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We use EBITDA, Adjusted
Cash Flow from Operations and Net Income Excluding Fair Value Gains and
Losses on Derivative Contracts as performance measurements in our presentations
to analysts. These measurements are not recognized under generally accepted
accounting principles. The reconciliations below demonstrate how we
calculate such measurements from our financial statements. EBITDA is a
widely accepted measure of profitability that we believe may be used to
measure our ability to service our debt. Adjusted cash flow from operations
measures our cash flow generated from operations excluding the timing
effects related to the collection or payment of our receivables and payables
which we believe reflects the available cash generated from our operating
activities. Net income excluding fair value gains and losses on derivative
contracts represents our net income without regard to the fair value gains
and losses on our oil and natural gas derivative contracts. The Company
believes that it is important to consider this measure separately as it
reflects the economic value of these contracts on our financial statements
as a result of actual cash settlements without regards to changes in the
market value of the contracts during the period.
Annual:
|
EBITDA |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
|
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|
Income
before income taxes |
$
81,374 |
$
70,315 |
$ 80,153 |
$121,840 |
$248,041 |
$329,574 |
$393,414 |
$624,228 |
|
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Interest expense, net of capitalized interest |
22,335 |
26,833 |
40,830 |
19,468 |
17,978 |
23,575 |
30,830 |
32,596 |
|
DD&A
and writedown of oil and gas properties |
71,345 |
94,236 |
94,708 |
97,527 |
98,802 |
149,165 |
195,900 |
447,792 |
|
Amortization of hedging contracts & fair value changes |
32,980 |
(3,093) |
(3,578) |
1,270 |
12,201 |
(25,130) |
39,077 |
(257,606) |
|
Interest Income and other |
(1,178) |
(800) |
(749) |
(994) |
(2,288) |
(4,210) |
(2,590) |
(9,561) |
|
EBITDA |
$206,856 |
$187,491 |
$211,364 |
$239,111 |
$374,734 |
$472,974 |
$656,631 |
$837,449 |
|
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Adjusted Cash Flow from Operations |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
|
|
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|
|
|
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Cash
flow from operations (GAAP measure) |
$185,047 |
$159,600 |
$197,615 |
$168,652 |
$360,960 |
$461,810 |
$570,214 |
$774,519 |
|
Sum of
changes in assets and liabilities relating to operations* |
1,754 |
4,965 |
(7,813) |
31,541 |
(17,577) |
(13,396) |
38,303 |
5,290 |
|
Adjusted cash flow from operations |
$186,801 |
$164,565 |
$189,802 |
$200,193 |
$343,383 |
$448,414 |
$608,517 |
$779,809 |
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Quarter Ended: |
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|
Adjusted Cash Flow from Operations |
3/31/09 |
3/31/08 |
6/30/08 |
6/30/07 |
9/30/08 |
9/30/07 |
12/31/08 |
12/31/07 |
|
|
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|
|
|
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Cash
flow from operations (GAAP measure) |
$112,619 |
$206,257 |
$164,072 |
$102,252 |
$262,442 |
$169,214 |
$141,748 |
$205,403 |
|
Sum of
changes in assets and liabilities relating to operations* |
30,541 |
(19,514) |
95,051 |
28,241 |
(51,273) |
(2,438) |
(18,974) |
1,618 |
|
Adjusted cash flow from operations |
$143,160 |
$186,743 |
$259,123 |
$130,493 |
$211,169 |
$166,776 |
$122,774 |
$207,021 |
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Year to Date Ended: |
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Adjusted Cash Flow from Operations |
|
|
6/30/08 |
6/30/07 |
9/30/08 |
9/30/07 |
12/31/08 |
12/31/07 |
|
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Cash
flow from operations (GAAP measure) |
|
|
$370,329 |
$195,597 |
$632,771 |
$364,811 |
$774,519 |
$570,214 |
|
Sum of
changes in assets and liabilities relating to operations* |
|
|
75,537 |
39,123 |
24,264 |
36,685 |
5,290 |
38,303 |
|
Adjusted cash flow from operations |
|
|
$445,866 |
$234,720 |
$657,035 |
$401,496 |
$779,809 |
$608,517 |
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*Calculated from Statement of Cash Flows included in the
Company's filings with the SEC. |
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Quarter Ended: |
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Net Income Excluding Fair Value
Gains and Losses on Derivative Contracts |
3/31/09 |
3/31/08 |
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Net
income (loss) (GAAP Measure) |
$(18,297) |
$73,002 |
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Fair value (gain) loss on derivative contracts (net of
taxes) |
65,938 |
24,014 |
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Net income excluding fair value gains and losses |
$47,641 |
$97,016 |
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