Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SPIRE ALABAMA INC | d8k.htm |
| EX-99.1 - PRESS RELEASE - SPIRE ALABAMA INC | dex991.htm |
| EX-99.3 - NON-GAAP FINANCIAL MEASURES RECONCILIATION - SPIRE ALABAMA INC | dex993.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending December 31, 2010 and 2009
| 4th Quarter | ||||||||||||
| (in thousands, except per share data) |
2010 | 2009 | Change | |||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 252,451 | $ | 216,388 | $ | 36,063 | ||||||
| Natural gas distribution |
121,640 | 146,417 | (24,777 | ) | ||||||||
| Total operating revenues |
374,091 | 362,805 | 11,286 | |||||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
54,038 | 73,771 | (19,733 | ) | ||||||||
| Operations and maintenance |
99,584 | 105,775 | (6,191 | ) | ||||||||
| Depreciation, depletion and amortization |
62,840 | 62,776 | 64 | |||||||||
| Taxes, other than income taxes |
20,453 | 21,230 | (777 | ) | ||||||||
| Accretion expense |
1,610 | 1,330 | 280 | |||||||||
| Total operating expenses |
238,525 | 264,882 | (26,357 | ) | ||||||||
| Operating Income |
135,566 | 97,923 | 37,643 | |||||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(9,827 | ) | (9,793 | ) | (34 | ) | ||||||
| Other income |
1,730 | 914 | 816 | |||||||||
| Other expense |
(102 | ) | (101 | ) | (1 | ) | ||||||
| Total other expense |
(8,199 | ) | (8,980 | ) | 781 | |||||||
| Income Before Income Taxes |
127,367 | 88,943 | 38,424 | |||||||||
| Income tax expense |
47,117 | 30,322 | 16,795 | |||||||||
| Net Income |
$ | 80,250 | $ | 58,621 | $ | 21,629 | ||||||
| Diluted Earnings Per Average Common Share |
$ | 1.11 | $ | 0.81 | $ | 0.30 | ||||||
| Basic Earnings Per Average Common Share |
$ | 1.12 | $ | 0.82 | $ | 0.30 | ||||||
| Diluted Avg. Common Shares Outstanding |
72,081 | 72,057 | 24 | |||||||||
| Basic Avg. Common Shares Outstanding |
71,862 | 71,701 | 161 | |||||||||
| Dividends Per Common Share |
$ | 0.13 | $ | 0.125 | $ | 0.005 | ||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 12 months ending December 31, 2010 and 2009
| Year-to-date | ||||||||||||
| (in thousands, except per share data) |
2010 | 2009 | Change | |||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 958,762 | $ | 822,546 | $ | 136,216 | ||||||
| Natural gas distribution |
619,772 | 617,874 | 1,898 | |||||||||
| Total operating revenues |
1,578,534 | 1,440,420 | 138,114 | |||||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
316,988 | 306,054 | 10,934 | |||||||||
| Operations and maintenance |
429,165 | 380,625 | 48,540 | |||||||||
| Depreciation, depletion and amortization |
247,865 | 235,084 | 12,781 | |||||||||
| Taxes, other than income taxes |
84,961 | 78,329 | 6,632 | |||||||||
| Accretion expense |
6,178 | 4,935 | 1,243 | |||||||||
| Total operating expenses |
1,085,157 | 1,005,027 | 80,130 | |||||||||
| Operating Income |
493,377 | 435,393 | 57,984 | |||||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(39,222 | ) | (39,379 | ) | 157 | |||||||
| Other income |
4,285 | 4,972 | (687 | ) | ||||||||
| Other expense |
(643 | ) | (690 | ) | 47 | |||||||
| Total other expense |
(35,580 | ) | (35,097 | ) | (483 | ) | ||||||
| Income Before Income Taxes |
457,797 | 400,296 | 57,501 | |||||||||
| Income tax expense |
166,990 | 143,971 | 23,019 | |||||||||
| Net Income |
$ | 290,807 | $ | 256,325 | $ | 34,482 | ||||||
| Diluted Earnings Per Average Common Share |
$ | 4.04 | $ | 3.57 | $ | 0.47 | ||||||
| Basic Earnings Per Average Common Share |
$ | 4.05 | $ | 3.58 | $ | 0.47 | ||||||
| Diluted Avg. Common Shares Outstanding |
72,051 | 71,885 | 166 | |||||||||
| Basic Avg. Common Shares Outstanding |
71,845 | 71,667 | 178 | |||||||||
| Dividends Per Common Share |
$ | 0.52 | $ | 0.50 | $ | 0.02 | ||||||
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending December 31, 2010 and 2009
| 4th Quarter | Change | |||||||||||
| (in thousands, except sales price data) |
2010 | 2009 | ||||||||||
| Oil and Gas Operations |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 118,633 | $ | 116,686 | $ | 1,947 | ||||||
| Oil |
113,082 | 80,163 | 32,919 | |||||||||
| Natural gas liquids |
18,626 | 19,042 | (416 | ) | ||||||||
| Other |
2,110 | 497 | 1,613 | |||||||||
| Total |
$ | 252,451 | $ | 216,388 | $ | 36,063 | ||||||
| Production volumes |
||||||||||||
| Natural gas (MMcf) |
18,156 | 17,805 | 351 | |||||||||
| Oil (MBbl) |
1,397 | 1,234 | 163 | |||||||||
| Natural gas liquids (MMgal) |
21.3 | 19.3 | 2.0 | |||||||||
| Total production volumes (MMcfe) |
29,588 | 27,965 | 1,623 | |||||||||
| Revenue per unit of production including effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 6.53 | $ | 6.55 | $ | (0.02 | ) | |||||
| Oil (barrel) |
$ | 80.93 | $ | 64.98 | $ | 15.95 | ||||||
| Natural gas liquids (gallon) |
$ | 0.87 | $ | 0.99 | $ | (0.12 | ) | |||||
| Other data |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 46,215 | $ | 47,054 | $ | (839 | ) | |||||
| Production taxes |
11,659 | 11,492 | 167 | |||||||||
| Total |
$ | 57,874 | $ | 58,546 | $ | (672 | ) | |||||
| Depreciation, depletion and amortization |
$ | 53,176 | $ | 49,900 | $ | 3,276 | ||||||
| General and administrative expense |
$ | 12,230 | $ | 14,384 | $ | (2,154 | ) | |||||
| Capital expenditures |
$ | 330,972 | $ | 73,975 | $ | 256,997 | ||||||
| Exploration expense |
$ | 10,217 | $ | 8,860 | $ | 1,357 | ||||||
| Operating income |
$ | 117,344 | $ | 83,368 | $ | 33,976 | ||||||
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 80,441 | $ | 94,097 | $ | (13,656 | ) | |||||
| Commercial and industrial |
31,442 | 36,013 | (4,571 | ) | ||||||||
| Transportation |
15,006 | 15,044 | (38 | ) | ||||||||
| Other |
(5,249 | ) | 1,263 | (6,512 | ) | |||||||
| Total |
$ | 121,640 | $ | 146,417 | $ | (24,777 | ) | |||||
| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
4,790 | 5,137 | (347 | ) | ||||||||
| Commercial and industrial |
2,250 | 2,320 | (70 | ) | ||||||||
| Transportation |
12,491 | 11,129 | 1,362 | |||||||||
| Total |
19,531 | 18,586 | 945 | |||||||||
| Other data |
||||||||||||
| Depreciation and amortization |
$ | 9,662 | $ | 12,876 | $ | (3,214 | ) | |||||
| Capital expenditures |
$ | 17,756 | $ | 20,702 | $ | (2,946 | ) | |||||
| Operating income |
$ | 19,005 | $ | 15,140 | $ | 3,865 | ||||||
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending December 31, 2010 and 2009
| Year-to-date | ||||||||||||
| (in thousands, except sales price data) |
2010 | 2009 | Change | |||||||||
| Oil and Gas Operations |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 483,935 | $ | 460,370 | $ | 23,565 | ||||||
| Oil |
404,625 | 284,750 | 119,875 | |||||||||
| Natural gas liquids |
65,161 | 67,254 | (2,093 | ) | ||||||||
| Other |
5,041 | 10,172 | (5,131 | ) | ||||||||
| Total |
$ | 958,762 | $ | 822,546 | $ | 136,216 | ||||||
| Production volumes |
||||||||||||
| Natural gas (MMcf) |
70,924 | 72,337 | (1,413 | ) | ||||||||
| Oil (MBbl) |
5,131 | 4,690 | 441 | |||||||||
| Natural gas liquids (MMgal) |
79.0 | 75.2 | 3.8 | |||||||||
| Total production volumes (MMcfe) |
112,989 | 111,224 | 1,765 | |||||||||
| Revenue per unit of production including effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 6.82 | $ | 6.36 | $ | 0.46 | ||||||
| Oil (barrel) |
$ | 78.86 | $ | 60.72 | $ | 18.14 | ||||||
| Natural gas liquids (gallon) |
$ | 0.83 | $ | 0.89 | $ | (0.06 | ) | |||||
| Other data |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 182,180 | $ | 181,777 | $ | 403 | ||||||
| Production taxes |
42,721 | 35,652 | 7,069 | |||||||||
| Total |
$ | 224,901 | $ | 217,429 | $ | 7,472 | ||||||
| Depreciation, depletion and amortization |
$ | 203,821 | $ | 184,089 | $ | 19,732 | ||||||
| General and administrative expense |
$ | 52,549 | $ | 52,214 | $ | 335 | ||||||
| Capital expenditures |
$ | 717,782 | $ | 427,399 | $ | 290,383 | ||||||
| Exploration expense |
$ | 64,584 | $ | 10,234 | $ | 54,350 | ||||||
| Operating income |
$ | 406,729 | $ | 353,645 | $ | 53,084 | ||||||
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 414,870 | $ | 399,760 | $ | 15,110 | ||||||
| Commercial and industrial |
159,658 | 162,141 | (2,483 | ) | ||||||||
| Transportation |
57,049 | 54,312 | 2,737 | |||||||||
| Other |
(11,805 | ) | 1,661 | (13,466 | ) | |||||||
| Total |
$ | 619,772 | $ | 617,874 | $ | 1,898 | ||||||
| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
24,463 | 20,921 | 3,542 | |||||||||
| Commercial and industrial |
10,985 | 9,934 | 1,051 | |||||||||
| Transportation |
46,479 | 40,903 | 5,576 | |||||||||
| Total |
81,927 | 71,758 | 10,169 | |||||||||
| Other data |
||||||||||||
| Depreciation and amortization |
$ | 44,042 | $ | 50,995 | $ | (6,953 | ) | |||||
| Capital expenditures |
$ | 93,566 | $ | 77,809 | $ | 15,757 | ||||||
| Operating income |
$ | 88,383 | $ | 83,984 | $ | 4,399 | ||||||