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 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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(d)
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On November 4, 2015, Michael E. Haefner, President and Chief Operating Officer of Atmos Energy Corporation, was elected to the Board of Directors of the Company, effective November 4, 2015, with his term expiring at the 2016 annual meeting of shareholders on February 3, 2016. The Board did not appoint Mr. Haefner to serve on any Board committees. Mr. Haefner has not received any grant or award under any company plan, contract or arrangement in connection with his election.
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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 November 4, 2015 (furnished under Item 2.02)
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ATMOS ENERGY CORPORATION
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(Registrant)
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DATE: November 4, 2015
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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 November 4, 2015 (furnished under Item 2.02)
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News Release
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•
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Fiscal
2015
consolidated net income, excluding net unrealized margins, was
$316.5 million
, or
$3.10
per diluted share, compared with consolidated net income of
$284.0 million
, or
$2.90
per diluted share in the prior year, excluding net unrealized margins.
|
•
|
Fiscal
2015
net income was
$315.1 million
, or
$3.09
per diluted share, after including noncash, unrealized net
losses
of
$1.5 million
, or
$(0.01)
per diluted share. Net income was
$289.8 million
, or
$2.96
per diluted share in the prior year, after including unrealized net
gains
of
$5.8 million
or
$0.06
per diluted share.
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•
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Natural gas distribution customers benefited from weather-normalized rates, which returned approximately $19.5 million in savings on customer bills, as a result of weather that was eight percent colder than normal in fiscal 2015.
|
•
|
Capital expenditures were
$975.1 million
for the year ended
September 30, 2015
, with over 80 percent of that spending related to system safety and reliability investments.
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•
|
Atmos Energy expects fiscal
2016
earnings to be in the range of $3.20 to $3.40 per diluted share, excluding net unrealized margins. Capital expenditures are expected to be in the range of $1.0 billion to $1.1 billion in fiscal
2016
.
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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 $1.68, which represents a 7.7 percent increase.
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Statements of Income
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Year Ended
September 30
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||||||
(000s except per share)
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|
2015
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|
2014
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||||
Gross Profit:
|
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||||
Regulated distribution segment
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$
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1,237,577
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|
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$
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1,176,515
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Regulated pipeline segment
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370,112
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318,459
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||
Nonregulated segment
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72,860
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87,955
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||
Intersegment eliminations
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(532
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)
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(503
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)
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Gross profit
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1,680,017
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1,582,426
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Operation and maintenance expense
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541,868
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|
|
505,154
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||
Depreciation and amortization
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274,796
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|
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253,987
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||
Taxes, other than income
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231,958
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211,936
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Total operating expenses
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1,048,622
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971,077
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Operating income
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631,395
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611,349
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Miscellaneous expense
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(4,389
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)
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(5,235
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)
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Interest charges
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116,241
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|
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129,295
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Income before income taxes
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510,765
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476,819
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Income tax expense
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195,690
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187,002
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Net income
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$
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315,075
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$
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289,817
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Basic earnings per share
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$
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3.09
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$
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2.96
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Diluted earnings per share
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$
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3.09
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$
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2.96
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Cash dividends per share
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$
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1.56
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$
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1.48
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Weighted average shares outstanding:
|
|
|
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||||
Basic
|
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101,892
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|
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97,606
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||
Diluted
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101,892
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97,608
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Year Ended
September 30
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||||||
Summary Net Income (Loss) by Segment (000s)
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2015
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|
2014
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Regulated distribution
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$
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204,813
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$
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171,585
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Regulated pipeline
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94,662
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86,191
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Nonregulated
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17,064
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26,209
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Unrealized margins, net of tax
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(1,464
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)
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5,832
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Consolidated net income
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$
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315,075
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$
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289,817
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Statements of Income
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Three Months Ended
September 30
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||||||
(000s except per share)
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2015
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2014
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Gross Profit:
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Regulated distribution segment
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$
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240,511
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$
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234,491
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Regulated pipeline segment
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97,807
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|
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86,314
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Nonregulated segment
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16,136
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16,987
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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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354,321
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337,659
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Operation and maintenance expense
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157,379
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139,163
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Depreciation and amortization
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70,737
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68,256
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Taxes, other than income
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50,352
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46,296
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Total operating expenses
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278,468
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|
253,715
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Operating income
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75,853
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83,944
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||
Miscellaneous expense
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(1,755
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)
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(1,213
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)
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Interest charges
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31,075
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33,739
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Income before income taxes
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43,023
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48,992
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Income tax expense
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19,508
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25,279
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Net income
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$
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23,515
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$
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23,713
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Basic earnings per share
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$
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0.23
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$
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0.23
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Diluted earnings per share
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$
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0.23
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$
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0.23
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Cash dividends per share
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$
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0.390
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$
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0.370
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Weighted average shares outstanding:
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||||
Basic
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102,234
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|
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101,247
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Diluted
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102,234
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101,247
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Three Months Ended
September 30
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||||||
Summary Net Income (Loss) by Segment (000s)
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2015
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|
2014
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Regulated distribution
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$
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9,109
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$
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1,556
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Regulated pipeline
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16,377
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17,698
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Nonregulated
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4,674
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5,666
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Unrealized margins, net of tax
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(6,645
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)
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(1,207
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)
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Consolidated net income
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$
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23,515
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$
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23,713
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Condensed Balance Sheets
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September 30,
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September 30,
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||||
(000s)
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2015
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|
2014
|
||||
Net property, plant and equipment
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$
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7,430,580
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$
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6,725,906
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Cash and cash equivalents
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28,653
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42,258
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Accounts receivable, net
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295,160
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343,400
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Gas stored underground
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236,603
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278,917
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Other current assets
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70,569
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111,265
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Total current assets
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630,985
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775,840
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Goodwill
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742,702
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742,029
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Deferred charges and other assets
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288,678
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350,929
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$
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9,092,945
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$
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8,594,704
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Shareholders' equity
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$
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3,194,797
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$
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3,086,232
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Long-term debt
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2,455,388
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2,455,986
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Total capitalization
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5,650,185
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5,542,218
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Accounts payable and accrued liabilities
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238,942
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|
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308,086
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Other current liabilities
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457,954
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405,869
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Short-term debt
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457,927
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|
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196,695
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||
Current maturities of long-term debt
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—
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—
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Total current liabilities
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1,154,823
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|
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910,650
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Deferred income taxes
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1,411,315
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1,286,616
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Deferred credits and other liabilities
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876,622
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855,220
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$
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9,092,945
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$
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8,594,704
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Condensed Statements of Cash Flows
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Year Ended
September 30
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||||||
(000s)
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2015
|
|
2014
|
||||
Cash flows from operating activities
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|
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Net income
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$
|
315,075
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|
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$
|
289,817
|
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Depreciation and amortization
|
|
274,796
|
|
|
253,987
|
|
||
Deferred income taxes
|
|
192,886
|
|
|
189,952
|
|
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Other
|
|
33,772
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|
|
35,481
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Changes in assets and liabilities
|
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19,990
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|
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(29,251
|
)
|
||
Net cash provided by operating activities
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836,519
|
|
|
739,986
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|
||
Cash flows from investing activities
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|
|
|
|
||||
Capital expenditures
|
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(975,132
|
)
|
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(835,251
|
)
|
||
Other, net
|
|
377
|
|
|
(2,325
|
)
|
||
Net cash used in investing activities
|
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(974,755
|
)
|
|
(837,576
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)
|
||
Cash flows from financing activities
|
|
|
|
|
||||
Net increase (decrease) in short-term debt
|
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254,780
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|
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(165,865
|
)
|
||
Net proceeds from issuance of long-term debt
|
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493,538
|
|
|
—
|
|
||
Net proceeds from equity offering
|
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—
|
|
|
390,205
|
|
||
Settlement of Treasury lock agreements
|
|
13,364
|
|
|
—
|
|
||
Repayment of long-term debt
|
|
(500,000
|
)
|
|
—
|
|
||
Cash dividends paid
|
|
(160,018
|
)
|
|
(146,248
|
)
|
||
Repurchase of equity awards
|
|
(7,985
|
)
|
|
(8,717
|
)
|
||
Issuance of common stock
|
|
30,952
|
|
|
4,274
|
|
||
Net cash provided by financing activities
|
|
124,631
|
|
|
73,649
|
|
||
Net decrease in cash and cash equivalents
|
|
(13,605
|
)
|
|
(23,941
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
42,258
|
|
|
66,199
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
28,653
|
|
|
$
|
42,258
|
|
|
|
Three Months Ended
September 30
|
|
Year Ended
September 30
|
||||||||||||
Statistics
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Consolidated distribution throughput (MMcf as metered)
|
|
56,614
|
|
|
57,493
|
|
|
429,322
|
|
|
451,803
|
|
||||
Consolidated pipeline transportation volumes (MMcf)
|
|
146,240
|
|
|
130,777
|
|
|
528,068
|
|
|
493,360
|
|
||||
Consolidated nonregulated delivered gas sales volumes (MMcf)
|
|
79,167
|
|
|
82,763
|
|
|
351,427
|
|
|
377,441
|
|
||||
Regulated distribution meters in service
|
|
3,151,312
|
|
|
3,115,069
|
|
|
3,151,312
|
|
|
3,115,069
|
|
||||
Regulated distribution average cost of gas
|
|
$
|
4.64
|
|
|
$
|
6.10
|
|
|
$
|
5.20
|
|
|
$
|
5.94
|
|
Nonregulated net physical position (Bcf)
|
|
14.6
|
|
|
9.3
|
|
|
14.6
|
|
|
9.3
|
|