Exhibit 99.1
Analysts and Media Contact:
Susan Giles (972) 855-3729
Atmos Energy Corporation Reports Earnings for Fiscal 2013 and
Initiates Fiscal 2014 Guidance; Raises Dividend 5.7 Percent
DALLAS (November 6, 2013)-Atmos Energy Corporation (NYSE: ATO) today reported consolidated results for its 2013 fiscal year and fourth quarter ended September 30, 2013.
| |
| • | Fiscal 2013 consolidated net income, excluding net unrealized margins and a gain on sale, was $232.6 million, or $2.53 per diluted share, compared with consolidated net income of $211.4 million, or $2.31 per diluted share in the prior year, excluding net unrealized margins and the net positive impact of several one-time items, including a gain on sale. |
| |
| • | Fiscal 2013 net income includes a net gain on the sale of the Georgia assets of $5.3 million, or $0.06 per diluted share. Fiscal 2012 net income included a net gain on the sale of the Missouri, Illinois and Iowa assets of $6.3 million, or $0.07 per diluted share and the net positive impact of several one-time items totaling $4.0 million, or $0.04 per diluted share. |
| |
| • | Fiscal 2013 net income was $243.2 million, or $2.64 per diluted share, after including noncash, unrealized net gains of $5.3 million, or $0.05 per diluted share and the gain on sale. Net income was $216.7 million, or $2.37 per diluted share in the prior year, after including unrealized net losses of $5.0 million or $(0.05) per diluted share and the net positive impact of several one-time items, including the gain on sale. |
| |
| • | Atmos Energy expects fiscal 2014 earnings to be in the range of $2.66 to $2.76 per diluted share, excluding net unrealized margins. |
| |
• | The company's Board of Directors has declared a quarterly dividend of 37 cents per common share. The indicated annual dividend for fiscal 2014 is $1.48, which represents a 5.7 percent increase. |
For the quarter ended September 30, 2013, consolidated net income was $7.5 million, or $0.08 per diluted share, compared with net income of $8.0 million, or $0.09 per diluted share for the same quarter last year. Results from nonregulated operations include noncash, unrealized net losses of $4.1 million, or $(0.05) per diluted share for the three months ended September 30, 2013, compared with net losses of $12.4 million, or $(0.14) per diluted share for the prior-year
quarter. The prior year fourth quarter net income includes the aforementioned gain on the sale of Missouri, Illinois and Iowa assets totaling $6.3 million, or $0.07 per diluted share and the net positive impact of several one-time items totaling $4.0 million or $0.04 per diluted share.
"Our fiscal 2013 financial performance reflects the significant capital invested in our infrastructure, coupled with rate design outcomes that further stabilized margins," said Kim Cocklin, president and chief executive officer of Atmos Energy Corporation. "The financial strength of the company allows us to continue to invest in improving the safety and reliability of our system, while providing a return to stakeholders. Looking forward, we are positioned to continue delivering annual earnings per share growth in the six to eight percent range," Cocklin concluded.
Results for the Fiscal Year Ended September 30, 2013
Natural gas distribution gross profit, excluding discontinued operations, increased $58.5 million to $1,081.2 million for the year ended September 30, 2013, compared with $1,022.7 million in the prior-year period. This increase is due largely to a $41.8 million net increase in rates from regulatory outcomes across all jurisdictions. Additionally, gross profit increased $7.5 million due to colder weather in the Mississippi, Kentucky/Mid-States and Colorado-Kansas Divisions.
Regulated transmission and storage gross profit increased $21.5 million to $268.9 million for the year ended September 30, 2013, compared with $247.4 million in the prior fiscal year. This increase is primarily a result of increased revenue from the Gas Reliability Infrastructure Program (GRIP) filings that became effective in May 2013 and April 2012.
Nonregulated gross profit increased $8.2 million to $63.3 million for the year ended September 30, 2013, compared with $55.1 million for the prior-year period. Realized margins decreased $8.8 million primarily from a decrease in gas delivery and other services margins, largely due to a two percent decrease in consolidated sales volumes attributable to reduced industrial and power generation volumes, combined with a $0.02/Mcf decrease in per-unit margins. Additionally, unrealized margins increased $17.0 million.
Consolidated operation and maintenance expense, excluding discontinued operations, for the year ended September 30, 2013, was $488.0 million, compared with $453.6 million for the prior year. The $34.4 million increase resulted primarily from higher line locate and pipeline right of way activities of $19.1 million and a $13.3 million increase in employee-related costs.
Results for fiscal 2012 included a $5.3 million noncash charge to impair the remaining investment in the Kentucky natural gas gathering assets recorded in the fourth quarter.
Miscellaneous expense was $0.2 million for the year ended September 30, 2013, compared to miscellaneous expense of $14.6 million for the prior year. The $14.4 million year-over-year change resulted primarily from the absence in the current year of a $10.0 million one-time cash donation made to a donor-advised fund in the prior-year fourth quarter. Additionally, the current year reflects a $3.9 million increase in performance based rates earned primarily in the Tennessee and Mississippi service areas.
Interest charges for the year ended September 30, 2013 were $128.4 million, compared with $141.2 million in the prior year. The $12.8 million year-over-year decrease resulted primarily from interest deferrals related to Texas infrastructure spending during the current year.
Results for fiscal 2012 included a tax benefit of $13.6 million. During the fiscal 2012 fourth quarter, the company reduced the tax rate at which deferred taxes were expected to be settled in future periods as a result of the sale of the Missouri, Illinois and Iowa assets.
The debt capitalization ratio at September 30, 2013 was 52.2 percent, compared with 51.7 percent at September 30, 2012. At September 30, 2013, there was $368.0 million of short-term debt outstanding, compared with $570.9 million at September 30, 2012. The decrease in short-term debt in fiscal 2013 was due to the early redemption of the company's 5.125% $250 million senior notes with short-term debt in the fourth quarter of fiscal 2012.
For the year ended September 30, 2013, the company generated operating cash flow of $613.1 million, a $26.2 million increase compared with the year ended September 30, 2012. The year-over-year increase reflects changes in working capital, offset by a $10.5 million decrease in contributions made to the pension and postretirement plans in the current year.
Capital expenditures increased to $845.0 million for the year ended September 30, 2013, compared with $732.9 million in the prior year. The $112.1 million increase primarily reflects increased infrastructure spending across all divisions, Line W and Line WX pipeline expansion projects and increased cathodic protection spending in the regulated transmission and storage segment.
Results for the 2013 Fiscal Fourth Quarter Ended September 30, 2013
Natural gas distribution gross profit, excluding discontinued operations, increased $43.3 million to $215.1 million for the fiscal 2013 fourth quarter, compared with $171.8 million in the prior-year quarter. As expected, this increase primarily reflects an increase in margins due to rate design changes implemented in the recent Mid-Tex and West Texas Divisions’ rate cases, which resulted in an increase to the customer’s base charge and decrease to the consumption charge. These rate design changes shifted margins from the first and second fiscal quarters into the third and fourth fiscal quarters.
Regulated transmission and storage gross profit increased $6.8 million to $72.3 million for the quarter ended September 30, 2013, compared with $65.5 million for the same quarter last year. This increase is primarily the result of a $6.8 million increase related to GRIP filings that became effective in May 2013.
Nonregulated gross profit increased $0.8 million to $13.3 million for the fourth quarter of fiscal 2013, compared with $12.5 million for the prior-year quarter. Realized margins from gas delivery and other services decreased $3.0 million, primarily due to a four percent decrease in consolidated sales volumes combined with a $0.03/Mcf decrease in per-unit margins. Gross profit also decreased $9.1 million quarter-over-quarter primarily due to the timing and magnitude of gains realized on the settlement of financial positions in the prior-year quarter. Finally, unrealized margins increased $12.9 million quarter over quarter.
Consolidated operation and maintenance expense, excluding discontinued operations for the three months ended September 30, 2013, was $149.1 million, compared with $123.6 million for the prior-year quarter. The $25.5 million quarter-over-quarter increase resulted primarily from a
$12.0 million increase in employee-related costs and higher line locate and pipeline right of way activities of $9.4 million.
Results for the quarter ended September 30, 2012, included the one-time items previously discussed which resulted in a total net of tax gain of $10.3 million.
Outlook
The leadership of Atmos Energy remains focused on enhancing system safety and reliability through infrastructure investment while delivering shareholder value and consistent earnings growth. Atmos Energy expects fiscal 2014 earnings to be in the range of $2.66 to $2.76 per diluted share, excluding unrealized margins. Net income from regulated operations is expected to be in the range of $237 million to $247 million, while net income from nonregulated operations is expected to be in the range of $9 million to $11 million. Capital expenditures for fiscal 2014 are expected to range between $830 million to $850 million.
Conference Call to be Webcast November 7, 2013
Atmos Energy will host a conference call with financial analysts to discuss the fiscal 2013 financial results and outline the assumptions supporting the fiscal 2014 guidance on Thursday, November 7, 2013, at 10 a.m. Eastern Time. The telephone number is 877-485-3107. The conference call will be webcast live on the Atmos Energy website at www.atmosenergy.com. A playback of the call will be available on the website later that day. Kim Cocklin, president and chief executive officer and Bret Eckert, senior vice president and chief financial officer will participate in the conference call.
Highlights and Recent Developments
Standard & Poor's Upgrade
On October 8, 2013, Standard & Poor's Corporation raised Atmos Energy's senior unsecured debt rating to A- from BBB+, with a ratings outlook of stable, citing an improved business risk profile from an increasing contribution of earnings from regulated operations and focusing nonregulated operations on its core delivered gas business.
This news release should be read in conjunction with the attached unaudited financial information.
Forward-Looking Statements
The matters discussed in this news release may contain “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. All statements other than statements of historical fact included in this news release are forward-looking statements made in good faith by the company and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this news release or in any of the company's other documents or oral
presentations, the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “objective,” “plan,” “projection,” “seek,” “strategy” or similar words are intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in this news release, including the risks and uncertainties relating to regulatory trends and decisions, the company's ability to continue to access the capital markets and the other factors discussed in the company's reports filed with the Securities and Exchange Commission. These factors include the risks and uncertainties discussed in the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2012 and in the company's Quarterly Report on Form 10-Q for the three and nine months ended June 30, 2013. Although the company believes these forward-looking statements to be reasonable, there can be no assurance that they will approximate actual experience or that the expectations derived from them will be realized. The company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
About Atmos Energy
Atmos Energy Corporation, headquartered in Dallas, is one of the country's largest natural-gas-only distributors, serving over three million natural gas distribution customers in over 1,400 communities in eight states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West. Atmos Energy also manages company-owned natural gas pipeline and storage assets, including once of the largest intrastate natural gas pipeline systems in Texas and provides natural gas marketing and procurement services to industrial, commercial and municipal customers primarily in the Midwest and Southeast. For more information, visit www.atmosenergy.com.
Atmos Energy Corporation
Financial Highlights (Unaudited)
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| | | | | | | | | | | |
| Statements of Income | | Year Ended September 30 | | Percentage |
| (000s except per share) | | 2013 | | 2012 | | Change |
| Gross Profit: | | | | | | |
| Natural gas distribution segment | | $ | 1,081,236 |
| | $ | 1,022,743 |
| | 6 | % |
| Regulated transmission and storage segment | | 268,900 |
| | 247,351 |
| | 9 | % |
| Nonregulated segment | | 63,331 |
| | 55,124 |
| | 15 | % |
| Intersegment eliminations | | (1,417 | ) | | (1,479 | ) | | 4 | % |
| Gross profit | | 1,412,050 |
| | 1,323,739 |
| | 7 | % |
| Operation and maintenance expense | | 488,020 |
| | 453,613 |
| | 8 | % |
| Depreciation and amortization | | 235,079 |
| | 237,525 |
| | (1 | )% |
| Taxes, other than income | | 187,072 |
| | 181,073 |
| | 3 | % |
| Asset impairment | | — |
| | 5,288 |
| | (100 | )% |
| Total operating expenses | | 910,171 |
| | 877,499 |
| | 4 | % |
| Operating income | | 501,879 |
| | 446,240 |
| | 12 | % |
| Miscellaneous expense | | (197 | ) | | (14,644 | ) | | 99 | % |
| Interest charges | | 128,385 |
| | 141,174 |
| | (9 | )% |
| Income from continuing operations before income taxes | | 373,297 |
| | 290,422 |
| | 29 | % |
| Income tax expense | | 142,599 |
| | 98,226 |
| | 45 | % |
| Income from continuing operations | | 230,698 |
| | 192,196 |
| | 20 | % |
| Income from discontinued operations, net of tax | | 7,202 |
| | 18,172 |
| | (60 | )% |
| Gain on sale of discontinued operations, net of tax | | 5,294 |
| | 6,349 |
| | (17 | )% |
| Net income | | $ | 243,194 |
| | $ | 216,717 |
| | 12 | % |
| Basic earnings per share | | | | | | |
| Income per share from continuing operations | | $ | 2.54 |
| | $ | 2.12 |
| | |
| Income per share from discontinued operations | | 0.14 |
| | 0.27 |
| | |
| Net income per share — basic | | $ | 2.68 |
| | $ | 2.39 |
| | |
| Diluted earnings per share | | | | | | |
| Income per share from continuing operations | | $ | 2.50 |
| | $ | 2.10 |
| | |
| Income per share from discontinued operations | | 0.14 |
| | 0.27 |
| | |
| Net income per share — diluted | | $ | 2.64 |
| | $ | 2.37 |
| | |
| Cash dividends per share | | $ | 1.40 |
| | $ | 1.38 |
| | |
| Weighted average shares outstanding: | | | | | | |
| Basic | | 90,533 |
| | 90,150 |
| | |
| Diluted | | 91,711 |
| | 91,172 |
| | |
|
| | | | | | | | | | | |
| | | Year Ended September 30 | | Percentage |
| Summary Net Income (Loss) by Segment (000s) | | 2013 | | 2012 | | Change |
| Natural gas distribution – continuing operations | | $ | 150,856 |
| | $ | 123,848 |
| | 22 | % |
| Natural gas distribution – discontinued operations | | 12,851 |
| | 24,521 |
| | (48 | )% |
| Regulated transmission and storage | | 68,260 |
| | 63,059 |
| | 8 | % |
| Nonregulated – continuing operations | | 6,252 |
| | 10,276 |
| | (39 | )% |
| Nonregulated – discontinued operations | | (355 | ) | | — |
| | (100 | )% |
| Unrealized margins, net of tax | | 5,330 |
| | (4,987 | ) | | 207 | % |
| Consolidated net income | | $ | 243,194 |
| | $ | 216,717 |
| | 12 | % |
Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
|
| | | | | | | | | | | |
| Statements of Income | | Three Months Ended September 30 | | Percentage |
| (000s except per share) | | 2013 | | 2012 | | Change |
| Gross Profit: | | | | | | |
| Natural gas distribution segment | | $ | 215,104 |
| | $ | 171,761 |
| | 25 | % |
| Regulated transmission and storage segment | | 72,330 |
| | 65,482 |
| | 10 | % |
| Nonregulated segment | | 13,305 |
| | 12,527 |
| | 6 | % |
| Intersegment eliminations | | (299 | ) | | (381 | ) | | 22 | % |
| Gross profit | | 300,440 |
| | 249,389 |
| | 20 | % |
| Operation and maintenance expense | | 149,149 |
| | 123,624 |
| | 21 | % |
| Depreciation and amortization | | 60,191 |
| | 60,783 |
| | (1 | )% |
| Taxes, other than income | | 40,717 |
| | 36,903 |
| | 10 | % |
| Asset impairment | | — |
| | 5,288 |
| | (100 | )% |
| Total operating expenses | | 250,057 |
| | 226,598 |
| | 10 | % |
| Operating income | | 50,383 |
| | 22,791 |
| | 121 | % |
| Miscellaneous expense | | (2,140 | ) | | (11,059 | ) | | 81 | % |
| Interest charges | | 31,791 |
| | 33,896 |
| | (6 | )% |
| Income (loss) from continuing operations before income taxes | | 16,452 |
| | (22,164 | ) | | 174 | % |
| Income tax expense (benefit) | | 8,916 |
| | (21,878 | ) | | 141 | % |
| Income (loss) from continuing operations | | 7,536 |
| | (286 | ) | | 2,735 | % |
| Income from discontinued operations, net of tax | | — |
| | 1,904 |
| | (100 | )% |
| Gain on sale of discontinued operations, net of tax | | — |
| | 6,349 |
| | (100 | )% |
| Net income | | $ | 7,536 |
| | $ | 7,967 |
| | (5 | )% |
| Basic earnings per share | | | | | | |
| Income (loss) per share from continuing operations | | $ | 0.08 |
| | $ | — |
| | |
| Income per share from discontinued operations | | — |
| | 0.09 |
| | |
| Net income per share — basic | | $ | 0.08 |
| | $ | 0.09 |
| | |
| Diluted earnings per share | | | | | | |
| Income (loss) per share from continuing operations | | $ | 0.08 |
| | $ | — |
| | |
| Income per share from discontinued operations | | — |
| | 0.09 |
| | |
| Net income per share — diluted | | $ | 0.08 |
| | $ | 0.09 |
| | |
| Cash dividends per share | | $ | 0.350 |
| | $ | 0.345 |
| | |
| Weighted average shares outstanding: | | | | | | |
| Basic | | 90,640 |
| | 90,207 |
| | |
| Diluted | | 91,818 |
| | 91,224 |
| | |
|
| | | | | | | | | | | |
| | | Three Months Ended September 30 | | Percentage |
| Summary Net Income (Loss) by Segment (000s) | | 2013 | | 2012 | | Change |
| Natural gas distribution – continuing operations | | $ | (4,244 | ) | | $ | (10,221 | ) | | 58 | % |
| Natural gas distribution – discontinued operations | | — |
| | 8,253 |
| | (100 | )% |
| Regulated transmission and storage | | 12,528 |
| | 14,881 |
| | (16 | )% |
| Nonregulated | | 3,401 |
| | 7,419 |
| | (54 | )% |
| Unrealized margins, net of tax | | (4,149 | ) | | (12,365 | ) | | 66 | % |
| Consolidated net income | | $ | 7,536 |
| | $ | 7,967 |
| | (5 | )% |
Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
|
| | | | | | | | | | | | | | | | |
| Discontinued Operations | | Three Months Ended September 30 | | Year Ended September 30 |
| (000s) | | 2013 | | 2012 | | 2013 | | 2012 |
| Operating revenues | | $ | — |
| | $ | 11,596 |
| | $ | 37,962 |
| | $ | 114,703 |
|
| Purchased gas cost | | — |
| | 4,966 |
| | 21,464 |
| | 62,902 |
|
| Gross profit | | — |
| | 6,630 |
| | 16,498 |
| | 51,801 |
|
| Operating expenses | | — |
| | 4,105 |
| | 5,858 |
| | 24,174 |
|
| Operating income | | — |
| | 2,525 |
| | 10,640 |
| | 27,627 |
|
| Other nonoperating income | | — |
| | 106 |
| | 548 |
| | 611 |
|
| Income from discontinued operations before income taxes | | — |
| | 2,631 |
| | 11,188 |
| | 28,238 |
|
| Income tax expense | | — |
| | 727 |
| | 3,986 |
| | 10,066 |
|
| Income from discontinued operations | | — |
| | 1,904 |
| | 7,202 |
| | 18,172 |
|
| Gain on sale of discontinued operations, net of tax | | — |
| | 6,349 |
| | 5,294 |
| | 6,349 |
|
| Net income from discontinued operations | | $ | — |
| | $ | 8,253 |
| | $ | 12,496 |
| | $ | 24,521 |
|
Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
|
| | | | | | | | |
| Condensed Balance Sheets | | September 30, | | September 30, |
| (000s) | | 2013 | | 2012 |
| Net property, plant and equipment | | $ | 6,030,655 |
| | $ | 5,475,604 |
|
| Cash and cash equivalents | | 66,199 |
| | 64,239 |
|
| Accounts receivable, net | | 301,992 |
| | 234,526 |
|
| Gas stored underground | | 244,741 |
| | 256,415 |
|
| Other current assets | | 70,334 |
| | 272,782 |
|
| Total current assets | | 683,266 |
| | 827,962 |
|
| Goodwill and intangible assets | | 741,484 |
| | 740,847 |
|
| Deferred charges and other assets | | 484,996 |
| | 451,262 |
|
| | | $ | 7,940,401 |
| | $ | 7,495,675 |
|
| | | | | |
| Shareholders' equity | | $ | 2,580,409 |
| | $ | 2,359,243 |
|
| Long-term debt | | 2,455,671 |
| | 1,956,305 |
|
| Total capitalization | | 5,036,080 |
| | 4,315,548 |
|
| Accounts payable and accrued liabilities | | 241,611 |
| | 215,229 |
|
| Other current liabilities | | 368,891 |
| | 489,665 |
|
| Short-term debt | | 367,984 |
| | 570,929 |
|
| Current maturities of long-term debt | | — |
| | 131 |
|
| Total current liabilities | | 978,486 |
| | 1,275,954 |
|
| Deferred income taxes | | 1,164,053 |
| | 1,015,083 |
|
| Deferred credits and other liabilities | | 761,782 |
| | 889,090 |
|
| | | $ | 7,940,401 |
| | $ | 7,495,675 |
|
Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
|
| | | | | | | | |
| Condensed Statements of Cash Flows | | Year Ended September 30 |
| (000s) | | 2013 | | 2012 |
| Cash flows from operating activities | | | | |
| Net income | | $ | 243,194 |
| | $ | 216,717 |
|
| Asset impairment | | — |
| | 5,288 |
|
| Gain on sale of discontinued operations | | (8,203 | ) | | (9,868 | ) |
| Depreciation and amortization | | 237,607 |
| | 246,577 |
|
| Deferred income taxes | | 141,336 |
| | 104,319 |
|
| Other | | 23,407 |
| | 26,876 |
|
| Changes in assets and liabilities | | (24,214 | ) | | (2,992 | ) |
| Net cash provided by operating activities | | 613,127 |
| | 586,917 |
|
| Cash flows from investing activities | | | | |
| Capital expenditures | | (845,033 | ) | | (732,858 | ) |
| Proceeds from the sale of discontinued operations | | 153,023 |
| | 128,223 |
|
| Other, net | | (4,904 | ) | | (4,625 | ) |
| Net cash used in investing activities | | (696,914 | ) | | (609,260 | ) |
| Cash flows from financing activities | | | | |
| Net increase (decrease) in short-term debt | | (208,070 | ) | | 354,141 |
|
| Net proceeds from issuance of long-term debt | | 493,793 |
| | — |
|
| Settlement of Treasury lock agreements | | (66,626 | ) | | — |
|
| Repayment of long-term debt | | (131 | ) | | (257,034 | ) |
| Cash dividends paid | | (128,115 | ) | | (125,796 | ) |
| Repurchase of common stock | | — |
| | (12,535 | ) |
| Repurchase of equity awards | | (5,150 | ) | | (5,219 | ) |
| Issuance of common stock | | 46 |
| | 1,606 |
|
| Net cash provided by (used in) financing activities | | 85,747 |
| | (44,837 | ) |
| Net increase (decrease) in cash and cash equivalents | | 1,960 |
| | (67,180 | ) |
| Cash and cash equivalents at beginning of period | | 64,239 |
| | 131,419 |
|
| Cash and cash equivalents at end of period | | $ | 66,199 |
| | $ | 64,239 |
|
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended September 30 | | Year Ended September 30 |
| Statistics, including discontinued operations | | 2013 | | 2012 | | 2013 | | 2012 |
| Consolidated natural gas distribution throughput (MMcf as metered) | | 51,632 |
| | 58,641 |
| | 397,037 |
| | 390,983 |
|
| Consolidated regulated transmission and storage transportation volumes (MMcf) | | 132,142 |
| | 133,186 |
| | 467,178 |
| | 466,527 |
|
| Consolidated nonregulated delivered gas sales volumes (MMcf) | | 77,878 |
| | 81,256 |
| | 343,669 |
| | 351,628 |
|
| Natural gas distribution meters in service | | 3,011,980 |
| | 3,116,589 |
| | 3,011,980 |
| | 3,116,589 |
|
| Natural gas distribution average cost of gas | | $ | 5.36 |
| | $ | 4.13 |
| | $ | 4.91 |
| | $ | 4.64 |
|
| Nonregulated net physical position (Bcf) | | 12.0 |
| | 18.8 |
| | 12.0 |
| | 18.8 |
|
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