Attached files
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| 8-K - 8-K - SPIRE ALABAMA INC | d455845d8k.htm |
| EX-99.1 - EX-99.1 - SPIRE ALABAMA INC | d455845dex991.htm |
Exhibit 99.2
Non-GAAP Financial Measures
The United States Securities and Exchange Commission requires public companies, such as Energen Corporation (the Company), to reconcile Non-GAAP (GAAP refers to generally accepted accounting principles) financial measures to related GAAP measures. After-tax Cash Flows is a Non-GAAP financial measure. Energen believes after-tax cash flows are relevant because they are a measure of cash available to fund the Company’s capital expenditures, dividends, debt reduction, and other investments.
| Reconciliation To GAAP Information ($ in millions) |
Years Ended 12/31 | |||||||||||||||||||||||
| 2010 Actual | 2011 Actual | 2012 Estimate (e) | 2013 Estimate (e) | |||||||||||||||||||||
| Consolidated Net Income (Before asset impairment) |
315 | 260 | 228 | 235 | 219 | 248 | ||||||||||||||||||
| Asset impairment |
(24 | ) | — | (14 | ) | (14 | ) | — | — | |||||||||||||||
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| Consolidated Net Income (GAAP) |
291 | 260 | 214 | 221 | 219 | 248 | ||||||||||||||||||
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| Depreciation, depletion and amortization (Including asset impairment) |
248 | 284 | 448 | 448 | 530 | 530 | ||||||||||||||||||
| Deferred income taxes, net |
134 | 129 | 107 | 107 | 110 | 110 | ||||||||||||||||||
| Exploratory expense |
64 | 11 | 24 | 24 | 35 | 35 | ||||||||||||||||||
| Other |
3 | 53 | 4 | 4 | 23 | 23 | ||||||||||||||||||
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| After-tax Cash Flows (Non-GAAP) |
740 | 737 | 797 | 804 | 917 | 946 | ||||||||||||||||||
| Changes in assets and liabilities and other adjustments |
(69 | ) | 25 | 8 | 8 | — | — | |||||||||||||||||
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| Net Cash Provided by Operating Activities (GAAP) |
671 | 762 | 805 | 812 | 917 | 946 | ||||||||||||||||||
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| Reconciliation To GAAP Information ($ in millions) |
Years Ended 12/31 | |||||||||||||||||||||||
| 2010 Actual | 2011 Actual | 2012 Estimate (e) | 2013 Estimate (e) | |||||||||||||||||||||
| Net Cash Provided by Operating Activities (GAAP) |
671 | 762 | 805 | 812 | 917 | 946 | ||||||||||||||||||
| Changes in assets and liabilities and other adjustments |
69 | (25 | ) | (8 | ) | (8 | ) | — | — | |||||||||||||||
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| After-tax Cash Flow (Non-GAAP) |
740 | 737 | 797 | 804 | 917 | 946 | ||||||||||||||||||
| Less: AGC cash flows from operations and other |
(120 | ) | (115 | ) | (105 | ) | (105 | ) | (95 | ) | (95 | ) | ||||||||||||
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| Adj. After-tax Cash Flows Excluding Alagasco (Non-GAAP) |
620 | 622 | 692 | 699 | 822 | 851 | ||||||||||||||||||
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(e) This estimate is a “forward-looking statement” as defined by the Securities and Exchange Commission. All statements based on future expectations rather than on historical facts are forward-looking statements that are dependent on certain events, risks and uncertainties that could cause actual results to differ materially from those anticipated. In addition, the Company cannot guarantee the absence of errors in input data, calculations and formulas used in its estimates, assumptions and forecasts. A discussion of risks and uncertainties, which could affect future results of Energen and its subsidiaries, is included in the Company’s periodic reports filed with the Securities and Exchange Commission.