Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SPIRE ALABAMA INC | d340177d8k.htm |
| EX-99.3 - NON-GAAP FINANCIAL MEASURES RECONCILIATION - SPIRE ALABAMA INC | d340177dex993.htm |
| EX-99.1 - PRESS RELEASE - SPIRE ALABAMA INC | d340177dex991.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending March 31, 2012 and 2011
| 1st Quarter | Change | |||||||||||
| (in thousands, except per share data) |
2012 | 2011 | ||||||||||
| Operating Revenues |
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| Oil and gas operations |
$ | 223,957 | $ | 216,792 | $ | 7,165 | ||||||
| Natural gas distribution |
194,487 | 269,572 | (75,085 | ) | ||||||||
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| Total operating revenues |
418,444 | 486,364 | (67,920 | ) | ||||||||
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| Operating Expenses |
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| Cost of gas |
59,586 | 131,749 | (72,163 | ) | ||||||||
| Operations and maintenance |
110,561 | 103,782 | 6,779 | |||||||||
| Depreciation, depletion and amortization |
94,534 | 61,128 | 33,406 | |||||||||
| Asset impairment |
21,545 | — | 21,545 | |||||||||
| Taxes, other than income taxes |
26,235 | 28,175 | (1,940 | ) | ||||||||
| Accretion expense |
1,813 | 1,649 | 164 | |||||||||
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| Total operating expenses |
314,274 | 326,483 | (12,209 | ) | ||||||||
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| Operating Income |
104,170 | 159,881 | (55,711 | ) | ||||||||
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| Other Income (Expense) |
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| Interest expense |
(15,425 | ) | (9,404 | ) | (6,021 | ) | ||||||
| Other income |
2,032 | 1,230 | 802 | |||||||||
| Other expense |
(113 | ) | (163 | ) | 50 | |||||||
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| Total other expense |
(13,506 | ) | (8,337 | ) | (5,169 | ) | ||||||
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| Income Before Income Taxes |
90,664 | 151,544 | (60,880 | ) | ||||||||
| Income tax expense |
33,258 | 57,276 | (24,018 | ) | ||||||||
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| Net Income |
$ | 57,406 | $ | 94,268 | $ | (36,862 | ) | |||||
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| Diluted Earnings Per Average Common Share |
$ | 0.79 | $ | 1.30 | $ | (0.51 | ) | |||||
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| Basic Earnings Per Average Common Share |
$ | 0.80 | $ | 1.31 | $ | (0.51 | ) | |||||
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| Diluted Avg. Common Shares Outstanding |
72,326 | 72,240 | 86 | |||||||||
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| Basic Avg. Common Shares Outstanding |
72,102 | 72,001 | 101 | |||||||||
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| Dividends Per Common Share |
$ | 0.14 | $ | 0.135 | $ | 0.005 | ||||||
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1
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of March 31, 2012 and December 31, 2011
| (in thousands) |
March 31, 2012 | December 31, 2011 | ||||||
| ASSETS |
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| Current Assets |
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| Cash and cash equivalents |
$ | 49,618 | $ | 9,541 | ||||
| Accounts receivable, net of allowance |
203,642 | 231,925 | ||||||
| Inventories |
72,539 | 74,012 | ||||||
| Regulatory asset |
54,790 | 57,143 | ||||||
| Other |
55,914 | 71,547 | ||||||
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| Total current assets |
436,503 | 444,168 | ||||||
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| Property, Plant and Equipment |
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| Oil and gas properties, net |
4,005,163 | 3,783,842 | ||||||
| Utility plant, net |
818,420 | 813,428 | ||||||
| Other property, net |
23,827 | 23,506 | ||||||
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| Total property, plant and equipment, net |
4,847,410 | 4,620,776 | ||||||
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| Other Assets |
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| Regulatory asset |
91,478 | 95,633 | ||||||
| Long-term derivative instruments |
10,608 | 31,056 | ||||||
| Other |
46,773 | 45,783 | ||||||
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| Total other assets |
148,859 | 172,472 | ||||||
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| TOTAL ASSETS |
$ | 5,432,772 | $ | 5,237,416 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Current Liabilities |
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| Long-term debt due within one year |
$ | 1,000 | $ | 1,000 | ||||
| Notes payable to banks |
165,000 | 15,000 | ||||||
| Accounts payable |
340,633 | 302,048 | ||||||
| Regulatory liability |
30,049 | 58,279 | ||||||
| Other |
137,349 | 167,552 | ||||||
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| Total current liabilities |
674,031 | 543,879 | ||||||
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| Long-term debt |
1,153,686 | 1,153,700 | ||||||
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| Deferred Credits and Other Liabilities |
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| Regulatory liability |
74,159 | 87,234 | ||||||
| Deferred income taxes |
813,451 | 806,127 | ||||||
| Long-term derivative instruments |
61,066 | 34,663 | ||||||
| Other |
182,555 | 179,650 | ||||||
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| Total deferred credits and other liabilities |
1,131,231 | 1,107,674 | ||||||
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| Total Shareholders’ Equity |
2,473,824 | 2,432,163 | ||||||
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| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 5,432,772 | $ | 5,237,416 | ||||
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2
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending March 31, 2012 and 2011
| 1st Quarter | Change | |||||||||||
| (in thousands, except sales price data) |
2012 | 2011 | ||||||||||
| Oil and Gas Operations |
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| Operating revenues |
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| Natural gas |
$ | 75,580 | $ | 95,599 | $ | (20,019 | ) | |||||
| Oil |
124,314 | 103,256 | 21,058 | |||||||||
| Natural gas liquids |
23,712 | 17,533 | 6,179 | |||||||||
| Other |
351 | 404 | (53 | ) | ||||||||
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| Total |
$ | 223,957 | $ | 216,792 | $ | 7,165 | ||||||
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| Production volumes |
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| Natural gas (MMcf) |
19,092 | 17,334 | 1,758 | |||||||||
| Oil (MBbl) |
1,953 | 1,364 | 589 | |||||||||
| Natural gas liquids (MMgal) |
26.0 | 19.7 | 6.3 | |||||||||
| Total production volumes (MMcfe) |
34,530 | 28,338 | 6,192 | |||||||||
| Total production volumes (MBOE) |
5,755 | 4,723 | 1,032 | |||||||||
| Revenue per unit of production including effects of all derivative instruments |
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| Natural gas (Mcf) |
$ | 3.96 | $ | 5.52 | $ | (1.56 | ) | |||||
| Oil (barrel) |
$ | 63.65 | $ | 75.70 | $ | (12.05 | ) | |||||
| Natural gas liquids (gallon) |
$ | 0.91 | $ | 0.89 | $ | 0.02 | ||||||
| Revenue per unit of production including effects of qualifying cash flow hedges |
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| Natural gas (Mcf) |
$ | 3.94 | $ | 5.52 | $ | (1.58 | ) | |||||
| Oil (barrel) |
$ | 85.12 | $ | 75.70 | $ | 9.42 | ||||||
| Natural gas liquids (gallon) |
$ | 0.87 | $ | 0.89 | $ | (0.02 | ) | |||||
| Revenue per unit of production excluding effects of all derivative instruments |
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| Natural gas (Mcf) |
$ | 2.69 | $ | 4.01 | $ | (1.32 | ) | |||||
| Oil (barrel) |
$ | 77.12 | $ | 88.67 | $ | (11.55 | ) | |||||
| Natural gas liquids (gallon) |
$ | 0.99 | $ | 1.01 | $ | (0.02 | ) | |||||
| Other data |
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| Lease operating expense (LOE) |
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| LOE and other |
$ | 56,612 | $ | 46,945 | $ | 9,667 | ||||||
| Production taxes |
14,162 | 12,283 | 1,879 | |||||||||
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| Total |
$ | 70,774 | $ | 59,228 | $ | 11,546 | ||||||
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| Depreciation, depletion and amortization |
$ | 84,088 | $ | 51,348 | $ | 32,740 | ||||||
| Asset impairment |
$ | 21,545 | $ | — | $ | 21,545 | ||||||
| General and administrative expense |
$ | 17,943 | $ | 18,894 | $ | (951 | ) | |||||
| Capital expenditures |
$ | 340,967 | $ | 140,323 | $ | 200,644 | ||||||
| Exploration expenditures |
$ | 1,789 | $ | 614 | $ | 1,175 | ||||||
| Operating income |
$ | 26,005 | $ | 85,059 | $ | (59,054 | ) | |||||
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3
| Natural Gas Distribution |
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| Operating revenues |
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| Residential |
$ | 130,509 | $ | 187,674 | $ | (57,165 | ) | |||||
| Commercial and industrial |
46,756 | 66,906 | (20,150 | ) | ||||||||
| Transportation |
15,598 | 16,493 | (895 | ) | ||||||||
| Other |
1,624 | (1,501 | ) | 3,125 | ||||||||
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| Total |
$ | 194,487 | $ | 269,572 | $ | (75,085 | ) | |||||
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| Gas delivery volumes (MMcf) |
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| Residential |
8,238 | 12,591 | (4,353 | ) | ||||||||
| Commercial and industrial |
3,442 | 5,000 | (1,558 | ) | ||||||||
| Transportation |
12,036 | 12,970 | (934 | ) | ||||||||
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| Total |
23,716 | 30,561 | (6,845 | ) | ||||||||
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| Other data |
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| Depreciation and amortization |
$ | 10,446 | $ | 9,780 | $ | 666 | ||||||
| Capital expenditures |
$ | 14,943 | $ | 13,540 | $ | 1,403 | ||||||
| Operating income |
$ | 78,560 | $ | 75,059 | $ | 3,501 | ||||||
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4