|
|
|
|
2003 SECOND QUARTER REPORT
Consolidated Statements of Income
(Unaudited)
(in Thousands Except Income per Share)
|
|
Three
Months
Ended June 30, |
|
|
Six
Months
Ended June 30, |
|
|
------------------------------------- |
|
|
----------------------------------------- |
|
|
2003 |
|
2002 |
|
|
2003 |
|
2002 |
| Revenues: |
|
|
|
|
|
|
|
|
|
| Oil
and gas sales |
$ |
50,909 |
$ |
38,331 |
|
$ |
105,760 |
$ |
64,944 |
| Fees
from limited partnerships and joint ventures |
|
7 |
|
50 |
|
|
15 |
|
54 |
| Interest
income |
|
73 |
|
26 |
|
|
110 |
|
32 |
| Gain
on asset disposition |
|
--- |
|
--- |
|
|
--- |
|
7,333 |
| Price-risk
management and other, net |
|
(271) |
|
163 |
|
|
(1,667) |
|
561 |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
|
|
50,718 |
|
38,570 |
|
|
104,218 |
|
72,924 |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
| Costs
and Expenses: |
|
|
|
|
|
|
|
|
|
| Oil
and gas production |
|
13,754 |
|
10,032 |
|
|
25,662 |
|
19,598 |
| General
and administrative, net |
|
3,338 |
|
2,598 |
|
|
6,895 |
|
4,871 |
| Depreciation,
depletion, and amortization |
|
15,677 |
|
14,341 |
|
|
30,588 |
|
28,302 |
| Accretion
of asset retirement obligation |
|
202 |
|
--- |
|
|
417 |
|
--- |
| Interest
expense, net |
|
6,673 |
|
6,080 |
|
|
13,358 |
|
9,960 |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
|
|
39,644 |
|
33,051 |
|
|
76,920 |
|
62,731 |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
| Income
Before Income Taxes and Change in Accounting
Principle |
|
11,074 |
|
5,519 |
|
|
27,298 |
|
10,193 |
| Provision
for Income Taxes |
|
3,852 |
|
1,935 |
|
|
9,591 |
|
3,589 |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
| Income
Before Change in Accounting Principle |
|
7,222 |
|
3,584 |
|
|
17,707 |
|
6,604 |
Cumulative
Effect of Change in Accounting Principle
(net of taxes) |
|
--- |
|
--- |
|
|
4,377 |
|
--- |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
| Net
Income |
$ |
7,222 |
$ |
3,584 |
|
$ |
13,330 |
$ |
6,604 |
|
|
======= |
|
======= |
|
|
======= |
|
======= |
|
|
|
|
|
|
|
|
|
|
| Per
Share Amounts- |
|
|
|
|
|
|
|
|
|
Basic:
Income Before Change
in Accounting Principle |
$ |
0.26 |
$ |
0.13 |
|
$ |
0.65 |
$ |
0.26 |
| Change
in Accounting Principle |
|
--- |
|
--- |
|
|
(0.16) |
|
--- |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
|
Net Income |
$ |
0.26 |
$ |
0.13 |
|
$ |
0.49 |
$ |
0.26 |
|
|
======== |
|
======== |
|
|
======== |
|
======== |
Diluted:
Income Before Change
in Accounting Principle |
$ |
0.26 |
$ |
0.13 |
|
$ |
0.65 |
$ |
0.25 |
|
Change in Accounting Principle |
|
--- |
|
--- |
|
|
(0.16) |
|
--- |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
|
Net Income |
$ |
0.26 |
$ |
0.13 |
|
$ |
0.49 |
$ |
0.25 |
|
|
======= |
|
======= |
|
|
======== |
|
======= |
|
|
|
|
|
|
|
|
|
|
| Weighted
Average Shares Outstanding |
|
27,311 |
|
26,566 |
|
|
27,277 |
|
25,724 |
|
|
|
|
|
|
|
|
|
|
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|
