Attached files
file | filename |
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8-K - 8-K - SPIRE ALABAMA INC | d472372d8k.htm |
EX-99.3 - EX-99.3 - SPIRE ALABAMA INC | d472372dex993.htm |
EX-99.1 - EX-99.1 - SPIRE ALABAMA INC | d472372dex991.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending December 31, 2012 and 2011
4th Quarter | ||||||||||||
(in thousands, except per share data) |
2012 | 2011 | Change | |||||||||
Operating Revenues |
||||||||||||
Oil and gas operations |
$ | 308,640 | $ | 168,692 | $ | 139,948 | ||||||
Natural gas distribution |
124,406 | 119,456 | 4,950 | |||||||||
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Total operating revenues |
433,046 | 288,148 | 144,898 | |||||||||
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Operating Expenses |
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Cost of gas |
48,049 | 47,607 | 442 | |||||||||
Operations and maintenance |
126,022 | 100,356 | 25,666 | |||||||||
Depreciation, depletion and amortization |
118,735 | 84,438 | 34,297 | |||||||||
Taxes, other than income taxes |
23,121 | 22,335 | 786 | |||||||||
Accretion expense |
1,953 | 1,771 | 182 | |||||||||
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Total operating expenses |
317,880 | 256,507 | 61,373 | |||||||||
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Operating Income |
115,166 | 31,641 | 83,525 | |||||||||
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Other Income (Expense) |
||||||||||||
Interest expense |
(17,098 | ) | (13,979 | ) | (3,119 | ) | ||||||
Other income |
708 | 1,706 | (998 | ) | ||||||||
Other expense |
(598 | ) | (106 | ) | (492 | ) | ||||||
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Total other expense |
(16,988 | ) | (12,379 | ) | (4,609 | ) | ||||||
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Income Before Income Taxes |
98,178 | 19,262 | 78,916 | |||||||||
Income tax expense |
35,355 | 4,830 | 30,525 | |||||||||
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Net Income |
$ | 62,823 | $ | 14,432 | $ | 48,391 | ||||||
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Diluted Earnings Per Average Common Share |
$ | 0.87 | $ | 0.20 | $ | 0.67 | ||||||
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Basic Earnings Per Average Common Share |
$ | 0.87 | $ | 0.20 | $ | 0.67 | ||||||
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Diluted Avg. Common Shares Outstanding |
72,319 | 72,269 | 50 | |||||||||
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Basic Avg. Common Shares Outstanding |
72,138 | 72,082 | 56 | |||||||||
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Dividends Per Common Share |
$ | 0.14 | $ | 0.135 | $ | 0.005 | ||||||
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1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 12 months ending December 31, 2012 and 2011
Year-to-date | ||||||||||||
(in thousands, except per share data) |
2012 | 2011 | Change | |||||||||
Operating Revenues |
||||||||||||
Oil and gas operations |
$ | 1,165,580 | $ | 948,526 | $ | 217,054 | ||||||
Natural gas distribution |
451,589 | 534,953 | (83,364 | ) | ||||||||
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Total operating revenues |
1,617,169 | 1,483,479 | 133,690 | |||||||||
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Operating Expenses |
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Cost of gas |
142,228 | 233,523 | (91,295 | ) | ||||||||
Operations and maintenance |
477,883 | 419,119 | 58,764 | |||||||||
Depreciation, depletion and amortization |
419,598 | 283,997 | 135,601 | |||||||||
Asset impairment |
21,545 | | 21,545 | |||||||||
Taxes, other than income taxes |
88,989 | 91,734 | (2,745 | ) | ||||||||
Accretion expense |
7,534 | 6,837 | 697 | |||||||||
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Total operating expenses |
1,157,777 | 1,035,210 | 122,567 | |||||||||
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Operating Income |
459,392 | 448,269 | 11,123 | |||||||||
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Other Income (Expense) |
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Interest expense |
(65,556 | ) | (44,822 | ) | (20,734 | ) | ||||||
Other income |
4,448 | 2,334 | 2,114 | |||||||||
Other expense |
(903 | ) | (456 | ) | (447 | ) | ||||||
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Total other expense |
(62,011 | ) | (42,944 | ) | (19,067 | ) | ||||||
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Income Before Income Taxes |
397,381 | 405,325 | (7,944 | ) | ||||||||
Income tax expense |
143,819 | 145,701 | (1,882 | ) | ||||||||
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Net Income |
$ | 253,562 | $ | 259,624 | $ | (6,062 | ) | |||||
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Diluted Earnings Per Average Common Share |
$ | 3.51 | $ | 3.59 | $ | (0.08 | ) | |||||
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Basic Earnings Per Average Common Share |
$ | 3.52 | $ | 3.60 | $ | (0.08 | ) | |||||
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Diluted Avg. Common Shares Outstanding |
72,316 | 72,332 | (16 | ) | ||||||||
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Basic Avg. Common Shares Outstanding |
72,119 | 72,056 | 63 | |||||||||
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Dividends Per Common Share |
$ | 0.56 | $ | 0.54 | $ | 0.02 | ||||||
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2
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of December 31, 2012 and December 31, 2011
(in thousands) |
December 31, 2012 | December 31, 2011 | ||||||
ASSETS |
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Current Assets |
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Cash and cash equivalents |
$ | 17,014 | $ | 9,541 | ||||
Accounts receivable, net of allowance |
282,405 | 231,925 | ||||||
Inventories |
63,994 | 74,012 | ||||||
Regulatory asset |
45,515 | 57,143 | ||||||
Other |
28,007 | 71,547 | ||||||
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Total current assets |
436,935 | 444,168 | ||||||
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Property, Plant and Equipment |
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Oil and gas properties, net |
4,673,886 | 3,783,842 | ||||||
Utility plant, net |
842,643 | 813,428 | ||||||
Other property, net |
25,107 | 23,506 | ||||||
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Total property, plant and equipment, net |
5,541,636 | 4,620,776 | ||||||
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Other Assets |
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Regulatory asset |
110,566 | 95,633 | ||||||
Long-term derivative instruments |
40,577 | 31,056 | ||||||
Other |
53,486 | 45,783 | ||||||
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Total other assets |
204,629 | 172,472 | ||||||
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TOTAL ASSETS |
$ | 6,183,200 | $ | 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 |
$ | 50,000 | $ | 1,000 | ||||
Notes payable to banks |
643,000 | 15,000 | ||||||
Accounts payable |
264,889 | 302,048 | ||||||
Regulatory liability |
45,116 | 58,279 | ||||||
Other |
164,087 | 167,552 | ||||||
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Total current liabilities |
1,167,092 | 543,879 | ||||||
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Long-term debt |
1,103,528 | 1,153,700 | ||||||
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Deferred Credits and Other Liabilities |
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Regulatory liability |
80,404 | 87,234 | ||||||
Deferred income taxes |
905,601 | 806,127 | ||||||
Long-term derivative instruments |
11,305 | 34,663 | ||||||
Other |
238,580 | 179,650 | ||||||
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Total deferred credits and other liabilities |
1,235,890 | 1,107,674 | ||||||
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Total Shareholders Equity |
2,676,690 | 2,432,163 | ||||||
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TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
$ | 6,183,200 | $ | 5,237,416 | ||||
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3
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending December 31, 2012 and 2011
4th Quarter | ||||||||||||
(in thousands, except sales price data) |
2012 | 2011 | Change | |||||||||
Oil and Gas Operations (GAAP) |
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Operating revenues |
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Natural gas |
$ | 77,608 | $ | 96,654 | $ | (19,046 | ) | |||||
Oil |
211,067 | 47,490 | 163,577 | |||||||||
Natural gas liquids |
20,968 | 23,975 | (3,007 | ) | ||||||||
Other |
(1,003 | ) | 573 | (1,576 | ) | |||||||
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Total (GAAP) |
$ | 308,640 | $ | 168,692 | $ | 139,948 | ||||||
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Oil and Gas Operations excluding mark-to-market (Non-GAAP) |
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Operating revenues |
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Natural gas |
$ | 74,002 | $ | 96,654 | $ | (22,652 | ) | |||||
Oil |
188,636 | 138,093 | 50,543 | |||||||||
Natural gas liquids |
22,290 | 24,184 | (1,894 | ) | ||||||||
Other |
(1,003 | ) | 573 | (1,576 | ) | |||||||
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Total (Non-GAAP)* |
$ | 283,925 | $ | 259,504 | $ | 24,421 | ||||||
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Production volumes |
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Natural gas (MMcf) |
19,110 | 18,810 | 300 | |||||||||
Oil (MBbl) |
2,339 | 1,744 | 595 | |||||||||
Natural gas liquids (MMgal) |
29.1 | 24.8 | 4.3 | |||||||||
Total production volumes (MMcfe) |
37,296 | 32,820 | 4,476 | |||||||||
Total production volumes (MBOE) |
6,216 | 5,470 | 746 | |||||||||
Revenue per unit of production including effects of designated cash flow hedges |
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Natural gas (Mcf) |
$ | 3.87 | $ | 5.14 | $ | (1.27 | ) | |||||
Oil (barrel) |
$ | 80.65 | $ | 78.52 | $ | 2.13 | ||||||
Natural gas liquids (gallon) |
$ | 0.77 | $ | 0.97 | $ | (0.20 | ) | |||||
Revenue per unit of production excluding effects of all derivative instruments |
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Natural gas (Mcf) |
$ | 3.27 | $ | 3.45 | $ | (0.18 | ) | |||||
Oil (barrel) |
$ | 81.09 | $ | 90.89 | $ | (9.80 | ) | |||||
Natural gas liquids (gallon) |
$ | 0.68 | $ | 1.14 | $ | (0.46 | ) | |||||
Other data |
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Lease operating expense (LOE) |
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LOE and other |
$ | 71,375 | $ | 49,874 | $ | 21,501 | ||||||
Production taxes |
14,442 | 14,109 | 333 | |||||||||
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Total |
$ | 85,817 | $ | 63,983 | $ | 21,834 | ||||||
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Depreciation, depletion and amortization |
$ | 108,016 | $ | 74,128 | $ | 33,888 | ||||||
General and administrative expense |
$ | 14,453 | $ | 16,973 | $ | (2,520 | ) | |||||
Capital expenditures |
$ | 333,298 | $ | 448,851 | $ | 115,553 | ||||||
Exploration expenditures |
$ | 5,976 | $ | 514 | $ | 5,462 | ||||||
Operating income |
$ | 92,425 | $ | 11,323 | $ | 81,102 | ||||||
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* | Operating revenues excluding mark-to-market gains of $24,715 and losses of $90,812 in fourth quarter 2012 and 2011, respectively. |
4
Natural Gas Distribution |
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Operating revenues |
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Residential |
$ | 76,161 | $ | 74,157 | $ | 2,004 | ||||||
Commercial and industrial |
30,822 | 29,186 | 1,636 | |||||||||
Transportation |
16,093 | 14,665 | 1,428 | |||||||||
Other |
1,330 | 1,448 | (118 | ) | ||||||||
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Total |
$ | 124,406 | $ | 119,456 | $ | 4,950 | ||||||
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Gas delivery volumes (MMcf) |
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Residential |
4,413 | 4,407 | 6 | |||||||||
Commercial and industrial |
2,235 | 2,151 | 84 | |||||||||
Transportation |
13,271 | 10,901 | 2,370 | |||||||||
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Total |
19,919 | 17,459 | 2,460 | |||||||||
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Other data |
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Depreciation and amortization |
$ | 10,719 | $ | 10,310 | $ | 409 | ||||||
Capital expenditures |
$ | 20,083 | $ | 16,814 | $ | 3,269 | ||||||
Operating income |
$ | 22,951 | $ | 20,675 | $ | 2,276 |
5
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending December 31, 2012 and 2011
Year-to-date | ||||||||||||
(in thousands, except sales price data) |
2012 | 2011 | Change | |||||||||
Oil and Gas Operations (GAAP) |
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Operating revenues |
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Natural gas |
$ | 288,979 | $ | 386,894 | $ | (97,915 | ) | |||||
Oil |
790,345 | 467,320 | 323,025 | |||||||||
Natural gas liquids |
85,938 | 87,466 | (1,528 | ) | ||||||||
Other |
318 | 6,846 | (6,528 | ) | ||||||||
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Total (GAAP) |
$ | 1,165,580 | $ | 948,526 | $ | 217,054 | ||||||
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Oil and Gas Operations excluding mark-to-market (Non-GAAP) |
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Operating revenues |
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Natural gas |
$ | 289,494 | $ | 386,894 | $ | (97,400 | ) | |||||
Oil |
731,559 | 504,793 | 226,766 | |||||||||
Natural gas liquids |
85,459 | 87,580 | (2,121 | ) | ||||||||
Other |
318 | 6,846 | (6,528 | ) | ||||||||
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Total (Non-GAAP)* |
$ | 1,106,830 | $ | 986,113 | $ | 120,717 | ||||||
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Production volumes |
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Natural gas (MMcf) |
76,362 | 71,718 | 4,644 | |||||||||
Oil (MBbl) |
8,766 | 6,318 | 2,448 | |||||||||
Natural gas liquids (MMgal) |
108.1 | 91.4 | 16.7 | |||||||||
Total production volumes (MMcfe) |
144,396 | 122,688 | 21,708 | |||||||||
Total production volumes (MBOE) |
24,066 | 20,448 | 3,618 | |||||||||
Revenue per unit of production including effects of designated cash flow hedges |
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Natural gas (Mcf) |
$ | 3.79 | $ | 5.39 | $ | (1.60 | ) | |||||
Oil (barrel) |
$ | 83.45 | $ | 79.72 | $ | 3.73 | ||||||
Natural gas liquids (gallon) |
$ | 0.79 | $ | 0.96 | $ | (0.17 | ) | |||||
Revenue per unit of production excluding effects of all derivative instruments |
||||||||||||
Natural gas (Mcf) |
$ | 2.71 | $ | 3.93 | $ | (1.22 | ) | |||||
Oil (barrel) |
$ | 87.56 | $ | 90.53 | $ | (2.97 | ) | |||||
Natural gas liquids (gallon) |
$ | 0.75 | $ | 1.11 | $ | (0.36 | ) | |||||
Other data |
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Lease operating expense (LOE) |
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LOE and other |
$ | 250,497 | $ | 202,094 | $ | 48,403 | ||||||
Production taxes |
55,878 | 54,951 | 927 | |||||||||
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Total |
$ | 306,375 | $ | 257,045 | $ | 49,330 | ||||||
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Depreciation, depletion and amortization |
$ | 377,328 | $ | 244,081 | $ | 133,247 | ||||||
Asset impairment |
$ | 21,545 | $ | | $ | 21,545 | ||||||
General and administrative expense |
$ | 66,192 | $ | 64,322 | $ | 1,870 | ||||||
Capital expenditures |
$ | 1,291,211 | $ | 1,115,452 | $ | 175,759 | ||||||
Exploration expenditures |
$ | 19,363 | $ | 13,110 | $ | 6,253 | ||||||
Operating income |
$ | 367,243 | $ | 363,131 | $ | 4,112 | ||||||
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* | Operating revenues excluding mark-to-market gains of $58,750 and losses of $37,587 in 2012 and 2011, respectively. |
6
Natural Gas Distribution |
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Operating revenues |
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Residential |
$ | 277,698 | $ | 343,740 | $ | (66,042 | ) | |||||
Commercial and industrial |
115,711 | 136,469 | (20,758 | ) | ||||||||
Transportation |
58,857 | 55,234 | 3,623 | |||||||||
Other |
(677 | ) | (490 | ) | (187 | ) | ||||||
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Total |
$ | 451,589 | $ | 534,953 | $ | (83,364 | ) | |||||
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Gas delivery volumes (MMcf) |
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Residential |
16,014 | 21,132 | (5,118 | ) | ||||||||
Commercial and industrial |
8,372 | 9,994 | (1,622 | ) | ||||||||
Transportation |
48,106 | 44,614 | 3,492 | |||||||||
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Total |
72,492 | 75,740 | (3,248 | ) | ||||||||
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Other data |
||||||||||||
Depreciation and amortization |
$ | 42,270 | $ | 39,916 | $ | 2,354 | ||||||
Capital expenditures |
$ | 71,869 | $ | 73,984 | $ | (2,115 | ) | |||||
Operating income |
$ | 93,216 | $ | 86,216 | $ | 7,000 |
7