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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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 9, 2016 (furnished under Item 2.02)
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99.2
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News Release dated November 3, 2016
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ATMOS ENERGY CORPORATION
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(Registrant)
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DATE: November 9, 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 November 9, 2016 (furnished under Item 2.02)
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99.2
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News Release dated November 3, 2016
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News Release
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•
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Fiscal
2016
consolidated net income was
$350.1 million
, or
$3.38
per diluted share, compared with consolidated net income of
$315.1 million
, or
$3.09
per diluted share in the prior year.
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•
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Fiscal
2016
consolidated net income, excluding net unrealized margins, was
$349.3 million
, or
$3.37
per diluted share, compared with consolidated net income, excluding net unrealized margins of
$316.5 million
, or
$3.10
per diluted share in the prior year.
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•
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Fiscal 2016 net income includes a $5.0 million, or $0.05 per diluted share, income tax benefit as a result of adopting new stock-based accounting guidance for equity awards.
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•
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Capital expenditures were $1.1 billion for the year ended September 30, 2016, with over 80 percent of that spending related to system safety and reliability investments.
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•
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Atmos Energy expects fiscal 2017 earnings from continuing operations to be in the range of $3.45 to $3.65 per diluted share. Capital expenditures are expected to be in the range of $1.1 billion to $1.25 billion in fiscal 2017.
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•
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The company's Board of Directors has declared a quarterly dividend of $0.45 per common share. The indicated annual dividend for fiscal 2017 is $1.80, which represents a 7.1 percent increase over fiscal 2016.
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Statements of Income
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Year Ended
September 30 |
||||||
(000s except per share)
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2016
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2015
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Gross Profit:
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||||
Regulated distribution segment
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$
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1,272,805
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$
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1,237,577
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Regulated pipeline segment
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408,833
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370,112
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Nonregulated segment
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63,790
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72,860
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Intersegment eliminations
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(532
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)
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(532
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)
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Gross profit
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1,744,896
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1,680,017
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Operation and maintenance expense
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560,766
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541,868
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Depreciation and amortization
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293,096
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274,796
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Taxes, other than income
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223,016
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231,958
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Total operating expenses
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1,076,878
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1,048,622
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Operating income
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668,018
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631,395
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Miscellaneous expense
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(1,593
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)
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(4,389
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)
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Interest charges
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115,948
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116,241
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Income before income taxes
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550,477
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510,765
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Income tax expense
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200,373
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195,690
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Net income
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$
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350,104
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$
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315,075
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Basic and diluted earnings per share
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$
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3.38
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$
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3.09
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Cash dividends per share
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$
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1.68
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$
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1.56
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Basic and diluted weighted average shares outstanding
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103,524
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101,892
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Year Ended
September 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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232,370
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$
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204,813
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Regulated pipeline
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101,689
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94,662
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Nonregulated
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15,276
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17,064
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Unrealized margins, net of tax
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769
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(1,464
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)
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Consolidated net income
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$
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350,104
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$
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315,075
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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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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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254,821
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$
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240,511
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Regulated pipeline segment
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109,204
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97,807
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Nonregulated segment
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12,119
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16,136
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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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376,011
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354,321
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Operation and maintenance expense
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164,808
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157,379
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Depreciation and amortization
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76,426
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70,737
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Taxes, other than income
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50,144
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50,352
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Total operating expenses
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291,378
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278,468
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Operating income
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84,633
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75,853
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Miscellaneous expense
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(532
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)
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(1,755
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)
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Interest charges
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30,207
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31,075
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Income before income taxes
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53,894
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43,023
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Income tax expense
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19,654
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19,508
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Net income
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$
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34,240
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$
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23,515
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Basic and diluted earnings per share
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$
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0.33
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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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0.42
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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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104,687
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102,234
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Three Months Ended
September 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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14,947
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$
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9,109
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Regulated pipeline
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17,788
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16,377
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Nonregulated
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8,539
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4,674
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Unrealized margins, net of tax
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(7,034
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)
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(6,645
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)
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Consolidated net income
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$
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34,240
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$
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23,515
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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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2016
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2015
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Net property, plant and equipment
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$
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8,280,511
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$
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7,430,580
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Cash and cash equivalents
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47,534
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28,653
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Accounts receivable, net
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300,007
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295,160
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Gas stored underground
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233,316
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236,603
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Other current assets
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100,829
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65,890
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Total current assets
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681,686
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626,306
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Goodwill
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743,407
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742,702
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Deferred charges and other assets
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305,285
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275,484
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$
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10,010,889
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$
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9,075,072
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Shareholders' equity
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$
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3,463,059
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$
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3,194,797
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Long-term debt
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2,188,779
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2,437,515
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Total capitalization
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5,651,838
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5,632,312
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Accounts payable and accrued liabilities
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259,434
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238,942
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Other current liabilities
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449,036
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457,954
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Short-term debt
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829,811
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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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1,788,281
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1,154,823
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Deferred income taxes
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1,603,056
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1,411,315
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Deferred credits and other liabilities
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967,714
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876,622
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$
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10,010,889
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$
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9,075,072
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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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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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350,104
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$
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315,075
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Depreciation and amortization
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293,096
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274,796
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Deferred income taxes
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193,556
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192,886
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Other
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21,446
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22,261
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Changes in assets and liabilities
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(63,212
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)
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6,896
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Net cash provided by operating activities
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794,990
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811,914
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Cash flows from investing activities
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Capital expenditures
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(1,086,950
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)
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(963,621
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)
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Available-for-sale securities activities, net
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758
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1,597
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Other, net
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6,460
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5,422
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Net cash used in investing activities
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(1,079,732
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)
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(956,602
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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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371,884
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261,232
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Proceeds from issuance of long-term debt, net of discount
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—
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499,060
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Net proceeds from equity offering
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98,574
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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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Interest rate agreements cash collateral
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(25,670
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)
|
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—
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Repayment of long-term debt
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—
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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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(175,126
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)
|
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(160,018
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)
|
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Repurchase of equity awards
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—
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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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34,278
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30,952
|
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Other
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(317
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)
|
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(5,522
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)
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Net cash provided by financing activities
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303,623
|
|
|
131,083
|
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Net increase (decrease) in cash and cash equivalents
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18,881
|
|
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(13,605
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)
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||
Cash and cash equivalents at beginning of period
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28,653
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|
|
42,258
|
|
||
Cash and cash equivalents at end of period
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$
|
47,534
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|
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$
|
28,653
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|
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Three Months Ended
September 30 |
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Year Ended
September 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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57,031
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56,614
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375,967
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429,322
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|
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Consolidated pipeline transportation volumes (MMcf)
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132,188
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146,240
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|
|
505,188
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|
|
528,068
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Consolidated nonregulated delivered gas sales volumes (MMcf)
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83,864
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|
79,167
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|
341,597
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351,427
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Regulated distribution meters in service
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3,185,509
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3,151,312
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|
3,185,509
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|
|
3,151,312
|
|
||||
Regulated distribution average cost of gas
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$
|
4.99
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|
|
$
|
4.64
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|
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$
|
4.20
|
|
|
$
|
5.20
|
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Nonregulated net physical position (Bcf)
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19.2
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14.6
|
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19.2
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14.6
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|
News Release
|