Earnings from the company’s midstream operations for the quarter ended
December 31, 2007, were $0.13 per diluted share, a decrease of $0.07 per diluted share as compared to the same period in 2006.
The decrease in earnings was due primarily to increased operating expenses incurred as a result of the continuing expansion of the midstream operations, including the acquisition of assets in November 2007 to be developed in Mississippi.
These increases in expense were partially offset by increased revenues from short-term storage agreements and a decrease in net interest expense. Earnings per diluted share of $0.36 from the company’s natural gas distribution business for the quarter ended December 31, 2007, were unchanged when compared to the same prior-year period.
Earnings from other business operations for the quarter ended December 31,
2007, were also unchanged when compared to the same period in the prior year. A decrease in merchandise sales and related merchandising activities was offset by an increase in net interest income earned during the current year period.
