TEXAS AND VIRGINIA
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1-10042
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75-1743247
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---------------------------------
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------------------------
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----------------------
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(State or Other Jurisdiction
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(Commission File
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(I.R.S. Employer
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of Incorporation)
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Number)
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Identification No.)
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1800 THREE LINCOLN CENTRE,
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5430 LBJ FREEWAY, DALLAS, TEXAS
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75240
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----------------------------------------------------
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-----------------
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(Address of Principal Executive Offices)
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(Zip Code)
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Item 2.02.
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Results of Operations and Financial Condition.
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Item 9.01.
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Financial Statements and Exhibits.
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Exhibit Number
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Description
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99.1
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News Release dated August 3, 2016 (furnished under Item 2.02)
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ATMOS ENERGY CORPORATION
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(Registrant)
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DATE: August 3, 2016
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By:
/s/ LOUIS P. GREGORY
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Louis P. Gregory
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Senior Vice President, General Counsel
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and Corporate Secretary
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Exhibit Number
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Description
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99.1
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News Release dated August 3, 2016 (furnished under Item 2.02)
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News Release
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•
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Fiscal
2016
third
quarter consolidated net income was
$71.2 million
, or
$0.69
per diluted share, compared with consolidated net income of
$56.3 million
, or
$0.55
per diluted share in the prior-year quarter.
|
•
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Fiscal
2016
third
quarter consolidated net income, excluding net unrealized margins, was $68.6 million, or $0.67 per diluted share, compared with consolidated net income, excluding net unrealized margins of $55.1 million, or $0.54 per diluted share in the prior-year quarter.
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•
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The company's Board of Directors has declared a quarterly dividend of $0.42 per common share. The indicated annual dividend for fiscal
2016
is $1.68, which represents a 7.7 percent increase over fiscal 2015.
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•
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Fiscal 2016 earnings guidance remains in the range of $3.25 to $3.35 per diluted share, excluding net unrealized margins.
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Statements of Income
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Three Months Ended
June 30, |
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(000s except per share)
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2016
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2015
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||||
Gross Profit:
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Regulated distribution segment
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$
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275,381
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$
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267,019
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Regulated pipeline segment
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109,249
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97,008
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Nonregulated segment
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22,814
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17,779
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Intersegment eliminations
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(133
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)
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(133
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)
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Gross profit
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407,311
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381,673
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Operation and maintenance expense
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137,444
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132,447
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Depreciation and amortization
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73,459
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68,444
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Taxes, other than income
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59,244
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63,175
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Total operating expenses
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270,147
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264,066
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Operating income
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137,164
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117,607
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Miscellaneous income
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833
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634
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Interest charges
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27,698
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27,955
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Income before income taxes
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110,299
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90,286
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Income tax expense
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39,106
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34,005
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Net income
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$
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71,193
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$
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56,281
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Basic and diluted earnings per share
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$
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0.69
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$
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0.55
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Cash dividends per share
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$
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0.42
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$
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0.39
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Basic and diluted weighted average shares outstanding
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103,750
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102,000
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Three Months Ended
June 30, |
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Summary Net Income by Segment (000s)
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2016
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2015
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Regulated distribution
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$
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29,856
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$
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22,464
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Regulated pipeline
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33,130
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28,568
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Nonregulated
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5,613
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4,019
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Unrealized margins, net of tax
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2,594
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1,230
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Consolidated net income
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$
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71,193
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$
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56,281
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Statements of Income
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Nine Months Ended
June 30, |
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(000s except per share)
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2016
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2015
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Gross Profit:
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Regulated distribution segment
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$
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1,017,984
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$
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997,066
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Regulated pipeline segment
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299,629
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272,305
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Nonregulated segment
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51,671
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56,724
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Intersegment eliminations
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(399
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)
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(399
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)
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Gross profit
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1,368,885
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1,325,696
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Operation and maintenance expense
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395,958
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384,489
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Depreciation and amortization
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216,670
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204,059
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Taxes, other than income
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172,872
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181,606
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Total operating expenses
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785,500
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770,154
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Operating income
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583,385
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555,542
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Miscellaneous expense
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(1,061
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)
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(2,634
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)
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Interest charges
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85,741
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85,166
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Income before income taxes
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496,583
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467,742
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Income tax expense
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180,719
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176,182
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Net income
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$
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315,864
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$
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291,560
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Basic and diluted earnings per share
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$
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3.06
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$
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2.86
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Cash dividends per share
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$
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1.26
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$
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1.17
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Basic and diluted weighted average shares outstanding
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103,137
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101,776
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Nine Months Ended
June 30, |
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Summary Net Income by Segment (000s)
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2016
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2015
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Regulated distribution
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$
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217,423
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$
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195,704
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Regulated pipeline
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83,901
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78,285
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Nonregulated
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6,737
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12,390
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Unrealized margins, net of tax
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7,803
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5,181
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Consolidated net income
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$
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315,864
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$
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291,560
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Condensed Balance Sheets
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June 30,
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September 30,
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(000s)
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2016
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2015
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Net property, plant and equipment
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$
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8,053,547
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$
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7,430,580
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Cash and cash equivalents
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66,206
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28,653
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Accounts receivable, net
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277,362
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295,160
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Gas stored underground
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244,841
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236,603
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Other current assets
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60,504
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65,890
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Total current assets
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648,913
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626,306
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Goodwill
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742,702
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742,702
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Deferred charges and other assets
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282,206
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293,357
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$
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9,727,368
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$
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9,092,945
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Shareholders' equity
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$
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3,466,724
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$
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3,194,797
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Long-term debt
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2,205,645
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2,455,388
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Total capitalization
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5,672,369
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5,650,185
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Accounts payable and accrued liabilities
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198,882
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238,942
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Other current liabilities
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410,452
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457,954
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Short-term debt
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670,466
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457,927
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Current maturities of long-term debt
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250,000
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—
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Total current liabilities
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1,529,800
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1,154,823
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Deferred income taxes
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1,585,500
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1,411,315
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Deferred credits and other liabilities
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939,699
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876,622
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$
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9,727,368
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$
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9,092,945
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Condensed Statements of Cash Flows
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Nine Months Ended
June 30, |
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(000s)
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2016
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2015
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Cash flows from operating activities
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Net income
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$
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315,864
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$
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291,560
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Depreciation and amortization
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216,670
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204,059
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Deferred income taxes
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171,042
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164,627
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Other
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20,750
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18,999
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Changes in assets and liabilities
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(99,728
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)
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38,337
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Net cash provided by operating activities
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624,598
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717,582
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Cash flows from investing activities
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Capital expenditures
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(796,008
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)
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(667,483
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)
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Other, net
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1,627
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(1,119
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)
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Net cash used in investing activities
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(794,381
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)
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(668,602
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)
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Cash flows from financing activities
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Net increase in short-term debt
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212,539
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48,830
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Net proceeds from issuance of long-term debt
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—
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493,538
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Net proceeds from equity offering
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98,660
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—
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Settlement of interest rate agreements
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—
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13,364
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Repayment of long-term debt
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—
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(500,000
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)
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Cash dividends paid
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(130,363
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)
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(116,645
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)
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Repurchase of equity awards
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—
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(7,985
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)
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Issuance of common stock through stock purchase and employee retirement plans
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26,500
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20,813
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Net cash provided by (used in) financing activities
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207,336
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(48,085
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)
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Net increase in cash and cash equivalents
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37,553
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|
|
895
|
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Cash and cash equivalents at beginning of period
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28,653
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|
|
42,258
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Cash and cash equivalents at end of period
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$
|
66,206
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$
|
43,153
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|
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Three Months Ended
June 30, |
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Nine Months Ended
June 30, |
||||||||||||
Statistics
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2016
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2015
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2016
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|
2015
|
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Consolidated distribution throughput (MMcf as metered)
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65,399
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66,260
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318,936
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|
372,708
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||||
Consolidated pipeline transportation volumes (MMcf)
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128,801
|
|
|
134,823
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|
|
373,000
|
|
|
381,828
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||||
Consolidated nonregulated delivered gas sales volumes (MMcf)
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76,798
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75,929
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|
|
257,733
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|
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272,260
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||||
Regulated distribution meters in service
|
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3,179,374
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3,144,874
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3,179,374
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3,144,874
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||||
Regulated distribution average cost of gas
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$
|
3.97
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$
|
4.15
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$
|
4.10
|
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$
|
5.26
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Nonregulated net physical position (Bcf)
|
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30.6
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22.1
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30.6
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22.1
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