x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Oklahoma |
73-1520922 | |
| (State or other jurisdiction of incorporation of organization) |
(I.R.S. Employer Identification No.) |
| 100 West Fifth Street, Tulsa, OK |
74103 | |
| (Address of principal executive offices) |
(Zip Code) |
| Page No. | ||||
| Part I. |
Financial Information |
|||
| Item 1. |
Financial Statements (Unaudited) |
|||
| 3 | ||||
| 4-5 | ||||
| 6 | ||||
| 7 | ||||
| Item 2. |
24 | |||
| Item 3. |
44 | |||
| Item 4. |
47 | |||
| Part II. |
Other Information |
|||
| Item 1. |
47 | |||
| Item 2. |
48 | |||
| Item 3. |
48 | |||
| Item 4. |
48 | |||
| Item 5. |
48 | |||
| Item 6. |
48 | |||
| Signatures |
||||
| Certifications |
| Three Months Ended September
30, |
Nine Months Ended September 30, |
|||||||||||||||
| (Unaudited) |
2002 |
2001 |
2002 |
2001 |
||||||||||||
| (Thousands of Dollars, except per share amounts) |
||||||||||||||||
| Revenues |
||||||||||||||||
| Operating revenues, excluding energy trading revenues |
$ |
416,342 |
|
$ |
352,881 |
|
$ |
1,361,833 |
|
$ |
1,414,288 |
| ||||
| Energy trading revenues, net |
|
49,051 |
|
|
27,085 |
|
|
186,836 |
|
|
93,541 |
| ||||
| Cost of sales |
|
240,195 |
|
|
177,210 |
|
|
760,980 |
|
|
793,257 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net Revenues |
|
225,198 |
|
|
202,756 |
|
|
787,689 |
|
|
714,572 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Operating Expenses |
||||||||||||||||
| Operations and maintenance |
|
96,608 |
|
|
92,492 |
|
|
315,772 |
|
|
283,466 |
| ||||
| Depreciation, depletion, and amortization |
|
44,732 |
|
|
39,322 |
|
|
129,944 |
|
|
114,133 |
| ||||
| General taxes |
|
14,594 |
|
|
15,209 |
|
|
45,444 |
|
|
46,252 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Operating Expenses |
|
155,934 |
|
|
147,023 |
|
|
491,160 |
|
|
443,851 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Operating Income |
|
69,264 |
|
|
55,733 |
|
|
296,529 |
|
|
270,721 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Other income, net |
|
(7,012 |
) |
|
(1,914 |
) |
|
(2,601 |
) |
|
1,951 |
| ||||
| Interest expense |
|
28,991 |
|
|
34,731 |
|
|
83,026 |
|
|
108,515 |
| ||||
| Income taxes |
|
12,542 |
|
|
301 |
|
|
82,202 |
|
|
54,752 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before cumulative effect of a change in accounting principle |
|
20,719 |
|
|
18,787 |
|
|
128,700 |
|
|
109,405 |
| ||||
| Cumulative effect of a change in accounting principle, net of tax (Note H) |
|
|
|
|
|
|
|
|
|
|
(2,151 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net Income |
|
20,719 |
|
|
18,787 |
|
|
128,700 |
|
|
107,254 |
| ||||
| Preferred stock dividends |
|
9,275 |
|
|
9,275 |
|
|
27,825 |
|
|
27,825 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income Available for Common Stock |
$ |
11,444 |
|
$ |
9,512 |
|
$ |
100,875 |
|
$ |
79,429 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Earnings Per Share of Common Stock (Note D) |
||||||||||||||||
| Basic |
$ |
0.17 |
|
$ |
0.16 |
|
$ |
1.07 |
|
$ |
0.90 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Diluted |
$ |
0.17 |
|
$ |
0.16 |
|
$ |
1.06 |
|
$ |
0.90 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Average Shares of Common Stock (Thousands) |
||||||||||||||||
| Basic |
|
99,957 |
|
|
99,521 |
|
|
99,852 |
|
|
99,382 |
| ||||
| Diluted |
|
100,573 |
|
|
99,633 |
|
|
100,518 |
|
|
99,648 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Dividends per share of Common Stock |
$ |
0.16 |
|
$ |
0.16 |
|
$ |
0.47 |
|
$ |
0.47 |
| ||||
| (Unaudited) |
September 30, 2002 |
December 31, 2001 | ||||
| Assets |
(Thousands of Dollars) | |||||
| Current Assets |
||||||
| Cash and cash equivalents |
$ |
5,909 |
$ |
28,229 | ||
| Trade accounts and notes receivable, net |
|
487,998 |
|
677,796 | ||
| Materials and supplies |
|
17,651 |
|
20,310 | ||
| Gas in storage |
|
47,262 |
|
82,694 | ||
| Unrecovered purchased gas costs |
|
|
|
45,098 | ||
| Assets from price risk management activities |
|
833,693 |
|
587,740 | ||
| Deposits |
|
|
|
41,781 | ||
| Other current assets |
|
57,940 |
|
78,321 | ||
| |
|
|
| |||
| Total Current Assets |
|
1,450,453 |
|
1,561,969 | ||
| |
|
|
| |||
| Property, Plant and Equipment |
||||||
| Marketing and Trading |
|
124,489 |
|
122,172 | ||
| Gathering and Processing |
|
1,075,560 |
|
1,040,195 | ||
| Transportation and Storage |
|
706,512 |
|
691,976 | ||
| Distribution |
|
2,150,354 |
|
2,085,842 | ||
| Production |
|
512,748 |
|
482,404 | ||
| Other |
|
93,322 |
|
85,168 | ||
| |
|
|
| |||
| Total Property, Plant and Equipment |
|
4,662,985 |
|
4,507,757 | ||
| Accumulated depreciation, depletion, and amortization |
|
1,335,946 |
|
1,234,789 | ||
| |
|
|
| |||
| Net Property, Plant and Equipment |
|
3,327,039 |
|
3,272,968 | ||
| |
|
|
| |||
| Deferred Charges and Other Assets |
||||||
| Regulatory assets, net (Note B) |
|
225,013 |
|
232,520 | ||
| Goodwill |
|
113,868 |
|
113,868 | ||
| Assets from price risk management activities |
|
386,546 |
|
475,066 | ||
| Prepaid Pensions |
|
136,991 |
|
116,847 | ||
| Investments and other |
|
53,926 |
|
105,921 | ||
| |
|
|
| |||
| Total Deferred Charges and Other Assets |
|
916,344 |
|
1,044,222 | ||
| |
|
|
| |||
| Total Assets |
$ |
5,693,836 |
$ |
5,879,159 | ||
| |
|
|
| |||
| (Unaudited) |
September 30, 2002 |
December 31, 2001 |
||||||
| Liabilities and Shareholders Equity |
(Thousands of Dollars) |
|||||||
| Current Liabilities |
||||||||
| Current maturities of long-term debt |
$ |
6,334 |
|
$ |
250,000 |
| ||
| Notes payable |
|
371,106 |
|
|
599,106 |
| ||
| Accounts payable |
|
362,869 |
|
|
390,479 |
| ||
| Accrued taxes |
|
33,130 |
|
|
11,528 |
| ||
| Accrued interest |
|
23,984 |
|
|
31,954 |
| ||
| Unrecovered purchased gas costs |
|
3,002 |
|
|
|
| ||
| Customers deposits |
|
20,615 |
|
|
21,697 |
| ||
| Liabilities from price risk management activities |
|
543,364 |
|
|
381,409 |
| ||
| Deferred income taxes |
|
82,369 |
|
|
3,327 |
| ||
| Other |
|
178,793 |
|
|
128,917 |
| ||
| |
|
|
|
|
| |||