EX-99 3 exhibit99a.htm Media:

EXHIBIT 99     

Media:

 

Rodrigo Sierra

 

(312) 240-4567

Investor Relations:

 

Mary Ann Wall

 

(312) 240-7534

 

 

130 E. Randolph Dr.

Chicago, Illinois 60601

For Immediate Release

October 25, 2002

Peoples Energy Reports Fiscal 2002 Results

 

CHICAGO - Peoples Energy (NYSE: PGL) today reported net income for the fourth quarter ended September 30, 2002 of $1.7 million or $0.05 per diluted share, compared with $1.7 million, or $0.05 per diluted share, before special items in the year-ago quarter. Operating and equity investment income was $10.7 million, compared with $9.1 million in 2001. Fourth quarter results were unchanged from the same period a year ago due to lower Gas Distribution results and lower equity investment income offset by higher operating contributions from diversified energy businesses and lower interest expense.

Before special items in both years, fiscal 2002 net income was $99.3 million or $2.80 per diluted share compared with $111.6 million, or $3.15 per diluted share, in fiscal 2001. Operating and equity investment income was $199.1 million, compared with $229.4 million in the prior year. The decrease in fiscal year results was largely due to the negative impact of weather that was 16% warmer than fiscal 2001 and lower pension credits (a non-cash item) and equity investment income, which together more than offset the benefits of lower operating costs in the Gas Distribution segment and lower interest expense.

The table below summarizes quarter and fiscal year results, as reported and before the special items.
   

Three Months Ended September 30,
   

Before

Special Items

  

Special Items

  

As Reported

(GAAP)
   

2002

  

2001

$ 9.1

  

2002

$ --

  

2001(1)

$(24.3)

  

2002

$10.7

  

2001(2)

Operating and Equity Investment Income (Loss)

  

$ 10.7

    

$(15.2)

Net Income (Loss)

  

1.7

  

1.7

  

--

  

(14.7)

  

1.7

  

(13.0)

Diluted Earnings (Loss) Per Share

  

0.05

  

0.05

  

--

  

(0.41)

  

0.05

  

(0.37)
                         
   

Twelve Months Ended September 30,
   

Before

Special Items

  

Special Items

  

As Reported

(GAAP)
   

2002

  

2001

  

2002(3)

  

2001(1)

  

2002

  

2001(2)

Operating and Equity Investment Income (Loss)

  

$199.1

  

$229.4

  

$(17.0)

  

$(24.3)

  

$182.1

  

$205.1

Net Income (Loss)

  

99.3

  

111.6

  

(10.2)

  

(14.7)

  

89.1

  

96.9

Diluted Earnings (Loss) Per Share

  

2.80

  

3.15

  

(0.29)

  

(0.41)

  

2.51

  

2.74
  1. The fourth quarter of fiscal 2001 included three special items: a one-time $26.1 million charge related to the pension expense impact of a special retirement program, an additional provision of $8.5 million to increase the reserve for uncollectible accounts in the Gas Distribution business and a $10.3 million reversal of the company's reserve for mercury-related costs.
  2. As announced in January 2002, fiscal 2001 results have been restated to reflect a change in the method of accounting for oil and gas properties from the full cost method to the successful efforts method.
  3. The third quarter of fiscal 2002 included a special item of $17.0 million to increase the reserve for uncollectible accounts in the Gas Distribution business.

"Despite warmer-than-normal weather and several other unusual items that negatively impacted fiscal 2002 results, Peoples Energy can point to a number of significant achievements in 2002," said Thomas M. Patrick, chairman, president and CEO of Peoples Energy. "In our core Gas Distribution business, we achieved a modest increase in weather-normalized gas deliveries and continued to make progress in reducing operating costs. In our diversified energy businesses we made solid progress as we successfully brought a new power generation project on line, produced record results from our natural gas hub, grew oil and gas production and reserves, and achieved profitability in retail energy services. Moreover, we significantly strengthened our balance sheet, substantially reducing our debt and accounts receivable."

The following discussion summarizes fourth quarter and fiscal year operating results, before special items, for Peoples Energy's primary business segments:

Gas Distribution. Excluding a $5.6 million decrease in pension credits (a non-cash item), fourth quarter fiscal 2002 results exceeded the prior year's quarter due primarily to lower operating costs. Fiscal 2002 Gas Distribution results decreased $17.4 million compared with the previous year, as lower operating costs were more than offset by a decrease of approximately $33 million due to significantly warmer weather and a $21 million decline in pension credits. Fiscal 2002 had 5,639 heating degree days, down 1,074 degree days or 16% compared with the prior year's 6,713 degree days and down 788 degree days or 12% from normal of 6,427 degree days. Weather insurance helped offset the adverse impact of weather for the fiscal year by almost $9 million.

   

Three Months Ended

September 30,

  

Twelve Months Ended

September 30,
   

2002

  

2001

  

2002

  

2001

Operating Income (Loss) Before Special Items

 

$(4.6)

  

$ (1.5)

  

$ 184.3

  

$ 201.7

Special Items

  

--

 

(23.3)

  

(17.0)

  

(23.3)

Operating Income (Loss)

 

$(4.6)

  

$ (24.8)

  

$ 167.3

  

$ 178.4

Power Generation. Equity investment income was negatively impacted by the inclusion in fiscal 2002 of interest expense associated with Elwood Energy LLC's bond financing. Despite this negative impact, fourth quarter operating and equity investment income rose $3.3 million compared with a year ago, as Southeast Chicago Energy Project (SCEP) site-development income more than offset the increase in interest expense. SCEP, a 350-megawatt plant owned in partnership with Exelon, began commercial operations during July, and this also benefited the current quarter's results. The fourth quarter is seasonally the strongest for Power Generation in that most of the capacity revenues are recognized during the summer months. Fiscal 2002 Power Generation results decreased $9.8 million from the previous year due solely to the inclusion in 2002 results of interest expense associated with the Elwood bond financing. Excluding this impact, fiscal 2002 operating and equity investment income rose 34% to $26.6 million from last year's $19.9 million. Fiscal 2002 results benefited from Elwood's first full year of operation with its expanded facilities, site-development income and start of operations at SCEP, while fiscal 2001 results benefited from a gain on the liquidation of financial hedges associated with Elwood's gas supply requirements.

   

Three Months Ended

September 30,

  

Twelve Months Ended

September 30,
   

2002

  

2001

  

2002

  

2001

Operating Income (Loss)

  

$ 2.6

  

$ (1.9)

  

$ (1.1)

  

$ (4.7)

Equity Investment Income

  

12.8

  

14.0

  

11.2

  

24.6

Operating & Equity Investment Income

  

$15.4

  

$12.1

  

$10.1

  

$19.9

Midstream Services. Fourth quarter operating and equity investment income increased by $1.1 million compared with the year-ago quarter due to higher contributions from the hub and the company's natural gas liquids peaking facility. Fiscal 2002 was a record year for the hub due primarily to strong seasonal pricing differentials. This partially offset significantly lower equity investment income from enovate, L.L.C., which benefited from extraordinary market volatility in fiscal 2001 and ceased operations in the second quarter of fiscal 2002.

   

Three Months Ended

September 30,

  

Twelve Months Ended

September 30,
   

2002

  

2001

  

2002

  

2001

Operating Income

  

$3.4

  

$0.7

  

$11.5

  

$ 6.7

Equity Investment Income

  

0.0

  

1.6

  

1.3

  

11.3

Operating & Equity Investment Income

  

$3.4

  

$2.3

  

$12.8

  

$18.0

Oil and Gas Production. Operating and equity investment income decreased $3.2 million in the fourth quarter compared with a year ago due primarily to lower equity investment income from EnerVest, lower revenues and higher operating costs. Net realized natural gas prices decreased to $3.24 per Mcf in this year's fourth quarter compared with last year's average of $3.32 per Mcf. Fourth quarter 2002 average daily production rose 2% over fourth quarter 2001 to 54 Mcfe per day. Fiscal 2002 operating and equity investment income decreased $3.0 million compared to fiscal 2001, primarily due to lower results from EnerVest, an equity investment that is in the process of being liquidated. Operating income improved $5.5 million over the previous year's results of $12.7 million due mainly to the favorable impact of a gain on the settlement of hedges formerly in place with Enron and higher production partially offset by lower prices. Fiscal 2002 production increased approximately 21% to 53 Mcfe per day compared with 43.9 Mcfe per day in the prior year. This increase was due to a full year's impact of the company's South Texas acquisition completed in April 2001, positive drilling program results, and the company's East White Point Field acquisition completed in June of this year. Realized natural gas prices decreased 5% to $3.11 per Mcf compared with last year's average of $3.26 per Mcf and realized oil prices decreased 18% to $19.12 per bbl from $23.38 per bbl in 2001.

   

Three Months Ended

September 30,

  

Twelve Months Ended

September 30,
   

2002

  

2001

  

2002

  

2001

Operating Income

  

$2.6

  

$4.7

  

$18.2

  

$12.7

Equity Investment Income (Loss)

  

(0.4)

  

0.7

  

(2.1)

  

6.4

Operating & Equity Investment Income

  

$2.2

  

$5.4

  

$16.1

  

$19.1

Retail Energy Services. Fourth quarter and fiscal year results improved $2.4 million and $4.5 million, respectively, over the same periods a year ago primarily due to higher gas and electric margins. Fiscal 2002 operating income of $1.5 million represents the first profitable year for this business.

   

Three Months Ended

September 30,

  

Twelve Months Ended

September 30,
   

2002

  

2001

  

2002

  

2001

Operating Income (Loss)

 

$ (0.1)

  

$ (2.5)

  

$ 1.5

  

$ (3.0)

Other Items

Other income decreased $5.2 million and $5.6 million, respectively, from the prior fourth quarter and fiscal year periods. Proceeds from an insurance settlement in the current periods were more than offset by lower net non-operating income and deductions and a gain on the sale of property recorded in the prior year periods. Interest expense decreased $4.8 million and $15.6 million, respectively, from the previous fourth quarter and fiscal year periods primarily due to a decrease in utility short-term debt and lower interest rates. For the fiscal year comparisons, two additional factors largely offset one another -- a decrease in interest expense for corporate short-term debt resulting from the Elwood Energy LLC's bond financing in 2002, and an increase in interest expense associated with the $325 million in corporate notes issued in January 2001 to fund diversified expansion projects.

Financial

During fiscal 2002, Peoples Energy reduced total debt by approximately $300 million. At September 30, 2002, total debt was 54% of total debt plus equity compared with 61% at the close of fiscal 2001. Credit ratios also improved in fiscal 2002, with funds from operations/interest coverage at 5.9X compared with 2.8X for the period ending September 30, 2001.

At the close of fiscal 2002, utility customer accounts receivable totaled $165 million, down $65 million compared to June 30, 2002 and $121 million compared to September 30, 2001. In the third quarter of fiscal 2002, the company recorded a $17.0 million special charge to increase the reserve for uncollectible accounts in its Gas Distribution business. With a reserve to accounts receivable ratio of 19.4% at fiscal year-end compared with 15.7% a year ago, the company believes that the $32 million reserve balance at September 30 is adequate. However, the reserve remains an estimate and could require adjustment depending on the level of success of ongoing credit and collection activities.

Fiscal 2002 cash flow provided by operating activities almost doubled versus 2001, an improvement driven by the collection of receivables. Total capital expenditures for fiscal 2002 were approximately $200 million compared with $345 million in fiscal 2001. Most of the decrease was due to $100 million lower spending in the Oil and Gas Production business.

Outlook

"Looking to fiscal 2003, we continue to estimate that our earnings will be in the range of $2.70 to $2.80 per diluted share, assuming normal weather," Patrick said. "This earnings outlook reflects continued improvement in operating results, offset by lower pension credits and the expiration of oil and gas tax credits. Our financial objectives and strategy remains focused on modest earnings growth from our core Gas Distribution business and increasing contributions from our diversified energy businesses. We also remain committed to maintaining a strong balance sheet and a solid dividend."

Peoples Energy, a member of the S&P 500, is a diversified energy company comprised of five primary business segments: Gas Distribution, Power Generation, Midstream Services, Retail Energy Services, and Oil and Gas Production. The Gas Distribution business serves about 1 million retail customers in Chicago and northeastern Illinois. Visit the Peoples Energy web site at PeoplesEnergy.com.

 

Forward-Looking Information. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as management's outlook for earnings and capital spending for fiscal year 2003. Generally, the words "may", "could", "project", "believe", "anticipate", "estimate", "plan", "forecast", "will be", and similar words identify forward-looking statements. Actual results could differ materially from such expectations because of many uncertainties, including, but not limited to: weather-related energy demands; the company's success in identifying diversified energy opportunities on financially acceptable terms and generating earnings within a reasonable time; adverse resolution of material litigation; business and competitive conditions resulting from deregulation and consolidation of the energy industry; the timing and extent of changes in interest rates and energy commodity prices, including but not limited to the effect of unusually high gas prices on cost of gas supplies, accounts receivable and the provision for uncollectible accounts, and interest expense; success in collection of accounts receivable relating to the winter of 2000/2001; drilling risks and the inherent uncertainty of gas and oil reserve estimates; regulatory and economic developments in the U.S., Illinois and other states where Peoples Energy does business; and terrorist activities. Some of the uncertainties that may affect future results are discussed in more detail in Peoples Energy's filings under the Securities Exchange Act of 1934. All forward-looking statements included in this press release are based upon information presently available, and Peoples Energy assumes no obligation to update any forward-looking statements.

# # # #

(Financial Tables Follow)

 

 

 

PEOPLES ENERGY CORPORATION
FINANCIAL HIGHLIGHTS
(Unaudited)
           
      Three Months Ended September 30,
           
(In Thousands, except per-share amounts)     2002   2001
           
Total Operating Revenues     $235,003   $160,946
           
Operating Income     ($1,851)   ($31,729)
           
Equity Investment Income     $12,552   $16,494
           
Operating and Equity Investment Income     $10,701   ($15,235)
           
Net Income     $1,720   ($12,962)
           
Earnings Per Share     $0.05   ($0.37)
           
Diluted Earnings Per Share     $0.05   ($0.37)
           
Basic Average Shares Outstanding     35,462   35,399
           
Dilutive Average Shares Outstanding     35,479   35,460
           
Net Income Before Special Items     $1,720   $1,734
           
Earnings Per Share Before Special Items     $0.05   $0.05
           
Diluted Earnings Per Share Before Special Items     $0.05   $0.05
       
      Twelve Months Ended September 30,
           
      2002   2001
           
Total Operating Revenues     $1,482,534   $2,270,218
           
Operating Income     $171,349   $161,891
           
Equity Investment Income     $10,796   $43,188
           
Operating and Equity Investment Income     $182,145   $205,079
           
Net Income     $89,071   $96,939
           
Earnings Per Share     $2.51   $2.74
           
Diluted Earnings Per Share     $2.51   $2.74
           
Basic Average Shares Outstanding     35,454   35,380
           
Dilutive Average Shares Outstanding     35,492   35,439
           
Net Income Before Special Items     $99,328   $111,635
           
Earnings Per Share Before Special Items     $2.80   $3.16
           
Diluted Earnings Per Share Before Special Items     $2.80   $3.15

 

 

Peoples Energy Corporation               Preliminary
                         
Summary of Selected Operating Data (Unaudited)          
                         
            Three Months Ended   Twelve Months Ended
            September 30,   September 30,
            2002   2001   2002   2001
                         
Gas Distribution Deliveries (MDth)              
Sales - Residential                  
    -Heating       6,622   7,953   110,001   124,328
    -Non-heating       412   462   3,321   3,208
  - Commercial     1,350   1,516   17,345   19,350
  - Industrial     191   427   3,570   4,043
Transportation     12,907   12,937   90,376   98,286
  Total Gas Distribution Deliveries 21,482   23,295   224,613   249,215
                         
Weather                  
Degree Days - actual     58   133   5,639   6,713
Per cent colder (warmer) than normal -51.7%   10.8%   -12.3%   4.4%
                         
Number of Gas Distribution Customers (average)          
Sales - Residential                  
    -Heating       743,468   747,973   747,685   750,594
    -Non-heating       173,741   175,615   175,996   177,352
  - Commercial     44,748   43,784   44,653   46,160
  - Industrial     2,882   2,839   2,890   3,006
Transportation     21,149   21,900   20,968   20,150
  Total Gas Distribution Customers   985,988   992,111   992,192   997,262
                         
Retail Energy Gas and Electric Customers (at Sept 30) 11,388   13,780   11,388   13,780
                         
Employees (at Sept 30)                  
Gas Distribution     2,340   2,491   2,340   2,491
Diversified Businesses     111   108   111   108
Peoples Energy Corporate     28   30   28   30
  Total Employees     2,479   2,629   2,479   2,629
                         
Megawatt Capacity (at Sept 30)   780   675   780   675
                         
Oil and Gas Production              
Average daily production:                
Gas (MMCFD)     46.8   45.5   46.1   37.2
Oil (MBOD)     1.2   1.2   1.1   1.1
Gas equivalent (MMCFED)     53.9   52.6   53.0   43.9
                         
Percentage hedged:                  
Gas     98%   79%   91%   77%
Oil     96%   37%   91%   46%
                         
Average hedge price:                  
Gas ($/MCF)     $ 3.36   $ 3.38   $ 3.37   $ 2.78
Oil ($/BBL)     $ 21.10   $ 19.95   $ 21.30   $ 20.73
                         
Net realized price:                  
Gas ($/MCF)     $ 3.24   $ 3.32   $ 3.11   $ 3.26
Oil ($/BBL)     $ 19.26   $ 23.97   $ 19.12   $ 23.38
Equivalent ($/MCFE)     $ 3.24   $ 3.41   $ 3.12   $ 3.36

 

 

Peoples Energy Corporation               Preliminary
                 
Consolidated Statements of Income (Unaudited)            
                 
    Three Months Ended   Twelve Months Ended
(In Thousands, except per-share amounts)   September 30,   September 30,
    2002   2001   2002   2001
                 
Operating Revenues   $ 235,003   $ 160,946   $ 1,482,534   $ 2,270,218
Operating Expenses:                
Cost of energy sold   119,783   54,984   782,157   1,524,492
Operation and maintenance   72,554   92,392   294,219   297,797
Depreciation, depletion and amortization   25,162   25,358   98,852   93,190
Taxes - Other than income taxes   19,355   19,941   135,957   192,848
                 
Total Operating Expenses   236,854   192,675   1,311,185   2,108,327
                 
Operating Income   (1,851)   (31,729)   171,349   161,891
                 
Equity Investment Income   12,552   16,494   10,796   43,188
                 
Total Operating and Equity Investment Income 10,701   (15,235)   182,145   205,079
                 
Other Income and (Deductions)   3,011   8,191   9,686   15,317
                 
Interest Expense   12,907   17,740   56,439   72,051
                 
Earnings Before Income Taxes   805   (24,784)   135,392   148,345
                 
Income Taxes   (915)   (11,822)   46,321   51,372
                 
Income Before Cumulative Effect of Change in            
Accounting Principle   1,720   (12,962)   89,071   96,973
                 
Cumulative Effect of Change in Accounting                
Principle, Net of Tax   -   -   -   (34)
                 
Net Income   $ 1,720   $ (12,962)   $ 89,071   $ 96,939
                 
Average Shares of Common Stock Outstanding            
Basic   35,462   35,399   35,454   35,380
Diluted   35,479   35,460   35,492   35,439
Earnings Per Share of Common Stock                
Basic   $ 0.05   $ (0.37)   $ 2.51   $ 2.74
Diluted   $ 0.05   $ (0.37)   $ 2.51   $ 2.74

 

 

Peoples Energy Corporation               Preliminary
                 
Consolidated Balance Sheets (Unaudited)                
                 
          September 30,   September 30,
(In Thousands)         2002   2001
                 
Assets                
Capital Investments:                
Property, plant and equipment, at original cost           $ 2,794,630   $ 2,691,855
Less - Accumulated depreciation and depletion           1,020,729   949,116
Net property, plant and equipment           1,773,901   1,742,739
Investments in equity investees           154,857   160,490
Other investments           22,893   26,020
                 
Total Capital Investments - Net           1,951,651   1,929,249
                 
Utility Customer Accounts Receivable - net of reserves           133,138   241,054
Other Current Assets           262,733   498,576
Other Assets           380,127   314,002
                 
Total Assets           $ 2,727,649   $ 2,982,881
                 
Capitalization and Liabilities                
Common Stockholders' Equity:                
Common stock           $ 301,671   $ 299,312
Capital in excess of par value of stock           28   15
Retained earnings           522,381   506,589
Treasury stock           (6,760)   (6,793)
Accumulated other comprehensive income           (10,996)   (509)
                 
Total Common Stockholders' Equity           806,324   798,614
Long-Term Debt           554,014   644,308
                 
Total Capitalization           1,360,338   1,442,922
                 
Current Liabilities           773,790   1,053,190
Deferred Credits and Other Liabilities           593,521   486,769
                 
Total Capitalization and Liabilities           $ 2,727,649   $ 2,982,881
                 
                 
Common Stock Information at End of Period                
(Unaudited)                
                 
Annualized dividend rate           $2.08   $2.04
Dividend yield (per cent)           6.2%   5.1%
Book value per share           $22.74   $22.56
Market price           $33.69   $39.76
Market price as a per cent of book value           148%   176%

 

 

Peoples Energy Corporation     Preliminary
           
Consolidated Statements of Cash Flows (Unaudited)          
           
      Twelve Months Ended
(In Thousands)     September 30,
      2002   2001
Operating Activities:          
Net Income     $ 89,071   $ 96,939
Adjustments to reconcile net income to net cash     247,065   70,620
           
Net Cash Provided by (Used in) Operating Activities     336,136   167,559
           
Investing Activities:          
Capital spending     (195,923)   (264,202)
Other assets     (1,127)   (470)
Return of capital investments     62,922   37,784
Temporary investments and special deposits     (25,321)   6,766
Net change in advances to joint venture partnerships     147,616   (79,174)
Special deposits     (81)   -
Proceeds from sale of assets     1,872   5,933
           
Net Cash Used in Investing Activities     (10,042)   (293,363)
           
Financing Activities:          
Short-term debt     (319,584)   (60,760)
Issuance of long-term debt     -   325,000
Retirement of long-term debt of subsidiaries     (294)   (355)
Dividends paid on common stock     (72,955)   (71,577)
Proceeds from issuance of common stock     2,372   1,285
Treasury stock purchases     33   24
           
Net Cash Provided by Financing Activities     (390,428)   193,617
           
Net Increase (Decrease) in Cash and Cash Equivalents     (64,334)   67,813
Cash and Cash Equivalents at Beginning of Period     73,769   5,956
           
Cash and Cash Equivalents at End of period     $ 9,435   $ 73,769

 

 

              Preliminary
Peoples Energy Corporation
                 
Business Segments (Unaudited)              
        Retail        
(In Thousands) Gas Power Midstream Energy Oil and Gas   Corporate and  
Three Months Ended September 30, 2002 Distribution Generation Services Services Production Other Adjustments Total
Operating Revenues $ 125,706 $ 4,619 $ 62,865 $ 27,730 $ 16,054 $ 17 $ (1,988) $ 235,003
Depreciation, depletion and amortization 17,395 31 171 450 7,082 6 27 25,162
Operating Income (4,632) 2,622 3,374 (122) 2,576 (302) (5,367) (1,851)
Equity Investment Income - 12,823 - - (376) 105 - 12,552
Operating and Equity Investment Income $ (4,632) $ 15,445 $ 3,374 $ (122) $ 2,200 $ (197) $ (5,367) $ 10,701
                 
                 
        Retail        
(In Thousands) Gas Power Midstream Energy Oil and Gas   Corporate and  
Three Months Ended September 30, 2001 Distribution Generation Services Services Production Other Adjustments Total
Operating Revenues $ 126,440 $ - $ 8,185 $ 11,546 $ 16,559 $ 94 $ (1,878) $ 160,946
Depreciation, depletion and amortization 17,345 1 141 470 7,311 17 73 25,358
Operating Income (24,828) (1,881) 721 (2,527) 4,683 (397) (7,500) (31,729)
Equity Investment Income - 13,986 1,629 - 685 194 - 16,494
Operating and Equity Investment Income $ (24,828) $ 12,105 $ 2,350 $ (2,527) $ 5,368 $ (203) $ (7,500) $ (15,235)
                 
                 
        Retail        
(In Thousands) Gas Power Midstream Energy Oil and Gas   Corporate and  
Twelve Months Ended September 30, 2002 Distribution Generation Services Services Production Other Adjustments Total
Operating Revenues $ 1,067,297 $ 4,619 $ 193,004 $ 167,787 $ 65,710 $ 48 $ (15,931) $ 1,482,534
Depreciation, depletion and amortization 68,779 120 749 1,758 27,312 30 104 98,852
Operating Income 167,313 (1,151) 11,505 1,549 18,276 (1,194) (24,949) 171,349
Equity Investment Income - 11,216 1,297 - (2,134) 417 - 10,796
Operating and Equity Investment Income $ 167,313 $ 10,065 $ 12,802 $ 1,549 $ 16,142 $ (777) $ (24,949) $ 182,145
                 
                 
        Retail        
(In Thousands) Gas Power Midstream Energy Oil and Gas   Corporate and  
Twelve Months Ended September 30, 2001 Distribution Generation Services Services Production Other Adjustments Total
Operating Revenues $ 1,835,427 $ - $ 131,957 $ 256,535 $ 53,988 $ 123 $ (7,812) $ 2,270,218
Depreciation, depletion and amortization 68,351 1 536 1,660 22,292 66 284 93,190
Operating Income 178,362 (4,620) 6,668 (3,007) 12,703 (1,727) (26,488) 161,891
Equity Investment Income - 24,566 11,348 - 6,427 847 - 43,188
Operating and Equity Investment Income $ 178,362 $ 19,946 $ 18,016 $ (3,007) $ 19,130 $ (880) $ (26,488) $ 205,079