Exhibit 99.2

 

W&T Offshore, Inc. and Subsidiaries

 

Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended

    Year Ended
December 31,
2003


 
     March 31,
2003


    June 30,
2003


    September 30,
2003


    December 31,
2003


   

Operating revenues:

                                        

Oil and gas revenues

   $ 116,904     $ 103,371     $ 101,951     $ 99,209     $ 421,435  

Other

     207       781       29       135       1,152  
    


 


 


 


 


       117,111       104,152       101,980       99,344       422,587  

Operating expenses:

                                        

Lease operating expenses

     14,862       15,402       19,466       16,217       65,947  

Production taxes

     41       48       111       103       303  

Gathering and transportation costs

     1,876       2,562       2,971       2,501       9,910  

Depreciation, depletion, and amortization

     28,640       36,197       34,338       37,074       136,249  

Asset retirement obligation accretion

     1,834       1,833       1,834       1,942       7,443  

General and administrative

     3,323       12,758       3,402       3,429       22,912  
    


 


 


 


 


       50,576       68,800       62,122       61,266       242,764  
    


 


 


 


 


Income from operations

     66,535       35,352       39,858       38,078       179,823  

Other income (expense):

                                        

Interest and dividend income

     106       78       50       45       279  

Interest expense

     (795 )     (511 )     (508 )     (694 )     (2,508 )
    


 


 


 


 


       (689 )     (433 )     (458 )     (649 )     (2,229 )
    


 


 


 


 


Income before income taxes

     65,846       34,919       39,400       37,429       177,594  

Income tax expense

     23,046       12,222       13,790       12,098       61,156  
    


 


 


 


 


Income before cumulative effect of a change in accounting principle

     42,800       22,697       25,610       25,331       116,438  

Cumulative effect of change in accounting principle (net of tax of $77)

     144       —         —         —         144  
    


 


 


 


 


Net income

     42,944       22,697       25,610       25,331       116,582  

Less: Preferred stock dividends

     —         —         —         5,876       5,876  
    


 


 


 


 


Net income applicable to common and common equivalent shares

   $ 42,944     $ 22,697     $ 25,610     $ 19,455     $ 110,706  
    


 


 


 


 


Basic earnings per common share:(1)

                                        

Income before cumulative effect of change in accounting principle

   $ 5.63     $ 2.96     $ 3.25     $ 2.47     $ 14.26  

Cumulative effect of change in accounting principle

     0.02       —         —         —         0.02  
    


 


 


 


 


Net income

   $ 5.65     $ 2.96     $ 3.25     $ 2.47     $ 14.28  
    


 


 


 


 


Diluted earnings per common share:(1)

                                        

Income before cumulative effect of change in accounting principle

   $ 4.46     $ 2.35     $ 2.59     $ 2.47     $ 11.94  

Cumulative effect of change in accounting principle

     0.01       —         —         —         0.01  
    


 


 


 


 


Net income

   $ 4.47     $ 2.35     $ 2.59     $ 2.47     $ 11.95  
    


 


 


 


 


 

(1) The sum of the individual quarterly earnings per share does not agree with year-to-date earnings per share because each quarterly calculation is based on the income for that quarter and the weighted average number of shares outstanding during that quarter.

 

1


Exhibit 99.2

 

W&T Offshore, Inc. and Subsidiaries

 

Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended

   

Nine Months Ended
September 30,

2004


 
     March 31,
2004


    June 30,
2004


    September 30,
2004


   

Operating revenues:

                                

Oil and gas revenues

   $ 123,118     $ 125,409     $ 120,381     $ 368,908  

Other

     149       650       153       952  
    


 


 


 


       123,267       126,059       120,534       369,860  

Operating expenses:

                                

Lease operating expenses

     17,368       18,441       17,147       52,956  

Production taxes

     45       57       73       175  

Gathering and transportation costs

     2,809       3,647       3,834       10,290  

Depreciation, depletion, and amortization

     37,375       43,261       33,663       114,299  

Asset retirement obligation accretion

     2,228       2,257       2,345       6,830  

General and administrative

     4,318       4,446       4,552       13,316  
    


 


 


 


       64,143       72,109       61,614       197,866  
    


 


 


 


Income from operations

     59,124       53,950       58,920       171,994  

Other income (expense):

                                

Interest and dividend income

     64       60       77       201  

Interest expense

     (660 )     (610 )     (455 )     (1,725 )
    


 


 


 


       (596 )     (550 )     (378 )     (1,524 )
    


 


 


 


Income before income taxes

     58,528       53,400       58,542       170,470  

Income tax expense

     20,485       18,690       20,489       59,664  
    


 


 


 


Net income

     38,043       34,710       38,053       110,806  

Less: Preferred stock dividends

     —         300       300       600  
    


 


 


 


Net income applicable to common and common equivalent shares

   $ 38,043     $ 34,410     $ 37,753     $ 110,206  
    


 


 


 


Earnings per common share:

                                

Basic

   $ 4.83     $ 4.36     $ 4.78     $ 13.97  
    


 


 


 


Diluted

   $ 3.85     $ 3.51     $ 3.85     $ 11.21  
    


 


 


 


 

2