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Investor Presentation – Atmos Energy

Atmos Energy · May 31, 2014 · 35 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Investor Presentation – Atmos Energy – slide 1
    Atmos Energy Corporation Delivering clean, safe and economical energy to over 3 million homes and businesses Atmos Energy A multi-state regulated natural gas delivery company achieving strong financial growth through…
  2. Investor Presentation – Atmos Energy – slide 2
    Investment Highlights A Pure-Play, High-Growth Natural Gas Delivery Investment Proposition Attractive total return proposition of 9-11% Attractive pure-play 6-8% forecasted 5-year EPS growth; approximately 3% dividend yield total…
  3. Investor Presentation – Atmos Energy – slide 3
    Attractive, Pure-Play Return Constructive Regulatory Mechanisms Support Efficient Conversion of Rate Base Growth Opportunities into Financial Results 850-950mm in annual capital Constructive rate mechanisms 6%-8% Consolidated EPS…
  4. Investor Presentation – Atmos Energy – slide 4
    Leading Natural Gas Delivery Platform Eight-state distribution territory Atmos business mix Intrastate pipeline system Regulated distribution 68% Regulated distribution 68% Regulated pipeline 29% Regulated pipeline 29%…
  5. Investor Presentation – Atmos Energy – slide 5
    Regulated Operations in Texas Scope of Texas Operations Distribution and Pipeline Over 60% of consolidated margins and about 70% of asset base are concentrated in Texas Constructive regulatory framework supports investment in system…
  6. Investor Presentation – Atmos Energy – slide 6
    Distribution Divisions in Texas Operate in Constructive Regulatory Environment Distribution Divisions in Texas Serve Approximately 1.8 Million Customers Largest natural gas distributor in Texas Regulated by the Railroad…
  7. Investor Presentation – Atmos Energy – slide 7
    Favorably Positioned Regulated Pipeline Spans Texas Shale Gas Supply Basins Atmos Pipeline Texas Regulated by the Railroad Commission of Texas 5,600 mile intrastate pipeline with connections at all 3 Texas Hubs 250-275 million…
  8. Investor Presentation – Atmos Energy – slide 8
    Constructive Rate Mechanisms Accelerate Recovery of Capital Spending Reducing Regulatory Lag Accelerates Recovery of Investments Annual Rate Base Authorized Return on State Infrastructure mechanisms (000s) 1 Equity 1 Texas LDC 1,997…
  9. Investor Presentation – Atmos Energy – slide 9
    Regulatory Lag and Risk of Recovery Minimized with Constructive Rate Mechanisms Regulated Capex Spend and Timely Recovery Texas Rule 8.209 Capital Regulatory lag & Investment Estimates risk of recovery reduced Fiscal year millions…
  10. Investor Presentation – Atmos Energy – slide 10
    Constructive Rate Outcomes Drive Operating Income Growth Approved Annual Increases to Operating Income 1 Distribution and Pipeline Operations 150.0 Customers and investors 110 - 130 benefit from fair and 122.3 reasonable regulation…
  11. Investor Presentation – Atmos Energy – slide 11
    Capital Expenditures Drive Rate Base Growth Consolidated 2014E Capital Expenditures of 830-850 million 70% Fiscal 2014E CAPEX deployed in Texas ( millions) Safety & Reliability 600 - 650 1,000 850-950 million 900 845.0 830-850…
  12. Investor Presentation – Atmos Energy – slide 12
    Capital Spending Drives Rate Base Growth Strong Regulated Rate Base Growth Focused on enhancing system safety and reliability 8,000 6.9 - 7.1 Billion 7,000 6,000 ( billions) 5,000 4.1 Billion 4,000 3,000 2,000…
  13. Investor Presentation – Atmos Energy – slide 13
    Strong Earnings Growth Driven By Rate Base Investments Earnings Per Share Expected to Grow 6% 8% Annually 3.45 - 3.65 Capital expenditures of 4.00 850 - 950 million 3.50 annually 3.00 2.53 * Incremental financing through fiscal…
  14. Investor Presentation – Atmos Energy – slide 14
    Fiscal 2014E Guidance Raised Net Income (excluding Mark-to-Market) and Select Expenses ( millions, except EPS) 2013 2014E* Regulated Operations 227 256 267 Nonregulated Operations 6 17 19 Total Net Income 233 273 286 Avg. Diluted…
  15. Investor Presentation – Atmos Energy – slide 15
    Financial Highlights Year-to-Date Fiscal 2014 Highlights Earnings per share growth of 14%, excluding MTM, compared to prior-year period Approved annual increases in operating income from rate activity of 83 million Issued 9.2 million…
  16. Investor Presentation – Atmos Energy – slide 16
    Strong Financial Foundation Long-Term Debt Maturity and Liquidity Profile Debt Maturity as of Liquidity Profile as of March 31, 2014 March 31, 2014 millions millions 1,500 1,500 1,260 1,200 1,200 5 issues, 4.15% - 6.75%…
  17. Investor Presentation – Atmos Energy – slide 17
    Strong Financial Foundation Improved Weighted Average Cost of Long-Term Debt Average maturities extended from 12 to 14.7 years1 ( millions) 8.0 2,500 7.0 2,000 6.9 6.9 Net Long Term Debt Interest Rate % 6.5 1,500 6.5 6.3…
  18. Investor Presentation – Atmos Energy – slide 18
    Sustainable and Growing Dividend 30 Consecutive Years of Dividend Increases 1.60 1.48E 1.40 Dividend increased 5.7% for fiscal 2014 1.20 The indicated annual 1.00 dividend rate for fiscal 2014 is 1.48 0.80 50% - 55% payout…
  19. Investor Presentation – Atmos Energy – slide 19
    Investment Highlights A Pure-Play, High-Growth Natural Gas Delivery Investment Proposition Attractive total return proposition of 9-11% Attractive pure-play 6-8% forecasted 5-year EPS growth; approximately 3% dividend yield total…
  20. Investor Presentation – Atmos Energy – slide 20
    Select Fiscal 2014 Second Quarter Conference Call Slides 21
  21. Investor Presentation – Atmos Energy – slide 21
    Consolidated Financial Results Fiscal 2014 Q2 Q2 Fiscal 2014 Net Income versus Q2 Fiscal 2013 Net Income Natural Regulated Average Earnings Q2 Fiscal 2014 Net Income Gas Transmission Non Diluted Per (millions, except EPS) Distribution…
  22. Investor Presentation – Atmos Energy – slide 22
    Consolidated Financial Results Fiscal YTD YTD Fiscal 2014 Net Income versus YTD Fiscal 2013 Net Income Natural Regulated Average Earnings Fiscal YTD 2014 Net Income Gas Transmission Non Diluted Per (millions, except EPS) Distribution &…
  23. Investor Presentation – Atmos Energy – slide 23
    Segment Financial Results Fiscal 2014 Q2 Natural Gas Distribution Key Drivers Quarter Ended 3/31 QTD 38.2M gross profit increase: ( millions) 2014 2013 Change 13.2M net increase in rate adjustments Gross Profit 385.2 347.0 38.2…
  24. Investor Presentation – Atmos Energy – slide 24
    Segment Financial Results Fiscal 2014 Q2 Regulated Transmission & Storage - APT Quarter Ended 3/31 Key Drivers ( millions) 2014 2013 Change QTD 11.8M gross profit increase: Gross Profit 73.6 61.8 11.8 7.3M increase in rates from the…
  25. Investor Presentation – Atmos Energy – slide 25
    Consolidated Financial Results Fiscal 2014 Capital Expenditures Spending Mix Q2 2014: 178.4 million YTD 2014: 359.0 million 7.7 6.4 0.9 2% 14.5 4% 1% 4% 39.8 22% 79.7 22% 11.1 13.2 6% 4% 118.9 245.2 67% 68% Safety &…
  26. Investor Presentation – Atmos Energy – slide 26
    Key Regulatory Developments - Fiscal 2014 YTD Approved Annual Increases in Operating Income from Rate Activity 83 Million Key Rate Approvals 90.0 Fiscal 2014 YTD 80.0 APT-GRIP - 45.6M 70.0 Kentucky PRP - 2.5M 60.0 Kansas GSRS -…
  27. Investor Presentation – Atmos Energy – slide 27
    Key Regulatory Developments - Fiscal 2014 YTD Mid-Tex Cities: Settled Rate Review Mechanism on November 1, 2013, authorizing a net annual operating income increase of 12.5 million. Authorized ROE of 10.5 percent Black box settlement:…
  28. Investor Presentation – Atmos Energy – slide 28
    Key Regulatory Developments - Fiscal 2014 YTD Kentucky Rate Filing: April 22, 2014, final order issued authorizing an increase in annual operating income of 8.3 million, including 2.5 million of PRP. Authorized ROE of 9.8 percent…
  29. Investor Presentation – Atmos Energy – slide 29
    Key Regulatory Developments - Fiscal 2014 YTD Rate Filing Outlook Fiscal 2014E Q1 Q2 Q3 Q4 October December January March April June July September West Texas Settled system-wide Kansas Filed rate case in Louisiana Filed LGS annual…
  30. Investor Presentation – Atmos Energy – slide 30
    Pending Regulatory Filings - Fiscal 2014 YTD Kansas Rate Filing: Filed rate case on January 9, 2014, requesting a net increase in annual operating income of 7.0 million. Requested ROE of 10.53 percent Requested capital structure: 49…
  31. Investor Presentation – Atmos Energy – slide 31
    Pending Regulatory Filings - Fiscal 2014 YTD Mid-Tex Cities: Filed Rate Review Mechanism on February 28, 2014, requesting a net increase in annual operating income of 34.9 million. Authorized ROE of 10.5 percent; overall return of…
  32. Investor Presentation – Atmos Energy – slide 32
    Pending Regulatory Filings - Fiscal 2014 YTD Colorado Rate Filing: Filed rate case on April 2, 2014, requesting a net increase in annual operating income of 4.8 million. Requested ROE of 10.40 percent Requested actual capital…
  33. Investor Presentation – Atmos Energy – slide 33
    Segment Financial Results Fiscal 2014 Q2 Nonregulated Operations Quarter Ended 3/31 Key Drivers ( millions) 2014 2013 Change Gas Delivery & Related Services 12.5 15.3 (2.8) 2.8M decrease in gas delivery and related…
  34. Investor Presentation – Atmos Energy – slide 34
    Segment Financial Results Fiscal 2014 YTD Nonregulated Operations Six Months Ended 3/31 ( millions) 2014 2013 Change Key Drivers Gas Delivery & Related Services 24.9 25.4 (0.5) 23.2M increase in other Storage/Transportation 7.2 7.1…
  35. Investor Presentation – Atmos Energy – slide 35
    Regulated Operations Date of Authorized Requested Effective Last Rate Operating Operating Rate Base Requested Authorized Requested Authorized Requested Authorized Requested Date of Last Filing Income Income thousands Rate Base Rate of…

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