PITTSBURGH, Jan. 27 /PRNewswire-FirstCall/ -- Equitable Resources, Inc.
(NYSE: EQT) today announced record 2004 annual earnings per diluted share
(EPS) of $4.44. This compares with EPS of $2.68 in 2003. Fourth quarter 2004
EPS was $0.69 as compared to fourth quarter 2003 EPS of $0.78. Several non-
operational factors discussed below impacted full-year results, including a
$13.4 million fourth quarter charge for the settlement of a cash balance
pension plan.
In January 2005, the Company purchased the remaining 99% limited
partnership interest in Eastern Seven Partners, L.P. As detailed below, this
transaction added approximately 30 Bcfe of reserves.
RESULTS BY SEGMENT
Equitable Utilities
Equitable Utilities had operating income of $108.1 million for 2004,
compared with $109.9 million for 2003, a 2% decrease. Net operating revenues
for 2004 were $242.7 million compared to $245.1 million in 2003. Heating
degree-days were 5,360 for 2004, which is 6% warmer than the 5,695 degree-days
recorded in 2003 and 8% warmer than the 30-year norm of 5,829 degree-days.
Total operating expenses for 2004 were $134.6 million, compared to $135.2
million in 2003. Expenses related to depreciation, depletion, and
amortization expense (DD&A) and bad debt expense were lower than the prior
year, but were partially offset by higher customer information system costs
and state franchise taxes. The decrease in DD&A primarily reflects
application of longer expected service life to pipes at Equitable Gas
resulting from a Pennsylvania Public Utilities Commission mandated asset
service life study, partially offset by the effect of capital investments.
Operating income for the 2004 fourth quarter was $37.5 million, 14% higher
than the $32.8 million earned in the year ago quarter. Increased storage and
commercial margins, partially offset by lower heating-related revenues,
resulted in a 1% increase in net operating revenues for the quarter.
Operating expenses in the quarter decreased 11% from $35.8 million in 2003 to
$31.7 million in 2004, primarily as a result of a reduction in DD&A at
Equitable Gas as noted above, retroactive to January 1, 2004, and a reduction
in bad debt expense.
Equitable Supply
Equitable Supply recorded operating income of $227.4 million in 2004, 16%
higher than the $195.8 million earned in 2003. Total revenues for 2004 were
$390.4 million, 17% higher than the 2003 revenues of $332.4 million. The
increase in total revenues was primarily the result of a 14% higher average
well-head sales price, a 5% increase in sales volumes, and a 7% increase in
gathering revenues.
Operating expenses increased 19% from $136.6 million in 2003 to $163.1
million in 2004 due to higher gathering and compression expense, DD&A, lease
operating expense, and severance taxes. The increase in gathering and
compression expense is mainly attributable to increases in compressor expense,
field line and meter operations, and staffing. DD&A increased due to capital
expenditures for production and gathering assets. The increase in lease
operating expense is primarily related to increased cost for insurance, a
charge for environmental site assessments required under the Company's Spill
Prevention, Control and Countermeasure plan, and increased property tax due to
increased revenues. During 2004, the Company made a strategic shift toward
developing an infrastructure that will accommodate production from an
accelerated drilling program. The Company plans to drill 440 wells in 2005,
compared with the 314 wells drilled in 2004.
Operating income for the 2004 fourth quarter of $54.2 million compared
favorably to the $51.0 million of operating income in the fourth quarter 2003.
The average well-head sales price was 16% higher as compared to the fourth
quarter 2003, and sales volumes were slightly higher. Operating expenses
increased to $45.8 million in the fourth quarter 2004 from $37.3 million for
the same period last year. Gathering and compression expense increased from
$7.2 million in the 2003 fourth quarter to $12.9 million in the 2004 fourth
quarter primarily due to increases in compressor expense and field line and
meter operations. During the quarter, upon completion of Supply's internal
evaluation of operational job functions, there was a reclassification of
certain operating expenses for the first nine months of 2004 ($1.7 million)
from lease operating expense to gathering and compression expense, consistent
with Supply's continued efforts to separate the gathering business from
production.
Supply amended its prepaid forward contract at the end of the second
quarter 2004 with a portion of the proceeds from the sale of Kerr-McGee
shares. The amendment required Supply to repay the net present value of the
portion of the prepayment related to the undelivered quantities of natural gas
in the original contract. Prospectively, through the term of the remaining
contract (December 2005), Supply will deliver the required quantity of gas at
an effective price of $4.79/Mcf rather than $3.99/Mcf as originally stated in
the contract. The contract amendment resulted in an expense of $5.5 million,
reported as other income, net.
Equitable Supply received an insurance payment in the second quarter
related to a disputed insurance coverage claim of $6.1 million. This payment
was reported as other income, net.
The third quarter included an increase in operating income of $2.7 million
related to a change in the liquid processing contract from a make-whole
arrangement to a processing fee arrangement.
NORESCO
The NORESCO segment posted 2004 operating income of $14.9 million,
compared with $16.9 million earned in 2003. Net operating revenues for 2004
were $39.3 million, 4% lower than 2003 net operating revenues of $41.0
million. Total operating expenses were $24.4 million in 2004 compared with
$24.1 million in 2003. The construction backlog was $83.5 million at year-
end, down from $134.2 million at the end of 2003. The decreases in revenues
and backlog were mainly due to the lapsing in September 2003 of the enabling
legislation for the performance contracting work that NORESCO performs for the
federal government. The federal government passed new enabling legislation in
October 2004, providing NORESCO with the opportunity to resume contracting
this work.
NORESCO posted operating income of $4.2 million in the fourth quarter of
2004, compared with $5.8 million in the same period in 2003. Net operating
revenues were lower by 16% at $10.8 million in 2004, compared with $12.8
million in the fourth quarter 2003, while total operating expenses were $6.6
million in the fourth quarter 2004, $0.3 million lower than the $6.9 million
in the same period 2003.
In the second quarter 2004, NORESCO recognized an impairment of $40.3
million, which represents substantially all of the international investment
portfolio and the related costs of exiting these investments. In January
2005, NORESCO sold its interest in a Costa Rican electric generation plant to
a third party purchaser and recorded a slight gain on the sale.
Other Business
Pension
During the fourth quarter of 2004, the Company irrevocably committed to
settle the cash balance portion of the defined benefit pension plan. This
settlement resulted in the Company incurring a charge of $13.4 million. The
cash balance portion of the pension plan provided future benefits for certain
salaried employees of the Company's Utilities segment.
Supply Asset Rationalization
In January 2005, Equitable purchased the remaining 99% limited partnership
interest in Eastern Seven Partners, L.P. for cash ($57.5 million) and assumed
liabilities ($47.3 million). The purchase added approximately 30 Bcfe of
reserves. Equitable intends to sell some non-core producing properties during
the first half of 2005. The net result of the purchase and sale is expected
to increase the sales volume at Supply to 73 Bcfe in 2005. The expected
increase in revenues will be partially offset by lower other revenues from
fees formerly paid by the partnership for marketing and operating services
($4.1 million in 2004).
2005 Earnings Guidance
The Company is reiterating 2005 earnings guidance of between $3.45 and
$3.50 per diluted share. This earnings guidance assumes $5.50 per MMbtu
average NYMEX natural gas price and normal weather.
Stock Buyback
During the fourth quarter, Equitable repurchased 500,000 shares of EQT
stock for a total of 2,350,000 shares for the year. The number of shares
repurchased since October 1998 is approximately 19.0 million out of the 21.8
million shares currently authorized for repurchase.
Hedging
The approximate volumes and prices of Equitable's hedges for 2005 through
2007 are:
2005 2006 2007
Total Volume (Bcf) 63 62 59
Average Price per Mcf (NYMEX)* $4.80 $4.73 $4.75
* The above price is based on a conversion rate of 1.05 MMbtu/Mcf
Executive Performance Incentive Programs
The 2002 and 2003 executive performance incentive programs are intended to
align management long-term compensation with shareholder return relative to a
peer group of 30 companies. The cost of these programs was $26.2 million in
2004, compared with $15.0 million in 2003. The increase in expense related to
these programs was primarily the result of the Company's continued re-
evaluation of its payout assumptions under the programs, including the
Company's share price payout assumptions and the estimated performance levels
to be attained.
In the fourth quarter 2004, the cost of these programs was $10.2 million,
compared with $1.0 million in the fourth quarter 2003.
2004 Capital Expenditures
Equitable invested $202 million in capital projects during 2004. This
included $142 million for Equitable Supply, $56 million for Equitable
Utilities, and $4 million for Headquarters and NORESCO.
2005 Capital Expenditures
Equitable forecasts $293 million of capital expenditures for 2005. This
forecast includes $219 million for Equitable Supply, $61 million for Equitable
Utilities, and $13 million for Headquarters and NORESCO.
Westport/Kerr-McGee Merger
The merger between Westport Resources Corp. (NYSE: WRC) and Kerr-McGee
Corp. (NYSE: KMG) closed on June 25, 2004. As a result of the merger,
Equitable recognized a gain of $217.2 million on the exchange of Westport
shares for Kerr-McGee shares.
Also in the second quarter, Equitable sold 800,000 Kerr-McGee shares after
the merger was completed. The sale resulted in cash proceeds of $42.9
million, a gain of $3.0 million.
An additional 357,000 Kerr-McGee shares were committed to Equitable
Resources Foundation, Inc. in the second quarter. The foundation supports
development programs in the communities where the Company conducts business.
The contribution resulted in an $18.2 million charge.
Equitable earned $3.1 million in 2004 ($1.5 million in the fourth quarter)
in Kerr-McGee dividend income, reported as other income, net. Equitable owned
approximately 7.0 million shares of Kerr-McGee at year-end.
Operating Income, Equity Earnings from Nonconsolidated Investments, and
Other Income
The Company reports operating income, equity earnings from nonconsolidated
investments, and other income by segment in this press release. Interest,
income taxes, Kerr-McGee related matters, and similar items 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:
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
Operating income (thousands):
Equitable Utilities $37,469 $32,791 $108,149 $109,879
Equitable Supply 54,209 51,009 227,369 195,795
NORESCO 4,218 5,818 14,946 16,931
Unallocated expenses (22,456) (7,715) (45,813) (20,388)
Operating Income $73,440 $81,903 $304,651 $302,217
The following table reconciles equity earnings from nonconsolidated
investments by segment as reported in this press release to the consolidated
equity earnings from nonconsolidated investments reported in the Company's
financial statements:
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
Equity earnings from
nonconsolidated investments,
excluding Westport (thousands):
Equitable Supply $223 $30 $688 $431
NORESCO 667 (11,020) (38,438) (8,589)
Unallocated 52 27 168 149
Total $942 $(10,963) $(37,582) $(8,009)
The following table reconciles other income by segment as reported in this
press release to the consolidated other income reported in the Company's
financial statements:
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
Other income, net (thousands):
Equitable Supply $ - $ - $576 $ -
Unallocated 1,514 - 3,116 -
Total $1,514 - $3,692 -
Other segment financial measures identified in this press release are
reconciled to the most comparable financial measures calculated in accordance
with GAAP on the attached operational and financial reports.
As previously announced, Equitable's teleconference with securities
analysts at 10:30 a.m. Eastern Time on January 27, 2005 will be broadcast live
via Equitable's website, http://www.eqt.com and will be available for replay
for a seven day period.
Equitable Resources is an integrated energy company, with emphasis on
Appalachian area natural gas supply, natural gas transmission and
distribution, and leading-edge energy management services for customers
throughout the United States.
Equitable Resources management speaks to investors from time to time.
Slides for these discussions will be available online on Equitable's website.
The slides will be updated periodically.
DISCLOSURES IN THIS PRESS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS
RELATED TO SUCH MATTERS AS 2005 EPS GUIDANCE OF $3.45 - $3.50, EARNINGS PER
SHARE AND DIVIDEND GROWTH, THE APPROXIMATE VOLUMES AND PRICES OF HEDGES FOR
2005 THROUGH 2007, THE REPURCHASE OF ADDITIONAL COMPANY SHARES, REPAYMENT OF
DEBT, THE FORECASTED CAPITAL EXPENDITURES, THE COMPANY'S APPROACH TO LONG-TERM
COMPENSATION, INCLUDING DEFINED BENEFIT OBLIGATIONS, CHANGES IN OPERATING
COSTS, THE ABILITY OF THE COMPANY TO COLLECT ITS ACCOUNTS RECEIVABLE,
OPERATIONAL MATTERS AT THE SUPPLY SEGMENT INCLUDING THE ANTICIPATED NUMBER OF
WELLS TO BE DRILLED, THE EFFECTIVENESS OF COMPRESSION, AUTOMATION, METERING
AND OTHER INFRASTRUCTURE IMPROVEMENT PROJECTS, ANTICIPATED VOLUMES, STAFFING
CHANGES AND THE COMPANY'S ABILITY TO SEGREGATE THE GATHERING BUSINESS FROM THE
PRODUCTION BUSINESS AND TO RAISE GATHERING RATES, AND REALIZING VALUE FROM THE
INVESTMENT IN KERR-MCGEE, INCLUDING THE EFFECTIVENESS OF HEDGING KERR-MCGEE
SHARES. THE COMPANY NOTES THAT A VARIETY OF FACTORS COULD CAUSE THE COMPANY'S
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE ANTICIPATED RESULTS OR OTHER
EXPECTATIONS EXPRESSED IN THE COMPANY'S FORWARD-LOOKING STATEMENTS. THE RISKS
AND UNCERTAINTIES THAT MAY AFFECT THE OPERATIONS, PERFORMANCE, GROWTH AND
RESULTS OF THE COMPANY'S BUSINESS INCLUDE, BUT ARE NOT LIMITED TO, THE
FOLLOWING: WEATHER CONDITIONS, COMMODITY PRICES FOR NATURAL GAS AND ASSOCIATED
HEDGING ACTIVITIES, INCLUDING CHANGES IN HEDGE POSITIONS, AVAILABILITY AND
COST OF FINANCING, CHANGES IN THE COMPANY'S CREDIT RATINGS, CHANGES IN
INTEREST RATES, CHANGES IN TAX LAWS, UNANTICIPATED CURTAILMENTS OR DISRUPTIONS
IN PRODUCTION, TIMING AND AVAILABILITY OF REGULATORY AND GOVERNMENTAL
APPROVALS, INCLUDING PENDING AND ANTICIPATED RATE CASES, THE TIMING AND EXTENT
OF THE COMPANY'S SUCCESS IN ACQUIRING UTILITY COMPANIES AND NATURAL GAS
PROPERTIES AND DIVESTING NON-CORE PRODUCING PROPERTIES AND INTERNATIONAL
ASSETS, THE ABILITY OF THE COMPANY TO DISCOVER, DEVELOP, PRODUCE, GATHER AND
MARKET RESERVES, THE ABILITY OF THE COMPANY TO ACQUIRE AND APPLY TECHNOLOGY TO
ITS OPERATIONS, THE IMPACT OF COMPETITIVE FACTORS ON PROFIT MARGINS IN VARIOUS
MARKETS IN WHICH THE COMPANY COMPETES, THE PACE AT WHICH THE PERFORMANCE
CONTRACTING BUSINESS CAN BE RESUMED, CHANGES IN GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES AND/OR THEIR INTERPRETATION, THE ABILITY OF THE COMPANY TO
NEGOTIATE LABOR CONTRACTS, THE AMOUNT OF INCENTIVE PLAN ACCRUALS INCLUDING THE
IMPACT OF CHANGES IN THE RELATIVE PRICE OF EQUITABLE COMMON STOCK, THE ABILITY
OF THE COMPANY TO REALIZE THE VALUE OF ITS KERR-MCGEE STOCK, AND THE LEVEL OF
FUTURE SHARE REPURCHASES BY THE COMPANY. THE COMPANY UNDERTAKES NO OBLIGATION
TO CORRECT OR UPDATE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
EQUITABLE RESOURCES, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)
(Thousands except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
Operating revenues $344,695 $300,944 $1,191,609 $1,047,277
Cost of sales 164,724 131,221 519,140 428,706
Net operating revenues 179,971 169,723 672,469 618,571
Operating expenses:
Operation and maintenance 28,034 20,015 87,988 76,319
Production 10,687 9,471 43,274 35,687
Selling, general and
administrative 49,933 37,830 153,493 126,210
Depreciation, depletion and
amortization 17,877 20,504 83,063 78,138
Total operating expenses 106,531 87,820 367,818 316,354
Operating income 73,440 81,903 304,651 302,217
Gain on exchange of Westport
for Kerr-McGee shares - - 217,212 -
Charitable foundation contribution - - (18,226) (9,279)
Gain on sale of available for
sale securities - 13,985 3,024 13,985
Equity (losses) earnings from
nonconsolidated investments:
Westport - - - 3,614
International investments,
primarily impairment 661 (11,059) (39,590) (11,059)
Other 281 96 2,008 3,050
942 (10,963) (37,582) (4,395)
Other income, net 1,514 - 3,692 -
Minority interest (142) (265) (976) (1,413)
Interest expense 13,294 11,308 49,247 45,766
Income from continuing
operations before income
taxes and cumulative effect
of accounting change 62,460 73,352 422,548 255,349
Income taxes 19,186 23,881 142,694 81,792
Income from continuing
operations before cumulative
effect of accounting change 43,274 49,471 279,854 173,557
Cumulative effect of
accounting change, net of tax - - - (3,556)
Net income $43,274 $49,471 $279,854 $170,001
Earnings per share of common
stock:
Basic:
Weighted average common
shares outstanding 60,985 62,045 61,682 62,050
Income from continuing
operations before cumulative
effect of accounting change $0.71 $0.80 $4.54 $2.80
Cumulative effect of accounting
change, net of tax - - - (0.06)
Net income $0.71 $0.80 $4.54 $2.74
Diluted:
Weighted average common
shares outstanding 62,483 63,310 63,101 63,358
Income from continuing
operations before cumulative
effect of accounting change $0.69 $0.78 $4.44 $2.74
Cumulative effect of accounting
change, net of tax - - - (0.06)
Net income $0.69 $0.78 $4.44 $2.68
(A) Due to the seasonal nature of the Company's natural gas distribution
and energy marketing business, and the volatility of gas and oil
commodity prices, the interim statements for the three month periods
are not indicative of results for a full year.
EQUITABLE UTILITIES
OPERATIONAL AND FINANCIAL REPORT
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
OPERATIONAL DATA
Heating degree days (30-year
average: Qtr-2,070; YTD-5,829) 1,827 1,935 5,360 5,695
Residential sales and
transportation volume (MMcf) 7,228 8,088 25,520 27,262
Commercial and industrial
volume (MMcf) 7,467 8,233 29,597 28,784
Total throughput (MMcf) -
Distribution 14,695 16,321 55,117 56,046
Total throughput (Bbtu) - Pipeline 14,545 18,327 68,929 72,988
Total throughput (Bbtu) - Marketing 14,464 13,662 52,366 40,430
Net operating revenues (thousands):
Distribution
Residential $28,783 $30,356 $104,612 $109,821
Commercial & industrial 12,617 14,469 48,563 50,660
Other 1,393 1,126 5,950 4,705
Pipeline 16,884 15,140 55,123 52,926
Marketing 9,454 7,535 28,457 27,011
Total net operating revenues $69,131 $68,626 $242,705 $245,123
Operating expenses as a % of net
operating revenues 45.80% 52.22% 55.44% 55.17%
Operating income (thousands):
Distribution $19,561 $19,259 $56,877 $63,093
Pipeline 8,839 6,938 24,656 22,415
Marketing 9,069 6,594 26,616 24,371
Total operating income $37,469 $32,791 $108,149 $109,879
Capital expenditures (thousands) $12,847 $19,315 $56,274 $60,414
FINANCIAL DATA (Thousands)
Utility revenues $129,083 $124,796 $431,348 $408,110
Marketing revenues 88,530 59,800 300,513 205,258
Total operating revenues 217,613 184,596 731,861 613,368
Utility purchased gas costs 69,406 63,705 217,100 189,998
Marketing purchased gas costs 79,076 52,265 272,056 178,247
Net operating revenues 69,131 68,626 242,705 245,123
Operating expenses:
Operating and maintenance expense 15,116 12,835 52,481 51,208
Selling, general and
administrative expense 13,184 15,725 56,446 56,453
Depreciation, depletion and
amortization 3,362 7,275 25,629 27,583
Total operating expenses 31,662 35,835 134,556 135,244
Operating income $37,469 $32,791 $108,149 $109,879
EQUITABLE SUPPLY
OPERATIONAL AND FINANCIAL REPORT
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
OPERATIONAL DATA
Capital expenditures
(thousands) (a) $51,276 $49,908 $141,661 $204,527
Production:
Total sales volumes (MMcfe) 16,889 16,850 67,731 64,306
Average (well-head) sales
price ($/Mcfe) $4.65 $4.01 $4.46 $3.91
Company usage, line loss
(MMcfe) 1,477 1,446 5,090 5,501
Natural gas inventory
usage, net (MMcfe) (70) 35 (61) 112
Natural gas and oil
production (MMcfe) 18,296 18,331 72,760 69,919
Operated volumes-third
parties (MMcfe) 5,627 5,632 21,865 22,619
Lease operating expense
excluding severance tax
($/Mcfe) $0.31 $0.34 $0.36 $0.32
Severance tax ($/Mcfe) $0.27 $0.18 $0.24 $0.19
Production depletion
($/Mcfe) $0.54 $0.49 $0.54 $0.49
Gathering:
Gathered volumes (MMcfe) 32,729 33,679 127,339 126,674
Average gathering
fee ($/Mcfe) $0.57 $0.53 $0.58 $0.55
Gathering and compression
expense ($/Mcfe) $0.39 $0.21 $0.28 $0.20
Gathering and compression
depreciation ($/Mcfe) $0.10 $0.09 $0.11 $0.09
(in thousands)
Production operating
income $54,787 $45,526 $212,657 $172,384
Gathering operating income (578) 5,483 14,712 23,411
Total operating income $54,209 $51,009 $227,369 $195,795
Production depletion $9,861 $9,009 $39,100 $33,911
Gathering and compression
depreciation 3,384 2,945 13,441 11,711
Other depreciation,
depletion and amortization 868 830 3,295 3,126
Total depreciation,
depletion and
amortization $14,113 $12,784 $55,836 $48,748
FINANCIAL DATA (Thousands)
Production revenues $81,265 $70,445 $315,986 $262,607
Gathering revenues 18,760 17,895 74,442 69,827
Total revenues 100,025 88,340 390,428 332,434
Operating expenses:
Lease operating expense
excluding severance
taxes 5,677 6,148 26,080 22,278
Severance tax 5,010 3,323 17,194 13,409
Gathering and compression
expense 12,898 7,179 35,494 25,110
Selling, general and
administrative 8,118 7,897 28,455 27,094
Depreciation, depletion
and amortization 14,113 12,784 55,836 48,748
Total operating
expenses 45,816 37,331 163,059 136,639
Operating income $54,209 $51,009 $227,369 $195,795
Other income, net $ - $ - $576 $ -
Equity earnings from
nonconsolidated investments $223 $30 $688 $431
Minority interest $ - $ - $ - $(871)
(a) Amount for the year ended December 31, 2003 includes the purchase
of the remaining 31% limited partnership interest in Appalachian
Basin Partners, LP ($44.2 million).
NORESCO
OPERATIONAL AND FINANCIAL REPORT
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
OPERATIONAL DATA
Revenue backlog, end of
period (thousands) $83,526 $134,195 $83,526 $134,195
Gross profit margin 27.4% 30.9% 26.9% 24.0%
SG&A as a % of revenue 16.1% 16.0% 16.0% 13.3%
Capital expenditures
(thousands) $153 $60 $538 $307
FINANCIAL DATA (Thousands)
Energy service contract
revenues $39,434 $41,226 $146,426 $170,703
Energy service contract costs 28,619 28,469 107,090 129,689
Net operating revenues
(gross profit margin) 10,815 12,757 39,336 41,014
Operating expenses:
Selling, general and
administrative expenses 6,356 6,609 23,403 22,667
Depreciation and amortization 241 330 987 1,416
Total operating expenses 6,597 6,939 24,390 24,083
Operating income $4,218 $5,818 $14,946 $16,931
Equity earnings from
nonconsolidated investments $6 $39 $1,152 $2,470
International investments,
primarily impairment $661 $(11,059) $(39,590) $(11,059)
Minority interest $(142) $(265) $(976) $(542)
SOURCE Equitable Resources, Inc.
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Related links:
http://www.eqt.com
CONTACT:
Patrick Kane of Equitable Resources, Inc.,
+1-412-553-7833
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