<PAGE> 1
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event Reported) October 21, 1999
COLUMBIA ENERGY GROUP
(Exact name of registrant as specified in its charter)
Delaware 1-1098 13--1594808
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
13880 Dulles Corner Lane, Herndon, VA 20171-4600
(Address of principal executive offices)
Registrant's telephone number, including area code (703) 561-6000
<PAGE> 2
Item 5. Other Events
Information contained in a News Release dated October 21, 1999
is incorporated herein by reference.
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Columbia Energy Group
(Registrant)
By /s/J. W. Grossman
Vice President & Controller
Date: October 21, 1999
<PAGE> 4
FOR IMMEDIATE RELEASE CONTACTS:
October 21, 1999 News Media: R.A. Rankin, Jr. (703) 561-6044
Michael McGarry (703) 561-6063
Financial Community: Thomas L. Hughes (703) 561-6001
Melissa E. Bockelmann (703) 561-6011
COLUMBIA ENERGY GROUP
POSTS THIRD QUARTER 1999 RESULTS
HERNDON, Va., Oct. 21 -- Columbia Energy Group today reported income
from continuing operations for the 1999 third quarter of $800,000, or one cent
per share. Excluding unusual items discussed below, income from continuing
operations was $9 million or 11 cents per share. All per share amounts are on a
fully diluted basis.
Reducing 1999 third quarter results from continuing operations was
approximately $9 million of pre-tax expense for professional fees and related
costs for Columbia's response to an unsolicited tender offer, and about $4
million of pre-tax expense for restructuring Columbia Energy Services' retail
marketing operations. There were no significant nonrecurring items in the 1998
third quarter, which had income from continuing operations of $12.2 million, or
14 cents per share.
Columbia's third quarter earnings typically are not a significant
portion of total annual results due to the seasonal nature of distribution
operations as well as the recently expanded propane operations, which derive
most of their income during the first and fourth quarter heating season.
"We are making solid progress in our drive to make Columbia Energy
Services a more efficient and productive operation," said Oliver G. Richard III,
chairman, president and CEO of Columbia Energy Group. "A comprehensive
evaluation of Columbia Energy Services' (CES) various businesses, begun in
February 1999, resulted in two major moves during the quarter. Under the
leadership of its new president and CEO, Brian Watt, CES restructured its retail
operations and decided to sell its wholesale and trading business. The retail
operations were streamlined and consolidated, resulting in the decision to close
CES' Pennsylvania office."
Due to the decision to sell the wholesale and trading business, results
from this unit are recorded as "discontinued operations." Third quarter 1999
discontinued operations reflected a net loss of $10.5 million or 13 cents per
share, compared to a net loss of $1 million or one cent per share in the 1998
period. Results for CES' ongoing retail marketing operations will be reported in
a new "energy marketing" segment that will also include Columbia Propane
Corporation's operations.
Taking into account income from continuing operations and the loss from
discontinued operations, the 1999 third quarter reflected a net loss of $9.7
million, or 12 cents per share. In the 1998 period, Columbia reported net income
of $11.2 million or 13 cents per share.
- more -
<PAGE> 5
Richard said, "We are progressing well in implementing our customer
choice programs throughout the distribution segment's service territories.
Columbia's local distribution companies have enrolled more than 520,000
residential customers - a 500 percent increase over the third quarter of last
year." States where Columbia Energy Group companies offer choice programs
include Virginia, Ohio, Pennsylvania and Maryland - with the current enrollment
figure representing about 35 percent of the total number of eligible customers.
In nonregulated operations, Columbia's exploration and production
operations also continued to grow in the 1999 third quarter with a 55 percent
increase in gas production, and two key acquisitions making it New York's
leading gas producer. Columbia Energy Resources (CER) expanded its New York
holdings by acquiring 319 producing wells, an 88-mile gathering system, and two
natural gas fields composed of 51,000 acres of minerals and 17 billion cubic
feet equivalents (Bcfe) of proven reserves. Also, CER's Canadian production
affiliate acquired additional properties and established two joint ventures in
Canada.
"We continue to expect Columbia's consolidated operating income from
continuing operations for the full year to exceed the 1998 level by about 15
percent," said Richard. He said this would be achieved despite the impact of
costs for the tender offer response and the restructuring of CES' retail
marketing operations.
THIRD QUARTER RESULTS BY SEGMENT
TRANSMISSION AND STORAGE and DISTRIBUTION operating income for the 1999
third quarter of $55.4 million and $1.3 million, respectively, was essentially
unchanged from last year.
Operating income of $11.6 million for EXPLORATION AND PRODUCTION rose
$6.1 million over the 1998 quarter, reflecting a 55 percent gain in gas
production partially offset by lower gas prices. Third quarter 1999 production
of 13.2 billion cubic feet (Bcf) benefited from new production coming on-line
and reduced capacity constraints that hampered production in earlier quarters.
Prices received for natural gas production averaged $2.39 per thousand cubic
feet (Mcf), down 44 cents per Mcf from the 1998 period.
ENERGY MARKETING, which consists of the propane, petroleum and retail
marketing operations, reported an operating loss of $26.7 million, $16.1 million
greater than 1998's third quarter loss. CES accounted for $10.3 million of this
greater period-to-period loss due to costs associated with restructuring CES'
retail marketing business, lower recorded margins, and increased expense
associated with new customer billing systems. Also adding to the higher loss
were increased costs related to addressing weaknesses in, and promoting
operational efficiencies of, the infrastructure, which is larger when compared
to a year ago. In addition, the expanded operations of Columbia Propane,
resulting from recent acquisitions, contributed to the increased loss.
Operating income for the POWER GENERATION, LNG AND OTHER segment of
$1.6 million decreased $800,000 from the 1998 quarter due to lower partnership
revenues from LNG operations.
The CORPORATE segment reflected a loss of $11.3 million versus a
$200,000 loss in the 1998 third quarter. The additional loss resulted from
expenses incurred for consulting and related services, primarily those required
to respond to the unsolicited tender offer.
- more -
<PAGE> 6
DISCONTINUED OPERATIONS, reflecting CES' wholesale and trading
operations, posted an after-tax loss of $10.5 million for the 1999 third
quarter, versus a net loss of $1 million in the 1998 period. The loss was
primarily due to lower margins for gas and power trading, reflecting weaker
market conditions, and higher operation and maintenance costs.
NINE MONTH RESULTS
For the first nine months of 1999, income from continuing operations
was $191.7 million, or $2.31 per share, up $6.2 million, or nine cents per share
over 1998. Operating income from continuing operations was $383.2 million, up
$3.8 million from the first nine months of 1998. Consolidated net income for
1999 was $166.8 million, or $2.01 per share, down $14.7 million, or 16 cents per
share, from the 1998 period.
The decrease in net income was largely due to the loss on discontinued
operations, higher costs for energy marketing operations and costs related to
Columbia's response to the unsolicited tender offer. Also contributing to the
year-to-year decrease was a 1998 improvement for reduced postretirement benefit
costs that reflected the purchase of insurance for a portion of those
liabilities. Tempering the impact of these decreases were colder weather in
1999, and a $20.6 million after-tax gain recorded in the 1999 first quarter for
the producer contract settlement stemming from Columbia's bankruptcy proceedings
that concluded in 1995.
NINE MONTH RESULTS BY SEGMENT
TRANSMISSION AND STORAGE posted operating income of $255.5 million, up
$24.2 million over the 1998 period. The increase reflected the pre-tax effect of
the producer settlement mentioned above, additional revenues from Columbia Gas
Transmission's market expansion project, and increased transportation and
storage services. The 1998 results were helped by the reduction in
postretirement benefit costs mentioned previously and Columbia Gulf
Transmission's regulatory settlement. Both periods included base gas sales of
$14.4 million in 1999 and $13.4 million in 1998.
DISTRIBUTION'S operating income of $148.1 million rose $13 million,
primarily reflecting the weather-related improvement, mentioned previously. Last
year was 19 percent warmer than normal compared to six percent warmer than
normal weather in 1999. Compared to 1998, weather improved net revenues about
$35 million. This year's improvement, due to the beneficial impact of Columbia
of Ohio's 1997 rate settlement and lower property and gross receipts taxes, was
more than offset by lower non-traditional revenue that Columbia of Ohio was
allowed to retain under a 1996 regulatory settlement that expired at the end of
1998, as well as higher operation and maintenance expense. Results for 1998 were
helped by a reduction in postretirement benefit costs that added approximately
$16 million to operating income.
Operating income of $24.1 million for EXPLORATION AND PRODUCTION was
$4.3 million below 1998 due to sharply lower gas prices. Gas prices averaged
$2.49 per Mcf through the 1999 third quarter compared to $3.01 per Mcf last
year, while 1999 gas production of 34.1 Bcf was up nearly 19 percent with annual
natural gas production for the year expected to exceed 50 Bcf. Average natural
gas prices received for Columbia Energy Resources production for the fourth
quarter of 1999 are expected to exceed the average for the first nine months of
1999 as most of the production has been hedged at an average price of about
$3.41 per Mcf.
- more -
<PAGE> 7
ENERGY MARKETING'S operating loss of $36.6 million was $17.8 million
greater than in 1998. Improved margins were more than offset by higher 1999
operating costs that primarily reflected restructuring costs for CES' retail
operations, customer acquisition and retention costs, additional staffing levels
as well as costs related to improving weaknesses and promoting efficiencies in
its infrastructure, as discussed previously. During 1999, Columbia Propane
completed acquisition of several companies that substantially expanded its
operations. Columbia Propane's operating income decreased in 1999 as a result of
costs related to integrating recent acquisitions. Propane sales were 95.8
million gallons, up 51.3 million gallons over the 1998 period and sales of
petroleum products reached 122.5 million gallons.
The POWER GENERATION, LNG AND OTHER segment's operating income of $2.5
million decreased $3.2 million, primarily due to a 1998 improvement recorded for
a reduction in postretirement benefit costs. In addition, cogeneration and LNG
partnership revenues were down slightly.
OTHER INCOME, INTEREST EXPENSE AND TAXES
Other income of $14.7 million for the first nine months of 1999 was up
$4.7 million, due largely to a $2.9 million 1999 gain from the sale of coal
properties. Interest expense of $116.7 million was relatively unchanged from the
1998 period.
Income tax expense of $89.5 million for the nine months ended September
30, 1999, rose $900,000, primarily due to higher income from continuing
operations. Income benefited from tax planning initiatives in both the 1999 and
1998 periods.
DISCONTINUED OPERATIONS
The wholesale and trading business reflected a $24.9 million after-tax
loss for the first nine months of 1999 versus an after-tax loss of $4 million
last year. The decrease resulted primarily from reduced gas and power margins
together with higher operation and maintenance costs.
Columbia Energy Group, based in Herndon, Va., is one of the nation's
leading energy services companies, with assets of approximately $7 billion. Its
operating companies engage in all phases of the natural gas business, including
exploration and production, transmission, storage and distribution, as well as
retail energy marketing, propane and petroleum product sales, and electric power
generation. Information about Columbia Energy Group (NYSE:CG) is available on
the Internet at www.columbiaenergygroup.com.
This press release contains "forward-looking statements" within the
meaning of the Federal securities laws, including statements concerning, on a
consolidated, segment or subsidiary basis, Columbia's plans, objectives and
expected performance. There can be no assurance that actual results will not
differ materially due to various factors, many of which are beyond the control
of Columbia, including, but not limited to, competition, the regulatory approval
process, weather, supply and demand for natural gas, retail energy marketing,
propane and petroleum product sales, electric power generation, plans to acquire
or dispose of assets and changes in general economic conditions.
- tables follow -
<PAGE> 8
COLUMBIA ENERGY GROUP
Summary of Financial and Operating Data
<TABLE>
<CAPTION>
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1999 1998 1999 1998
------- ------- -------- --------
INCOME STATEMENT DATA
($ in millions)
<S> <C> <C> <C> <C>
Net Revenues
Energy sales ..................................... 364.0 357.0 1,968.0 1,759.2
Less: Products purchased ......................... 192.0 193.2 1,259.4 1,030.1
------- ------- -------- --------
Gross Margin ..................................... 172.0 163.8 708.6 729.1
Transportation ................................... 128.5 117.1 497.0 406.3
Production gas sales ............................. 6.0 12.8 25.5 41.9
Other ............................................ 45.5 45.2 163.8 154.4
------- ------- -------- --------
Total Net Revenues .................................. 352.0 338.9 1,394.9 1,331.7
------- ------- -------- --------
Operating Expenses
Operation and maintenance ........................ 228.3 203.6 691.0 611.6
Settlement of gas supply charges ................. -- -- (29.8) --
Depreciation and depletion ....................... 54.0 48.9 187.2 173.7
Other taxes ...................................... 37.8 33.0 163.3 167.0
------- ------- -------- --------
Total Operating Expenses ............................ 320.1 285.5 1,011.7 952.3
------- ------- -------- --------
Operating Income .................................... 31.9 53.4 383.2 379.4
------- ------- -------- --------
Other Income (Deductions)
Interest income and other, net ................... 4.5 3.4 14.7 10.0
Interest expense and related charges ............. (42.1) (37.8) (116.7) (115.3)
------- ------- -------- --------
Total Other Income (Deductions) ..................... (37.6) (34.4) (102.0) (105.3)
------- ------- -------- --------
Income (Loss) from Continuing Operations before
Income Taxes ..................................... (5.7) 19.0 281.2 274.1
Income Taxes ........................................ (6.5) 6.8 89.5 88.6
------- ------- -------- --------
Income from Continuing Operations ................... 0.8 12.2 191.7 185.5
(Loss) from Discontinued Operations - net of taxes .. (10.5) (1.0) (24.9) (4.0)
------- ------- -------- --------
Net Income (Loss) ................................... (9.7) 11.2 166.8 181.5
======= ======= ======== ========
PER SHARE DATA
Basic Earnings Per Share of Common Stock ($)
Continuing operations ............................ 0.01 0.14 2.32 2.23
Discontinued operations .......................... (0.13) (0.01) (0.30) (0.05)
------- ------- -------- --------
Basic Earnings (Loss) Per Share .................. (0.12) 0.13 2.02 2.18
======= ======= ======== ========
Diluted Earnings Per Share of Common Stock ($)
Continuing operations ............................ 0.01 0.14 2.31 2.22
Discontinued operations .......................... (0.13) (0.01) (0.30) (0.05)
------- ------- -------- --------
Diluted Earnings (Loss) Per Share ................ (0.12) 0.13 2.01 2.17
======= ======= ======== ========
Basic Average Common Shares Outstanding (millions) 81.8 83.4 82.5 83.3
Diluted Average Common Shares (millions) ......... 82.4 83.8 82.9 83.7
</TABLE>
<PAGE> 9
COLUMBIA ENERGY GROUP
Summary of Financial and Operating Data (continued)
OPERATING INCOME (LOSS) BY SEGMENT
($ in millions)
TRANSMISSION AND STORAGE OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1999 1998 1999 1998
------ ------ ------ ------
<S> <C> <C> <C> <C>
OPERATING REVENUES
Transportation revenues ........ 125.3 130.6 442.2 445.2
Storage revenues ............... 44.5 45.4 138.5 137.7
Other revenues ................. 4.8 4.0 30.0 27.1
------ ------ ------ ------
Total Operating Revenues ......... 174.6 180.0 610.7 610.0
------ ------ ------ ------
OPERATING EXPENSES
Operation and maintenance ...... 80.9 87.5 264.4 262.0
Settlement of gas supply charges -- -- (29.8) --
Depreciation ................... 26.2 25.8 79.8 75.8
Other taxes .................... 12.1 12.0 40.8 40.9
------ ------ ------ ------
Total Operating Expenses ......... 119.2 125.3 355.2 378.7
------ ------ ------ ------
OPERATING INCOME ................. 55.4 54.7 255.5 231.3
====== ====== ====== ======
</TABLE>
DISTRIBUTION OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1999 1998 1999 1998
------ ------ ------- -------
<S> <C> <C> <C> <C>
NET REVENUES
Sales revenues ............ 120.1 178.6 1,283.9 1,199.1
Less: Cost of gas sold ... 43.0 83.3 865.0 723.1
------ ------ ------- -------
Net Sales Revenues ........ 77.1 95.3 418.9 476.0
------ ------ ------- -------
Transportation revenues ... 47.8 29.1 221.5 122.6
Less: Associated gas costs 5.2 2.5 24.1 12.5
------ ------ ------- -------
Net Transportation Revenues 42.6 26.6 197.4 110.1
------ ------ ------- -------
Net Revenues ................ 119.7 121.9 616.3 586.1
------ ------ ------- -------
OPERATING EXPENSES
Operation and maintenance . 89.6 91.8 299.2 275.7
Depreciation .............. 11.5 11.4 64.6 61.9
Other taxes ............... 17.3 17.1 104.4 113.4
------ ------ ------- -------
Total Operating Expenses .... 118.4 120.3 468.2 451.0
------ ------ ------- -------
OPERATING INCOME ............ 1.3 1.6 148.1 135.1
====== ====== ======= =======
</TABLE>
<PAGE> 10
COLUMBIA ENERGY GROUP
Summary of Financial and Operating Data (continued)
EXPLORATION AND PRODUCTION OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1999 1998 1999 1998
------ ------ ------ ------
<S> <C> <C> <C> <C>
OPERATING REVENUES
Gas revenues ............. 32.4 24.1 86.2 86.5
Other revenues ........... 3.4 2.7 11.6 10.1
------ ------ ------ ------
Total Operating Revenues .... 35.8 26.8 97.8 96.6
------ ------ ------ ------
OPERATING EXPENSES
Operation and maintenance 13.7 10.4 40.0 33.2
Depreciation and depletion 7.7 8.6 25.9 27.5
Other taxes .............. 2.8 2.3 7.8 7.5
------ ------ ------ ------
Total Operating Expenses .... 24.2 21.3 73.7 68.2
------ ------ ------ ------
OPERATING INCOME ............ 11.6 5.5 24.1 28.4
====== ====== ====== ======
</TABLE>
ENERGY MARKETING OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1999 1998 1999 1998
------ ------ ------ ------
<S> <C> <C> <C> <C>
NET REVENUES
Gas ..................... 160.7 174.4 544.5 541.2
Propane ................. 32.7 8.5 78.5 43.0
Petroleum ............... 47.9 -- 70.8 --
------ ------ ------ ------
Total ...................... 241.3 182.9 693.8 584.2
Less: Products purchased .. 227.9 178.2 640.8 558.6
------ ------ ------ ------
Gross Margin ............... 13.4 4.7 53.0 25.6
Other revenues ............. 7.1 2.6 15.2 7.3
------ ------ ------ ------
Net Revenues ............... 20.5 7.3 68.2 32.9
------ ------ ------ ------
OPERATING EXPENSES
Operation and maintenance 34.9 15.3 83.9 44.6
Depreciation ............ 7.5 1.7 13.4 4.1
Other taxes ............. 4.8 0.9 7.5 3.0
------ ------ ------ ------
Total Operating Expenses ... 47.2 17.9 104.8 51.7
------ ------ ------ ------
OPERATING (LOSS) ........... (26.7) (10.6) (36.6) (18.8)
====== ====== ====== ======
</TABLE>
<PAGE> 11
COLUMBIA ENERGY GROUP
Summary of Financial and Operating Data (continued)
POWER GENERATION, LNG AND OTHER OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1999 1998 1999 1998
------ ------ ------ ------
<S> <C> <C> <C> <C>
OPERATING REVENUES
Power generation ........ 2.5 2.6 6.0 6.4
LNG ..................... 2.5 3.1 6.7 7.7
Other ................... 0.1 0.4 0.4 0.4
------ ------ ------ ------
Total Operating Revenues ... 5.1 6.1 13.1 14.5
------ ------ ------ ------
OPERATING EXPENSES
Operation and maintenance 3.4 3.6 10.2 8.6
Depreciation ............ 0.1 -- 0.1 --
Other taxes ............. -- 0.1 0.3 0.2
------ ------ ------ ------
Total Operating Expenses ... 3.5 3.7 10.6 8.8
------ ------ ------ ------
OPERATING INCOME ........... 1.6 2.4 2.5 5.7
====== ====== ====== ======
</TABLE>
CORPORATE
<TABLE>
<CAPTION>
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1999 1998 1999 1998
----- ---- ----- ------
<S> <C> <C> <C> <C>
OPERATING (LOSS) (11.3) (0.2) (10.4) (2.3)
===== ==== ===== ====
</TABLE>
<PAGE> 12
COLUMBIA ENERGY GROUP
Summary of Financial and Operating Data (continued)
<TABLE>
<CAPTION>
SEPTEMBER 30, 1999 DECEMBER 31, 1998
------------------ -----------------
CAPITALIZATION
($ in millions)
<S> <C> <C>
Common Stock Equity
Common stock, $.01 par value, authorized
200,000,000 shares, issued 83,695,257
and 83,511,878 shares, respectively* ............... 0.8 835.1
Additional paid in capital* ........................ 1,605.6 761.8
Retained earnings .................................. 522.8 409.5
Unearned employee compensation ..................... (0.6) (0.9)
Accumulated other comprehensive income:
Foreign currency translation adjustment .......... 0.1 (0.2)
Treasury stock, at cost (2,430,900 shares held as of
September 30, 1999) .............................. (132.3) --
------- -------
Total Common Stock Equity ............................... 1,996.4 2,005.3
Long-Term Debt .......................................... 1,951.3 2,003.1
------- -------
Total Capitalization .................................... 3,947.7 4,008.4
======= =======
Short-Term Debt ......................................... 521.2 144.8
======= =======
</TABLE>
* The par value of the common stock was reduced from $10 to $.01 per share and
the number of authorized shares of common stock increased from 100 million to
200 million effective May 19, 1999. During the second quarter of 1999, this
change resulted in a transfer of $834.3 million from the common stock account
to the additional paid in capital account.
<PAGE> 13
COLUMBIA ENERGY GROUP
Summary of Financial and Operating Data (continued)
<TABLE>
<CAPTION>
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1999 1998 1999 1998
-------- -------- -------- --------
<S> <C> <C> <C> <C>
TOTAL REVENUES ($ IN MILLIONS) ............. 549.3 534.7 2,678.5 2,374.4
AVERAGE PRICE OF GAS PRODUCTION ($ PER MCF)
U.S. .................................. 2.39 2.83 2.49 3.01
Canada ................................ 2.07 2.44 2.35 2.70
OPERATING DATA
Gas Production (billion cubic feet):
U.S. .................................. 13.2 8.5 34.0 28.6
Canada ................................ -- -- 0.1 0.1
-------- -------- -------- --------
Total ................................. 13.2 8.5 34.1 28.7
======== ======== ======== ========
Energy Marketing sales:
Gas (billion cubic feet) .............. 27.7 34.0 111.3 99.2
Propane (millions of gallons) ......... 40.3 9.7 95.8 44.5
Petroleum (millions of gallons) ....... 74.8 -- 122.5 --
THROUGHPUT
Transmission (billion cubic feet):
Transportation
Columbia Transmission
Market area ........................ 149.3 151.0 707.7 674.6
Columbia Gulf
Mainline ........................... 144.5 138.8 441.4 420.6
Short-haul ......................... 57.5 56.7 166.1 178.3
Intrasegment eliminations .......... (135.8) (134.4) (420.1) (406.8)
-------- -------- -------- --------
Total Throughput ........................... 215.5 212.1 895.1 866.7
======== ======== ======== ========
Distribution (billion cubic feet):
Gas sales ............................... 11.2 14.7 125.4 143.7
Transportation .......................... 65.8 60.2 250.6 206.8
-------- -------- -------- --------
Total Throughput ........................... 77.0 74.9 376.0 350.5
Off-system sales ........................ 1.6 8.9 167.1 60.3
-------- -------- -------- --------
Total Sold and Transported ................. 78.6 83.8 543.1 410.8
======== ======== ======== ========
DEGREE DAYS (DISTRIBUTION SERVICE TERRITORY)
Actual ................................. 80 41 3,341 2,878
Normal ................................. 41 41 3,568 3,568
% Colder (warmer) than normal .......... 95 -- (6) (19)
% Colder (warmer) than prior period .... 95 (62) 16 (21)
</TABLE>
