|
|
|
|
2003 FIRST QUARTER REPORT
Consolidated Statements of Income
(Unaudited)
(in Thousands Except Income per Share)
|
Three Months Ended March 31, |
|
|
|
2003 |
2002 |
| Revenues: |
|
|
| Oil and gas sales |
$ 54,850 |
$ 26,613 |
| Fees from limited partnerships
and joint ventures |
8 |
5 |
| Interest income |
38 |
6 |
| Gain
on asset disposition |
--- |
7,332 |
| Price-risk
management and other, net |
(1,396) |
398 |
|
------------- |
------------- |
|
53,500 |
34,354 |
|
------------- |
------------- |
| Costs and Expenses: |
|
|
| Oil and gas production |
11,908 |
9,565 |
| General and administrative, net |
3,556 |
2,274 |
| Depreciation, depletion, and
amortization |
14,912 |
13,961 |
| Accretion
of asset retirement obligation |
215 |
--- |
| Interest expense, net |
6,685 |
3,880 |
|
------------- |
------------- |
|
37,276 |
29,680 |
|
------------- |
------------- |
| Income Before Income Taxes and Change in
Accounting Principle
|
16,224 |
4,674 |
| Provision for Income Taxes |
5,739 |
1,654 |
|
------------- |
------------- |
| Income Before Change in
Accounting Principle |
10,485 |
3,020 |
Cumulative Effect of Change in Accounting
Principle
(net of taxes) |
4,377 |
--- |
|
------------- |
------------- |
| Net Income |
$ 6,108 |
$ 3,020 |
|
========= |
======== |
|
|
|
| Per Share Amounts- |
|
|
Basic:
Income Before Change
in Accounting Principle
|
$ 0.38 |
$ 0.12 |
|
Change in Accounting Principle
|
(0.16) |
--- |
|
|
------------- |
------------- |
|
Net Income
|
$ 0.22 |
$ 0.12 |
|
======== |
======== |
Diluted:
Income Before Change
in Accounting Principle
|
$ 0.38 |
$ 0.12 |
|
Change
in Accounting Principle
|
(0.16) |
--- |
|
|
------------- |
------------- |
|
Net Income
|
$ 0.22 |
$ 0.12 |
|
======== |
======== |
|
|
|
| Weighted Average Shares Outstanding |
27,243 |
24,882 |
|
======== |
======== |
This page was last updated on Wednesday, August 20, 2003, at 02:13:48 PM.
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|
