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v2.3.0.11

Statements of Consolidated Income (USD $) In Thousands, except Per Share data | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2011 | Jun. 30, 2010 | Jun. 30, 2011 | Jun. 30, 2010
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
Basic: |  |  |  |
Weighted average common shares outstanding (in shares) | 149,444 | 147,575 | 149,347 | 140,440
Net income (in dollars per share) | $ 0.59 | $ 0.20 | $ 1.41 | $ 0.84
Diluted: |  |  |  |
Weighted average common shares outstanding (in shares) | 150,111 | 148,289 | 150,034 | 141,270
Net income (in dollars per share) | $ 0.58 | $ 0.20 | $ 1.40 | $ 0.84
Dividends declared per common share (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.44 | $ 0.44

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- Definition Exploration expenses (including prospecting) related to oil and gas producing entities and would be included in operating expenses of that entity. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. (ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records. (iii) Dry hole contributions and bottom hole contributions. (iv) Costs of drilling and equipping exploratory wells. (v) Costs of drilling exploratory-type stratigraphic test wells. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph a -Subparagraph 15 -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-OGP -Chapter 2 -Paragraph 48 -IssueDate 2006-05-01 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 19 -Paragraph 17 + Details
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