Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SPIRE ALABAMA INC | d385538d8k.htm |
| EX-99.3 - NON-GAAP FINANCIAL MEASURES RECONCILIATION - SPIRE ALABAMA INC | d385538dex993.htm |
| EX-99.1 - PRESS RELEASE - SPIRE ALABAMA INC | d385538dex991.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending June 30, 2012 and 2011
| 2nd Quarter | ||||||||||||
| (in thousands, except per share data) |
2012 | 2011 | Change | |||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 399,468 | $ | 244,090 | $ | 155,378 | ||||||
| Natural gas distribution |
70,887 | 86,309 | (15,422 | ) | ||||||||
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|||||||
| Total operating revenues |
470,355 | 330,399 | 139,956 | |||||||||
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|||||||
| Operating Expenses |
||||||||||||
| Cost of gas |
13,669 | 32,419 | (18,750 | ) | ||||||||
| Operations and maintenance |
112,713 | 103,232 | 9,481 | |||||||||
| Depreciation, depletion and amortization |
101,991 | 65,629 | 36,362 | |||||||||
| Taxes, other than income taxes |
19,523 | 21,095 | (1,572 | ) | ||||||||
| Accretion expense |
1,861 | 1,689 | 172 | |||||||||
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|||||||
| Total operating expenses |
249,757 | 224,064 | 25,693 | |||||||||
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|||||||
| Operating Income |
220,598 | 106,335 | 114,263 | |||||||||
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|||||||
| Other Income (Expense) |
||||||||||||
| Interest expense |
(15,835 | ) | (9,463 | ) | (6,372 | ) | ||||||
| Other income |
659 | 779 | (120 | ) | ||||||||
| Other expense |
(582 | ) | (113 | ) | (469 | ) | ||||||
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|||||||
| Total other expense |
(15,758 | ) | (8,797 | ) | (6,961 | ) | ||||||
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|||||||
| Income Before Income Taxes |
204,840 | 97,538 | 107,302 | |||||||||
| Income tax expense |
73,553 | 34,213 | 39,340 | |||||||||
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|||||||
| Net Income |
$ | 131,287 | $ | 63,325 | $ | 67,962 | ||||||
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| Diluted Earnings Per Average Common Share |
$ | 1.82 | $ | 0.87 | $ | 0.95 | ||||||
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| Basic Earnings Per Average Common Share |
$ | 1.82 | $ | 0.88 | $ | 0.94 | ||||||
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| Diluted Avg. Common Shares Outstanding |
72,330 | 72,420 | (90 | ) | ||||||||
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| Basic Avg. Common Shares Outstanding |
72,117 | 72,065 | 52 | |||||||||
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| Dividends Per Common Share |
$ | 0.14 | $ | 0.135 | $ | 0.005 | ||||||
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18
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 6 months ending June 30, 2012 and 2011
| Year-to-date | ||||||||||||
| (in thousands, except per share data) |
2012 | 2011 | Change | |||||||||
| Operating Revenues |
||||||||||||
| Oil and gas operations |
$ | 623,425 | $ | 460,882 | $ | 162,543 | ||||||
| Natural gas distribution |
265,374 | 355,881 | (90,507 | ) | ||||||||
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|
|||||||
| Total operating revenues |
888,799 | 816,763 | 72,036 | |||||||||
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| Operating Expenses |
||||||||||||
| Cost of gas |
73,255 | 164,168 | (90,913 | ) | ||||||||
| Operations and maintenance |
223,274 | 207,014 | 16,260 | |||||||||
| Depreciation, depletion and amortization |
196,525 | 126,757 | 69,768 | |||||||||
| Asset impairment |
21,545 | — | 21,545 | |||||||||
| Taxes, other than income taxes |
45,758 | 49,270 | (3,512 | ) | ||||||||
| Accretion expense |
3,674 | 3,338 | 336 | |||||||||
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| Total operating expenses |
564,031 | 550,547 | 13,484 | |||||||||
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| Operating Income |
324,768 | 266,216 | 58,552 | |||||||||
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| Other Income (Expense) |
||||||||||||
| Interest expense |
(31,260 | ) | (18,867 | ) | (12,393 | ) | ||||||
| Other income |
2,217 | 2,009 | 208 | |||||||||
| Other expense |
(221 | ) | (276 | ) | 55 | |||||||
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| Total other expense |
(29,264 | ) | (17,134 | ) | (12,130 | ) | ||||||
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| Income Before Income Taxes |
295,504 | 249,082 | 46,422 | |||||||||
| Income tax expense |
106,811 | 91,489 | 15,322 | |||||||||
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| Net Income |
$ | 188,693 | $ | 157,593 | $ | 31,100 | ||||||
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| Diluted Earnings Per Average Common Share |
$ | 2.61 | $ | 2.18 | $ | 0.43 | ||||||
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| Basic Earnings Per Average Common Share |
$ | 2.62 | $ | 2.19 | $ | 0.43 | ||||||
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| Diluted Avg. Common Shares Outstanding |
72,336 | 72,364 | (28 | ) | ||||||||
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| Basic Avg. Common Shares Outstanding |
72,110 | 72,033 | 77 | |||||||||
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| Dividends Per Common Share |
$ | 0.28 | $ | 0.27 | $ | 0.01 | ||||||
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19
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of June 30, 2012 and December 31, 2011
| (in thousands) |
June 30, 2012 | December 31, 2011 | ||||||
| ASSETS |
||||||||
| Current Assets |
||||||||
| Cash and cash equivalents |
$ | 61,306 | $ | 9,541 | ||||
| Accounts receivable, net of allowance |
247,095 | 231,925 | ||||||
| Inventories |
75,428 | 74,012 | ||||||
| Regulatory asset |
60,485 | 57,143 | ||||||
| Other |
27,135 | 71,547 | ||||||
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| Total current assets |
471,449 | 444,168 | ||||||
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| Property, Plant and Equipment |
||||||||
| Oil and gas properties, net |
4,219,527 | 3,783,842 | ||||||
| Utility plant, net |
826,426 | 813,428 | ||||||
| Other property, net |
23,914 | 23,506 | ||||||
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| Total property, plant and equipment, net |
5,069,867 | 4,620,776 | ||||||
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| Other Assets |
||||||||
| Regulatory asset |
89,785 | 95,633 | ||||||
| Long-term derivative instruments |
103,273 | 31,056 | ||||||
| Other |
45,166 | 45,783 | ||||||
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| Total other assets |
238,224 | 172,472 | ||||||
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| TOTAL ASSETS |
$ | 5,779,540 | $ | 5,237,416 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current Liabilities |
||||||||
| Long-term debt due within one year |
$ | 1,000 | $ | 1,000 | ||||
| Notes payable to banks |
310,000 | 15,000 | ||||||
| Accounts payable |
252,586 | 302,048 | ||||||
| Regulatory liability |
28,497 | 58,279 | ||||||
| Other |
197,478 | 167,552 | ||||||
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| Total current liabilities |
789,561 | 543,879 | ||||||
| Long-term debt |
1,153,599 | 1,153,700 | ||||||
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| Deferred Credits and Other Liabilities |
||||||||
| Regulatory liability |
77,144 | 87,234 | ||||||
| Deferred income taxes |
877,749 | 806,127 | ||||||
| Long-term derivative instruments |
1,624 | 34,663 | ||||||
| Other |
187,319 | 179,650 | ||||||
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| Total deferred credits and other liabilities |
1,143,836 | 1,107,674 | ||||||
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| Total Shareholders’ Equity |
2,692,544 | 2,432,163 | ||||||
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| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 5,779,540 | $ | 5,237,416 | ||||
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20
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending June 30, 2012 and 2011
| 2nd Quarter | ||||||||||||
| (in thousands, except sales price data) |
2012 | 2011 | Change | |||||||||
| Oil and Gas Operations |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 68,249 | $ | 98,037 | $ | (29,788 | ) | |||||
| Oil |
306,960 | 118,938 | 188,022 | |||||||||
| Natural gas liquids |
23,692 | 21,482 | 2,210 | |||||||||
| Other |
567 | 5,633 | (5,066 | ) | ||||||||
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| Total |
$ | 399,468 | $ | 244,090 | $ | 155,378 | ||||||
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| Production volumes |
||||||||||||
| Natural gas (MMcf) |
19,278 | 17,778 | 1,500 | |||||||||
| Oil (MBbl) |
2,195 | 1,501 | 694 | |||||||||
| Natural gas liquids (MMgal) |
27.8 | 22.6 | 5.2 | |||||||||
| Total production volumes (MMcfe) |
36,414 | 30,012 | 6,402 | |||||||||
| Total production volumes (MBOE) |
6,069 | 5,002 | 1,067 | |||||||||
| Revenue per unit of production including effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 3.54 | $ | 5.51 | $ | (1.97 | ) | |||||
| Oil (barrel) |
$ | 139.85 | $ | 79.24 | $ | 60.61 | ||||||
| Natural gas liquids (gallon) |
$ | 0.85 | $ | 0.95 | $ | (0.10 | ) | |||||
| Revenue per unit of production including effects of qualifying cash flow hedges |
||||||||||||
| Natural gas (Mcf) |
$ | 3.55 | $ | 5.51 | $ | (1.96 | ) | |||||
| Oil (barrel) |
$ | 85.70 | $ | 79.24 | $ | 6.46 | ||||||
| Natural gas liquids (gallon) |
$ | 0.75 | $ | 0.95 | $ | (0.20 | ) | |||||
| Revenue per unit of production excluding effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 2.19 | $ | 4.18 | $ | (1.99 | ) | |||||
| Oil (barrel) |
$ | 85.70 | $ | 96.79 | $ | (11.09 | ) | |||||
| Natural gas liquids (gallon) |
$ | 0.71 | $ | 1.12 | $ | (0.41 | ) | |||||
| Other data |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 58,779 | $ | 50,712 | $ | 8,067 | ||||||
| Production taxes |
13,205 | 14,192 | (987 | ) | ||||||||
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| Total |
$ | 71,984 | $ | 64,904 | $ | 7,080 | ||||||
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| Depreciation, depletion and amortization |
$ | 91,458 | $ | 55,783 | $ | 35,675 | ||||||
| General and administrative expense |
$ | 16,807 | $ | 15,089 | $ | 1,718 | ||||||
| Capital expenditures |
$ | 293,909 | $ | 259,533 | $ | 34,376 | ||||||
| Exploration expenditures |
$ | 952 | $ | 1,207 | $ | (255 | ) | |||||
| Operating income |
$ | 216,406 | $ | 105,418 | $ | 110,988 | ||||||
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21
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 40,371 | $ | 51,370 | $ | (10,999 | ) | |||||
| Commercial and industrial |
20,442 | 23,393 | (2,951 | ) | ||||||||
| Transportation |
13,661 | 11,961 | 1,700 | |||||||||
| Other |
(3,587 | ) | (415 | ) | (3,172 | ) | ||||||
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| Total |
$ | 70,887 | $ | 86,309 | $ | (15,422 | ) | |||||
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| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
1,985 | 2,749 | (764 | ) | ||||||||
| Commercial and industrial |
1,449 | 1,662 | (213 | ) | ||||||||
| Transportation |
11,547 | 10,739 | 808 | |||||||||
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| Total |
14,981 | 15,150 | (169 | ) | ||||||||
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| Other data |
||||||||||||
| Depreciation and amortization |
$ | 10,533 | $ | 9,846 | $ | 687 | ||||||
| Capital expenditures |
$ | 18,030 | $ | 22,297 | $ | (4,267 | ) | |||||
| Operating income |
$ | 4,448 | $ | 1,163 | $ | 3,285 | ||||||
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22
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 6 months ending June 30, 2012 and 2011
| Year-to-date | ||||||||||||
| (in thousands, except sales price data) |
2012 | 2011 | Change | |||||||||
| Oil and Gas Operations |
||||||||||||
| Operating revenues |
||||||||||||
| Natural gas |
$ | 143,829 | $ | 193,636 | $ | (49,807 | ) | |||||
| Oil |
431,274 | 222,194 | 209,080 | |||||||||
| Natural gas liquids |
47,404 | 39,015 | 8,389 | |||||||||
| Other |
918 | 6,037 | (5,119 | ) | ||||||||
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|||||||
| Total |
$ | 623,425 | $ | 460,882 | $ | 162,543 | ||||||
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| Production volumes |
||||||||||||
| Natural gas (MMcf) |
38,370 | 35,112 | 3,258 | |||||||||
| Oil (MBbl) |
4,148 | 2,865 | 1,283 | |||||||||
| Natural gas liquids (MMgal) |
53.8 | 42.3 | 11.5 | |||||||||
| Total production volumes (MMcfe) |
70,944 | 58,350 | 12,594 | |||||||||
| Total production volumes (MBOE) |
11,824 | 9,725 | 2,099 | |||||||||
| Revenue per unit of production including effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 3.75 | $ | 5.51 | $ | (1.76 | ) | |||||
| Oil (barrel) |
$ | 103.97 | $ | 77.55 | $ | 26.42 | ||||||
| Natural gas liquids (gallon) |
$ | 0.88 | $ | 0.92 | $ | (0.04 | ) | |||||
| Revenue per unit of production including effects of qualifying cash flow hedges |
||||||||||||
| Natural gas (Mcf) |
$ | 3.75 | $ | 5.51 | $ | (1.76 | ) | |||||
| Oil (barrel) |
$ | 85.43 | $ | 77.55 | $ | 7.88 | ||||||
| Natural gas liquids (gallon) |
$ | 0.81 | $ | 0.92 | $ | (0.11 | ) | |||||
| Revenue per unit of production excluding effects of all derivative instruments |
||||||||||||
| Natural gas (Mcf) |
$ | 2.43 | $ | 4.10 | $ | (1.67 | ) | |||||
| Oil (barrel) |
$ | 91.77 | $ | 92.92 | $ | (1.15 | ) | |||||
| Natural gas liquids (gallon) |
$ | 0.83 | $ | 1.07 | $ | (0.24 | ) | |||||
| Other data |
||||||||||||
| Lease operating expense (LOE) |
||||||||||||
| LOE and other |
$ | 115,391 | $ | 97,657 | $ | 17,734 | ||||||
| Production taxes |
27,367 | 26,475 | 892 | |||||||||
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| Total |
$ | 142,758 | $ | 124,132 | $ | 18,626 | ||||||
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| Depreciation, depletion and amortization |
$ | 175,546 | $ | 107,131 | $ | 68,415 | ||||||
| Asset impairment |
$ | 21,545 | $ | — | $ | 21,545 | ||||||
| General and administrative expense |
$ | 34,750 | $ | 33,983 | $ | 767 | ||||||
| Capital expenditures |
$ | 634,876 | $ | 399,856 | $ | 235,020 | ||||||
| Exploration expenditures |
$ | 2,741 | $ | 1,821 | $ | 920 | ||||||
| Operating income |
$ | 242,411 | $ | 190,477 | $ | 51,934 | ||||||
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23
| Natural Gas Distribution |
||||||||||||
| Operating revenues |
||||||||||||
| Residential |
$ | 170,879 | $ | 239,044 | $ | (68,165 | ) | |||||
| Commercial and industrial |
67,198 | 90,299 | (23,101 | ) | ||||||||
| Transportation |
29,259 | 28,454 | 805 | |||||||||
| Other |
(1,962 | ) | (1,916 | ) | (46 | ) | ||||||
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| Total |
$ | 265,374 | $ | 355,881 | $ | (90,507 | ) | |||||
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| Gas delivery volumes (MMcf) |
||||||||||||
| Residential |
10,223 | 15,340 | (5,117 | ) | ||||||||
| Commercial and industrial |
4,891 | 6,662 | (1,771 | ) | ||||||||
| Transportation |
23,583 | 23,709 | (126 | ) | ||||||||
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| Total |
38,697 | 45,711 | (7,014 | ) | ||||||||
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| Other data |
||||||||||||
| Depreciation and amortization |
$ | 20,979 | $ | 19,626 | $ | 1,353 | ||||||
| Capital expenditures |
$ | 32,973 | $ | 35,837 | $ | (2,864 | ) | |||||
| Operating income |
$ | 83,008 | $ | 76,222 | $ | 6,786 | ||||||
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24