13:00 | 28.07.2011
EQT Reports Second Quarter 2011 Earnings; Organic Production Sales Volume Growth of 43%
EQT Corporation (NYSE: EQT) today announced second quarter 2011 earnings
of $87.8 million, $57.8 million higher than the second quarter 2010.
Operating cash flow was $188.6 million; 66% higher than the second
quarter 2010. Reported earnings per diluted share were $0.58 for the
quarter, up from the $0.20 reported in 2010. The quarter included three
items that had a positive effect on earnings: a gain on the ANPI
transaction (described below), a gain on the sale of available-for-sale
securities and a reduction of certain non-income taxes. These items
resulted in an approximate $17.7 million increase to pre-tax earnings,
or $0.07 per diluted share; however, these three items did not have a
significant impact on operating cash flow. This is the first full
quarter in which cash flows and earnings for the Langley processing
complex were not included in EQT results, as a result of the sale of
that asset.
Highlights for the second quarter 2011 include:
Organic production sales volumes were 43% higher than the second
quarter 2010;
Forecasted 2011 production sales volumes are now increased to between
190 and 195 Bcfe; representing an approximate 43% increase over 2010;
Announced the sale of Big Sandy Pipeline for $390 million, which
closed on July 1, 2011;
EQT Midstream’s gathered volumes increased by 32% to a record 62.6
TBtus; and
EQT Midstream’s gathering and transmission cost per Mcfe decreased by
33%.
EQT’s second quarter 2011 operating income was $153.2 million,
representing a $74.6 million increase from the same quarter in 2010.
Higher revenues attributed to increased production and midstream
volumes, and higher commodity prices, were partially offset by lower
storage, marketing and other net revenues. Net operating revenues rose
36% to $327.5 million in the quarter, while net operating expenses only
rose by 7% to $174.4 million.
Results by BusinessEQT Production
Driven by horizontal drilling in the Marcellus Shale, EQT Production
recorded production sales volumes of 47.0 Bcfe in the second quarter
2011; 47% higher than the second quarter 2010. Adjusting for 1.4 Bcfe of
production acquired in connection with the ANPI transaction, production
sales volumes were 43% higher. Marcellus Shale wells accounted for
approximately 39% of EQT’s production sales volumes, up from
approximately 16% in the second quarter 2010. Daily sales from Marcellus
wells averaged 203 MMcfd for the quarter and are expected to exit 2011
at 285 MMcfd.
EQT Production operating income for the second quarter of 2011 was $99.8
million, compared to $41.0 million in the same period last year.
Production operating revenues for the quarter were $196.8 million, 65%
higher, driven by the 47% volume increase, higher unhedged natural gas
prices, higher natural gas liquid (NGL) prices and lower midstream
rates. EQT Production’s sales volumes consisted of approximately 7%
liquids, excluding ethane, from its liquids-rich Huron play in Kentucky
and Marcellus play in West Virginia. EQT Corporation realized an average
unhedged premium over the NYMEX natural gas price of $1.36 per Mcfe as a
result of its liquids-rich production and positive basis to Henry Hub.
Consistent with EQT Production’s growth, operating expenses for the
quarter were $97.1 million; $19.1 million higher than reported for the
second quarter of 2010. Depreciation, depletion and amortization (DD&A)
expense was $18.4 million higher, primarily due to increased volumes.
Lease operating expense (LOE), including production taxes, was $19.8
million, $3.2 million higher. Per unit LOE, including production taxes,
decreased 18% to $0.42 per Mcfe as a result of higher volumes. Excluding
production taxes, per unit LOE decreased by 15% to $0.22 per Mcfe.
Selling, general and administrative (SG&A) expense was $14.2 million for
the quarter; $2.7 million lower than the second quarter 2010, as the
absence of a $4.5 million charge related to the termination of
contractual capacity for the processing and disposal of recovered frac
water last year more than offset the increases in SG&A to support the
company’s volume growth.
The company drilled (spud) 61 gross horizontal wells during the second
quarter 2011; 33 targeting the Huron play with an average length of pay
of 5,160 feet; and 28 targeting the Marcellus play with an average
length of pay of 5,035 feet. The company drilled 112 gross horizontal
wells during the first six months of 2011; 61 targeting the Huron play
and 51 targeting the Marcellus play.
EQT Midstream
EQT Midstream achieved second quarter 2011 operating income of $52.2
million, 25% higher than the same period of 2010. Increased gathering
and transmission revenues more than offset the loss of revenues
associated with the sale of the Langley natural gas processing complex
and lower storage and marketing net revenues. Net gathering revenues
increased 20% to $61.3 million in the second quarter 2011, driven
primarily by a 32% increase in gathered volumes. Net transmission
revenues increased by 36% to $24.6 million, fueled by the increased sale
of capacity associated with the initial phase of the Equitrans Marcellus
expansion project, which came on-line in the fourth quarter 2010.
Operating expenses for the quarter were $45.6 million; $6.0 million
lower than in the second quarter of 2010; resulting from the absence of
$4.1 million of O&M and depreciation costs associated with the sale of
Langley and a reduction to certain non-income taxes totaling $1.8
million. EQT Midstream’s unit costs to gather and transport EQT
Production sales volumes were 33% lower, at $0.34 per Mcfe, as EQT
Midstream realizes economies of scale in the Marcellus play. Marcellus
gathered volumes increased by 210% over last year.
Distribution
Distribution’s second quarter 2011 operating income totaled $8.9
million, compared to $4.3 million for the same period in 2010. Total net
operating revenues for the second quarter 2011 were $32.9 million, $3.7
million higher than last year, primarily as a result of colder weather
in April 2011. Operating expenses were $1.0 million lower
year-over-year, primarily attributable to lower bad debt expense.
Other Business
ANPI Transaction
In December 2000, the company sold a net profits interest in certain
producing properties located in the Appalachian Basin to a trust.
Proceeds from this sale were used to partially pay for the acquisition
of approximately 1.8 million gross acres from Statoil Energy, Inc. In
May, 2011, the company purchased all outstanding equity interests in the
trust. The company recorded a $10.1 million non-cash gain on the
revaluation of its previously existing equity investment in the trust in
the second quarter. Sales of natural gas from the acquired wells totaled
1.4 Bcfe in the second quarter and are expected to total 4.0 Bcfe in the
second half of 2011.
Sale of Big Sandy Pipeline
On July 1, 2011, EQT completed the sale of its Big Sandy Pipeline to
Spectra Energy Partners, LP for $390 million. EQT will recognize a
pre-tax gain in the third quarter 2011 of approximately $175 million on
the transaction.
Hedging
EQT recently added to its production hedge position for 2011 through
2013. As of July 27, 2011, the company’s production sales volumes are
approximately 56% hedged for the second half of 2011. The company’s
total hedge positions for 2011 through 2013 production are:
2011**
2012
2013
Swaps
Total Volume (Bcf)
45
80
29
Average Price per Mcf (NYMEX)*
$
4.88
$
5.31
$
5.64
Puts
Total Volume (Bcf)
1
–
–
Average Floor Price per Mcf (NYMEX)*
$
7.35
$
–
$
–
Collars
Total Volume (Bcf)
11
21
15
Average Floor Price per Mcf (NYMEX)*
$
6.51
$
6.51
$
6.12
Average Cap Price per Mcf (NYMEX)*
$
11.83
$
11.83
$
11.80
* Based on a conversion rate of 1.05 MMBtu/Mcf
**July through December
Operating Income
The company reports operating income by segment in this press release.
Both interest and income taxes are controlled on a consolidated,
corporate-wide basis, and are not allocated to the segments. The
following table reconciles operating income by segment as reported in
this press release to the consolidated operating income reported in the
company’s financial statements. Unallocated expenses are primarily due
to certain incentive compensation and administrative costs in excess of
budget that are not allocated to the operating segments.
Three Months EndedJune 30,
Six Months EndedJune 30,
2011
2010
2011
2010
Operating income (thousands):
EQT Production
$
99,759
$
41,029
$
182,088
$
114,146
EQT Midstream
52,243
41,714
118,876
94,405
Distribution
8,928
4,290
62,295
51,709
Unallocated expenses
(7,760
)
(8,504
)
(12,462
)
(12,618
)
Operating income
$
153,170
$
78,529
$
350,797
$
247,642
Price Reconciliation
EQT Production’s average wellhead sales price is calculated by
allocating some revenues to EQT Midstream for the gathering and
transmission of the produced gas, after deductions for third party
gathering, processing and transmission. EQT’s average wellhead sales
price for the three and six months ended June 30, 2011 and 2010 were as
follows:
Three Months EndedJune 30,
Six Months EndedJune 30,
2011
2010
2011
2010Revenues ($ / Mcfe)
Average NYMEX price
$
4.31
$
4.09
$
4.21
$
4.70
Hedge impact
0.38
0.55
0.42
0.39
Average basis
0.18
0.13
0.19
0.18
Average net liquids revenue
1.18
1.05
1.13
1.04
Hedge adjusted price
$
6.05
$
5.82
$
5.95
$
6.31
Midstream Revenue Deductions ($ / Mcfe)
Gathering to EQT Midstream
$
(1.15
)
$
(1.29
)
$
(1.14
)
$
(1.29
)
Transmission and processing to EQT Midstream
(0.29
)
(0.38
)
(0.31
)
(0.40
)
3rd party gathering, processing and transmission
(0.45
)
(0.49
)
(0.43
)
(0.44
)
Total midstream revenue deductions
$
(1.89
)
$
(2.16
)
$
(1.88
)
$
(2.13
)
Average wellhead sales price to EQT Production
$
4.16
$
3.66
$
4.07
$
4.18
EQT Revenue ($/ Mcfe)
Revenues to EQT Midstream
$
1.44
$
1.67
$
1.45
$
1.69
Revenues to EQT Production
4.16
3.66
4.07
4.18
Average wellhead sales price to EQT Corporation
$
5.60
$
5.33
$
5.52
$
5.87
Unit Costs
EQT’s unit costs to produce, gather and transport EQT’s produced natural
gas excluding third party gathering, processing and transmission fees,
which were deducted from revenues, were:
Three Months EndedJune 30,
Six Months EndedJune 30,
2011
2010
2011
2010
Production segment costs: ($ / Mcfe)
LOE
$
0.22
$
0.26
$
0.20
$
0.25
Production taxes
0.20
0.25
0.19
0.26
G&A
0.30
0.52
0.32
0.46
$
0.72
$
1.03
$
0.71
$
0.97
Midstream segment costs: ($ / Mcfe)
Gathering and transmission
$
0.34
$
0.51
$
0.37
$
0.51
SG&A
0.17
0.18
0.17
0.18
$
0.51
$
0.69
$
0.54
$
0.69
Total ($ / Mcfe)
$
1.23
$
1.72
$
1.25
$
1.66
Marcellus Horizontal Well Status (cumulatively since inception)
As of6/30/11
As of3/31/11
As of12/31/10
As of9/30/10
As of6/30/10
Wells spud
194
166
143
131
115
Wells online
119
86
66
48
34
Wells complete, not online
5
8
17
15
12
Frac stages (spud wells)*
2,809
2,387
1,940
1,706
1,480
Frac stages online
1,578
1,047
773
512
312
Frac stages complete, not online
74
127
241
208
135
*Includes planned stages for spud wells that have not yet been frac’d.Non-GAAP Disclosures
Operating Cash Flow
Operating cash flow is presented as an accepted indicator of an oil and
gas exploration and production company’s ability to internally fund
exploration and development activities and to service or incur
additional debt. The company has also included this information because
changes in operating assets and liabilities relate to the timing of cash
receipts and disbursements that the company may not control and may not
relate to the period in which the operating activities occurred.
Operating cash flow should not be considered in isolation or as a
substitute for net cash provided by operating activities prepared in
accordance with GAAP. The table below reconciles operating cash flow
with net cash provided by operating activities as derived from the
statements of cash flows to be included in the company’s Form 10-Q for
the six months ended June 30, 2011 and 2010.
Three Months EndedJune 30,
Six Months EndedJune 30,
(thousands)
2011
2010
2011
2010
Net Income
$
87,754
$
30,000
$
210,009
$
118,065
Add back (deduct):
Deferred income taxes
33,222
16,281
103,938
66,431
Depreciation, depletion, and amortization
81,886
65,217
160,284
127,096
Gain on disposition
–
–
(22,785
)
–
Other items, net
(14,237
)
1,818
(13,732
)
6,008
Operating cash flow:
$
188,625
$
113,316
$
437,714
$
317,600
Add back (deduct):
Changes in operating assets and liabilities
46,445
87,850
24,870
158,979
Net cash provided by operating activities
$
235,070
$
201,166
$
462,584
$
476,579
Net Operating Revenues and Net Operating Expenses
Net operating revenues and net operating expenses, both of which exclude
purchased gas costs, are presented because they are important analytical
measures used by management to evaluate period-to-period comparisons of
revenue and operating expenses. Purchased gas cost, which is subject to
commodity price volatility and a significant portion of which is passed
on to customers with no income impact, is typically excluded by
management in such analyses.
Three Months EndedJune 30,
Six Months EndedJune 30,
(thousands)
2011
2010
2011
2010
Net operating revenues
$
327,541
$
241,546
$
684,998
$
564,224
Plus: purchased gas cost
21,459
15,969
119,673
129,931
Operating revenues
$
349,000
$
257,515
$
804,671
$
694,155
Net operating expenses, excluding purchased gas cost
$
174,371
$
163,017
$
334,201
$
316,582
Plus: purchased gas cost
21,459
15,969
119,673
129,931
Operating expenses
$
195,830
$
178,986
$
453,874
$
446,513
EQT’s conference call with securities analysts, which begins at 10:30
a.m. Eastern Time today will cover second quarter 2011 financial and
operational results and other matters, and will be broadcast live via
EQT’s web site, http://www.eqt.com
and on the Investor information page from the company’s web site
available at http://ir.eqt.com,
and will be available for seven days.
EQT management speaks to investors from time to time. Slides for these
discussions will be available online via EQT’s web site. The slides may
be updated periodically.
Cautionary Statements
The United States Securities and Exchange Commission (SEC) permits oil
and gas companies, in their filings with the SEC, to disclose only
proved, probable and possible reserves that a company anticipates as of
a given date to be economically and legally producible and deliverable
by application of development projects to known accumulations. We use
certain terms, such as “EUR” (estimated ultimate recovery), that the
SEC’s guidelines prohibit us from including in filings with the SEC.
This measure is by its nature more speculative than estimates of
reserves prepared in accordance with SEC definitions and guidelines and
accordingly is less certain.
Daily sales are the total sales volumes per day (or daily production).
Forecasted daily sales is an operational estimate of the daily sales
volume on a typical day (excluding curtailments).
Direct costs to drill a well (or costs per well) do not include
capitalized overhead or capitalized interest.
The company is unable to provide a reconciliation of its projected
operating cash flow to projected net cash provided by operating
activities, the most comparable financial measure calculated in
accordance with generally accepted accounting principles, because of
uncertainties associated with projecting future net income and changes
in assets and liabilities.
Disclosures in this press release and/or made during the second quarter
earnings conference call contain certain forward-looking statements.
Statements that do not relate strictly to historical or current facts
are forward-looking. Without limiting the generality of the foregoing,
forward-looking statements contained in this press release specifically
include the expectations of plans, strategies, objectives, and growth
and anticipated financial and operational performance of the company and
its subsidiaries, including guidance regarding the company’s drilling
and infrastructure programs (including the Equitrans Marcellus expansion
project, such as the amount of the expected additional capital
investment in and additional capacity and operating income resulting
from, such project) and technology, transactions, including asset sales
and/or joint ventures involving the company’s assets, the expected gain
to be recognized on the sale of the Big Sandy Pipeline, revenue
projections, including the expected reduction in revenue, EBITDA and
operating income as a result of the sale of the Big Sandy Pipeline,
production and sales volumes, reserves, EUR, internal rates of return
(IRR), return on total capital (ROTC), midstream costs, F&D costs,
operating costs, expected gathering rates, including the impact of
continued Marcellus production growth on the average gathering rate,
well costs, the expected decline curve, the expected feet of pay,
capital expenditures, financing requirements and availability, projected
operating cash flows, hedging strategy, the effects of government
regulation, reductions in fuel costs and emissions resulting from the
use of natural gas powered drilling equipment, and tax position. These
statements involve risks and uncertainties that could cause actual
results to differ materially from projected results. Accordingly,
investors should not place undue reliance on forward-looking statements
as a prediction of actual results. The company has based these
forward-looking statements on current expectations and assumptions about
future events. While the company considers these expectations and
assumptions to be reasonable, they are inherently subject to significant
business, economic, competitive, regulatory and other risks and
uncertainties, most of which are difficult to predict and many of which
are beyond the company’s control. The risks and uncertainties that may
affect the operations, performance and results of the company’s business
and forward-looking statements include, but are not limited to, those
set forth under Item 1A, “Risk Factors” of the company’s Form 10-K for
the year ended December 31, 2010, as updated by any subsequent Form
10-Qs.
Any forward-looking statement applies only as of the date on which such
statement is made and the company does not intend to correct or update
any forward-looking statement, whether as a result of new information,
future events or otherwise.
EQT is an integrated energy company with emphasis on Appalachian area
natural gas production, gathering, transmission and distribution.
Additional information about the company can be obtained through the
company’s web site, http://www.eqt.com.
Investor information is available on EQT’s web site at http://ir.eqt.com.
EQT uses its web site as a channel of distribution of important
information about the company, and routinely posts financial and other
important information regarding the company and its financial condition
and operations on the Investors web pages.
EQT CORPORATION AND SUBSIDIARIES
Three Months Ended
Six Months Ended
June 30,
June 30,
2011
2010
2011
2010
OPERATIONAL DATA
Average wellhead sales price to EQT Corporation:
Natural gas excluding hedges ($ / Mcf)
$
4.58
$
4.09
$
4.47
$
4.84
Hedge impact ($ / Mcf of natural gas)
$
0.41
$
0.61
$
0.44
$
0.42
Natural gas including hedges ($ / Mcf)
$
4.99
$
4.70
$
4.91
$
5.26
NGLs ($ / Bbl)
$
51.71
$
46.60
$
51.86
$
48.21
Crude oil ($ / Bbl)
$
89.08
$
76.24
$
84.95
$
76.12
Total ($ / Mcfe)
$
5.60
$
5.33
$
5.52
$
5.87
Less revenues to EQT Midstream ($ / Mcfe)
$
1.44
$
1.67
$
1.45
$
1.69
Average wellhead sales price to EQT Production ($ / Mcfe)
$
4.16
$
3.66
$
4.07
$
4.18
NYMEX natural gas ($ / Mcf)
$
4.31
$
4.09
$
4.21
$
4.70
Natural gas sales volumes (MMcf)
43,830
29,167
83,965
56,658
NGL sales volumes (Mbbls)
774
667
1,500
1,285
Crude oil sales volumes (Mbbls)
49
29
80
50
Total production sales volumes (MMcfe)
47,030
31,915
90,077
61,915
Capital expenditures (thousands)
$
374,098
$
536,020
$
637,526
$
753,547
STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)
(Thousands except per share amounts)
Operating revenues
$
349,000
$
257,515
$
804,671
$
694,155
Operating expenses:
Purchased gas costs
21,459
15,969
119,673
129,931
Operation and maintenance
30,586
35,774
55,641
70,292
Production
19,765
16,532
35,876
33,153
Exploration
1,198
1,078
2,573
2,413
Selling, general and administrative
40,936
44,416
79,827
83,628
Depreciation, depletion and amortization
81,886
65,217
160,284
127,096
Total operating expenses
195,830
178,986
453,874
446,513
Operating income
153,170
78,529
350,797
247,642
Gain on disposition
-
-
22,785
-
Other income
18,046
2,573
24,850
5,627
Interest expense
33,287
34,080
66,139
68,214
Income before income taxes
137,929
47,022
332,293
185,055
Income taxes
50,175
17,022
122,284
66,990
Net income
$
87,754
$
30,000
$
210,009
$
118,065
Earnings per share of common stock:
Basic:
Weighted average common shares outstanding
149,444
147,575
149,347
140,440
Net income
$
0.59
$
0.20
$
1.41
$
0.84
Diluted:
Weighted average common shares outstanding
150,111
148,289
150,034
141,270
Net income
$
0.58
$
0.20
$
1.40
$
0.84
EQT PRODUCTIONOPERATIONAL AND FINANCIAL REPORT
Three Months Ended
Six Months Ended
June 30,
June 30,
2011
2010
2011
2010
OPERATIONAL DATA
Natural gas, NGL and oil production (MMcfe)
48,039
32,789
92,565
64,186
Company usage, line loss (MMcfe)
(1,009
)
(874
)
(2,488
)
(2,271
)
Total production sales volumes (MMcfe)
47,030
31,915
90,077
61,915
Average daily sales volumes (Mmcfe / d)
517
351
498
342
Sales volume detail (MMcfe):
Horizontal Marcellus Play
18,505
4,997
34,495
8,762
Horizontal Huron Play
10,017
9,345
20,360
18,122
CBM Play
3,396
3,310
6,775
6,494
Other (vertical non-CBM)
15,112
14,263
28,447
28,537
Total production sales volumes
47,030
31,915
90,077
61,915
Average wellhead sales price ($ / Mcfe)
$
4.16
$
3.66
$
4.07
$
4.18
Lease operating expenses, excluding production taxes (LOE) ($ / Mcfe)
$
0.22
$
0.26
$
0.20
$
0.25
Production taxes ($ / Mcfe)
$
0.20
$
0.25
$
0.19
$
0.26
Production depletion ($ / Mcfe)
$
1.24
$
1.27
$
1.25
$
1.25
Production depletion (thousands)
$
59,709
$
41,527
$
115,321
$
80,504
Other depreciation, depletion and amortization (thousands)
2,190
1,941
4,412
3,874
Total depreciation, depletion and amortization (thousands)
$
61,899
$
43,468
$
119,733
$
84,378
Capital expenditures (thousands)
$
317,906
$
483,656
$
544,878
$
662,071
FINANCIAL DATA (Thousands)
Total operating revenues
$
196,810
$
119,028
$
369,852
$
263,391
Operating expenses:
LOE
10,348
8,396
18,148
16,199
Production taxes
9,417
8,136
17,728
16,954
Exploration expense
1,198
1,078
2,573
2,413
Selling, general and administrative
14,189
16,921
29,582
29,301
Depreciation, depletion and amortization
61,899
43,468
119,733
84,378
Total operating expenses
97,051
77,999
187,764
149,245
Operating income
$
99,759
$
41,029
$
182,088
$
114,146
EQT MIDSTREAMOPERATIONAL AND FINANCIAL REPORT
Three Months Ended
Six Months Ended
June 30,
June 30,
2011
2010
2011
2010
OPERATIONAL DATA
Gathered volumes (BBtu)
62,566
47,461
121,188
92,084
Average gathering fee ($ / MMBtu)
$
0.98
$
1.08
$
0.99
$
1.10
Gathering expense ($ / MMBtu)
$
0.27
$
0.39
$
0.22
$
0.38
Transmission pipeline throughput (BBtu)
43,439
24,065
79,001
49,058
Net operating revenues (thousands):
Gathering
$
61,257
$
51,029
$
120,238
$
99,763
Transmission
24,566
18,007
50,955
39,560
Storage, marketing and other
12,015
24,260
33,167
55,448
Total net operating revenues
$
97,838
$
93,296
$
204,360
$
194,771
Unrealized gains (losses) on derivatives and inventory (thousands)
(a)
$
1,310
$
(232
)
$
158
$
(822
)
Capital expenditures (thousands)
$
46,500
$
44,293
$
75,605
$
78,980
FINANCIAL DATA (Thousands)
Total operating revenues
$
131,201
$
136,955
$
272,863
$
291,591
Purchased gas costs
33,363
43,699
68,503
96,820
Total net operating revenues
97,838
93,296
204,360
$
194,771
Operating expenses:
Operating and maintenance
20,033
24,756
34,360
47,984
Selling, general and administrative
11,266
11,215
22,120
21,847
Depreciation and amortization
14,296
15,611
29,004
30,535
Total operating expenses
45,595
51,582
85,484
100,366
Operating income
$
52,243
$
41,714
$
118,876
$
94,405
(a) Included within storage, marketing and other net operating revenues.
DISTRIBUTIONOPERATIONAL AND FINANCIAL REPORT
Three Months Ended
Six Months Ended
June 30,
June 30,
2011
2010
2011
2010
OPERATIONAL DATA
Heating degree days (30-yr avg: Quarter – 665; YTD – 3,535)
487
417
3,423
3,277
Residential sales and transportation volume (MMcf)
2,694
2,238
14,718
14,103
Commercial and industrial volume (MMcf)
5,611
5,394
16,742
16,830
Total throughput (MMcf) – Distribution
8,305
7,632
31,460
30,933
Net operating revenues (thousands):
Residential
$
19,146
$
17,333
$
70,096
$
66,963
Commercial & industrial
8,237
7,665
29,416
27,488
Off-system and energy services
5,506
4,222
11,270
11,610
Total net operating revenues
$
32,889
$
29,220
$
110,782
$
106,061
Capital expenditures (thousands)
$
8,811
$
7,750
$
15,030
$
11,725
FINANCIAL DATA (Thousands)
Total operating revenues
$
69,100
$
63,349
$
264,191
$
285,604
Purchased gas costs
36,211
34,129
153,409
179,543
Net operating revenues
32,889
29,220
110,782
106,061
Operating expenses:
Operating and maintenance
10,731
10,980
21,052
21,580
Selling, general and administrative
7,307
7,934
15,555
20,762
Depreciation and amortization
5,923
6,016
11,880
12,010
Total operating expenses
23,961
24,930
48,487
54,352
Operating income
$
8,928
$
4,290
$
62,295
$
51,709
|
