Attached files
| file | filename |
|---|---|
| 8-K - 8-K - ENERGEN CORP | d719582d8k.htm |
| EX-99.3 - EX-99.3 - ENERGEN CORP | d719582dex993.htm |
| EX-99.1 - EX-99.1 - ENERGEN CORP | d719582dex991.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending March 31, 2014 and 2013
| 1st Quarter | ||||||||||||
| (in thousands, except per share data) | 2014 | 2013 | Change | |||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 297,278 | $ | 236,331 | $ | 60,947 | ||||||
| Natural gas distribution |
263,900 | 237,685 | 26,215 | |||||||||
| Total operating revenues |
561,178 | 474,016 | 87,162 | |||||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
128,114 | 95,442 | 32,672 | |||||||||
| Operations and maintenance |
155,072 | 140,712 | 14,360 | |||||||||
| Depreciation, depletion and amortization |
135,697 | 105,828 | 29,869 | |||||||||
| Taxes, other than income taxes |
35,853 | 28,157 | 7,696 | |||||||||
| Accretion expense |
1,843 | 1,687 | 156 | |||||||||
| Total operating expenses |
456,579 | 371,826 | 84,753 | |||||||||
| Operating Income |
104,599 | 102,190 | 2,409 | |||||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(17,640 | ) | (16,752) | (888 | ) | |||||||
| Other income |
1,384 | 1,734 | (350 | ) | ||||||||
| Other expense |
(54 | ) | (69) | 15 | ||||||||
| Total other expense |
(16,310 | ) | (15,087) | (1,223 | ) | |||||||
| Income From Continuing Operations Before Income Taxes |
88,289 | 87,103 | 1,186 | |||||||||
| Income tax expense |
32,797 | 32,409 | 388 | |||||||||
| Income From Continuing Operations |
55,492 | 54,694 | 798 | |||||||||
| Discontinued Operations, net of taxes |
||||||||||||
| Income (loss) from discontinued operations |
(1,126 | ) | 1,998 | (3,124 | ) | |||||||
| Loss on disposal of discontinued operations |
(1,050 | ) | - | (1,050 | ) | |||||||
| Income (Loss) From Discontinued Operations |
(2,176 | ) | 1,998 | (4,174 | ) | |||||||
| Net Income |
$ | 53,316 | $ | 56,692 | $ | (3,376 | ) | |||||
| Diluted Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | 0.76 | $ | 0.75 | $ | 0.01 | ||||||
| Discontinued operations |
(0.03 | ) | 0.03 | (0.06 | ) | |||||||
| Net Income |
$ | 0.73 | $ | 0.78 | $ | (0.05 | ) | |||||
| Basic Earnings Per Average Common Share |
||||||||||||
| Continuing operations |
$ | 0.76 | $ | 0.76 | $ | - | ||||||
| Discontinued operations |
(0.03 | ) | 0.03 | (0.06 | ) | |||||||
| Net Income |
$ | 0.73 | $ | 0.79 | $ | (0.06 | ) | |||||
| Diluted Avg. Common Shares Outstanding |
73,043 | 72,288 | 755 | |||||||||
| Basic Avg. Common Shares Outstanding |
72,628 | 72,143 | 485 | |||||||||
| Dividends Per Common Share |
$ | 0.15 | $ | 0.145 | $ | 0.005 | ||||||
1
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of March 31, 2014 and December 31, 2013
| (in thousands) | March 31, 2014 | December 31, 2013 | ||||||
| ASSETS |
||||||||
| Current Assets |
||||||||
| Cash and cash equivalents |
$ | 35,343 | $ | 5,555 | ||||
| Accounts receivable, net of allowance |
299,118 | 257,545 | ||||||
| Inventories |
36,896 | 52,330 | ||||||
| Regulatory asset |
1,283 | 2,756 | ||||||
| Assets held for sale |
1,871 | 51,104 | ||||||
| Other |
64,518 | 57,941 | ||||||
| Total current assets |
439,029 | 427,231 | ||||||
| Property, Plant and Equipment |
||||||||
| Oil and gas properties, net |
5,231,851 | 5,087,573 | ||||||
| Utility plant, net |
888,177 | 885,509 | ||||||
| Other property, net |
33,690 | 30,556 | ||||||
| Total property, plant and equipment, net |
6,153,718 | 6,003,638 | ||||||
| Other Assets |
||||||||
| Regulatory asset |
82,570 | 84,890 | ||||||
| Long-term derivative instruments |
2,638 | 5,439 | ||||||
| Other |
102,435 | 101,014 | ||||||
| Total other assets |
187,643 | 191,343 | ||||||
| TOTAL ASSETS |
$ | 6,780,390 | $ | 6,622,212 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current Liabilities |
||||||||
| Long-term debt due within one year |
$ | 60,000 | $ | 60,000 | ||||
| Notes payable to banks |
575,000 | 539,000 | ||||||
| Accounts payable |
300,069 | 250,756 | ||||||
| Regulatory liability |
80,698 | 49,006 | ||||||
| Other |
194,717 | 211,131 | ||||||
| Total current liabilities |
1,210,484 | 1,109,893 | ||||||
| Long-term debt |
1,328,442 | 1,343,464 | ||||||
| Deferred Credits and Other Liabilities |
||||||||
| Regulatory liability |
83,240 | 94,125 | ||||||
| Deferred income taxes |
1,037,898 | 1,013,245 | ||||||
| Long-term derivative instruments |
1,011 | 398 | ||||||
| Other |
208,188 | 203,068 | ||||||
| Total deferred credits and other liabilities |
1,330,337 | 1,310,836 | ||||||
| Total Shareholders’ Equity |
2,911,127 | 2,858,019 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 6,780,390 | $ | 6,622,212 | ||||
2
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending March 31, 2014 and 2013
| 1st Quarter | ||||||||||||
| (in thousands, except sales price data) | 2014 | 2013 | Change | |||||||||
| Oil and Gas Operations (GAAP) |
||||||||||||
| Operating revenues from continuing operations |
||||||||||||
| Natural gas |
$ | 51,252 | $ | 53,216 | $ | (1,964 | ) | |||||
| Oil |
217,493 | 161,551 | 55,942 | |||||||||
| Natural gas liquids |
28,686 | 21,116 | 7,570 | |||||||||
| Other |
(153 | ) | 448 | (601 | ) | |||||||
| Total (GAAP) |
$ | 297,278 | $ | 236,331 | $ | 60,947 | ||||||
| Oil and Gas Operations excluding mark-to-market (Non-GAAP) |
||||||||||||
| Operating revenues from continuing operations |
||||||||||||
| Natural gas |
$ | 63,756 | $ | 57,591 | $ | 6,165 | ||||||
| Oil |
238,957 | 198,203 | 40,754 | |||||||||
| Natural gas liquids |
28,399 | 21,137 | 7,262 | |||||||||
| Other |
(153 | ) | 448 | (601 | ) | |||||||
| Total (Non-GAAP)* |
$ | 330,959 | $ | 277,379 | $ | 53,580 | ||||||
| Production volumes from continuing operations |
||||||||||||
| Natural gas (MMcf) |
14,124 | 13,818 | 306 | |||||||||
| Oil (MBbl) |
2,751 | 2,314 | 437 | |||||||||
| Natural gas liquids (MMgal) |
37.9 | 27.6 | 10.3 | |||||||||
| Production volumes from continuing operations (MBOE) |
6,008 | 5,273 | 735 | |||||||||
| Total production volumes (MBOE) |
6,162 | 5,921 | 241 | |||||||||
| Revenue per unit of production excluding effects of non-cash mark-to-market derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 4.51 | $ | 4.17 | $ | 0.34 | ||||||
| Oil (barrel) |
$ | 86.86 | $ | 85.65 | $ | 1.21 | ||||||
| Natural gas liquids (gallon) |
$ | 0.75 | $ | 0.77 | $ | (0.02 | ) | |||||
| Revenue per unit of production excluding effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 4.88 | $ | 3.29 | $ | 1.59 | ||||||
| Oil (barrel) |
$ | 92.24 | $ | 82.44 | $ | 9.80 | ||||||
| Natural gas liquids (gallon) |
$ | 0.74 | $ | 0.68 | $ | 0.06 | ||||||
| Other data from continuing operations |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 75,012 | $ | 75,155 | $ | (143 | ) | |||||
| Production taxes |
19,756 | 13,763 | 5,993 | |||||||||
| Total |
$ | 94,768 | $ | 88,918 | $ | 5,850 | ||||||
| Depreciation, depletion and amortization |
$ | 124,372 | $ | 95,099 | $ | 29,273 | ||||||
| General and administrative expense |
$ | 29,933 | $ | 25,948 | $ | 3,985 | ||||||
| Capital expenditures |
$ | 271,696 | $ | 285,053 | $ | (13,357 | ) | |||||
| Exploration expenditures |
$ | 12,814 | $ | 1,498 | $ | 11,316 | ||||||
| Operating income |
$ | 33,548 | $ | 23,181 | $ | 10,367 | ||||||
| * | Operating revenues excluding mark-to-market losses of $33,681 and $41,048 in first quarter 2014 and 2013, respectively. |
3
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 191,611 | $ | 162,739 | $ | 28,872 | ||||||
| Commercial and industrial |
68,992 | 57,599 | 11,393 | |||||||||
| Transportation |
18,034 | 18,240 | (206 | ) | ||||||||
| Other |
(14,737 | ) | (893 | ) | (13,844 | ) | ||||||
| Total |
$ | 263,900 | $ | 237,685 | $ | 26,215 | ||||||
| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
13,053 | 10,382 | 2,671 | |||||||||
| Commercial and industrial |
5,315 | 4,207 | 1,108 | |||||||||
| Transportation |
12,782 | 12,790 | (8 | ) | ||||||||
| Total |
31,150 | 27,379 | 3,771 | |||||||||
| Other data |
||||||||||||
| Depreciation and amortization |
$ | 11,325 | $ | 10,729 | $ | 596 | ||||||
| Capital expenditures |
$ | 13,594 | $ | 19,697 | $ | (6,103 | ) | |||||
| Operating income |
$ | 72,351 | $ | 79,293 | $ | (6,942 | ) |
4