AGA Financial Forum Robert W. Best Chairman, President & CEO May 6, 2008 2 Forward Looking Statements The matters discussed or incorporated by reference in this presentation 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 presentation 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 presentation or in any of our 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 presentation, including the risks relating to regulatory trends and decisions, our ability to continue to access the capital markets, and the other factors discussed in our filings with the Securities and Exchange Commission. These factors include the risks and uncertainties discussed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2007 and in our Quarterly Report on Form 10-Q for the three and six months ended March 31, 2008. Although we believe 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. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, we will only update earnings guidance through our quarterly and annual earnings releases. All estimated financial metrics for fiscal year 2008 and beyond that appear in this presentation are current as of the date noted on each relevant slide.
Transcript
AGA Financial Forum
Robert W. BestChairman, President & CEO
May 6, 2008
2
Forward Looking Statements
The matters discussed or incorporated by reference in this presentation 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 presentation 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 presentation or in any of our 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 presentation, including the risks relating to regulatory trends and decisions, our ability to continue to access the capital markets, and the other factors discussed in our filings with the Securities and Exchange Commission. These factors include the risks and uncertainties discussed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2007 and in our Quarterly Report on Form 10-Q for the three and six months ended March 31, 2008. Although we believe 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. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Further, we will only update earnings guidance through our quarterly and annual earnings releases. All estimated financial metrics for fiscal year 2008 and beyond that appear in this presentation are current as of the date noted on each relevant slide.
3
Overview
Company Profile
The nation’s largest pure-gas distribution companySolid financial foundationTrack record of creating shareholder value• Consistent earnings growth• 24 consecutive years of increasing dividends
Focused strategy over time• Grow through prudent acquisitions• Maximize core regulated earnings capability• Complement core regulated businesses through select
nonregulated operations
4
OverviewExpanding Footprint Promotes Annual EPS Growth of 4 - 6%, on average Regulated gas distribution operates in 12 states (gold)Nonregulated operates primarily in the Midwest & Southeast (gray)
5
1.16
0.42
1.38
0.34
0.98
0.84
1.23
0.69
1.40-1.46
0.55-0.59
$0.00
$0.30
$0.60
$0.90
$1.20
$1.50
$1.80
$2.10
2004 2005 2006 2007 2008E
NonregulatedOperationsRegulatedOperations
Diluted Earnings Per Share Contribution Shows Steady Growth
Note: Amounts are adjusted for mergers and acquisitions. For fiscal 2008, $1.30 is the indicated annual dividend.
$1.30E
OverviewAnnual Dividend Remains Steady
7
Overview
16.4%
14.5%
15.5%
12.7%13.1%
14.4%
10.0%
12.0%
14.0%
16.0%
18.0%
2003 2004 2005 2006 2007 5 Yr Avg
2.552.75
3.05
2.59 2.552.75
3.00
1.5
2.0
2.5
3.0
3.5
2002 2003 2004 2005 2006 2007 2008E
7.4%
6.9%
6.4%6.0%
5.6%5.9%
6.1% 6.1%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
2001 2002 2003 2004 2005 2006 2007 2008E
53.7%
60.9%59.3%
43.3%
53.6%
40
45
50
55
60
65
2003 2004 2005 2006 2007
(1) ROIC - Return on invested capital is calculated using the following GAAP financial measures: Income before interest expense and income taxes plus common stock dividends paid, divided by the average of the year’s beginning and ending long-term debt plus common equity. This measure is used to more precisely evaluate operational performance and management effectiveness.
(2) The times interest earned ratio measures the ability to satisfy annual interest costs.
Return on Invested Capital (ROIC) Times Interest Earned Ratios
Weighted Average Cost of Debt Debt Capitalization Ratio
Atmos Energy Holdings, Inc.(Nonregulated Operations)
Atmos Energy Holdings, Inc.(Nonregulated Operations)
Atmos Energy Marketing• Marketing• Asset Optimization
Atmos Energy Marketing• Marketing• Asset Optimization
Atmos Pipeline, Storageand Other
• Non-Texas Assets (Storage & Pipeline)• Midstream• Other
Atmos Pipeline, Storageand Other
• Non-Texas Assets (Storage & Pipeline)• Midstream• Other
Kentucky/Mid-StatesKentucky/Mid-States
Atmos Energy Corporation(Regulated Operations)
Gas Distribution DivisionsTransmission & Storage
Atmos Energy Corporation(Regulated Operations)
Gas Distribution DivisionsTransmission & Storage
West TexasWest Texas
Colorado-KansasColorado-Kansas
LouisianaLouisiana
Mid-Tex Mid-Tex
MississippiMississippi
Atmos Pipeline -TexasAtmos Pipeline -Texas
Regulated Operations
10
Profit Drivers in the Distribution Business
Customer and meter growth
Growing rate base
Managing costs
Executing our rate strategy
Regulated Gas Distribution Operates in 12 States (gold)
Regulated Natural Gas Distribution
11
Successfully Executing on the Rate Strategy
Regulated Natural Gas Distribution
Partial means applicable within certain jurisdictions within the category.Excludes Colorado, Iowa and Illinois for a total of 137,657 customers.Includes Missouri, Kansas and Georgia for a total of 258,102 customers.Includes Missouri for a total of 59,672 customers.Includes Amarillo for a total of 69,772 customers.Includes Kansas and Virginia for a total of 151,545 customers.Includes Mid-Tex Division customers residing in cities covered by settlement agreements.
Mid-Tex – pending rate case• Settlement agreement reached with all major parties, except City of Dallas• Includes an initial increase of $10 million on a systemwide basis, effective
April 1, 2008• Rate review mechanism (RRM) effective for a three-year trial period – initial
filing of $33.5 million made on April 14, 2008, with implementation Oct. 1st
• Proposal for decision on City of Dallas appeal is expected May 16th with final decision scheduled for June 27th
Louisiana – pending annual rate stabilization filings• Filed for approximately $2.6 million in March 2008 for LGS jurisdiction• Approved $2.1 million increase for Trans La jurisdiction, effective April 1, 2008
Kansas – pending rate case• Filed for $5 million in September 2007• Tentative $2.1 million settlement with staff, final order expected May 2008
Georgia – pending rate case• Filed for over $6 million in March 2008, decision expected September 2008• Forward-looking filing with test year ending March 30, 2009
Atmos Pipeline - Texas – 2007 GRIP filing for revenue increase of approximately $7.0 million implemented on April 15th
Recent Regulatory Activity Aids Margin Growth
Regulated Operations
13
15.8
2.8
10.5
5.7
4.51.8
3.3
34.3
1.4
11.6
25.6
2.9
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2003 2004 2005 2006 2007 2008-2012E
Annual Mechanism GRIP General Rate Case Aggregate
($ M
illio
ns)
Approved Annual Rate Increases in the Regulated Operations
$6.3
$50 - $60
$39.0
Regulated Operations
$40.1
$18.6$16.2
14
Favorably positioned; spans Texas gas supply basins and growing consumer market
Pipeline Operations• Connects to major market hubs-
Waha, Katy and Carthage• 6,300 miles of intrastate pipeline• Estimated transportation volume of
740 Bcf in fiscal 2008• Current average volume of
approximately 2.0 Bcf/d• Demonstrated peak day deliveries
of 3.5 Bcf/d
Five Storage Facilities• One salt cavern, four reservoirs• 39 Bcf working gas capacity• 1.2 Bcf/d maximum withdrawal• 270 MMcf/d maximum injection
West Texas Division
Mid-Tex Division
Atmos Pipeline-TexasAtmos Energy Headquarters
Strategically Positioned Atmos Pipeline –Texas
Regulated Transmission and Storage
15
Growth Drivers Growth Drivers Pursue capacity and compression growth opportunities
Increased through-system volumes primarily from producers in Barnett Shale
Margin expansion through ancillary services such as parking and lending, balancing, blending, and compression
Gas price volatility increasing basis differentials between Texas hubs
Regulated Transmission and StorageAtmos Pipeline – Texas Growth Drivers
Tran
spor
tatio
n Vo
lum
es(B
cf)
78
60
77
64
85
78
94-96
78-81
0
25
50
75
100
125
150
175
200
2005 2006 2007 2008E
Tariff Based Market Based
Mar
gin
Com
posi
tion
($m
illio
ns)
181
374
170
411
194
505
1188-195
547-550
0
150
300
450
600
750
2005 2006 2007 2008E
Mid-Tex Division Third Party
555 581
699735-745
138 141163
172-177
16
Regulated Transmission and Storage
Barnett Shale
Cotton Valley
Bossier
Sands
Permian
Location of gassupply basins
17
Atmos Energy Holdings, Inc.(Nonregulated Operations)
Atmos Energy Holdings, Inc.(Nonregulated Operations)
Atmos Energy Marketing• Marketing• Asset Optimization
Atmos Energy Marketing• Marketing• Asset Optimization
Atmos Pipeline, Storage and Other
• Non-Texas Assets (Storage & Pipeline)• Midstream• Other
Atmos Pipeline, Storage and Other
• Non-Texas Assets (Storage & Pipeline)• Midstream• Other
Nonregulated Operations
Kentucky/Mid-StatesKentucky/Mid-States
Atmos Energy Corporation(Regulated Operations)
Gas Distribution DivisionsTransmission & Storage
Atmos Energy Corporation(Regulated Operations)
Gas Distribution DivisionsTransmission & Storage
West TexasWest Texas
Colorado-KansasColorado-Kansas
LouisianaLouisiana
Mid-TexMid-Tex
MississippiMississippi
Atmos Pipeline -TexasAtmos Pipeline -Texas
Organization Structure
18
Atmos Energy Marketing Customers (gray states)
About 1,100 customers
Target market is Atmos Energy’s natural gas distribution footprint
Focus on areas where we manage, lease or own storage and transportation assets
Regional offices allow for more direct customer access
Nonregulated Operations
19
Core Business Core Business Business Opportunities
Business Delivered Gas Asset Optimization Mid-Stream Development
ServicesAggregate & Purchase Gas Supply, Transport, Storage/Load Balancing, Risk Management and other bundled services
Extract (optimize) the value of owned, leased or managed storage and transportation assets as markets provide opportunities via price volatility
Gather, process and store producer volumes for downstream delivery to markets.
Strategy Find cost effective sources of gas and deliver to customers reliably and at a competitive price.
Provide creative solutionsand services to meetcustomers gas requirements
Capture additional value of storage and transportationassets thru arbitrage andsegmenting strategies, within risk limits.
Expand leased storage and transportation capacity thru new customer relationships
Develop or acquire gathering, processing or storage assets that will provide steady, predictable income and support marketing opportunities.
Reduce gas costs throughvalue-added services providedto producers.
MarginsMore predictable margins from primarily 90 day to 365 day contracts
Driven by customer demand for gas volumes, services and competition.
Variable margins, with upside.Driven by gas price volatility creating arbitrage potential, physical storage capabilities, costs and available storageand transport capacity.
Stable, fee-based income.Driven by gathering, processing, and storage services.
Nonregulated OperationsBusiness Mix
20
Delivered Gas
(Bundled gas deliveries &peaking sales)
Delivered Gas
(Bundled gas deliveries &peaking sales)
Asset Optimization
(Storage & transportationmanagement)
Asset Optimization
(Storage & transportationmanagement)
Total AEMMarginsTotal AEMMargins
Impacted by customer volume demand Sales prices are:
• Cost plus profit margin• Cost plus demand charges
Margins: More predictable
Impacted by gas price spread values in the market (arbitrage opportunity) & MTM accounting treatmentPhysical storage capabilitiesAvailable storage and transport capacity
Total margins reflect:Stability from delivered gas margins Upside from optimizing our storageand transportation assets to capture arbitrage value
2008E
=
Atmos Energy Marketing – Margin Composition
60% - 70%
30% - 40%
Stable with potential upside
Nonregulated Operations
21
Key Growth DriversKey Growth Drivers
Retain existing customersSaturate existing markets Expand into targeted growth markets (Texas, Alabama, etc.)Expand asset management businessUnit margin expansion from premium value-added services provided to customersAccess to storage assetsGas price volatility
Con
solid
ated
Sal
es V
olum
es
BC
F 223 238284
371 415-450
0
100
200
300
400
500
2004 2005 2006 2007 2008E
0.230.25
0.31
0.15 0.14
0.00
0.10
0.20
0.30
2004 2005 2006 2007 2008E
Con
solid
ated
Del
iver
ed G
as
Uni
t Mar
gins
(cen
ts p
er M
cf)
Delivered Gas Volumes Continue Growth Trend
Nonregulated Operations
22
60.0
28.0
(26.0)
87.2
26.2
17.2
57.1
28.8
18.4
60.0-65.0
30.0-35.0
(30.0)
(10.0)
10.0
30.0
50.0
70.0
90.0
110.0
130.0
150.0
2005 2006 2007 2008E
Delivered Gas Asset Optimization Unrealized Margins
($ m
illio
ns)
Nonregulated Operations
62.0
130.6
104.390.0-100.0
Delivered Gas Margins have remained fairly constant at about $60 million, with the exception of Fiscal 2006 due to effects of Hurricane Katrina
Asset Optimization Margins trending between $25 million - $30 million annually
Fiscal 2008 marketing segment margins are expected to be between $90 million and $100 million, excluding any mark-to-market impact
Mark-to-market accounting impact is recognized in Unrealized Margins and an example of the accounting can be found in the appendix to this presentation.
Delivered Gas and Asset Optimization Margins Remain SteadyNonregulated Atmos Energy Marketing
23
Currently, over 15 potential projects under review
Includes gathering, light processing, pipeline and storage projects
Capital investment ranges between $3 million to $300 million perproject, some are multi-year projects
Fiscal 2008 budget includes approximately $33 million for development of these identified projects
Park City Natural Gas Gathering System in Western Kentucky
In January 2008, filed with the Federal Energy Regulatory Commission (FERC) to construct and operate a salt-cavern gas storage project in Louisiana
Business Development Strategy
Nonregulated Operations
24
23 mile low-pressure gas gathering system northeast of Bowling Green, KY with delivery into TGT’s Slaughter/Bowling Green lateral
Initially, 47 of 60 wells connected via polyethylene pipe with expected capacity of over 10,000 Mcf/d
The gas contains about 16% nitrogen and will be treated by a facility, jointly owned by Atmos and HNNG
Total cost of about $10 million; $3 million of capital spent in fiscal 2007 and about $7 million expected in fiscal 2008
Park City Gathering System in Kentucky
Nonregulated Operations
25
Initial project includes development of three 5 Bcf caverns with six-turn injection and withdrawal capabilities
Storage facility adjacent to large interstate pipelines
Pending FERC approval, first cavern projected to be operational in 2011; the other two caverns operational by 2012 and 2014
Depending on market demand, four additional storage caverns could potentially be developed
Non-binding open season expected Q3 Fiscal 2008
Ft. Necessity Gas Storage Project in Louisiana
Nonregulated Operations
Salt Storage ProjectFranklin Parish, LA
Legend of Nearby Pipelines
Regency ANR
LIG CGT
TGT TGP
TLGFort Necessity
Salt Dome
26
Atmos Energy continues to anticipate earnings to be in the range of $1.95 - $2.05 per fully diluted share for the 2008 fiscal year
Assumptions include:• Contribution from natural gas marketing segment reflecting less
volatility in gas prices o Total expected gross margin contribution from the marketing segment in
the range of $90 million to $100 million, excluding any material mark-to-market impact
• Continued successful execution of rate strategy and collection efforts• Bad debt expense of no more than $15 million• Average annual short-term interest rate @ 6.5%• No material acquisitions
Consolidated Earnings Guidance – Fiscal 2008E
Note: Changes in these events or other circumstances that the company cannot currently anticipate could materially impact earnings, and could result in earnings for fiscal 2008 significantly above or below this outlook.
Financial Review
27
Natural Gas DistributionRegulated Trans & Storage Natural Gas MarketingPipeline, Storage & OtherTotalAvg. Diluted SharesEarnings Per Share
2006$ 53
275810
14881.4
$ 1.82
($ millions, except EPS)
$ 86 - 90 40 - 4238 - 40 12 - 13
176 - 18590.1
$1.95 - $2.05
2008E
Projected Net Income by Segment
2007$ 73
344615
16887.7
$ 1.92
2005$ 81
2823
413679.0
$ 1.72
Financial Review
28
Cash flows from operationsMaintenance/Non-growth capital Dividends
Available Cash
2005 2007
$ 387(243)(99)
$ 45
$ 547 (287)(112)
$ 148
2006
$ 311(287)(102)
$ (78)
Ample Cash Flow Generated($ millions)
2008E
$ 540 - 560 (325-335)
(117)
$ 78 - 88
Financial Review
29
99.1
228.3
82-84
265- 270
$0$50
$100$150$200$250$300$350$400
2007 2008E
RegulatedGas Distribution
RegulatedTransmission & Storage
$347-$354
Capital Expenditures
$327.4
2.1
57.2
10-12
58-61
$0
$25
$50
$75
$100
2007 2008E
$68-73
4.61.1
33-34
2-4
$0
$10
$20
$30
$40
2007 2008E
Nonregulated
$59.3
$5.7
Financial Review
Consolidated fiscal 2008 CAPEX projection is $450-$465 million
($ millions)
$35-38
Growth Capital
Maintenance Capital
30
Financial Review
15.2x
14.5x
13.5x
12.0
13.0
14.0
15.0
16.0
S&P 500 Peer GroupAvg.
Compelling Valuation and Total Return Proposition
5.1
3.9
4.4
4.7 12.0
1.9
3.0
6.0
9.0
12.0
15.0
Peer GroupAvg.
S&P 500
5 year growth rate dividend yield
Forward P/E Estimates 5 Year Expected Total Return
Companies in the peer group include AGL Resources, Laclede, New Jersey Resources, Nisource, Northwest Natural Gas, Oneok, Piedmont Natural Gas, Southwest Gas and WGL Holdings.
Source: Bloomberg @ 4/25/08Peer group averages exclude Atmos
8.9% 9.1%
13.9%
Atmos EnergyAtmos
Energy
31
Summary
Company Profile
The nation’s largest pure-gas distribution companySolid financial foundationTrack record of creating shareholder value• Consistent earnings growth• 24 consecutive years of increasing dividends
Focused strategy over time• Grow through prudent acquisitions• Maximize core regulated earnings capability• Complement core regulated businesses through select
nonregulated operations
32
SlideAppendix
33
($ in in millions))
76.3
13.311.0
5.9
85.6
15.25.3
5.4
$0.0$20.0$40.0$60.0$80.0
$100.0$120.0$140.0
2Q 2007 2Q 2008
Natural gas distribution Regulated transmission & storageNatural gas marketing Pipeline, storage & other
$111.5
Consolidated Financial Results – Fiscal 2Q
$106.55%
Key DriversKey DriversRate increase adjustments, primarily in TexasDecrease in nonregulated natural gas marketing margins, primarily due to decrease in storage and trading activitiesIncrease in O&M expenses, primarily due to higher administrative costs
Net Income by Segment
34
($ in in millions))
108.2
22.946.0
10.7
125.8
25.125.9
8.5
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
YTD 2007 YTD 2008
Natural gas distribution Regulated transmission & storageNatural gas marketing Pipeline, storage & other
$185.3
Consolidated Financial Results – Fiscal YTD
$187.8 (1)%
Key DriversKey DriversDecrease in nonregulated natural gas marketing margins, primarily due to decrease in storage and trading activitiesRate increase adjustments, primarily in TexasIncrease in O&M expenses primarily due to higher employee and administrative costs
Net Income by Segment
35
45.3
98.4
43.8
130.2
$0
$40
$80
$120
$160
$200
YTD 2007 YTD 2008
RegulatedGas Distribution
RegulatedTransmission & Storage
Total Fiscal 2008 YTD Expenditures: $198.7 millionTotal Maintenance Capital: $149.8 millionTotal Growth Capital: $ 48.9 million
$174.0
Consolidated Financial Results – Fiscal YTD
$143.7
26.4
2.6
19.5
$0
$10
$20
$30
YTD 2007 YTD 2008
$22.1
2.2
0.5
2.5
0.1
$0
$2
$4
YTD 2007 YTD 2008
Nonregulated
$26.4
$2.7 $2.6
Growth Capital
Maintenance Capital
Capital Expenditures
36
Consolidated Financial Results – Fiscal 2Q
2008 2007 Change
Delivered gas $26,195 $14,252 $11,943
Asset optimization 27,737 77,724 (49,987)
Unrealized margin (37,600) (68,923) 31,323
GROSS PROFIT $16,332 $23,053 ($6,721)
Net physical position (Bcf) 20.7 19.6 1.1
Three Months Ended March 31
(In thousands, except physical position)
Natural Gas Marketing Segment
37
Consolidated Financial Results – Fiscal YTD
2008 2007 Change
Delivered gas $44,368 $34,321 $10,047
Asset optimization 27,212 71,934 (44,722)
Unrealized margin (9,285) (20,068) 10,783
GROSS PROFIT $62,295 $86,187 ($23,892)
Net physical position (Bcf) 20.7 19.6 1.1
Six Months Ended March 31
(In thousands, except physical position)
Natural Gas Marketing Segment
38
Nonregulated OperationsAtmos Energy Marketing
We commercially manage our storage assets by capturing arbitrage value through optimization strategies that create embedded (forward) value in the portfolio. We financially report the transactions for external reporting purposes in accordance with generally accepted accounting principles (“GAAP”).
GAAP Reported Value is the period to period net change in fair value of the portfolio reported in the income statement that results from the process of marking to market the physical storage volumes and corresponding financial instruments in an interim period.
Economic Value is the period to period forward margin of our storage portfolio that results from the process of calculating our weighted average cost of inventory (WACOG), and our weighted average sales price of our forward financials (WASP), then multiplying the difference times inventory volumes. This margin will be realized in cash when the hedged transaction is executed or when financials are settled and then reset to stay hedged against physical volumes.
• Economic Value represents the “forward” economic margin of the transactions, while GAAP reported results reflect that portion of our “forward” margin that has been recorded in the income statement.
• Volatility in earnings includes the impact of the accounting treatment of our storage portfolio in accordance with GAAP and is reflective of relatively high price volatility of the prompt month, and the relatively low volatility of the offsetting forward months.
Economic Value vs. GAAP Reported Results
39
Economic Value vs. GAAP Reported Results
Nonregulated OperationsAtmos Energy Marketing
Reported GAAPValue
- Physical and FinancialPositions
$(0.6) MM
Reported GAAPValue
- Physical and FinancialPositions
$(0.6) MM
Economic Value*(Commercial Value)
- Physical and FinancialPositions
$10.8 MM
Market Spread
Embedded margindifference
$11.4 MM*Realizing Economic Value is dependent on ability toexecute – deliver physical gas & close financial hedges
Supporting data appears onthe following slide
At March 31, 2008
40
Physical Period Volume Total Total TotalEnding (Bcf) WASP WACOG EV ($ in millions) ($ per mcf) ($ in millions) ($ per mcf) ($ in millions)
($ per mcf)Economic Value (EV) Market SpreadGAAP Reported Value - MTM
WASP: Weighted average sales price for gas held in storageWACOG: Weighted average cost of AEM’s gas in storageEV: “Economic Value” which equals gas sales price (WASP) minus cost of gas (WACOG) on a per unit basis
Nonregulated OperationsAtmos Energy MarketingEconomic Value vs. GAAP Reported ResultsThree Months Ended
41
Physical Period Volume Total Total TotalEnding (Bcf) WASP WACOG EV ($ in millions) ($ per mcf) ($ in millions) ($ per mcf) ($ in millions)
($ per mcf)Economic Value (EV) Market SpreadGAAP Reported Value - MTM
WASP: Weighted average sales price for gas held in storageWACOG: Weighted average cost of AEM’s gas in storageEV: “Economic Value” which equals gas sales price (WASP) minus cost of gas (WACOG) on a per unit basis
Nonregulated OperationsAtmos Energy MarketingEconomic Value vs. GAAP Reported ResultsSix Months Ended
