Item 6 — Selected Financial Data
The following table sets forth certain financial information and is qualified in its entirety by reference to the historical financial statements and notes thereto included in Item 8 Financial Statements and Supplementary Data. The Statements of Income and Balance Sheet data included in this table for each of the five years in the period ended December 31, 2007 were derived from the audited financial statements and the accompanying notes to those financial statements (in thousands, except per share, per BOE and % data).
|
|
|
2007 |
|
|
2006 |
|
|
2005 |
|
|
2004 |
|
|
2003 |
|
|||||
|
Audited Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Sales of oil and gas |
|
$ |
467,400 |
|
|
$ |
430,497 |
|
|
$ |
349,691 |
|
|
$ |
226,876 |
|
|
$ |
135,848 |
|
|
Sales of electricity |
|
|
55,619 |
|
|
|
52,932 |
|
|
|
55,230 |
|
|
|
47,644 |
|
|
|
44,200 |
|
|
Gain on sale of assets |
|
|
54,173 |
|
|
|
97 |
|
|
|
130 |
|
|
|
410 |
|
|
|
570 |
|
|
Operating costs - oil and gas production |
|
|
141,218 |
|
|
|
117,624 |
|
|
|
99,066 |
|
|
|
73,838 |
|
|
|
57,830 |
|
|
Operating costs - electricity generation |
|
|
45,980 |
|
|
|
48,281 |
|
|
|
55,086 |
|
|
|
46,191 |
|
|
|
42,351 |
|
|
Production taxes |
|
|
17,215 |
|
|
|
14,674 |
|
|
|
11,506 |
|
|
|
6,431 |
|
|
|
3,097 |
|
|
General and administrative expenses (G&A) |
|
|
40,210 |
|
|
|
36,841 |
|
|
|
21,396 |
|
|
|
22,504 |
|
|
|
14,495 |
|
|
Depreciation, depletion & amortization (DD&A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas production |
|
|
93,691 |
|
|
|
67,668 |
|
|
|
38,150 |
|
|
|
29,752 |
|
|
|
17,258 |
|
|
Electricity generation |
|
|
3,568 |
|
|
|
3,343 |
|
|
|
3,260 |
|
|
|
3,490 |
|
|
|
3,256 |
|
|
Net income |
|
|
129,928 |
|
|
|
107,943 |
|
|
|
112,356 |
|
|
|
69,187 |
|
|
|
32,363 |
|
|
Basic net income per share |
|
|
2.95 |
|
|
|
2.46 |
|
|
|
2.55 |
|
|
|
1.58 |
|
|
|
.74 |
|
|
Diluted net income per share |
|
$ |
2.89 |
|
|
$ |
2.41 |
|
|
$ |
2.50 |
|
|
$ |
1.54 |
|
|
$ |
.73 |
|
|
Weighted average number of shares outstanding (basic) |
|
|
44,075 |
|
|
|
43,948 |
|
|
|
44,082 |
|
|
|
43,788 |
|
|
|
43,544 |
|
|
Weighted average number of shares outstanding (diluted) |
|
|
44,906 |
|
|
|
44,774 |
|
|
|
44,980 |
|
|
|
44,940 |
|
|
|
44,062 |
|
|
Working capital (deficit) |
|
$ |
(110,350 |
) |
|
$ |
(116,594 |
) |
|
$ |
(54,757 |
) |
|
$ |
(3,840 |
) |
|
$ |
(3,540 |
) |
|
Total assets |
|
|
1,452,106 |
|
|
|
1,198,997 |
|
|
|
635,051 |
|
|
|
412,104 |
|
|
|
340,377 |
|
|
Long-term debt |
|
|
445,000 |
|
|
|
390,000 |
|
|
|
75,000 |
|
|
|
28,000 |
|
|
|
50,000 |
|
|
Shareholders' equity |
|
|
459,974 |
|
|
|
427,700 |
|
|
|
334,210 |
|
|
|
263,086 |
|
|
|
197,338 |
|
|
Cash dividends per share |
|
|
.30 |
|
|
|
.30 |
|
|
|
.30 |
|
|
|
.26 |
|
|
|
.24 |
|
|
Cash flow from operations |
|
|
248,279 |
|
|
|
243,229 |
|
|
|
187,780 |
|
|
|
124,613 |
|
|
|
64,825 |
|
|
Exploration and development of oil and gas properties |
|
|
281,702 |
|
|
|
265,110 |
|
|
|
118,718 |
|
|
|
71,556 |
|
|
|
41,061 |
|
|
Property/facility acquisitions |
|
|
56,247 |
|
|
|
257,840 |
|
|
|
112,249 |
|
|
|
2,845 |
|
|
|
48,579 |
|
|
Additions to vehicles, drilling rigs and other fixed assets |
|
$ |
3,565 |
|
|
$ |
21,306 |
|
|
$ |
11,762 |
|
|
$ |
669 |
|
|
$ |
494 |
|
|
Unaudited Operating Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas producing operations (per BOE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales price before hedging |
|
$ |
49.72 |
|
|
$ |
48.38 |
|
|
$ |
47.01 |
|
|
$ |
33.64 |
|
|
$ |
24.48 |
|
|
Average sales price after hedging |
|
|
47.50 |
|
|
|
46.67 |
|
|
|
41.62 |
|
|
|
30.32 |
|
|
|
22.52 |
|
|
Average operating costs - oil and gas production |
|
|
14.38 |
|
|
|
12.69 |
|
|
|
11.79 |
|
|
|
10.09 |
|
|
|
9.57 |
|
|
Production taxes |
|
|
1.75 |
|
|
|
1.58 |
|
|
|
1.37 |
|
|
|
.86 |
|
|
|
.51 |
|
|
G&A |
|
|
4.09 |
|
|
|
3.98 |
|
|
|
2.55 |
|
|
|
2.99 |
|
|
|
2.40 |
|
|
DD&A - oil and gas production |
|
$ |
9.54 |
|
|
$ |
7.30 |
|
|
$ |
4.54 |
|
|
$ |
3.96 |
|
|
$ |
2.86 |
|
|
Production (MBOE) |
|
|
9,819 |
|
|
|
9,270 |
|
|
|
8,401 |
|
|
|
7,517 |
|
|
|
6,040 |
|
|
Production (MMWh) |
|
|
779 |
|
|
|
757 |
|
|
|
741 |
|
|
|
776 |
|
|
|
767 |
|
|
Total proved reserves (BOE) |
|
|
169,179 |
|
|
|
150,262 |
|
|
|
126,285 |
|
|
|
109,836 |
|
|
|
109,920 |
|
|
Standardized measure (1) |
|
$ |
2,419,506 |
|
|
$ |
1,182,268 |
|
|
$ |
1,251,380 |
|
|
$ |
686,748 |
|
|
$ |
528,220 |
|
|
Year end average BOE price for PV10 purposes |
|
$ |
66.27 |
|
|
$ |
41.23 |
|
|
$ |
48.21 |
|
|
$ |
29.87 |
|
|
$ |
25.89 |
|
|
Return on average shareholders' equity |
|
|
29.18 |
% |
|
|
28.33 |
% |
|
|
37.63 |
% |
|
|
31.06 |
% |
|
|
17.50 |
% |
|
Return on average capital employed |
|
|
16.01 |
% |
|
|
18.21 |
% |
|
|
32.74 |
% |
|
|
26.29 |
% |
|
|
15.44 |
% |