UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2005 |
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or |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE TRANSITION PERIOD FROM TO |
COMMISSION FILE NUMBER 1-3551
EQUITABLE RESOURCES, INC.
(Exact name of registrant as specified in its charter)
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PENNSYLVANIA |
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25-0464690 |
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(State of incorporation or organization) |
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(IRS Employer Identification No.) |
One Oxford Centre, Suite 3300, 301 Grant Street, Pittsburgh, Pennsylvania 15219
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (412) 553-5700
NONE
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
Indicate the number of shares outstanding of each of issuer’s classes of common stock, as of the latest practicable date.
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Class |
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Outstanding at |
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Common stock, no par value |
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60,912,008 shares |
EQUITABLE RESOURCES, INC. AND SUBSIDIARIES
Index
Statements of Consolidated Income (Unaudited)
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Three Months Ended |
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2005 |
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2004 |
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(Thousands, except per share amounts) |
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Operating revenues |
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$ |
439,767 |
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$ |
400,427 |
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Cost of sales |
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217,293 |
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197,596 |
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Net operating revenues |
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222,474 |
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202,831 |
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Operating expenses: |
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Operation and maintenance |
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23,843 |
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18,698 |
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Production |
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14,170 |
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10,087 |
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Selling, general and administrative |
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30,121 |
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32,752 |
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Depreciation, depletion and amortization |
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23,439 |
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21,767 |
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Total operating expenses |
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91,573 |
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83,304 |
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Operating income |
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130,901 |
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119,527 |
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Earnings from nonconsolidated investments: |
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International investments |
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1,159 |
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716 |
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Other |
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108 |
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185 |
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1,267 |
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901 |
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Other income, net |
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1,138 |
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— |
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Minority interest |
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(439 |
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(370 |
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Interest expense |
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13,965 |
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12,259 |
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Income before income taxes |
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118,902 |
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107,799 |
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Income taxes |
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42,496 |
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37,729 |
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Net income |
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$ |
76,406 |
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$ |
70,070 |
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Earnings per share of common stock: |
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Basic: |
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Weighted average common shares outstanding |
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60,712 |
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62,256 |
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Net income |
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$ |
1.26 |
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$ |
1.13 |
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Diluted: |
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Weighted average common shares outstanding |
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62,175 |
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63,531 |
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Net income |
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$ |
1.23 |
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$ |
1.10 |
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Dividends declared per common share |
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$ |
0.42 |
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$ |
0.38 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
2
EQUITABLE RESOURCES, INC. AND SUBSIDIARIES
Statements of Condensed Consolidated Cash Flows (Unaudited)
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Three Months Ended |
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2005 |
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2004 |
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(Thousands) |
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Cash flows from operating activities: |
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Net income |
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$ |
76,406 |
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$ |
70,070 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Provision for losses on accounts receivable |
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5,611 |
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6,481 |
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Depreciation, depletion, and amortization |
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23,439 |
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21,767 |
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Deferred income taxes |
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2,624 |
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2,706 |
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Recognition of prepaid forward production revenue |
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— |
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(5,182 |
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Change in undistributed earnings from nonconsolidated investments |
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(108 |
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(901 |
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Decrease in inventory |
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