AGL Resources Reports 2005 Earnings Results; Company Increases 2006 Earnings Guidance.ATLANTA Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. -- AGL Resources AGL Resources, Inc. is a Fortune 1000, Forbes 2000 energy services holding company. Their principal business is distribution of natural gas in Florida, Georgia, Maryland, New Jersey, Tennessee and Virginia, providing gas for more than 2.2 million customers. (NYSE NYSE See: New York Stock Exchange : ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant ) today reported fiscal year 2005 net income of $193 million, or $2.50 per basic share ($2.48 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share), compared with $153 million, or $2.30 per basic share ($2.28 per diluted share) in 2004. Earnings results for 2005 are based on weighted average basic shares outstanding of 77.3 million, compared to weighted average basic shares outstanding of 66.3 million in 2004. The company previously had provided 2005 earnings guidance in the range of $2.35 to $2.45 per share. However, strong year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results in the Wholesale Services segment drove earnings above the guidance range. "We had an excellent year in 2005, with solid earnings contributions from each of our business units," said D. Raymond Raymond, town, Canada Raymond, town (1991 pop. 3,130), S Alta., Canada, SE of Lethbridge, in a sugar beet area. Sugar is refined and honey is produced there. A provincial agricultural college is in the town. Riddle riddle, puzzling question, specifically one that consists of a fanciful description or definition of something to be guessed. A famous riddle was asked by the Sphinx: "What goes on four legs in the morning, on two at noon, on three at night?" Oedipus guessed the , interim chairman and chief executive officer of AGL Resources. "I continue to be impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: by the quality of the management team, and its ability to deliver consistent, repeatable earnings growth and value to our shareholders." Fourth-Quarter 2005 Results For the fourth quarter of 2005, earnings were $0.86 per basic share ($0.85 per diluted share), compared with $0.64 per basic and diluted share in the fourth quarter of 2004. Those results were based on weighted average basic shares outstanding of 77.7 million, compared to weighted average basic shares outstanding of 70.5 million for the prior-year period. The primary driver of the improved quarterly results was substantially higher margins in the Wholesale Services segment, as a result of higher volatility and market opportunities during the quarter as compared to last year, and a decline in forward gas prices. The Distribution Operations segment also had a strong fourth quarter, reflecting the addition of a full year of the NUI (1) (Network User Interface) A user interface for a computer attached to the network. The NUI is designed to work with remote applications and files as easily as local files. utilities, as well as higher pipeline replacement revenues and increased carrying charges Payments made to satisfy expenses incurred as a result of ownership of property, such as land taxes and mortgage payments. Disbursements paid to creditors, in addition to interest, for extending credit. Consumer Protection laws require full disclosure of all carrying charges. for natural gas stored for marketers at Atlanta Gas Light Atlanta Gas Light Company (AGLC), commonly known as Atlanta Gas Light, is the largest natural gas wholesaler in the Southeast U.S., and is the AGL in AGL Resources. It was founded in 1856 and is headquartered in Atlanta, as is AGL Resources. . The Corporate segment had improved results due to acquisition-related expenses incurred in 2004 that were not incurred during 2005. 2005 FULL-YEAR RESULTS BY BUSINESS SEGMENT Distribution Operations The Distribution Operations segment's EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). for 2005 was $299 million, up $52 million from the $247 million contribution in 2004. Approximately $45 million of the increase reflects the addition of a full year of the NUI utilities. Operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: improved by $174 million, of which approximately $165 million resulted from the full-year contribution of the NUI utilities Elizabethtown Elizabethtown, city (1990 pop. 18,167), seat of Hardin co., central Ky.; inc. 1797. Originally developed as a trade center for agriculture, whiskey, and tobacco, the city now manufactures a variety of products. Gas, Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and City Gas and Elkton Elkton is the name of several places in the United States of America:
Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. ordered in June June: see month. 2005 by the Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. Public Service Commission (partial-year impact of $3 million). Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased $124 million, nearly all of which resulted from the addition of the NUI utilities. Operating expenses at Atlanta Gas Light, Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). Natural Gas and Chattanooga Chattanooga (chăt'ən  `gə), city (1990 pop. 152,466), seat of Hamilton co., E Tenn., on both sides of the Tennessee River near the Georgia line; inc. 1839. Gas were relatively flat
in 2005 as compared to 2004.The Distribution Operations segment continued to improve its performance as measured by its key operating metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. . The average number of end-use customers in 2005 was 2.24 million, compared with 1.88 million in 2004 (excluding the NUI utilities, which AGL Resources owned for only one month in 2004). On an EBIT-per-customer basis, the segment improved to $133 for 2005, compared with $131 in 2004. Retail Energy Operations Retail Energy Operations, comprised of SouthStar SouthStar (born ca. 1980 in Hawaii as Robert Campman) is an Asian American hip-hop artist who is best known for his music in the hip-hop duo Smilez and Southstar based in Orlando, Florida. Southstar is Chinese/Filipino-American. Energy Services, contributed EBIT of $63 million, an $11 million increase over its $52 million contribution in 2004. The increased EBIT contribution was driven largely by increased operating margins of $14 million, primarily the result of higher commodity margins, offset by lower asset management margins and lower late payment fees relative to last year. Total operating expenses in the Retail Energy Operations segment decreased $1 million, primarily as a result of lower bad debt expense from collection process improvements. The amount AGL Resources records for minority interest in SouthStar's earnings increased $4 million due to higher earnings at SouthStar. Wholesale Services The Wholesale Services segment, comprised of Sequent (Sequent Computer Systems, Inc., Beaverton, OR, www.sequent.com) A computer company founded in 1983 by 17 ex-employees of Intel that specialized in multiprocessing systems for the client/server environment. Energy Management, contributed $49 million in EBIT in 2005, a $25 million increase over its 2004 results. The increase reflects favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market conditions and arbitrage arbitrage: see foreign exchange. arbitrage Business operation involving the purchase of foreign currency, gold, financial securities, or commodities in one market and their almost simultaneous sale in another market, in order to profit from price opportunities, as well as the accelerated recovery of previously reported hedge losses associated with storage positions in the fourth quarter that originally were anticipated to be recovered in first quarter 2006. Operating margin increased by $39 million, due primarily to storage and transportation opportunities resulting from price volatility and market disruptions Market Disruption A situation where markets cease to function in a regular manner, typically characterized by rapid and large market declines. Market disruptions can result from both physical threats to the stock exchange or a unusual trading (as in a crash). during the third and fourth quarters of 2005. For the first nine months of 2005, reported operating margin was similar to that of the same period in 2004. However, during the third quarter of 2005, while Sequent created substantial economic value by serving customers during, and following, the Gulf Coast hurricanes, Sequent's reported operating margin was negatively impacted by accounting losses associated with its storage hedges as a result of increases in forward natural gas prices of approximately $6 per MMBtu (million British thermal units British thermal unit, abbr. Btu, unit for measuring heat quantity in the customary system of English units of measurement, equal to the amount of heat required to raise the temperature of one pound of water at its maximum density [which occurs at a temperature of 39. ). During the fourth quarter, Sequent continued to experience the effects of the hurricane season Hurricane season refers to a period in a year when hurricanes usually form. For more information see: Tropical cyclone#Times of formation. For a lists of past seasons, see:
The world's largest physical commodity futures exchange. (NYMEX See New York Mercantile Exchange. NYMEX See New York Mercantile Exchange (NYM). ) prices during the quarter. Operation and maintenance expenses increased $12 million in 2005, primarily as a result of higher payroll, incentive compensation and benefit-related costs and the costs of a temporary relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of portions of Sequent's operations during Hurricane Rita Hurricane Rita was the fourth-most intense Atlantic hurricane ever recorded and the most intense tropical cyclone ever observed in the Gulf of Mexico. Rita caused $11.3 billion in damage on the U.S. Gulf Coast in September 2005. in the third quarter 2005. Additionally, depreciation expense increased $1 million during the year due to the implementation of Sequent's new Energy Trading and Risk Management system that went into service in late 2004. Energy Investments The Energy Investments segment contributed EBIT of $19 million, a $12 million improvement over the prior year. The increase was driven primarily by a $9 million higher EBIT contribution from Jefferson Island Storage & Hub, reflecting the company's full-year ownership of that asset in 2005. AGL (programming) AGL - (Atelier de Genie Logiciel) French for IPSE. Networks contributed $3 million of the EBIT increase, while Pivotal Propane, a peaking facility in Virginia, which began commercial operation in April 2005, contributed $2 million. Also contributing $2 million to this segment's results were the Saltville/Virginia Gas assets formerly owned by NUI, which AGL Resources sold in August 2005 to a subsidiary of Duke Energy Corporation. These results were offset by a $4 million EBIT contribution in 2004 from the sale of certain assets related to a real estate trust and a former propane partnership. Operating expenses in the Energy Investments segment were $23 million in 2005, a $15 million increase over the prior year. Approximately $8 million of the increase resulted from NUI's nonutility businesses, $3 million resulted from Pivotal Jefferson Island and $1 million was contributed by Pivotal Propane. Corporate The Corporate segment is a non-operating segment, and as such, changes in EBIT amounts reflect the relative changes in various general and administrative expenses, such as payroll, benefits and incentives, and outside services. The Corporate segment's EBIT contribution improved by $5 million in 2005 relative to the prior year, primarily due to acquisition-related expenses incurred in 2004 (but not in 2005), the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of certain information technology assets in 2004, and lower holding company expenses in 2005 due to the prior-year settlement of certain contractual, employment and insurance claims. INTEREST EXPENSE AND INCOME TAXES Interest expense for 2005 was $109 million, $38 million higher than in 2004. The increase reflects $31 million of additional interest expense associated with the NUI and Jefferson Island Storage & Hub acquisition debt and $7 million from higher interest rates and increased short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. balances due to higher natural gas prices in 2005 as compared to 2004. Average debt outstanding for the 12 months ended December 31, 2005 was $1.8 billion, a $0.5 billion increase over the prior year's average outstanding debt of $1.3 billion. The company's debt-to-capitalization ratio as of December 31, 2005, was 58 percent. 2005 income taxes were $117 million, compared with $90 million in 2004. The increase reflects $25 million of additional income taxes due to higher corporate earnings year-over-year, and $2 million due to an increase in the effective tax rate, from 37 percent in 2004 to 38 percent in 2005. 2006 EARNINGS OUTLOOK AGL Resources expects its 2006 earnings to be in the range of $2.55 to $2.65 per share. This range represents an upward revision to the earnings guidance the company previously provided for 2006, which was in the range of $2.45 to $2.55 per share. This earnings expectation assumes normal weather and average volatility in natural gas prices. However, changes in these events or other circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or the company cannot anticipate could materially impact earnings, and could result in earnings for 2006 significantly above or below this outlook. Earnings Conference Call and Webcast: To gain more insight to the statements contained herein, the AGL Resources 2005 earnings conference call and Webcast, scheduled for Thursday, Jan. 26, at 9 a.m. (ET), can be accessed via the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the AGL Resources Web site at www.aglresources.com. The Webcast replay of the call will be available on the Web site through the close of business on Friday, Feb. 3. The telephone replay of the call can be accessed by dialing (888) 286-8010, using passcode 28372734. International callers should dial (617) 801-6888 and use the same passcode. About AGL Resources AGL Resources (NYSE: ATG), an Atlanta-based energy services holding company, serves 2.2 million customers in six states through its utility subsidiaries - Atlanta Gas Light, Elizabethtown Gas in New Jersey, Virginia Natural Gas, Florida City Gas, Chattanooga Gas, and Elkton Gas in Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). . Ranked by Forbes as one of the 10 Best Managed Utilities and No. 250 in the Forbes Platinum 400 in 2006 as well as a Fortune 1000 company in 2005, AGL Resources reported revenue of $2.7 billion and net income of $193 million in 2005. The company also owns Houston-based Sequent Energy Management, an asset manager serving natural gas wholesale customers throughout the East and Midwest. As a 70 percent owner in the SouthStar partnership, AGL Resources markets natural gas to consumers in Georgia under the Georgia Natural Gas brand. AGL Networks, the company's telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. subsidiary, owns and operates fiber optic networks in Atlanta and Phoenix. The company also owns and operates Jefferson Island Storage & Hub, a high-deliverability natural gas storage facility near the Henry Hub Henry Hub is the pricing point for natural gas futures contracts traded on the New York Mercantile Exchange (NYMEX). It is a point on the natural gas pipeline system in Erath, Louisiana. It is owned by Sabine Pipe Line LLC. in Louisiana Louisiana (ləwē'zēăn`ə, l ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. . For more
information, visit www.aglresources.com.Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain expectations and projections regarding our future performance referenced in this press release are forward-looking statements. Forward-looking statements involve matters that are not historical facts and because these statements involve anticipated events or conditions, forward-looking statements often include words such as "anticipate," "assume," "can," "could," "estimate," "expect," "forecast," "future," "indicate," "intend," "may," "outlook," "plan," "predict," "project," "seek," "should," "target," "will," "would," or similar expressions. Our expectations are not guarantees and are based on currently available competitive, financial and economic data along with our operating plans. While we believe our expectations are reasonable in view of the currently available information, our expectations are subject to future events, risks and uncertainties, and there are several factors - many beyond our control - that could cause results to differ significantly from our expectations. Such events, risks and uncertainties include, but are not limited to, changes in price, supply and demand for natural gas and related products; the impact of changes in state and federal legislation and regulation; actions taken by government agencies on rates and other matters; concentration of credit risk; utility and energy industry consolidation; impact of acquisitions and divestitures; direct or indirect effects on AGL Resources' business, financial condition or liquidity resulting from a change in our credit ratings or the credit ratings of our counterparties Counterparties The parties on either side of an interest rate swap or a currency, equity or commodity swap, or to an options or futures position. or competitors; interest rate fluctuations; financial market conditions and general economic conditions; uncertainties about environmental issues and the related impact of such issues; the impact of changes in weather upon the temperature-sensitive temperature-sensitive living organisms that are sensitive to air temperatures outside of a narrow range, e.g. virus vaccine that does not replicate at deep body temperature, but does replicate in the respiratory tract. portions of the business; impacts of natural disasters such as hurricanes upon the supply and price of natural gas; acts of war Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. or terrorism; and other factors which are provided in detail in our filings with the Securities and Exchange Commission, which we incorporate by reference in this press release. Forward-looking statements are only as of the date they are made, and we do not undertake any obligation to update these statements to reflect subsequent changes. Supplemental Information Company management evaluates segment financial performance based on earnings before interest and taxes In financial and business accounting, earnings before interest and taxes (EBIT) is a measure of a firm's profitability that excludes interest and income tax expenses.[1] EBIT = Operating Revenue – Operating Expenses + Non-operating Income (EBIT), which includes the effects of corporate expense allocations. EBIT is a non-GAAP (accounting principles generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, ) financial measure. Items that are not included in EBIT are financing costs, including debt and interest expense and income taxes. The company evaluates each of these items on a consolidated level and believes EBIT is a useful measurement of our performance because it provides information that can be used to evaluate the effectiveness of our businesses from an operational perspective, exclusive of the costs to finance those activities and exclusive of income taxes, neither of which is directly relevant to the efficiency of those operations. Operating margin is a non-GAAP measure calculated as revenues minus cost of gas, excluding operation and maintenance expense, depreciation and amortization, and taxes other than income taxes. These items are included in the company's calculation of operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. . The company believes operating margin is a better indicator than operating revenues of the contribution resulting from customer growth, since cost of gas is generally passed directly through to customers. EBIT and operating margin should not be considered as alternatives to, or more meaningful indicators of, the company's operating performance than operating income or net income as determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . In addition, the company's EBIT or operating margin may not be comparable to similarly titled measures of another company. Reconciliation of non-GAAP financial measures referenced in this press release and otherwise in the earnings conference call and webcast is attached to this press release and is available on the company's website at www.aglresources.com under the Investor Relations section.
AGL Resources Inc.
Condensed Statements of Consolidated Income
For the Three and Twelve Months Ended
December 31, 2005 and 2004
(In millions, except per share amounts)
Three Months
------------------------------------
Increase -
12/31/2005 12/31/2004 (Decrease)
----------- ----------- -----------
Operating Revenues $ 993 $ 626 $ 367
Cost of Gas 665 369 296
Operation and Maintenance
Expenses 143 120 23
Depreciation and Amortization 34 28 6
Taxes Other Than Income 10 9 1
----------- ----------- -----------
Total Operating Expenses 852 526 326
----------- ----------- -----------
Operating Income 141 100 41
Other Income (Loss) (3) (2) (1)
Minority Interest (4) (4) -
----------- ----------- -----------
Earnings Before Interest & Taxes 134 94 40
Interest Expense 30 22 8
----------- ----------- -----------
Earnings Before Income Taxes 104 72 32
Income Taxes 38 26 12
----------- ----------- -----------
Net Income $ 66 $ 46 $ 20
=========== =========== ==========
Earnings Per Common Share
Basic $ 0.86 $ 0.64 $ 0.22
Diluted $ 0.85 $ 0.64 $ 0.21
Shares Outstanding
Basic 77.7 70.5 7.2
Diluted 78.2 71.3 6.9
Twelve Months
------------------------------------
Increase -
12/31/2005 12/31/2004 (Decrease)
----------- ----------- -----------
Operating Revenues $ 2,718 $ 1,832 $ 886
Cost of Gas 1,626 995 631
Operation and Maintenance
Expenses 477 377 100
Depreciation and Amortization 133 99 34
Taxes Other Than Income 40 29 11
----------- ----------- -----------
Total Operating Expenses 2,276 1,500 776
----------- ----------- -----------
Operating Income 442 332 110
Other Income (Loss) (1) - (1)
Minority Interest (22) (18) (4)
----------- ----------- -----------
Earnings Before Interest & Taxes 419 314 105
Interest Expense 109 71 38
----------- ----------- -----------
Earnings Before Income Taxes 310 243 67
Income Taxes 117 90 27
----------- ----------- -----------
Net Income $ 193 $ 153 $ 40
=========== =========== ==========
Earnings Per Common Share
Basic $ 2.50 $ 2.30 $ 0.20
Diluted $ 2.48 $ 2.28 $ 0.20
Shares Outstanding
Basic 77.3 66.3 11.0
Diluted 77.8 67.0 10.8
AGL Resources Inc.
EBIT Schedule
For the Three and Twelve Months Ended
December 31, 2005 and 2004
(In millions, except per share amounts)
Three Months
------------------------------------
Increase -
12/31/2005 12/31/2004 (Decrease)
----------- ----------- -----------
Distribution Operations $ 75 $ 68 $ 7
Retail Energy Operations 10 11 (1)
Wholesale Services 49 18 31
Energy Investments 4 6 (2)
Corporate (4) (9) 5
----------- ----------- ----------
Consolidated EBIT 134 94 40
----------- ----------- ----------
Interest Expense 30 22 8
Income Taxes 38 26 12
----------- ----------- ----------
Net Income $ 66 $ 46 $ 20
=========== =========== ==========
Earnings per Common Share
Basic $ 0.86 $ 0.64 $ 0.22
=========== =========== ==========
Diluted $ 0.85 $ 0.64 $ 0.21
=========== =========== ==========
Twelve Months
------------------------------------
Increase -
12/31/2005 12/31/2004 (Decrease)
----------- ----------- -----------
Distribution Operations $ 299 $ 247 $ 52
Retail Energy Operations 63 52 11
Wholesale Services 49 24 25
Energy Investments 19 7 12
Corporate (11) (16) 5
----------- ----------- ----------
Consolidated EBIT 419 314 105
----------- ----------- ----------
Interest Expense 109 71 38
Income Taxes 117 90 27
----------- ----------- ----------
Net Income $ 193 $ 153 $ 40
=========== =========== ==========
Earnings per Common Share
Basic $ 2.50 $ 2.30 $ 0.20
=========== =========== ==========
Diluted $ 2.48 $ 2.28 $ 0.20
=========== =========== ==========
AGL Resources Inc.
Reconciliation of Operating Margin to Operating Revenues
For the Three and Twelve Months Ended
December 31, 2005 and 2004
(In millions, except per share amounts)
Three Months
------------------------------------
Increase -
12/31/2005 12/31/2004 (Decrease)
----------- ----------- -----------
Operating Revenues $ 993 $ 626 $ 367
Cost of Gas 665 369 296
----------- ----------- -----------
Operating Margin $ 328 $ 257 $ 71
=========== =========== ==========
Twelve Months
------------------------------------
Increase -
12/31/2005 12/31/2004 (Decrease)
----------- ----------- -----------
Operating Revenues $ 2,718 $ 1,832 $ 886
Cost of Gas 1,626 995 631
----------- ----------- -----------
Operating Margin $ 1,092 $ 837 $ 255
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