
|
||||||||||
| Property, Plant and Equipment |
||||||||||
| Oil and gas properties, net |
5,087,573 | 4,673,886 | ||||||||
| Utility plant, net |
885,509 | 842,643 | ||||||||
| Other property, net |
30,556 | 25,107 | ||||||||
|
|
||||||||||
| Total property, plant and equipment, net |
6,003,638 | 5,541,636 | ||||||||
|
|
||||||||||
| Other Assets |
||||||||||
| Regulatory asset |
84,890 | 110,566 | ||||||||
| Long-term derivative instruments |
5,439 | 40,577 | ||||||||
| Other |
101,014 | 57,991 | ||||||||
|
|
||||||||||
| Total other assets |
191,343 | 209,134 | ||||||||
|
|
||||||||||
| TOTAL ASSETS |
$ | 6,622,212 | $ | 6,175,890 | ||||||
|
|
||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||
| Current Liabilities |
||||||||||
| Long-term debt due within one year |
$ | 60,000 | $ | 50,000 | ||||||
| Notes payable to banks |
539,000 | 643,000 | ||||||||
| Accounts payable |
250,756 | 257,579 | ||||||||
| Regulatory liability |
49,006 | 45,116 | ||||||||
| Other |
211,131 | 164,087 | ||||||||
|
|
||||||||||
| Total current liabilities |
1,109,893 | 1,159,782 | ||||||||
|
|
||||||||||
| Long-term debt |
1,343,464 | 1,103,528 | ||||||||
|
|
||||||||||
| Deferred Credits and Other Liabilities |
||||||||||
| Regulatory liability |
94,125 | 80,404 | ||||||||
| Deferred income taxes |
1,013,245 | 905,601 | ||||||||
| Long-term derivative instruments |
398 | 11,305 | ||||||||
| Other |
203,068 | 238,580 | ||||||||
|
|
||||||||||
| Total deferred credits and other liabilities |
1,310,836 | 1,235,890 | ||||||||
|
|
||||||||||
| Total Shareholders’ Equity |
2,858,019 | 2,676,690 | ||||||||
|
|
||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 6,622,212 | $ | 6,175,890 | ||||||
|
|
||||||||||
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending December 31, 2013 and 2012
|
|
||||||||||||
| 4th Quarter | ||||||||||||
| (in thousands, except sales price data) | 2013 | 2012 | Change | |||||||||
|
|
||||||||||||
| Oil and Gas Operations (GAAP) |
||||||||||||
| Operating revenues from continuing operations |
||||||||||||
| Natural gas |
$ | 43,332 | $ | 59,765 | $ | (16,433) | ||||||
| Oil |
257,125 | 210,770 | 46,355 | |||||||||
| Natural gas liquids |
29,994 | 20,968 | 9,026 | |||||||||
| Other |
(489) | (1,612) | 1,123 | |||||||||
|
|
||||||||||||
| Total (GAAP) |
$ | 329,962 | $ | 289,891 | $ | 40,071 | ||||||
|
|
||||||||||||
| Oil and Gas Operations excluding mark-to-market (Non-GAAP) |
||||||||||||
| Operating revenues from continuing operations |
||||||||||||
| Natural gas |
$ | 63,861 | $ | 56,159 | $ | 7,702 | ||||||
| Oil |
236,525 | 188,339 | 48,186 | |||||||||
| Natural gas liquids |
29,438 | 22,290 | 7,148 | |||||||||
| Other |
(489) | (1,612) | 1,123 | |||||||||
|
|
||||||||||||
| Total (Non-GAAP)* |
$ | 329,335 | $ | 265,176 | $ | 64,159 | ||||||
|
|
||||||||||||
| Production volumes from continuing operations |
||||||||||||
| Natural gas (MMcf) |
14,676 | 15,090 | (414) | |||||||||
| Oil (MBbl) |
2,694 | 2,335 | 359 | |||||||||
| Natural gas liquids (MMgal) |
37.3 | 29.1 | 8.2 | |||||||||
| Total production volumes (MMcfe) |
36,168 | 33,252 | 2,916 | |||||||||
| Total production volumes (MBOE) |
6,028 | 5,542 | 486 | |||||||||
| Revenue per unit of production including effects of designated cash flow hedges |
||||||||||||
| Natural gas (Mcf) |
$ | 4.35 | $ | 3.72 | $ | 0.63 | ||||||
| Oil (barrel) |
$ | 87.80 | $ | 80.66 | $ | 7.14 | ||||||
| Natural gas liquids (gallon) |
$ | 0.79 | $ | 0.77 | $ | 0.02 | ||||||
| Revenue per unit of production excluding effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 3.50 | $ | 3.23 | $ | 0.27 | ||||||
| Oil (barrel) |
$ | 92.84 | $ | 81.10 | $ | 11.74 | ||||||
| Natural gas liquids (gallon) |
$ | 0.73 | $ | 0.68 | $ | 0.05 | ||||||
| Other data from continuing operations |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 73,598 | $ | 65,451 | $ | 8,147 | ||||||
| Production taxes |
17,890 | 13,808 | 4,082 | |||||||||
|
|
||||||||||||
| Total |
$ | 91,488 | $ | 79,259 | $ | 12,229 | ||||||
|
|
||||||||||||
| Depreciation, depletion and amortization |
$ | 120,784 | $ | 98,269 | $ | 22,515 | ||||||
| General and administrative expense |
$ | 25,827 | $ | 15,873 | $ | 9,954 | ||||||
| Capital expenditures |
$ | 212,054 | $ | 333,298 | $ | (121,244) | ||||||
| Exploration expenditures |
$ | 14,040 | $ | 5,974 | $ | 8,066 | ||||||
| Operating income |
$ | 76,015 | $ | 88,868 | $ | (12,853) | ||||||
|
|
||||||||||||
*Operating revenues excluding mark-to-market gains of $627 and $24,715 in fourth quarter 2013 and 2012, respectively.
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 81,072 | $ | 76,161 | $ | 4,911 | ||||||
| Commercial and industrial |
33,572 | 30,822 | 2,750 | |||||||||
| Transportation |
15,993 | 16,093 | (100) | |||||||||
| Other |
12,134 | 1,330 | 10,804 | |||||||||
|
|
||||||||||||
| Total |
$ | 142,771 | $ | 124,406 | $ | 18,365 | ||||||
|
|
||||||||||||
| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
4,900 | 4,413 | 487 | |||||||||
| Commercial and industrial |
2,534 | 2,235 | 299 | |||||||||
| Transportation |
12,801 | 13,271 | (470) | |||||||||
|
|
||||||||||||
| Total |
20,235 | 19,919 | 316 | |||||||||
|
|
||||||||||||
| Other data |
||||||||||||
| Depreciation and amortization |
$ | 11,242 | $ | 10,719 | $ | 523 | ||||||
| Capital expenditures |
$ | 20,979 | $ | 20,083 | $ | 896 | ||||||
| Operating income |
$ | 34,800 | $ | 22,951 | $ | 11,849 | ||||||
|
|
||||||||||||
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending December 31, 2013 and 2012
|
|
||||||||||||
| Year-to-date | ||||||||||||
| (in thousands, except sales price data) |
2013 |
2012 | Change | |||||||||
|
|
||||||||||||
| Oil and Gas Operations (GAAP) |
||||||||||||
| Operating revenues from continuing operations |
||||||||||||
| Natural gas |
$ | 239,643 | $ | 216,073 | $ | 23,570 | ||||||
| Oil |
865,100 | 788,937 | 76,163 | |||||||||
| Natural gas liquids |
101,550 | 85,938 | 15,612 | |||||||||
| Other |
(981 | ) | (1,718 | ) | 737 | |||||||
|
|
||||||||||||
| Total (GAAP) |
$ | 1,205,312 | $ | 1,089,230 | $ | 116,082 | ||||||
|
|
||||||||||||
| Oil and Gas Operations excluding mark-to-market (Non-GAAP) |
||||||||||||
| Operating revenues from continuing operations |
||||||||||||
| Natural gas |
$ | 243,562 | $ | 216,588 | $ | 26,974 | ||||||
| Oil |
908,361 | 730,151 | 178,210 | |||||||||
| Natural gas liquids |
102,202 | 85,459 | 16,743 | |||||||||
| Other |
(981 | ) | (1,718 | ) | 737 | |||||||
|
|
||||||||||||
| Total (Non-GAAP)* |
$ | 1,253,144 | $ | 1,030,480 | $ | 222,664 | ||||||
|
|
||||||||||||
| Production volumes from continuing operations |
||||||||||||
| Natural gas (MMcf) |
58,104 | 59,166 | (1,062) | |||||||||
| Oil (MBbl) |
10,364 | 8,749 | 1,615 | |||||||||
| Natural gas liquids (MMgal) |
135.8 | 108.1 | 27.7 | |||||||||
| Total production volumes (MMcfe) |
139,686 | 127,098 | 12,588 | |||||||||
| Total production volumes (MBOE) |
23,281 | 21,183 | 2,098 | |||||||||
| Revenue per unit of production including effects of designated cash flow hedges |
||||||||||||
| Natural gas (Mcf) |
$ | 4.19 | $ | 3.66 | $ | 0.53 | ||||||
| Oil (barrel) |
$ | 87.65 | $ | 83.46 | $ | 4.19 | ||||||
| Natural gas liquids (gallon) |
$ | 0.75 | $ | 0.79 | $ | (0.04) | ||||||
| Revenue per unit of production excluding effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 3.51 | $ | 2.69 | $ | 0.82 | ||||||
| Oil (barrel) |
$ | 92.73 | $ | 87.56 | $ | 5.17 | ||||||
| Natural gas liquids (gallon) |
$ | 0.67 | $ | 0.75 | $ | (0.08) | ||||||
| Other data from continuing operations |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 284,053 | $ | 224,503 | $ | 59,550 | ||||||
| Production taxes |
67,488 | 53,690 | 13,798 | |||||||||
|
|
||||||||||||
| Total |
$ | 351,541 | $ | 278,193 | $ | 73,348 | ||||||
|
|
||||||||||||
| Depreciation, depletion and amortization |
$ | 453,474 | $ | 343,183 | $ | 110,291 | ||||||
| General and administrative expense |
$ | 107,397 | $ | 72,394 | $ | 35,003 | ||||||
| Capital expenditures |
$ | 1,104,745 | $ | 1,291,211 | $ | (186,466) | ||||||
| Exploration expenditures |
$ | 27,942 | $ | 19,356 | $ | 8,586 | ||||||
| Operating income |
$ | 257,963 | $ | 369,765 | $ | (111,082) | ||||||
|
|
||||||||||||
| * | Operating revenues excluding mark-to-market loss of $47,832 and gain of $58,750 in 2013 and 2012, respectively. |
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 340,563 | $ | 277,698 | $ | 62,865 | ||||||
| Commercial and industrial |
136,990 | 115,711 | 21,279 | |||||||||
| Transportation |
61,254 | 58,857 | 2,397 | |||||||||
| Other |
(5,469 | ) | (677 | ) | (4,792) | |||||||
|
|
||||||||||||
| Total |
$ | 533,338 | $ | 451,589 | $ | 81,749 | ||||||
|
|
||||||||||||
| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
20,279 | 16,014 | 4,265 | |||||||||
| Commercial and industrial |
9,968 | 8,372 | 1,596 | |||||||||
| Transportation |
47,534 | 48,106 | (572) | |||||||||
|
|
||||||||||||
| Total |
77,781 | 72,492 | 5,289 | |||||||||
|
|
||||||||||||
| Other data |
||||||||||||
| Depreciation and amortization |
$ | 43,907 | $ | 42,270 | $ | 1,637 | ||||||
| Capital expenditures |
$ | 88,769 | $ | 71,869 | $ | 16,900 | ||||||
| Operating income |
$ | 93,768 | $ | 93,216 | $ | 552 | ||||||
|
|
||||||||||||