Attached files
| file | filename |
|---|---|
| 8-K - PSE 11/9/2009 8-K - Pioneer Southwest Energy Partners L.P. | psenov98k.htm |
| EX-99 - PSE 11/9/2009 8-K EXH 99.2 - Pioneer Southwest Energy Partners L.P. | psenov98kx992.htm |
| EX-23 - PSE 11/9/2009 8-K EXH 23.2 - Pioneer Southwest Energy Partners L.P. | psenov98kx232.htm |
| EX-99 - PSE 11/9/2009 8-K EXH 99.3 - Pioneer Southwest Energy Partners L.P. | psenov98kx993.htm |
| EX-23 - PSE 11/9/2009 8-K EXH 23.1 - Pioneer Southwest Energy Partners L.P. | psenov98kx231.htm |
EXHIBIT 99.1
SELECTED FINANCIAL DATA
In August 2009, the Partnership completed the 2009 Acquisition. Because the 2009 Acquisition represents a transaction between entities under common control, the Partnership’s historical financial information has been recast to include the historical accounting attributes of the assets acquired and liabilities assumed in the 2009 Acquisition for all periods presented. Accordingly, the following selected consolidated financial data has been recast from that presented in the Partnership’s 2008 Annual Report on Form 10-K.
Certain selected historical financial data shown below was derived from the Partnership’s recast audited consolidated financial statements as of December 31, 2008 and 2007, and for each of the years in the three-year period ended December 31, 2008 (collectively, the "Recast Financial Statements"), included as Exhibit 99.3 to this Report. The selected historical financial data as of December 31, 2006, 2005, and 2004 and for the years ended December 31, 2005 and 2004 was derived from recast unaudited financial statements.
The following recast selected financial data should be read in conjunction with the Partnership’s recast "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and the Partnership’s Recast Financial Statements, included as Exhibits 99.2 and 99.3, respectively, to this Report.
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Year Ended December 31, (a) |
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2008 |
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2007 |
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2006 |
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2005 |
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2004 |
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Statements of Operations Data: |
(in thousands, except per unit data) |
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Revenues: |
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Oil and gas |
$ |
193,394 |
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$ |
144,038 |
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$ |
126,918 |
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$ |
106,265 |
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$ |
77,052 |
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Interest and other |
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192 |
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- |
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- |
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- |
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- |
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193,586 |
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144,038 |
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126,918 |
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106,265 |
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77,052 |
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Costs and expenses: |
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Oil and gas production |
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38,807 |
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27,879 |
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24,133 |
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19,589 |
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16,144 |
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Production and ad valorem taxes |
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14,213 |
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11,550 |
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11,124 |
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8,902 |
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6,370 |
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Depletion, depreciation and amortization |
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11,582 |
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11,382 |
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9,678 |
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7,943 |
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7,058 |
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General and administrative |
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6,227 |
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5,643 |
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5,345 |
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5,537 |
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3,811 |
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Accretion of discount on asset retirement |
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144 |
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143 |
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136 |
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127 |
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233 |
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Interest |
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621 |
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- |
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- |
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- |
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- |
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Other, net |
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890 |
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5 |
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25 |
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70 |
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52 |
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72,484 |
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56,602 |
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50,441 |
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42,168 |
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33,668 |
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Income before taxes |
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121,102 |
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87,436 |
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76,477 |
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64,097 |
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43,384 |
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Income tax provision |
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(1,326) |
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(920) |
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(323) |
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- |
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- |
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Net income |
$ |
119,776 |
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$ |
86,516 |
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$ |
76,154 |
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$ |
64,097 |
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$ |
43,384 |
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Allocation of net income: |
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Net income applicable to the Partnership |
$ |
59,038 |
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$ |
86,516 |
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$ |
76,154 |
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$ |
64,097 |
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$ |
43,384 |
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Net income applicable to the Partnership |
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60,738 |
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- |
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- |
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- |
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- |
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Net income |
$ |
119,776 |
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$ |
86,516 |
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$ |
76,154 |
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$ |
64,097 |
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$ |
43,384 |
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Allocation of net income applicable to the |
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General partner's interest in net income |
$ |
61 |
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Limited partners' interest in net income |
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60,677 |
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Net income applicable to the Partnership |
$ |
60,738 |
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Net income per common unit – basic and diluted |
$ |
2.02 |
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Weighted average common units outstanding – |
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30,009 |
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Distributions declared per common unit |
$ |
0.81 |
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Balance Sheet Data (as of December 31): |
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Total assets |
$ |
367,164 |
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$ |
217,702 |
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$ |
209,687 |
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$ |
174,399 |
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$ |
151,589 |
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Long-term debt |
$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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Partners' equity |
$ |
347,831 |
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$ |
207,569 |
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$ |
196,498 |
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$ |
164,576 |
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$ |
144,834 |
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________
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(a) |
The historical lease operating expense of the Partnership Predecessor includes the direct internal costs of Pioneer to operate the Partnership Properties. The lease operating expense of the Partnership’s Properties after they were acquired by the Partnership includes the COPAS Fee. |