<PAGE> 1
EXHIBIT 99
RECASTED SUPPLEMENTAL FINANCIAL DATA
FOR THE FIRST AND SECOND QUARTERS
OF CALENDAR 2000
NOTE -- In connection with its recent change to a December 31 year end for
financial reporting purposes, the Company filed a Transition Form 10-K
on October 13, 2000. Exhibit 99 of that filing included audited
financial statements for calendar 1997, 1998 and 1999. This Exhibit 99
is being filed to provide recasted unaudited financial data for the
first and second calendar quarters of 2000. This data should be read in
conjunction with the financial statements and notes thereto included in
the Form 10-Q For the Quarter Ended September 30, 2000 and those
included in the Transition Form 10-K and with the Management's
Discussion and Analysis of Financial Position and Results of Operations
section of both those reports.
<PAGE> 2
MITCHELL ENERGY & DEVELOPMENT CORP. AND SUBSIDIARIES
BALANCE SHEET INFORMATION
(dollar amounts in thousands)
<TABLE>
<CAPTION>
March 31, June 30,
2000 2000
------------ ------------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents .................................................. $ 46,456 $ 33,866
Trade receivables .......................................................... 37,606 89,563
Inventories ................................................................ 7,733 15,577
Other ...................................................................... 5,437 4,711
----------- -----------
Total current assets .................................................. 97,232 143,717
----------- -----------
PROPERTY, PLANT AND EQUIPMENT, at cost less accumulated depreciation,
depletion and amortization of $1,498,713 and $1,520,412
Exploration and production
Oil and gas properties ................................................... 700,055 719,832
Support equipment and facilities ......................................... 12,772 12,775
Gas services (including investments in equity partnerships)
Natural gas processing ................................................... 80,970 82,547
Natural gas gathering .................................................... 170,303 171,119
Other .................................................................... 86,062 93,985
Corporate .................................................................. 3,493 3,244
----------- -----------
1,053,655 1,083,502
----------- -----------
LONG-TERM INVESTMENTS AND OTHER ASSETS ..................................... 37,477 37,760
----------- -----------
$ 1,188,364 $ 1,264,979
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Oil and gas proceeds payable ............................................... $ 82,236 $ 122,329
Accounts payable ........................................................... 36,368 59,432
Income taxes payable ....................................................... 9,587 7,283
Accrued liabilities ........................................................ 28,003 43,090
----------- -----------
Total current liabilities ............................................. 156,194 232,134
----------- -----------
LONG-TERM DEBT ............................................................. 354,267 314,267
----------- -----------
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes ...................................................... 168,518 183,037
Retirement obligations ..................................................... 70,978 70,278
Deferred income and other .................................................. 15,952 15,260
----------- -----------
255,448 268,575
----------- -----------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock ............................................................... 5,386 5,386
Additional paid-in capital ................................................. 143,521 143,375
Retained earnings .......................................................... 383,213 408,547
Other comprehensive loss ................................................... (5,890) (5,890)
Treasury stock, at cost .................................................... (103,775) (101,415)
----------- -----------
422,455 450,003
----------- -----------
$ 1,188,364 $ 1,264,979
=========== ===========
</TABLE>
-1-
<PAGE> 3
MITCHELL ENERGY & DEVELOPMENT CORP. AND SUBSIDIARIES
STATEMENTS OF EARNINGS INFORMATION
(in thousands except per-share amounts)
<TABLE>
<CAPTION>
Three Months
Ended March 31
-------------------------
2000 1999
---------- ----------
<S> <C> <C>
REVENUES
Exploration and production .................................................. $ 86,632 $ 46,169
Gas services (including a gain of $4,884 from an asset exchange in 2000) .... 227,299 116,445
--------- ---------
313,931 162,614
--------- ---------
OPERATING COSTS AND EXPENSES (including
personnel reduction program costs of $15,652 in 1999)
Exploration and production (net of litigation
provision reversals of $1,200 in 2000 and $9,000 in 1999) ................. 50,910 45,267
Gas services ................................................................ 186,838 111,939
--------- ---------
237,748 157,206
--------- ---------
SEGMENT OPERATING EARNINGS .................................................. 76,183 5,408
General and administrative expense (including
personnel reduction program costs of $8,848 in 1999) ...................... 7,199 16,316
--------- ---------
TOTAL OPERATING EARNINGS (LOSS) ............................................. 68,984 (10,908)
--------- ---------
OTHER EXPENSE
Interest expense ............................................................ 7,909 9,181
Other, net .................................................................. (3,688) (2,127)
--------- ---------
4,221 7,054
--------- ---------
EARNINGS (LOSS) BEFORE INCOME TAXES ......................................... 64,763 (17,962)
INCOME TAXES ................................................................ 21,512 (6,447)
--------- ---------
NET EARNINGS (LOSS) ......................................................... $ 43,251 $ (11,515)
========= =========
EARNINGS (LOSS) PER SHARE
Basic ....................................................................... $ .88 $ (.23)
Diluted ..................................................................... .87 (.23)
AVERAGE COMMON SHARES OUTSTANDING
Basic ....................................................................... 49,121 49,117
Diluted ..................................................................... 49,450 49,117
</TABLE>
-2-
<PAGE> 4
MITCHELL ENERGY & DEVELOPMENT CORP. AND SUBSIDIARIES
STATEMENTS OF EARNINGS INFORMATION
(in thousands except per-share amounts)
<TABLE>
<CAPTION>
Three Months Six Months
Ended June 30 Ended June 30
----------------------- -----------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
REVENUES
Exploration and production (including a gain of $11,527
from sale of Hell's Hole area properties in the 1999 periods) ................. $ 109,027 $ 68,711 $ 195,659 $ 114,880
Gas services (including a gain of $4,884
from an asset exchange in 2000's first quarter) ............................... 252,313 138,903 479,612 255,348
--------- --------- --------- ---------
361,340 207,614 675,271 370,228
--------- --------- --------- ---------
OPERATING COSTS AND EXPENSES (including personnel reduction program costs of
$15,652 in 1999's first quarter)
Exploration and production (net of litigation provision
reversals of $1,200 and $9,000 in the six-month periods) ...................... 57,494 43,703 108,404 88,970
Gas services .................................................................... 219,233 123,161 406,071 235,100
--------- --------- --------- ---------
276,727 166,864 514,475 324,070
--------- --------- --------- ---------
SEGMENT OPERATING EARNINGS ...................................................... 84,613 40,750 160,796 46,158
General and administrative expense (including personnel
reduction program costs of $8,848 in 1999's first quarter) .................... 9,236 6,007 16,435 22,323
--------- --------- --------- ---------
TOTAL OPERATING EARNINGS ........................................................ 75,377 34,743 144,361 23,835
--------- --------- --------- ---------
OTHER EXPENSE
Interest expense ................................................................ 7,143 9,056 15,052 18,237
Other, net ...................................................................... (559) (2,471) (4,247) (4,598)
--------- --------- --------- ---------
6,584 6,585 10,805 13,639
--------- --------- --------- ---------
EARNINGS BEFORE INCOME TAXES .................................................... 68,793 28,158 133,556 10,196
INCOME TAXES .................................................................... 24,623 9,775 46,135 3,328
--------- --------- --------- ---------
NET EARNINGS .................................................................... $ 44,170 $ 18,383 $ 87,421 $ 6,868
========= ========= ========= =========
NET EARNINGS PER SHARE
Basic ........................................................................... $ .90 $ .37 $ 1.78 $ .14
Diluted ......................................................................... .89 .37 1.76 .14
AVERAGE COMMON SHARES OUTSTANDING
Basic ........................................................................... 49,172 49,117 49,147 49,117
Diluted ......................................................................... 49,689 49,206 49,576 49,176
</TABLE>
-3-
<PAGE> 5
MITCHELL ENERGY & DEVELOPMENT CORP. AND SUBSIDIARIES
STATEMENTS OF CASH FLOWS INFORMATION
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31 June 30
----------------------- -----------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES
Net earnings (loss) ................................................... $ 43,251 $ (11,515) $ 87,421 $ 6,868
Adjustments to reconcile net earnings (loss)
to cash provided by operating activities
Depreciation, depletion and amortization ......................... 32,853 28,781 68,235 56,082
Deferred income taxes ............................................ 10,211 (2,201) 25,299 3,242
Exploration expenses (including exploratory well impairments) .... 1,878 2,628 4,905 4,273
Distributions in excess of (less than)
earnings of equity investees ................................... 3,129 2,983 (2,904) 2,686
Accrued personnel reduction program costs ........................ -- 17,620 -- 17,620
Gains from sales of assets ....................................... (4,884) -- (4,884) (11,527)
Litigation provision reversals ................................... (1,200) (9,000) (1,200) (9,000)
Other, net ....................................................... (3,457) (5,585) (4,069) (6,195)
--------- --------- --------- ---------
81,781 23,711 172,803 64,049
Changes in operating assets and liabilities ...................... 6,513 28,455 (923) 38,843
--------- --------- --------- ---------
Cash provided by operating activities ............................ 88,294 52,166 171,880 102,892
--------- --------- --------- ---------
INVESTING ACTIVITIES
Capital and exploratory expenditures
Total on accrual basis .............................................. (49,738) (27,966) (116,639) (52,292)
Adjustment to cash basis ............................................ 1,278 (7,559) 14,139 (4,588)
--------- --------- --------- ---------
(48,460) (35,525) (102,500) (56,880)
Proceeds from sales of assets ......................................... 12,930 13,634 15,805 32,199
Other, net ............................................................ 637 2,424 211 3,645
--------- --------- --------- ---------
Cash used for investing activities ............................... (34,893) (19,467) (86,484) (21,036)
--------- --------- --------- ---------
FINANCING ACTIVITIES
Debt repayments ....................................................... (25,000) (18,500) (65,000) (48,500)
Cash dividends ........................................................ (6,229) (6,229) (12,459) (18,687)
Other ................................................................. 260 (240) 1,905 (317)
--------- --------- --------- ---------
Cash used for financing activities ............................... (30,969) (24,969) (75,554) (67,504)
--------- --------- --------- ---------
INCREASE IN CASH AND CASH EQUIVALENTS ................................. 22,432 7,730 9,842 14,352
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ........................ 24,024 15,333 24,024 15,333
--------- --------- --------- ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD .............................. $ 46,456 $ 23,063 $ 33,866 $ 29,685
========= ========= ========= =========
</TABLE>
-4-
<PAGE> 6
MITCHELL ENERGY & DEVELOPMENT CORP. AND SUBSIDIARIES
SEGMENT INFORMATION
(in thousands)
<TABLE>
<CAPTION>
Inter- Segment Total Capital
Outside segment Operating Operating Expendi-
Revenues Revenues Earnings Earnings DD&A tures(a)
--------- --------- --------- ------------ -------- ---------
<S> <C> <C> <C> <C> <C> <C>
THREE MONTHS ENDED MARCH 31, 2000
EXPLORATION AND PRODUCTION
Operations ..................................... $ 86,632 $ -- $ 34,522 $ 32,212 $ 27,217 $ 42,495
Water well litigation provision reversal ....... -- -- 1,200 1,200 -- --
-------- -------- -------- -------- -------- --------
86,632 -- 35,722 33,412 27,217 42,495
-------- -------- -------- -------- -------- --------
GAS SERVICES
Natural gas processing ......................... 163,299 36,234 28,237 27,495 1,644 1,848
Natural gas gathering and marketing ............ 56,880 88,895 5,301 4,442 3,505 5,315
Other .......................................... 2,236 -- 2,039 1,977 27 24
Gain from asset exchange ....................... 4,884 -- 4,884 4,884 -- --
-------- -------- -------- -------- -------- --------
227,299 125,129 40,461 38,798 5,176 7,187
-------- -------- -------- -------- -------- --------
CORPORATE ...................................... -- -- -- (3,226)(b) 460 56
-------- -------- -------- -------- -------- --------
$313,931 $125,129 $ 76,183 $ 68,984 $ 32,853 $ 49,738
======== ======== ======== ======== ======== ========
THREE MONTHS ENDED MARCH 31, 1999
EXPLORATION AND PRODUCTION
Operations ..................................... $ 46,169 $ -- $ 426 $ (2,550) $ 24,375 $ 23,118
Water well litigation provision reversal ....... -- -- 9,000 9,000 -- --
Personnel reduction program costs .............. -- -- (8,524) (8,524) -- --
-------- -------- -------- -------- -------- --------
46,169 -- 902 (2,074) 24,375 23,118
-------- -------- -------- -------- -------- --------
GAS SERVICES
Natural gas processing ......................... 65,873 8,391 1,202 402 964 1,506
Natural gas gathering and marketing ............ 47,839 51,387 7,915 7,006 2,704 3,371
Other .......................................... 2,733 -- 2,517 2,425 27 44
Personnel reduction program costs .............. -- -- (7,128) (7,128) -- --
-------- -------- -------- -------- -------- --------
116,445 59,778 4,506 2,705 3,695 4,921
-------- -------- -------- -------- -------- --------
CORPORATE ...................................... -- -- -- (11,539)(b) 711 (73)
-------- -------- -------- -------- -------- --------
$162,614 $ 59,778 $ 5,408 $(10,908) $ 28,781 $ 27,966
======== ======== ======== ======== ======== ========
THREE MONTHS ENDED JUNE 30, 2000
EXPLORATION AND PRODUCTION ..................... $109,027 $ -- $ 51,533 $ 49,310 $ 28,084 $ 54,302
-------- -------- -------- -------- -------- --------
GAS SERVICES
Natural gas processing ......................... 141,723 46,573 16,210 15,415 1,576 3,453
Natural gas gathering and marketing ............ 101,162 128,577 7,617 6,767 5,292 8,824
Other .......................................... 9,428 -- 9,253 9,179 26 145
-------- -------- -------- -------- -------- --------
252,313 175,150 33,080 31,361 6,894 12,422
-------- -------- -------- -------- -------- --------
CORPORATE ...................................... -- -- -- (5,294)(b) 404 177
-------- -------- -------- -------- -------- --------
$361,340 $175,150 $ 84,613 $ 75,377 $ 35,382 $ 66,901
======== ======== ======== ======== ======== ========
THREE MONTHS ENDED JUNE 30, 1999
EXPLORATION AND PRODUCTION
Operations ..................................... $ 57,184 $ -- $ 13,481 $ 11,351 $ 23,401 $ 21,091
Gain on sale of Hell's Hole area properties..... 11,527 -- 11,527 11,527 -- --
-------- -------- -------- -------- -------- --------
68,711 -- 25,008 22,878 23,401 21,091
-------- -------- -------- -------- -------- --------
GAS SERVICES
Natural gas processing ......................... 75,585 19,769 8,273 7,596 905 1,269
Natural gas gathering and marketing ............ 61,366 50,297 5,701 4,931 2,366 1,739
Other .......................................... 1,952 -- 1,768 1,693 26 48
-------- -------- -------- -------- -------- --------
138,903 70,066 15,742 14,220 3,297 3,056
-------- -------- -------- -------- -------- --------
CORPORATE ...................................... -- -- -- (2,355)(b) 603 179
-------- -------- -------- -------- -------- --------
$207,614 $ 70,066 $ 40,750 $ 34,743 $ 27,301 $ 24,326
======== ======== ======== ======== ======== ========
</TABLE>
----------
(a) On accrual basis, including exploratory expenses and acquisitions.
(b) General corporate expenses; 1999's first quarter amount includes personnel
reduction program costs of $8,848.
-5-
