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Previous: JERSEY CENTRAL POWER & LIGHT CO, 35-CERT, 1998-10-09 |
Next: LEE ENTERPRISES INC, 4, 1998-10-09 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
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 9, 1998
K N ENERGY, INC.
(Exact name of registrant as specified in its charter)
KANSAS 1-6446 48-0290000
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation or organization) Number) Identification No.)
370 VAN GORDON STREET
P. O. BOX 281304
LAKEWOOD, COLORADO 80228-8304
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (303) 989-1740
1
<PAGE> 2
Item 5. Other Events.
Effective January 30, 1998, K N Energy Inc. ("K N" or the "Company")
acquired all of the outstanding common stock of MidCon Corp. ("MidCon") from
Occidental Petroleum Corporation ("Oxy"). This transaction was accounted for as
a purchase and, accordingly, the transactions and balances of MidCon are
included with those of the Company beginning with the acquisition date and, in
accordance with authoritative accounting guidelines, the assets and liabilities
of MidCon have been recorded at their estimated fair market values as of the
acquisition date. Additional information on this acquisition, including certain
historical information of MidCon, is included in the Company's 1997 annual
report on Form 10-K, the Company's quarterly reports on Form 10-Q for the first
and second quarters of 1998 and various filings (generally on Form S-3 and Form
8-K) made in support of financings during 1998.
As further described in the Company's report on Form 10-Q for the
quarter ended March 31, 1998, the Company has adopted the provisions of
Statement of Financial Accounting Standards No. 131, "Disclosures about Segments
of an Enterprise and Related Information" ("SFAS 131"), which requires that
external reporting of segment information reflect the manner in which such
businesses are managed. SFAS 131 requires the disclosure of certain information
for each business segment and further requires that comparable information be
presented for prior periods when the makeup of such segments changes.
The unaudited information provided in Item 7 for the Company and
MidCon, which does not include much of the information required by SFAS 131, has
been prepared using generally the same principles employed in developing the
information reported pursuant to SFAS 131 in the Company's reports on Form 10-Q
during 1998. The information for MidCon reflects the historical results of
MidCon, including the impact of purchase accounting associated with Oxy's
purchase of MidCon. In addition, the MidCon results (i) reflect allocations of
joint costs and other accounting principles which may differ from those utilized
by the Company and (ii) exclude the results of operations for businesses which
have not been continued by K N. For these reasons, among others, the unaudited
information provided in Item 7 may not be indicative of future operating results
or the results which would have been achieved had MidCon and K N been combined
as of an earlier date.
Item 7. Financial Statements, Pro-Forma Financial Information and Exhibits.
(a) Financial Statements -
K N Energy, Inc. and Subsidiaries Unaudited Selected
Historical Segment Information
2
<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.
K N ENERGY, INC.
Date: October 9, 1998 By: /s/ CLYDE E. MCKENZIE
-----------------------------
Clyde E. McKenzie
Vice President and
Chief Financial Officer
3
<PAGE> 4
Item 7.
KN ENERGY, INC. AND SUBSIDIARIES
SELECTED HISTORICAL SEGMENT INFORMATION
OPERATING INCOME SUMMARY
(unaudited)
(millions of dollars)
<TABLE>
<CAPTION>
1996
-----------------------------------------------
K N Energy First Second Third Fourth YEAR
- ---------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Upstream Gathering and Processing Services $ 8.4 $ 6.0 $ 8.4 $ 15.9 $ 38.7
Midstream Transportation and Storage Services 18.3 0.1 7.2 17.5 43.1
Downstream Retail and Marketing Services 9.1 16.0 14.6 13.4 53.1
------- ------- ------- ------- -------
Total Operating Income $ 35.8 $ 22.1 $ 30.2 $ 46.8 $ 134.9
======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
1997
-----------------------------------------------
K N Energy First Second Third Fourth YEAR
- ---------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Upstream Gathering and Processing Services $ 9.0 $ 17.3 $ 17.4 $ 15.2 $ 58.9
Midstream Transportation and Storage Services 14.7 6.3 11.7 12.7 45.4
Downstream Retail and Marketing Services 15.8 1.7 5.6 18.7 41.8
------- ------- ------- ------- -------
Total Operating Income $ 39.5 $ 25.3 $ 34.7 $ 46.6 $ 146.1
======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
1996
--------------------------------------------------
MidCon Corp. First Second Third Fourth YEAR
- ------------ ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Upstream Gathering and Processing Services $ 2.6 $ 2.0 $ 3.9 $ 7.2 $ 15.7
Midstream Transportation and Storage Services 44.9 51.9 51.7 61.5 210.0
Downstream Retail and Marketing Services 61.6 (15.7) (20.1) (10.1) 15.7
------- ------- ------- ------- -------
Total Operating Income $ 109.1 $ 38.2 $ 35.5 $ 58.6 $ 241.4
======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
1997
---------------------------------------------------
MidCon Corp. First Second Third Fourth YEAR
- ------------ ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Upstream Gathering and Processing Services $ (3.1) $ (1.6) $ (0.5) $ (3.5) $ (8.7)
Midstream Transportation and Storage Services 79.9 51.4 75.9 121.1 328.3
Downstream Retail and Marketing Services 9.8 (17.7) (29.1) (43.5) (80.5)
------- ------- ------- ------- -------
Total Operating Income $ 86.6 $ 32.1 $ 46.3 $ 74.1 $ 239.1
======= ======= ======= ======= =======
</TABLE>
<PAGE> 5
K N ENERGY AND SUBSIDIARIES
SELECTED HISTORICAL SEGMENT INFORMATION
(unaudited)
(dollars in millions)
KNE ENERGY, INC. - UPSTREAM
<TABLE>
<CAPTION>
1Q96 2Q96 3Q96 4Q96 1996
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Gas Sales $ 16.9 $ 21.8 $ 30.2 $ 33.5 $102.4
Natural Gas Liquids Sales $ 40.2 $ 41.4 $ 42.1 $ 64.6 $188.3
Gathering, Transportation, Other $ 15.1 $ 16.5 $ 16.2 $ 19.1 $ 66.9
------ ------ ------ ------ ------
Total Operating Revenues $ 72.2 $ 79.7 $ 88.5 $117.2 $357.6
------ ------ ------ ------ ------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 45.0 $ 53.7 $ 61.4 $ 82.8 $242.9
Operations and Maintenance $ 13.2 $ 15.1 $ 14.1 $ 13.4 $ 55.8
Depreciation and Amortization $ 4.0 $ 3.7 $ 3.2 $ 3.6 $ 14.5
Taxes, Other Than Income Taxes $ 1.6 $ 1.2 $ 1.4 $ 1.5 $ 5.7
------ ------ ------ ------ ------
Total Operating Costs and Expenses $ 63.8 $ 73.7 $ 80.1 $101.3 $318.9
------ ------ ------ ------ ------
Operating Income $ 8.4 $ 6.0 $ 8.4 $ 15.9 $ 38.7
====== ====== ====== ====== ======
System Throughput (Trillion Btus)
Gas Sales 11.4 15.3 18.0 15.9 60.6
Gathering and Processing 71.3 77.9 72.7 53.9 275.8
------ ------ ------ ------ ------
Total System Throughput 82.7 93.2 90.7 69.8 336.4
------ ------ ------ ------ ------
Natural Gas Liquids Sales (Million Gallons)
Company-Owned and Processed 101.9 110.0 99.0 89.7 400.6
Third-Party Marketed 12.6 10.9 8.5 31.9 63.9
------ ------ ------ ------ ------
Total Natural Gas Liquids Sales 114.5 120.9 107.5 121.6 464.5
====== ====== ====== ====== ======
<CAPTION>
1Q97 2Q97 3Q97 4Q97 1997
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Gas Sales $ 40.7 $ 34.2 $ 35.8 $ 45.5 $156.2
Natural Gas Liquids Sales $ 64.5 $ 70.3 $ 67.7 $ 73.4 $275.9
Gathering, Transportation, Other $ 19.5 $ 31.1 $ 33.5 $ 37.7 $121.8
------ ------ ------ ------ ------
Total Operating Revenues $124.7 $135.6 $137.0 $156.6 $553.9
------ ------ ------ ------ ------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 94.2 $ 87.6 $ 93.7 $111.2 $386.7
Operations and Maintenance $ 15.8 $ 23.1 $ 20.1 $ 23.0 $ 82.0
Depreciation and Amortization $ 3.9 $ 4.9 $ 3.3 $ 4.7 $ 16.8
Taxes, Other Than Income Taxes $ 1.8 $ 2.7 $ 2.5 $ 2.5 $ 9.5
------ ------ ------ ------ ------
Total Operating Costs and Expenses $115.7 $118.3 $119.6 $141.4 $495.0
------ ------ ------ ------ ------
Operating Income $ 9.0 $ 17.3 $ 17.4 $ 15.2 $ 58.9
====== ====== ====== ====== ======
System Throughput (Trillion Btus)
Gas Sales 14.5 19.3 19.4 17.6 70.8
Gathering and Processing 49.7 85.2 79.9 83.7 298.5
------ ------ ------ ------ ------
Total System Throughput 64.2 104.5 99.3 101.3 369.3
------ ------ ------ ------ ------
Natural Gas Liquids Sales (Million Gallons)
Company-Owned and Processed 103.4 165.9 153.1 146.0 568.4
Third-Party Marketed 47.0 26.9 29.3 45.8 149.0
------ ------ ------ ------ ------
Total Natural Gas Liquids Sales 150.4 192.8 182.4 191.8 717.4
====== ====== ====== ====== ======
</TABLE>
<PAGE> 6
K N ENERGY AND SUBSIDIARIES
SELECTED HISTORICAL SEGMENT INFORMATION
(unaudited)
(dollars in millions)
KN ENERGY, INC. - MIDSTREAM
<TABLE>
<CAPTION>
1Q96 2Q96 3Q96 4Q96 1996
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Transportation and Storage $ 27.1 $ 22.1 $ 26.4 $ 37.3 $112.9
Other $ 33.7 $ 36.2 $ 40.6 $ 43.4 $153.9
------ ------ ------ ------ ------
Total Operating Revenues $ 60.8 $ 58.3 $ 67.0 $ 80.7 $266.8
------ ------ ------ ------ ------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 19.2 $ 36.7 $ 35.0 $ 43.4 $134.3
Operations and Maintenance $ 15.1 $ 13.4 $ 15.5 $ 12.4 $ 56.4
Depreciation and Amortization $ 6.0 $ 6.2 $ 6.7 $ 6.0 $ 24.9
Taxes, Other Than Income Taxes $ 2.2 $ 1.9 $ 2.6 $ 1.4 $ 8.1
------ ------ ------ ------ ------
Total Operating Costs and Expenses $ 42.5 $ 58.2 $ 59.8 $ 63.2 $223.7
------ ------ ------ ------ ------
Operating Income $ 18.3 $ 0.1 $ 7.2 $ 17.5 $ 43.1
====== ====== ====== ====== ======
System Throughput (Trillion Btus) 138.0 134.4 132.1 123.5 528.0
====== ====== ====== ====== ======
<CAPTION>
1Q97 2Q97 3Q97 4Q97 1997
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Transportation and Storage $ 37.4 $ 27.5 $ 30.9 $ 30.8 $126.6
Other $ 42.4 $ 13.1 $ 15.5 $ 33.5 $104.5
------ ------ ------ ------ ------
Total Operating Revenues $ 79.8 $ 40.6 $ 46.4 $ 64.3 $231.1
------ ------ ------ ------ ------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 39.1 $ 11.9 $ 12.9 $ 30.8 $ 94.7
Operations and Maintenance $ 16.9 $ 13.7 $ 13.2 $ 10.8 $ 54.6
Depreciation and Amortization $ 6.6 $ 6.5 $ 6.7 $ 7.8 $ 27.6
Taxes, Other Than Income Taxes $ 2.5 $ 2.2 $ 1.9 $ 2.2 $ 8.8
------ ------ ------ ------ ------
Total Operating Costs and Expenses $ 65.1 $ 34.3 $ 34.7 $ 51.6 $185.7
------ ------ ------ ------ ------
Operating Income $ 14.7 $ 6.3 $ 11.7 $ 12.7 $ 45.4
====== ====== ====== ====== ======
System Throughput (Trillion Btus) 134.1 124.1 110.6 134.3 503.1
====== ====== ====== ====== ======
</TABLE>
<PAGE> 7
K N ENERGY AND SUBSIDIARIES
SELECTED HISTORICAL SEGMENT INFORMATION
(unaudited)
(dollars in millions)
KN ENERGY, INC. - DOWNSTREAM
<TABLE>
<CAPTION>
1Q96 2Q96 3Q96 4Q96 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Gas Sales $ 317.5 $ 213.4 $ 218.6 $ 368.0 $1,117.5
Transportation and Other $ 7.0 $ 7.3 $ 14.5 $ 18.3 $ 47.1
-------- -------- -------- -------- --------
Total Operating Revenues $ 324.5 $ 220.7 $ 233.1 $ 386.3 $1,164.6
-------- -------- -------- -------- --------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 295.6 $ 185.7 $ 199.3 $ 350.0 $1,030.6
Operations and Maintenance $ 15.7 $ 14.2 $ 14.9 $ 18.7 $ 63.5
Depreciation and Amortization $ 2.2 $ 2.7 $ 3.7 $ 3.2 $ 11.8
Taxes, Other Than Income Taxes $ 1.9 $ 2.1 $ 0.6 $ 1.0 $ 5.6
-------- -------- -------- -------- --------
Total Operating Costs and Expenses $ 315.4 $ 204.7 $ 218.5 $ 372.9 $1,111.5
-------- -------- -------- -------- --------
Operating Income $ 9.1 $ 16.0 $ 14.6 $ 13.4 $ 53.1
======== ======== ======== ======== ========
System Throughput (Trillion Btus)
Gas Sales 124.7 91.8 102.4 120.3 439.2
Transportation 4.0 3.5 6.6 5.1 19.2
-------- -------- -------- -------- --------
Total System Throughput 128.7 95.3 109.0 125.4 458.4
======== ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
1Q97 2Q97 3Q97 4Q97 1997
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Gas Sales $ 378.5 $ 217.8 $ 335.7 $ 620.4 $1,552.4
Transportation and Other $ 18.8 $ 19.8 $ 56.2 $ 22.8 $ 117.6
-------- -------- -------- -------- --------
Total Operating Revenues $ 397.3 $ 237.6 $ 391.9 $ 643.2 $1,670.0
-------- -------- -------- -------- --------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 360.2 $ 218.1 $ 367.5 $ 602.3 $1,548.1
Operations and Maintenance $ 15.8 $ 14.5 $ 13.9 $ 18.7 $ 62.9
Depreciation and Amortization $ 3.8 $ 2.3 $ 3.1 $ 2.4 $ 11.6
Taxes, Other Than Income Taxes $ 1.7 $ 1.0 $ 1.8 $ 1.1 $ 5.6
-------- -------- -------- -------- --------
Total Operating Costs and Expenses $ 381.5 $ 235.9 $ 386.3 $ 624.5 $1,628.2
-------- -------- -------- -------- --------
Operating Income $ 15.8 $ 1.7 $ 5.6 $ 18.7 $ 41.8
======== ======== ======== ======== ========
System Throughput (Trillion Btus)
Gas Sales 132.6 90.5 137.0 203.9 564.0
Transportation 4.2 4.7 6.2 5.3 20.4
-------- -------- -------- -------- --------
Total System Throughput 136.8 95.2 143.2 209.2 584.4
======== ======== ======== ======== ========
</TABLE>
<PAGE> 8
K N ENERGY AND SUBSIDIARIES
SELECTED HISTORICAL SEGMENT INFORMATION
(unaudited)
(dollars in millions)
MIDCON CORP. - UPSTREAM
<TABLE>
<CAPTION>
1Q96 2Q96 3Q96 4Q96 1996
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Gas Sales
Natural Gas Liquids Sales
Gathering, Transportation, Other
Total Operating Revenues $ 18.0 $ 17.3 $ 14.2 $ 20.4 $ 69.9
------ ------ ------ ------ ------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 12.4 $ 13.0 $ 7.6 $ 10.3 $ 43.3
Operations and Maintenance $ 2.7 $ 2.0 $ 2.4 $ 2.5 $ 9.6
Depreciation and Amortization $ 0.3 $ 0.3 $ 0.3 $ 0.4 $ 1.3
Taxes, Other Than Income Taxes $ -- $ -- $ -- $ -- $ --
------ ------ ------ ------ ------
Total Operating Costs and Expenses $ 15.4 $ 15.3 $ 10.3 $ 13.2 $ 54.2
------ ------ ------ ------ ------
Operating Income (Loss) $ 2.6 $ 2.0 $ 3.9 $ 7.2 $ 15.7
====== ====== ====== ====== ======
System Throughput (Trillion Btus)
Gas Sales
Gathering and Processing
Total System Throughput -- -- -- -- --
Natural Gas Liquids Sales (Million Gallons)
Company-Owned and Processed
Third-Party Marketed
Total Natural Gas Liquids Sales 37.3 40.1 46.5 50.8 174.7
====== ====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
1Q97 2Q97 3Q97 4Q97 1997
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Gas Sales
Natural Gas Liquids Sales
Gathering, Transportation, Other
Total Operating Revenues $ 17.7 $ 14.6 $ 10.6 $ 9.3 $ 52.2
------ ------ ------ ------ ------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 17.9 $ 13.0 $ 8.0 $ 9.5 $ 48.4
Operations and Maintenance $ 2.5 $ 2.8 $ 2.7 $ 2.9 $ 10.9
Depreciation and Amortization $ 0.4 $ 0.4 $ 0.4 $ 0.4 $ 1.6
Taxes, Other Than Income Taxes $ -- $ -- $ -- $ -- $ --
------ ------ ------ ------ ------
Total Operating Costs and Expenses $ 20.8 $ 16.2 $ 11.1 $ 12.8 $ 60.9
------ ------ ------ ------ ------
Operating Income (Loss) $ (3.1) $ (1.6) $ (0.5) $ (3.5) $ (8.7)
====== ====== ====== ====== ======
System Throughput (Trillion Btus)
Gas Sales
Gathering and Processing
Total System Throughput -- -- -- -- --
Natural Gas Liquids Sales (Million Gallons)
Company-Owned and Processed
Third-Party Marketed
Total Natural Gas Liquids Sales 40.7 35.9 31.7 25.8 134.1
====== ====== ====== ====== ======
</TABLE>
<PAGE> 9
K N ENERGY AND SUBSIDIARIES
SELECTED HISTORICAL SEGMENT INFORMATION
(unaudited)
(dollars in millions)
MIDCON CORP. - MIDSTREAM
<TABLE>
<CAPTION>
1Q96 2Q96 3Q96 4Q96 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Transportation and Storage
Other
Total Operating Revenues $ 368.4 $ 341.8 $ 326.1 $ 423.2 $1,459.5
-------- -------- -------- -------- --------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 212.2 $ 198.7 $ 172.7 $ 257.6 $ 841.2
Operations and Maintenance $ 59.2 $ 45.0 $ 52.0 $ 55.0 $ 211.2
Depreciation and Amortization $ 42.3 $ 42.5 $ 43.1 $ 43.0 $ 170.9
Taxes, Other Than Income Taxes $ 9.8 $ 3.7 $ 6.6 $ 6.1 $ 26.2
-------- -------- -------- -------- --------
Total Operating Costs and Expenses $ 323.5 $ 289.9 $ 274.4 $ 361.7 $1,249.5
-------- -------- -------- -------- --------
Operating Income $ 44.9 $ 51.9 $ 51.7 $ 61.5 $ 210.0
======== ======== ======== ======== ========
Gas Sales (Bcf) 72.7 80.3 56.8 66.3 276.1
System Throughput (Bcf) 588.4 377.0 333.7 476.3 1,775.4
======== ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
1Q97 2Q97 3Q97 4Q97 1997
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Transportation and Storage
Other
Total Operating Revenues $ 429.7 $ 312.7 $ 393.3 $ 460.7 $1,596.4
-------- -------- -------- -------- --------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 254.4 $ 160.3 $ 219.0 $ 235.5 $ 869.2
Operations and Maintenance $ 52.7 $ 58.2 $ 55.7 $ 61.6 $ 228.2
Depreciation and Amortization $ 36.9 $ 36.8 $ 36.9 $ 37.3 $ 147.9
Taxes, Other Than Income Taxes $ 5.8 $ 6.0 $ 5.8 $ 5.2 $ 22.8
-------- -------- -------- -------- --------
Total Operating Costs and Expenses $ 349.8 $ 261.3 $ 317.4 $ 339.6 $1,268.1
-------- -------- -------- -------- --------
Operating Income $ 79.9 $ 51.4 $ 75.9 $ 121.1 $ 328.3
======== ======== ======== ======== ========
Gas Sales (Bcf) 78.9 63.1 89.2 98.3 329.5
System Throughput (Bcf) 509.8 358.1 332.1 452.9 1,652.9
======== ======== ======== ======== ========
</TABLE>
<PAGE> 10
K N ENERGY AND SUBSIDIARIES
SELECTED HISTORICAL SEGMENT INFORMATION
(unaudited)
(dollars in millions)
MIDCON CORP. - DOWNSTREAM
<TABLE>
<CAPTION>
1Q96 2Q96 3Q96 4Q96 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Gas Sales
Transportation and Other
Total Operating Revenues $ 384.0 $ 245.1 $ 261.9 $ 413.1 $1,304.1
-------- -------- -------- -------- --------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 312.8 $ 253.3 $ 273.5 $ 414.1 $1,253.7
Operations and Maintenance $ 9.1 $ 6.9 $ 8.0 $ 8.7 $ 32.7
Depreciation and Amortization $ 0.5 $ 0.6 $ 0.5 $ 0.4 $ 2.0
Taxes, Other Than Income Taxes $ -- $ -- $ -- $ -- $ --
-------- -------- -------- -------- --------
Total Operating Costs and Expenses $ 322.4 $ 260.8 $ 282.0 $ 423.2 $1,288.4
-------- -------- -------- -------- --------
Operating Income (Loss) $ 61.6 $ (15.7) $ (20.1) $ (10.1) $ 15.7
======== ======== ======== ======== ========
System Throughput (Bcf)
Gas Sales 134.2 88.9 109.7 154.1 486.9
-------- -------- -------- -------- --------
</TABLE>
<TABLE>
<CAPTION>
1Q97 2Q97 3Q97 4Q97 1997
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Operating Revenues
- ------------------
Gas Sales
Transportation and Other
Total Operating Revenues $ 464.0 $ 271.7 $ 295.9 $ 574.9 $1,606.5
-------- -------- -------- -------- --------
Operating Costs and Expenses
- ----------------------------
Gas Purchases and Other Costs of Sales $ 447.2 $ 281.6 $ 317.7 $ 610.2 $1,656.7
Operations and Maintenance $ 6.4 $ 7.2 $ 6.8 $ 7.6 $ 28.0
Depreciation and Amortization $ 0.6 $ 0.6 $ 0.5 $ 0.6 $ 2.3
Taxes, Other Than Income Taxes $ -- $ -- $ -- $ -- $ --
-------- -------- -------- -------- --------
Total Operating Costs and Expenses $ 454.2 $ 289.4 $ 325.0 $ 618.4 $1,687.0
-------- -------- -------- -------- --------
Operating Income (Loss) $ 9.8 $ (17.7) $ (29.1) $ (43.5) $ (80.5)
======== ======== ======== ======== ========
System Throughput (Bcf)
Gas Sales 154.7 125.3 126.1 186.2 592.3
-------- -------- -------- -------- --------
</TABLE>
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