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We use EBITDA and Adjusted
Cash Flow from Operations 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.
Annual:
|
EBITDA |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
$
81,374 |
$
70,315 |
$ 80,153 |
$121,840 |
$248,041 |
$329,574 |
$393,414 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net capitalized interest |
22,335 |
26,833 |
40,830 |
19,468 |
17,978 |
23,575 |
30,830 |
|
|
DD&A |
71,345 |
94,236 |
94,708 |
97,527 |
98,802 |
149,165 |
195,900 |
|
|
Amortization of hedging contracts & fair value changes |
32,980 |
(3,093) |
(3,578) |
1,270 |
12,201 |
(25,130) |
39,077 |
|
|
Interest Income and other |
(1,178) |
(800) |
(749) |
(994) |
(2,288) |
(4,210) |
(2,590) |
|
|
EBITDA |
$206,856 |
$187,491 |
$211,364 |
$239,111 |
$374,734 |
$472,974 |
$656,631 |
|
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Adjusted Cash Flow from Operations |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
|
|
|
|
|
|
|
|
|
|
|
Cash
flow from operations (GAAP measure) |
$185,047 |
$159,600 |
$197,615 |
$168,652 |
$360,960 |
$461,810 |
$570,214 |
|
|
Sum of
changes in assets and liabilities relating to operations* |
1,754 |
4,965 |
(7,813) |
31,541 |
(17,577) |
(13,396) |
38,303 |
|
|
Adjusted cash flow from operations |
$186,801 |
$164,565 |
$189,802 |
$200,193 |
$343,383 |
$448,414 |
$608,517 |
|
|
|
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|
Quarter Ended: |
|
|
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|
|
|
|
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|
|
|
|
Adjusted Cash Flow from Operations |
3/31/08 |
3/31/07 |
6/30/07 |
6/30/06 |
9/30/07 |
9/30/06 |
12/31/07 |
12/31/06 |
|
|
|
|
|
|
|
|
|
|
Cash
flow from operations (GAAP measure) |
$206,257 |
$93,345 |
$102,252 |
106,417 |
$169,214 |
$135,365 |
$205,403 |
$117,516 |
|
Sum of
changes in assets and liabilities relating to operations* |
(19,514) |
10,882 |
28,241 |
22,376 |
(2,438) |
16,382 |
1,618 |
(24,727) |
|
Adjusted cash flow from operations |
$186,743 |
$104,227 |
$130,493 |
128,793 |
$166,776 |
$118,983 |
$207,021 |
$92,789 |
|
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Year to Date Ended: |
|
|
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|
Adjusted Cash Flow from Operations |
|
|
6/30/07 |
6/30/06 |
9/30/07 |
9/30/06 |
12/31/07 |
12/31/06 |
|
|
|
|
|
|
|
|
|
|
Cash
flow from operations (GAAP measure) |
|
|
$195,597 |
$208,929 |
$364,811 |
$344,294 |
$570,214 |
$461,810 |
|
Sum of
changes in assets and liabilities relating to operations* |
|
|
39,123 |
27,713 |
36,685 |
(11,331) |
38,303 |
(13,396) |
|
Adjusted cash flow from operations |
|
|
$234,720 |
$236,642 |
$401,496 |
$355,625 |
$608,517 |
$448,414 |
|
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*Calculated from Statement of Cash Flows included in the
Company's filings with the SEC. |
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