Atmos Energy Corporation
P.O. Box 650205
Dallas, Texas 75265-0205
atmosenergy.com
Atmos Energy Corporation 2011 Summary Annual Report
Ensuring Safety
and Reliability
Voices for
Safety
Atmos Energy vehicles display the national Call 811
logo to remind the public to always call 811 before
digging to have natural gas pipelines and other
buried utility lines marked at no charge.
Graham Landell Perry
Senior Engineer
Dallas, TX
“I’m involved in the design of natural gas pipelines, measurement stations and regulator
stations,” explains Senior Engineer Landell Perry. “Our design of new state-of-the-art
instrumentation and controls allows Atmos Energy to know immediately if there’s a pressure
spike and shut a line down remotely. Our goal as engineers is to find effective and efficient
solutions to help protect our customers and deliver highly reliable natural gas transmission
and distribution service.”
A s engineers, it’s our duty
to design the most effective
solutions for our customers
and communities.
Cover: Mid-Tex Division Senior Engineer Landell Perry (right), Field Construction Coordinator Robert Parker
and Crew Leader Royce Sharp inspect the installation of an actuator on an existing remote control valve
for an Atmos Pipeline–Texas transmission line.
Above: The work involves close cooperation among teams from engineering and pipeline operations.
N
atural gas pipelines span 2.4 million miles across the
United States—an extensive network that delivers the
efficient, clean and abundant fuel we all rely on for
economic strength and national security. In the Atmos Energy system alone, our
employees are responsible for about 77,000 miles of natural gas pipe-
lines, serving more than 1,600 communities of all sizes in 12 states.
Ensuring safety and reliability of our gas transmission and distribution
infrastructure stands as our highest goal.
Our team understands the requirements of pipeline safety, and they
diligently carry out our policies and programs to maintain and modernize our
pipeline network. They work to protect our customers, our employees, the
public and our underground pipeline assets at all times.
In this report, 11 of our employees share how their attitudes and actions
contribute to a culture of safety. These are our voices for safety—and they
speak for the nearly 5,000 Atmos Energy team members who serve our
customers and communities every day.
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 1
Danny Waguespack
Compliance Manager
Metairie, LA
“All states have pipeline safety requirements that go beyond the federal regulations,”
says Compliance Manager Danny Waguespack. “Compliance is responsible for making
sure we meet or exceed the highest standard in each state we serve. Those codes include
Operator Qualification, Pipeline Integrity Management, Public Awareness, Damage
Prevention, Distribution Integrity Management, Control Room Management and more.
The compliance world is always evolving and ever changing.”
W e don’t just follow the letter of the law;
we follow the spirit of the law.
We’re constantly reviewing every aspect
of our operations. If we see a better way
of doing things, we pursue it.
Louisiana Division Compli-
ance Manager Danny
Waguespack (left) and
Survey Specialist Billy Bentel
check the placement of re-
quired warning signs along
one of the company’s
rights of way to alert the
public to a buried pipeline
and help prevent damage
to it from excavation.
Regan Hampton
Lead Controller
Dallas, TX
“My team and I keep a constant watch on approximately 6,000 miles of pipeline,” explains
Regan Hampton, lead controller at Atmos Pipeline–Texas’ control center. “Ours is one of
the largest natural gas pipelines in Texas, and on a peak day more than 3.5 billion cubic
feet of gas flows through the system. Our team is here 24 hours a day, seven days a week,
monitoring pipeline pressures and flow rates and working with the engineering and integrity
groups to schedule maintenance outages, so that our pipeline is as safe as we can make it.”
O ur goal is zero incidents
— and it has to be. In this type of
business, there’s no room for error, so
that our pipeline is safe and provides
reliable service.
Regan Hampton, lead controller for Atmos Pipeline–Texas, heads a
team of highly experienced pipeline controllers who monitor the system
around the clock at the division’s Dallas control center.
4 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 5
Kenny Compton
Senior Service Technician
Radford, VA
“We’re the proactive guys,” explains Senior Service Technician Kenny Compton. “We’re out
there clearly marking our buried gas lines, so that they don’t get cut by homeowners or com-
mercial excavators laying electric, water or sewer lines. Field employees are required to be
qualified to meet federal Operator Qualification rules. We can’t perform any task—marking
a gas line, setting a gas meter, turning a customer’s service on or off, responding to a gas
or carbon monoxide leak, nothing—unless our training and OQ are up to date.”
W e’re out there to protect life
and property. When we meet
customers or go into their homes,
safety is our No. 1 concern.
6 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 7
Senior Service Technician Kenny Compton in the
Kentucky/Mid-States Division uses instruments to
locate and mark a buried natural gas line to help
prevent damage from excavation.
James Sparks
Corrosion Control Technician
Madisonville, KY
Age is only one factor that affects the integrity of a buried gas pipeline. Even more telling is
how the pipe has been inspected and maintained. “There are thousands of miles of pipeline
in the Atmos Energy network, and we are checking them constantly,” says Corrosion Control
Technician James Sparks. “We put better corrosion-detection processes in place almost 20
years before the government required it. Because of our cathodic protection procedures, 50
years from now when we dig out a piece of pipe, it should look very similar to the way it did
the day we put it in the ground.”
I have been at this more than 40
years—long enough to see that
our safety measures
really work.
Corrosion Control Technician James
Sparks of the Kentucky/Mid-States
Division, who is a recognized expert
on cathodic protection, inspects our
natural gas system in Kentucky.
8 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 9
Annie Stewart
Senior Financial Analyst
Flowood, MS
“Over the past years, we have spent more money, both operating expense and capital dollars,
to improve the safety of our employees, customers and the general public,” says Senior
Financial Analyst Annie Stewart. Atmos Energy has invested more than $1.7 billion since 2007
to improve its pipeline and distribution system. “We’ve increased our allocations for pipeline
replacements, technology upgrades, employee training, and safety advertising and bill inserts.
Analysts like me help account for these projects correctly, to help keep them on budget and to
assist others in making good decisions that support our commitment to safety.”
S ome safety activities are mandated,
but Atmos Energy invests to the
highest standards
of safety and compliance.
Mississippi Division Senior Financial Analyst Annie
Stewart (standing) reviews safety expenditures with
Safety Manager Ed Johnson, Financial Analyst II
Carolyn Knight and Revenue Systems Analyst Earl Lee.
Francisco Javier Aguirre
Welder 1
Odessa, TX
“After I leave the house for work each morning, the first thing that comes to my mind is
safety,” says Class I Welder Javier Aguirre. “The most important thing for me on a daily
basis is to prevent any pipeline events that would endanger my life, the lives of my crew-
mates or the community where we’re working. We check the system pressure maps and
work closely with the engineering team and our supervisors to make sure we follow the
safest procedures. We take great pride in our work.”
B esides welding safely, we clear
the area of any flammable brush
or debris that could catch fire.
Checking the conditions
around a work site protects everyone.
Welder Javier Aguirre of the West Texas Division
measures a pipe joint on one of the division’s
natural gas pipelines near Odessa, Texas, before
making a repair.
12 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 13
Annie Estrada
Customer Support Associate
Waco, TX
“We’re trained in many areas of customer assistance but especially customer safety,” says
Annie Estrada, a customer support associate at Atmos Energy’s Waco Customer Contact
Center. “Emergency calls are definitely our top priority. When customers suspect a gas leak,
we help them stay calm and ask questions to gather information for our responding techni-
cians. Inside or outside? Backyard or front yard? Is it near the gas meter? We direct our
customers where to go to be safe and dispatch crews immediately, using the information to
help our technicians investigate the leak and make the area safe.”
W hen it comes to safety, we are highly
trained to keep our customers safe,
identify where a leak might be and send
trained technicians quickly to investigate.
Annie Estrada, customer support associate
at Atmos Energy’s Waco Customer Support
Center, and Melissa Hutyra, senior adminis-
trative assistant, review the company’s online
information about safety.
14 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 15
Senior Instructor Brian Crowder discusses natural gas fundamentals with a team of firefighters from
the Richardson, Texas, Fire Department at the company’s Charles K. Vaughan Center. Although most
of the center’s trainees are company employees, the staff works closely with emergency responders
and public officials as part of a close alliance that protects our communities.
Brian Crowder
Senior Instructor, Charles K. Vaughan Center
Plano, TX
Technical knowledge is critical to safety because the nation’s natural gas network must
meet hundreds of safety regulations and technical standards. “Atmos Energy actively
develops its employees, and to do so it has built this advanced facility,” comments Senior
Instructor Brian Crowder at the Charles K. Vaughan Center. “It’s not just a training facil-
ity; it’s also a service center and a dispatch center. Its classrooms, equipment, technolo-
gies and simulation training tools are truly impressive. All of our instructors have come up
through the ranks; so, they bring a wealth of field experience to the classroom.”
W e train employees from our entire
service area and emergency
responder teams. We make sure our
training meets or exceeds the federal
Department of Transportation regulations.
16 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 17
Brian Martens, Colorado manager of public affairs in the Colorado-Kansas Division, talks with
enthusiastic sixth-graders at Mountain View Core Knowledge Charter School in Cañon City,
Colorado. The students recently were recognized by Atmos Energy for their presentation about
energy efficiency and natural gas safety.
Brian Martens
Manager of Public Affairs
Greeley, CO
“Besides working with public officials and the media, we visit schools to help students learn
what this invisible thing, natural gas, is all about,” says Manager of Public Affairs Brian Martens.
“On the Internet, we have lesson plans for teachers, fun experiments and a challenge to
create a project about energy efficiency and safety. The sixth-graders at Mountain View Core
Knowledge Charter School in Cañon City, Colorado, wrote and filmed a skit showing energy
traveling through a pipe, into a home and heating the house, water and food. It was terrific.”
W e help kids at school understand
how natural gas works, what it
smells like and what to do if
they smell it.
18 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 19
Kim Cocklin, president and CEO of Atmos Energy Corporation, and Marvin Sweetin, senior vice president, utility operations,
are joined by Virginia employees after one of the company’s quarterly employee broadcasts. The broadcasts, transmitted by
satellite to company locations, provide an effective way to communicate with virtually every employee about Atmos Energy’s
commitment to safety.
Kim R. Cocklin
President and CEO
Dallas, TX
“Staying incident-free every day is critically important to all of our employees, our customers
and the communities we serve,” says Atmos Energy President and CEO Kim Cocklin. “The
media generally define safety as “pipeline integrity,” but it’s so much more than that. It
entails customers’ safety in their homes, consumer education, employee training, best-in-
class engineering and the most reliable technologies. We expect our employees not only
to work safely, but also to help their team members do so, as well.”
W e train employees to “coach in the
moment” both to point out when
something could be done in a better way
and to praise work done safely.
20 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 21
To Our Shareholders
Atmos Energy Corporation achieved substantial results in fiscal 2011.
Our track record of creating shareholder value continued through consistent
earnings-per-share growth. We also marked 28 years of consecutive
annual dividend increases, after including all mergers and acquisitions.
Our strategy is focused on maximizing the value of our
regulated assets. It seeks to
• maximize our regulated earnings capability from our utility
and pipeline operations,
• complement our regulated operations with energy services
provided by our nonregulated business unit, and
• enhance shareholder value through prudent acquisitions and
growing the rate base of our regulated companies.
In fiscal 2011, we achieved the following highlights.
• We enhanced the safety and reliability of our distribution
system by replacing or adding more than 450 miles of
natural gas pipelines.
• With our customers, we successfully resolved 19 rate
filings, which are expected to increase annual operating
income by more than $72 million.
• We strengthened our balance sheet going forward by
impairing two natural gas gathering systems and a
proposed natural gas storage project.
• We moved to become more geographically efficient by
agreeing to sell our Missouri, Illinois and Iowa distribution
assets for approximately $124 million.
• We benefited financially from unwinding two interest-rate
agreements called Treasury locks, which we no longer
needed, and from upgrades by two of the three major credit
rating agencies.
Financial Results
Earnings per diluted share increased by 7 cents over the $2.20
earned in fiscal 2010 to $2.27, marking our ninth consecutive
year of higher annual earnings.
Consolidated net income rose from $205.8 million in fiscal
2010 to $207.6 million in fiscal 2011. Operating revenues for
the fiscal year were $4.3 billion.
We paid cash dividends of $1.36 per share, and in Novem-
ber 2011 the board of directors raised the dividend by 2 cents
a share for an annual indicated rate in fiscal 2012 of $1.38 per
share. Our dividend payout ratio is 60 percent currently, as
compared to 67 percent five years ago.
Our capital expenditures increased by $80.4 million, year
22 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
Net Income per Diluted Share
1
9
1
$
.
9
9
1
$
.
7
0
2
$
.
0
2
2
$
.
7
2
2
$
.
$2.40
$1.80
$1.20
$0.60
$0.00
‘07
‘08
‘09
‘10
‘11
Earnings per diluted share have increased steadily during the pastἀfive
years due to our commitment to invest in system modernization, which has
added to our utility rate base.
over year, to $623.0 million. Approximately 70 percent of that
spending was invested to modernize our gas distribution infrastruc-
ture and to enhance the safety and reliability of our pipeline system.
We continued to improve our rate designs and to seek rate
settlements to avoid costly litigation.
Regulatory authorities approved approximately $72 million
in annual operating income increases from rate filings. In one
of the settlements, the Railroad Commission of Texas decided
a base rate case filed in 2010 by our Atmos Pipeline–Texas
Division, resulting in an increase in annual operating income of
about $20 million.
In our nonregulated operations, we recorded noncash
charges of $30.3 million for operations that no longer offered
reasonable prospects to meet our investment objectives. The
cumulative adjustments lowered fiscal 2011 diluted earnings per
share by about 21 cents.
Offsetting these impairment charges was a one-time $27.8
million pre-tax cash gain from unwinding two Treasury lock
agreements with a cumulative notional value of $250 million.
The Treasury locks, which are financial agreements for locking
in interest rates for future debt issuances, were no longer needed
after we cancelled an anticipated debt offering. In addition, we
recorded a $5 million one-time benefit from an administrative
settlement of various income tax positions. These gains improved
earnings per diluted share by about 24 cents.
Shareholder value was further enhanced through our repur-
chase in fiscal 2011 and fiscal 2010
of more than 3.3 million shares of
Atmos Energy common stock at an
effective price of $29.99. The repur-
chased stock improved fiscal 2011
earnings per diluted share by about
8 cents a share. In addition, we plan
to retire up to 5 million more shares
over the next five years through our
new share repurchase program.
During fiscal 2011, we strength-
ened our credit profile by reducing
the company’s number of credit
facilities, interest costs and weighted
average cost of debt. We received
credit rating upgrades by Moody’s
Investors Service to Baa1 and by
Fitch to A–, and Standard & Poor’s
reaffirmed its rating of BBB+.
In September, we opened Atmos Energy’s new Amarillo Customer Contact Center to help ensure excellence
in serving our customers.
Operational Developments
Our focus on modernizing our distribution system to ensure contin-
ued safety and reliability included many projects in all divisions
to replace cast iron, steel mains and vintage distribution pipelines.
The largest of these projects is a steel service line replace-
ment program in the Mid-Tex Division. The division made steady
progress on its plan to make 100,000 line replacements by Sep-
tember 2012. Steel service lines installed from the 1940s through
the 1960s are being converted to ½-inch-to-2-inch polyethylene
pipe in more than 40 cities throughout the division.
Along with safety, we invested in major projects to provide
excellent customer service. Development advanced from the
design phase to the build phase on a new customer service
software system that will improve the handling of our customer
relationships, billing and communication. About 250 employees
are involved in the project, with conversion to the new system
expected in May 2013.
We also dedicated an $18.5 million customer contact center
in Amarillo, Texas. The 52,500-square-foot facility replaced the
company’s original Amarillo call center, which opened in 1998.
The new center features advanced telecommunications and
information technologies to help handle a peak of approximately
1,900 calls an hour, ergonomic workstations for the center’s 150
agents, a new dispatch arena and design features to increase
energy performance and reduce waste. Atmos Energy is seeking
LEED® silver certification* for the facility.
In May 2011, we entered into a definitive agreement to sell
all of our Missouri, Illinois and Iowa gas distribution assets for
a cash price of approximately $124 million. These operations,
which serve some 84,000 meters in 189 communities, are being
purchased by Liberty Energy (Midstates) Corp., an affiliate of
Algonquin Power & Utilities Corp. The sale is expected to close
in 2012 after regulatory approvals are granted. Selling these
assets will allow us to better focus our distribution operations in
our remaining nine states. Today about three-fourths of our utility
operations are located in Texas, Louisiana and Mississippi.
In January and February 2011, hundreds of company em-
ployees dealt with frigid cold and record snowfall. Many spent
days away from home keeping regulator stations operating and
assisting customers. We appreciate our employees’ dedication
and concern for ensuring the safety and comfort of our customers.
As a testament to its operations, engineering and foresighted
improvements, Atmos Pipeline–Texas successfully handled one of
the largest peak-day demands in its history. Transmission volumes
on February 2 exceeded 3.6 billion cubic feet (Bcf), which
equaled the previous historical high in 1996, as temperatures
remained below freezing for nearly 10 days across North Texas.
The pipeline, which is a primary transporter of natural gas to
our Mid-Tex Division, met all its firm service obligations to human-
needs gas customers during the cold wave. That same day, it
also set a record of 2.5 Bcf in gas deliveries to our Mid-Tex
Division and other North Texas local distribution companies.
During 2011, our nonregulated operations experienced
declines in margins caused by weak natural gas market funda-
mentals, which provided fewer opportunities for favorable
trading and asset optimization.
Although nonregulated gas sales volumes increased in fiscal
2011 by 9 percent to 384.8 Bcf over fiscal 2010 volumes, unit
margins trended lower due to increased competition, lower basis
spreads and continued depressed conditions of the economy.
Atmos Energy Marketing remains a strong, regional leader in
gas marketing and large-user services, and its results typically
supplement earnings from our regulated distribution operations.
AEM markets gas through physical delivery and maintains a
conservative trading portfolio.
Employees in these operations worked diligently during the
year to grow their customer base and sales volumes. We believe
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 23
that Atmos Energy Marketing is stronger today than most of its
competitors because it has successfully retained customers and
won new business even under difficult conditions.
Board and Management Changes
We express our deep appreciation to Richard W. Cardin
and Phillip E. Nichol who both retired from the board of direc-
tors in February 2011. Mr. Cardin, with 14 years of service as a
director, also retired as chairman of the board’s Audit Committee,
and Mr. Nichol, with nearly 26 years of service, also retired as
chairman of the Nominating and Corporate Governance Commit-
tee. These two directors contributed significantly to the company’s
growth and success, and we thank them for their dedication and
service to our shareholders, customers and employees.
In November 2011, Marvin L. Sweetin was promoted to se-
nior vice president, utility operations. Marvin joined Atmos Energy
in 2000 after working for 13 years in the oil and gas industry. He
has led our procurement, technical training and customer-service
organizations as well as our enterprisewide Utility Operations
Council. He has demonstrated a proven ability to control costs,
improve operations and serve our customers well. In his new posi-
tion, he serves on the company’s Management Committee.
Favorable Future Outlook
The predictable and stable contributions from our regulated
operations remain the cornerstone of our earnings framework.
Although our nonregulated operations suffered because of
tight market conditions this past year, Atmos Energy Marketing
retained virtually all of its major gas marketing customers and
added new ones. Its future prospects continue to complement the
company’s base earnings.
We intend to continue to invest—and our regulators have
long approved of this goal—large amounts of capital needed to
continually modernize our gas delivery system and safeguard
our communities. We expect our capital expenditures in fiscal
2012 will range between $630 million and $650 million.
Our regulated utility rate base at the end of fiscal 2011
totaled about $4 billion. We expect the rate base will grow at
a compound annual rate between 6.0 percent and 6.5 percent
during the next five years. On average, this could add $50
million to $60 million annually in operating income.
Investing in our Texas intrastate transmission and storage
operations promises not only to benefit our regulated distribu-
tion customers, but also to aid the state’s natural gas producers
in bringing more gas to market in Texas and elsewhere. Atmos
Pipeline –Texas’ approximately 6,000-mile system crosses the
state from far West Texas to near the Louisiana border and from
the Oklahoma border south to near Houston. It is strategically
located to transport Barnett shale gas as well as more production
from other shale gas basins now under development in the state.
The competitive price of natural gas and its many other
benefits—it’s clean, abundant, efficient and domestic—make
our product the most likely fuel to meet the United States’ energy
needs for decades to come. As the economy improves, we be-
24 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
Investments for Safety and Reliability ($ in millions)
$700
$600
$500
$400
$300
$200
$100
$0
‘07
‘08
‘09
‘10
‘11
Total Capital Expenditures Total Safety & Reliability
On average during the past five years, 68 percent of Atmos Energy’s total
capital expenditures have been dedicated to system modernization and
expansion to provide safe and reliable distribution operations.
lieve natural gas will become the fuel of choice for new housing,
factories, power plants and alternative transportation.
Growing through acquisitions will continue to be part of our
future strategy. We have an enviable record of acquiring utility
properties with little dilution and integrating them successfully.
For example, during the past decade, most natural gas distribu-
tion merger or acquisition transactions cost their acquirers about
10 times EBITDA†, but ours averaged 7 to 8.5 times EBITDA.
We are a patient acquirer; we have made 10 major acquisi-
tions since 1986. We also are one of the most efficient utility
operators in the country, compared to our peers. We plan to
pursue the acquisition of operations that we can run successfully
and that make sense financially.
Our balance sheet is strong, with 48 percent equity at Sep-
tember 30, 2011. At fiscal year-end, we had $1.1 billion of total
borrowing capacity, giving us ample liquidity for future needs
and growth.
Taken altogether, we believe these strong, positive factors
signify a favorable future outlook for Atmos Energy. For fiscal
2012, we expect our earnings will increase to between $2.30
and $2.40 per diluted share, excluding unrealized margins.
We appreciate the confidence shown by you, our investors,
as well as by our 5,000 employees and our more than 3 million
natural gas distribution customers. As Executive Chairman Robert
W. Best has noted in previous annual reports, our purpose in
business is to serve all our stakeholders—and to serve you well.
That always stands as our No. 1 “blue chip” goal.
Kim R. Cocklin
President and Chief Executive Officer
November 22, 2011
* LEED® stands for Leadership in Energy and Environmental Design and is a
registered trademark of the nonprofit U.S. Green Building Council.
† EBITDA, a common financial measure, stands for earnings before interest,
taxes, depreciation and amortization.
Financial Highlights
Year Ended September 30
Dollars in thousands, except per share data
Operating revenues
Gross profit
Natural gas distribution net income — continuing operations
Natural gas distribution net income — discontinued operations
Regulated transmission and storage net income
Nonregulated net income (loss)
Total
Total assets
Total capitalization*
Net income per share from continuing operations — diluted
Net income per share from discontinued operations — diluted
Net income per share — diluted
Cash dividends per share
Book value per share at end of year
Natural gas distribution throughput — continuing operations (MMcf)
Natural gas distribution throughput — discontinued operations (MMcf)
Consolidated natural gas distribution throughput (MMcf)
Consolidated regulated transmission and storage transportation volumes (MMcf)
Consolidated nonregulated delivered gas sales volumes (MMcf)
Heating degree days †
Degree days as a percentage of normal †
Meters in service at end of year
Return on average shareholders’ equity
Shareholders’ equity as a percentage of total capitalization
(including short-term debt) at end of year
Shareholders of record
Weighted average shares outstanding — diluted (000s)
* Total capitalization represents the sum of shareholders’ equity and long-term debt, excluding current maturities.
† Heating degree days are adjusted for service areas with weather-normalized operations.
Summary Annual Report
The financial information presented in this report about Atmos Energy Corporation is
condensed. Our complete financial statements, including notes as well as management’s
discussion and analysis of financial condition and results of operations, are presented
in our Annual Report on Form 10-K. Atmos Energy’s chief executive officer and its chief
financial officer have executed all certifications with respect to the financial statements
contained therein and have completed management’s report on internal control over
financial reporting, which are required under the Sarbanes-Oxley Act of 2002 and
all related rules and regulations of the Securities and Exchange Commission. Investors
may request, without charge, our Annual Report on Form 10-K for the fiscal year ended
September 30, 2011, by calling Investor Relations at 972-855-3729 between 8 a.m.
and 5 p.m. Central time. Our Annual Report on Form 10-K also is available on Atmos
Energy’s website at www.atmosenergy.com. Additional investor information is presented
on pages 35 and 36 of this report.
2011
2010
Change
$ 4,347,634 $ 4,719,835
$ 1,327,241 $ 1,337,505
$
154,001 $ 118,383
8,717
52,415
(7,532)
7,566
41,486
38,404
$
207,601 $ 205,839
$ 7,282,871 $ 6,763,791
$ 4,461,538 $ 3,987,899
$
$
$
$
$
2.17 $
0.10 $
2.27 $
1.36 $
24.98 $
2.12
0.08
2.20
1.34
24.16
438,535
15,640
454,175
428,599
353,853
2,780
409,369
14,651
424,020
435,012
384,799
2,733
99%
3,213,191
9.1%
(7.9)%
(0.8)%
30.1%
15.2%
26.3%
(119.6)%
0.9%
7.7%
11.9%
2.4%
25.0%
3.2%
1.5%
3.4%
(6.7)%
(6.3)%
(6.6)%
1.5%
8.7%
(1.7)%
102%
(2.9)%
3,186,040
0.9%
9.1%
—
48.3%
18,680
90,652
48.7%
(0.8)%
19,738
92,422
(5.4)%
(1.9)%
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 25
Atmos Energy at a Glance
Year Ended September 30
Meters in service
Residential
Commercial
Industrial
Public authority and other
Total meters
Heating degree days*
Actual (weighted average)
Percent of normal
Natural gas distribution sales volumes — continuing operations (MMcf)
Residential
Commercial
Industrial
Public authority and other
Total
Natural gas distribution transportation volumes — continuing operations (MMcf)
Total natural gas distribution throughput — continuing operations (MMcf)
Natural gas distribution sales volumes — discontinued operations (MMcf)
Natural gas distribution transportation volumes — discontinued operations (MMcf)
Intersegment activity (MMcf)
Consolidated natural gas distribution throughput (MMcf)
Consolidated regulated transmission and storage transportation volumes (MMcf)
Consolidated nonregulated delivered gas sales volumes (MMcf)
Operating revenues (000s)
Natural gas distribution sales revenues
Residential
Commercial
Industrial
Public authority and other
Total gas distribution sales revenues
Transportation revenues
Other gas revenues
Total natural gas distribution revenues
Regulated transmission and storage revenues
Nonregulated revenues
Total operating revenues (000s)
Other statistics
Gross plant (000s)
Net plant (000s)
Miles of pipe
Employees
* Heating degree days are adjusted for service areas with weather-normalized operations.
26 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
2011
2010
2,929,814
270,774
2,069
10,534
3,213,191
2,910,672
262,778
2,090
10,500
3,186,040
2,733
99%
2,780
102%
161,012
91,215
18,757
10,482
281,466
132,357
413,823
8,461
6,190
(4,454)
424,020
435,012
384,799
185,143
99,924
18,714
10,107
313,888
128,965
442,853
8,740
6,900
(4,318)
454,175
428,599
353,853
$ 1,570,723
698,366
106,569
69,176
2,444,834
59,547
26,599
2,530,980
87,141
$ 1,784,051
787,433
110,280
70,402
2,752,166
58,511
31,091
2,841,768
97,023
1,729,513
1,781,044
$ 4,347,634
$ 4,719,835
$ 6,816,794
$ 5,147,918
$ 6,542,318
$ 4,793,075
76,835
4,949
77,157
4,913
Condensed Consolidated Balance Sheets
Year Ended September 30
Dollars in thousands, except share data
Assets
Property, plant and equipment
Construction in progress
Less accumulated depreciation and amortization
Net property, plant and equipment
Current assets
Cash and cash equivalents
Accounts receivable, less allowance for doubtful accounts of
$7,440 in 2011 and $12,701 in 2010
Gas stored underground
Other current assets
Total current assets
Goodwill and intangible assets
Deferred charges and other assets
Capitalization and Liabilities
Shareholders’ equity
Common stock, no par value (stated at $.005 per share);
200,000,000 shares authorized; issued and outstanding:
2011 – 90,296,482 shares, 2010 – 90,164,103 shares
Additional paid-in capital
Accumulated other comprehensive loss
Retained earnings
Shareholders’ equity
Long-term debt
Total capitalization
Current liabilities
Accounts payable and accrued liabilities
Other current liabilities
Short-term debt
Current maturities of long-term debt
Total current liabilities
Deferred income taxes
Regulatory cost of removal obligation
Deferred credits and other liabilities
2011
2010
$ 6,607,552
209,242
6,816,794
1,668,876
5,147,918
$ 6,384,396
157,922
6,542,318
1,749,243
4,793,075
131,419
131,952
273,303
289,760
316,471
1,010,953
740,207
383,793
$ 7,282,871
273,207
319,038
150,995
875,192
740,148
355,376
$ 6,763,791
$
451
1,732,935
(48,460)
570,495
2,255,421
2,206,117
4,461,538
291,205
367,563
206,396
2,434
867,598
960,093
428,947
564,695
$ 7,282,871
$
451
1,714,364
(23,372)
486,905
2,178,348
1,809,551
3,987,899
266,208
413,640
126,100
360,131
1,166,079
829,128
350,521
430,164
$ 6,763,791
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 27
Condensed Consolidated Statements of Income
Year Ended September 30
Dollars in thousands, except per share data
Operating revenues
Natural gas distribution segment
Regulated transmission and storage segment
Nonregulated segment
Intersegment eliminations
Purchased gas cost
Natural gas distribution segment
Regulated transmission and storage segment
Nonregulated segment
Intersegment eliminations
Gross profit
Operating expenses
Operation and maintenance
Depreciation and amortization
Taxes, other than income
Asset impairments
Total operating expenses
Operating income
Miscellaneous income (expense), net
Interest charges
Income from continuing operations before income taxes
Income tax expense
Income from continuing operations
Income from discontinued operations, net of tax ($5,502, $4,425 and $2,929)
Net income
Basic earnings per share
Income per share from continuing operations
Income per share from discontinued operations
Net income per share — basic
Diluted earnings per share
Income per share from continuing operations
Income per share from discontinued operations
Net income per share — diluted
Weighted average shares outstanding:
Basic
Diluted
2011
2010
2009
$ 2,531,863
219,373
2,024,893
(428,495)
4,347,634
1,487,499
—
1,959,893
(426,999)
3,020,393
1,327,241
$ 2,842,638
$ 2,884,796
203,013
209,658
2,146,658
2,283,988
(472,474)
(509,331)
4,719,835
4,869,111
1,820,627
1,887,192
—
—
2,032,567
2,169,880
(470,864)
(507,639)
3,382,330
3,549,433
1,337,505
1,319,678
449,290
227,099
178,683
30,270
885,342
441,899
460,513
211,589
188,252
—
860,354
477,151
485,704
211,984
180,242
5,382
883,312
436,366
21,499
(156)
(3,067)
150,825
312,573
113,689
198,884
8,717
207,601
154,360
322,635
124,362
198,273
7,566
152,638
280,661
97,362
183,299
7,679
$ 205,839
$ 190,978
2.18
0.10
2.28
2.17
0.10
2.27
$
$
$
$
2.14
0.08
2.22
2.12
0.08
2.20
$
$
$
$
1.99
0.09
2.08
1.98
0.09
2.07
90,201
90,652
91,852
92,422
91,117
91,620
$
$
$
$
$
28 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
Condensed Consolidated Statements of Cash Flows
Year Ended September 30
Dollars in thousands
Cash Flows from Operating Activities
Net income
Adjustments to reconcile net income to net cash
provided by operating activities:
Asset impairments
Depreciation and amortization:
Charged to depreciation and amortization
Charged to other accounts
Deferred income taxes
Stock-based compensation
Debt financing costs
Other
Changes in assets and liabilities
Net cash provided by operating activities
Cash Flows Used in Investing Activities
Capital expenditures
Other, net
Net cash used in investing activities
Cash Flows from Financing Activities
Net increase (decrease) in short-term debt
Net proceeds from issuance of long-term debt
Settlement of Treasury lock agreements
Unwinding of Treasury lock agreements
Repayment of long-term debt
Cash dividends paid
Repurchase of common stock
Repurchase of equity awards
Issuance of common stock
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
2011
2010
2009
$
207,601
$
205,839
$ 190,978
30,270
—
5,382
233,155
228
117,353
11,586
9,438
(961)
(25,826)
582,844
216,960
173
196,731
12,655
11,908
(1,245)
83,455
726,476
217,208
94
129,759
14,494
10,364
(1,177)
352,131
919,233
(622,965)
(4,421)
(627,386)
(542,636)
(509,494)
(66)
(7,707)
(542,702)
(517,201)
83,306
394,466
20,079
27,803
(360,131)
(124,011)
—
(5,299)
7,796
44,009
(533)
131,952
131,419
$
54,268
—
—
—
(131)
(124,287)
(100,450)
(1,191)
8,766
(283,981)
445,623
1,938
—
(407,353)
(121,460)
—
—
27,687
(163,025)
(337,546)
20,749
111,203
64,486
46,717
$ 131,952
$ 111,203
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 29
Report of Independent Registered Public Accounting Firm
on Condensed Financial Statements
The Board of Directors and Shareholders of Atmos Energy Corporation
We have audited, in accordance with the standards of the Public Company Account-
ing Oversight Board (United States), the consolidated balance sheets of Atmos Energy
Corporation at September 30, 2011 and 2010, and the related consolidated statements
of income, shareholders’ equity, and cash flows for each of the three years in the period
ended September 30, 2011 (not presented separately herein); and in our report dated
November 22, 2011, we expressed an unqualified opinion on those consolidated finan-
cial statements.
In our opinion, the information set forth in the accompanying condensed consolidated
financial statements is fairly stated in all material respects in relation to the consolidated
financial statements from which it has been derived.
We also have audited, in accordance with the standards of the Public Company Account-
ing Oversight Board (United States), the effectiveness of Atmos Energy Corporation’s
internal control over financial reporting as of September 30, 2011, based on criteria
established in Internal Control—Integrated Framework issued by the Committee of Spon-
soring Organizations of the Treadway Commission and our report dated November 22,
2011 (not presented separately herein) expressed an unqualified opinion thereon.
Dallas, Texas
November 22, 2011
30 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
Consolidated Financial and Statistical Summary 2007–2011
Year Ended September 30
2011
2010
2009
2008
2007
Balance Sheet Data at September 30 (000s)
Capital expenditures
Net property, plant and equipment
Working capital
Total assets
Shareholders’ equity
Long-term debt, excluding current maturities
Total capitalization
Income Statement Data
Operating revenues (000s)
Gross profit (000s)
Income from continuing operations (000s)
Income from discontinued operations, net of tax (000s)
Net income (000s)
Income per share from continuing operations—diluted
Income per share from discontinued operations—diluted
Net income per diluted share
Common Stock Data
Shares outstanding (000s)
End of year
Weighted average
Cash dividends per share
Shareholders of record
Market price— High
Low
End of year
Book value per share at end of year
Price/Earnings ratio at end of year
Market/Book ratio at end of year
Annualized dividend yield at end of year
Customers and Volumes (as metered)
Consolidated distribution gas sales volumes (MMcf)
Consolidated distribution gas transportation
volumes (MMcf)
Consolidated distribution throughput (MMcf)
Consolidated transmission and storage
transportation volumes (MMcf)
Consolidated nonregulated delivered gas
sales volumes (MMcf)
Meters in service at end of year
Heating degree days*
Degree days as a percentage of normal*
Gas distribution average cost of gas per Mcf sold
Gas distribution average transportation fee per Mcf
Statistics
Return on average shareholders’ equity
Number of employees
Net gas distribution plant per meter
Gas distribution operation and maintenance
expense per meter
Meters per employee—gas distribution
Times interest earned before income taxes
622,965
$
5,147,918
143,355
7,282,871
2,255,421
2,206,117
4,461,538
$ 4,347,634
1,327,241
198,884
8,717
207,601
2.17
0.10
2.27
$
$
$
$
$
90,296
90,652
1.36
18,680
34.98
28.87
32.45
24.98
14.30
1.30
$
542,636
$ 509,494
$ 472,273
$ 392,435
4,793,075
4,439,103
4,136,859
3,836,836
(290,887)
91,519
78,017
149,217
6,763,791
6,367,083
6,386,699
5,895,197
2,178,348
2,176,761
2,052,492
1,965,754
1,809,551
2,169,400
2,119,792
2,126,315
3,987,899
4,346,161
4,172,284
4,092,069
$ 4,719,835
$ 4,869,111
$ 7,117,837
$ 5,803,177
1,337,505
1,319,678
1,293,922
1,221,078
198,273
7,566
205,839
2.12
0.08
2.20
183,299
7,679
190,978
1.98
0.09
2.07
173,485
6,846
180,331
1.91
0.08
1.99
160,828
7,664
168,492
1.82
0.09
1.91
$
$
$
$
$
90,164
92,422
92,552
91,620
90,815
89,941
89,327
87,486
1.34
$
1.32
$
1.30
$
1.28
19,738
20,790
21,756
$
$
$
$
30.06
26.41
29.25
24.16
13.30
1.21
$
$
$
$
28.80
20.20
28.18
23.52
13.61
1.20
29.46
25.09
26.62
22.60
13.38
1.18
$
$
$
$
22,829
33.11
26.47
28.32
22.01
14.83
1.29
4.2%
4.6%
4.7%
4.9%
4.5%
289,927
322,628
282,117
292,676
297,327
134,093
424,020
131,547
454,175
126,768
408,885
136,678
429,354
130,542
427,869
435,012
428,599
528,689
595,542
505,493
384,799
3,213,191
2,733
$
$
$
$
99%
5.30
.46
9.1%
4,949
1,362
111
676
3.13
$
$
$
$
353,853
370,569
389,392
370,668
3,186,040
3,178,844
3,191,779
3,187,127
2,780
102%
2,713
100%
2,820
100%
5.77
.46
$
$
6.95
.46
$
$
9.05
.43
$
$
9.1%
4,913
1,243
114
676
3.09
$
$
8.9%
4,891
1,165
116
678
2.82
$
$
8.8%
4,750
1,091
122
700
3.06
$
$
2,879
100%
8.09
.44
8.8%
4,653
1,020
119
713
2.75
* Heating degree days are adjusted for service areas with weather-normalized operations.
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 31
Atmos Energy Officers
Senior Management Team
Regulated Divisions
Robert W. Best
Executive Chairman
of the Board
Kim R. Cocklin
President and
Chief Executive Officer
Fred E. Meisenheimer
Senior Vice President and
Chief Financial Officer
Louis P. Gregory
Senior Vice President and
General Counsel
Michael E. Haefner
Senior Vice President,
Human Resources
Marvin L. Sweetin
Senior Vice President,
Utility Operations
32 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
J. Kevin Akers
President,
Kentucky/Mid-States Division
Richard A. Erskine
President,
Atmos Pipeline–Texas Division
David E. Gates
President,
Mississippi Division
Gary W. Gregory
President,
West Texas Division
Tom S. Hawkins, Jr.
President,
Louisiana Division
John A. Paris
President,
Mid-Tex Division
Gary L. Schlessman
President,
Colorado-Kansas Division
J. Kevin Akers
President,
Kentucky/Mid-States Division
Richard A. Erskine
President,
Atmos Pipeline–Texas Division
David E. Gates
President,
Mississippi Division
Gary W. Gregory
President,
West Texas Division
Tom S. Hawkins, Jr.
President,
Louisiana Division
John A. Paris
President,
Mid-Tex Division
Gary L. Schlessman
President,
Colorado-Kansas Division
Atmos Energy Officers
Nonregulated Operations
Shared Services (continued)
Mark S. Bergeron
President,
Atmos Energy Holdings, Inc.
Shared Services
Verlon R. Aston, Jr.
Vice President,
Governmental and
Public Affairs
Conrad E. Gruber
Vice President,
Strategic Planning
Dwala J. Kuhn
Corporate Secretary
Kenneth M. Malter
Vice President,
Gas Supply and Services
Christopher T. Forsythe
Vice President and Controller
Edward Pace McDonald IV
Vice President, Tax
Daniel M. Meziere
Vice President and Treasurer
Susan K. Giles
Vice President,
Investor Relations
Richard J. Gius
Vice President and
Chief Information Officer
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 33
Board of Directors
Robert W. Best
Executive Chairman
of the Board,
Kim R. Cocklin
President and
Richard W. Douglas
Ruben E. Esquivel
Executive Vice President,
Vice President for
Chief Executive Officer,
Jones Lang LaSalle LLC
Community and Corporate
Atmos Energy Corporation
Atmos Energy Corporation
Dallas, Texas
Relations, The University
Dallas, Texas
Dallas, Texas
Board member since 2007
of Texas Southwestern
Board member since 1997
Board member since 2009
Committees: Human
Medical Center at Dallas
Resources, Work Session/
Dallas, Texas
Annual Meeting
Board member since 2008
Committees: Audit,
Human Resources
Richard K. Gordon
Robert C. Grable
General Partner, Juniper
Partner, Kelly Hart &
Energy LP, Juniper Capital LP
Hallman LLP
Dr. Thomas C.
Meredith
Retired, formerly
Nancy K. Quinn
Principal, Hanover
Capital, LLC
and Juniper Advisory LP
Fort Worth, Texas
Commissioner of Mississippi
East Hampton, New York
Houston, Texas
Board member since 2009
Institutions of Higher Learning
Board member since 2004
Board member since 2001
Committees: Audit,
Jackson, Mississippi
Committees: Audit (Chair),
Committees: Human
Human Resources
Board member since 1995
Executive, Nominating and
Resources (Chairman),
Executive, Nominating and
Corporate Governance
Committees: Work Session/
Corporate Governance
Annual Meeting (Chairman),
Audit, Executive, Nominating
and Corporate Governance
Stephen R. Springer
Charles K. Vaughan
Richard Ware II
Retired Senior Vice President
Retired Chairman
President, Amarillo
and General Manager,
of the Board,
Midstream Division,
Atmos Energy Corporation
National Bank
Amarillo, Texas
The Williams Companies, Inc.
Dallas, Texas
Board member since 1994
Fort Myers Beach, Florida
Board member since 1983
Committees: Nominating and
Lee E. Schlessman
Honorary Director
President, Dolo
Investment Company
Denver, Colorado
Board member since 2005
Lead Director since 2003
Corporate Governance
Retired from Board in 1998
Committee: Work Session/
Committee: Executive
(Chairman), Audit,
Annual Meeting
(Chairman)
Executive, Work Session/
Annual Meeting
34 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
Corporate Information
Common Stock Listing
New York Stock Exchange. Trading symbol: ATO
Stock Transfer Agent and Registrar
American Stock Transfer & Trust Company, LLC
Operations Center
620115th Avenue
Brooklyn, New York 11219
800-543-3038
To inquire about your Atmos Energy common stock, please call
AST at the telephone number above. You may use the agent’s
interactive voice response system 24 hours a day to learn about
transferring stock or to check your recent account activity, all without
the assistance of a customer service representative. Please have
available your Atmos Energy shareholder account number and your
Social Security or federal taxpayer ID number.
To speak to an AST customer service representative, please call
the same number between 8 a.m. and 7 p.m. Eastern time, Monday
through Thursday, or 8 a.m. to 5 p.m. Eastern time on Friday.
You also may send an email message on our agent’s website
at www.amstock.com. Please refer to Atmos Energy in your email
message and include your Atmos Energy shareholder account number.
Independent Registered Public Accounting Firm
Ernst & Young LLP
One Victory Park
Suite 2000
2323 Victory Avenue
Dallas, Texas 75219
214-969-8000
Form 10-K
Atmos Energy Corporation’s Annual Report on Form 10-K is avail-
able at no charge from Investor Relations, Atmos Energy Corpora-
tion, P.O. Box 650205, Dallas, Texas 75265-0205 or by calling
972-855-3729 between 8 a.m. and 5 p.m. Central time. Atmos
Energy’s Form 10-K also may be viewed on Atmos Energy’s website
at www.atmosenergy.com.
Annual Meeting of Shareholders
The 2012 Annual Meeting of Shareholders will be held in the
Lincoln Ballroom at the Hilton Hotel Lincoln Centre, 5410 LBJ
Freeway, Dallas, Texas 75240 on Wednesday, February 8, 2012,
at 9:30 a.m. Central time.
Direct Stock Purchase Plan
Atmos Energy Corporation has a Direct Stock Purchase Plan that is
available to all investors. For an Enrollment Application Form and a
Plan Prospectus, please call AST at 800-543-3038. The Prospectus
is also available at www.atmosenergy.com. You may also obtain
information by writing to Investor Relations, Atmos Energy Corpora-
tion, P.O. Box 650205, Dallas, Texas 75265-0205.
This is not an offer to sell, or a solicitation to buy, any securities of
Atmos Energy Corporation. Shares of Atmos Energy common stock
purchased through the Direct Stock Purchase Plan will be offered
only by Prospectus.
Atmos Energy on the Internet
Information about Atmos Energy is available on the Internet at www.
atmosenergy.com. Our website includes news releases, current and
historical financial reports, other investor data, corporate gover-
nance documents, management biographies, customer information
and facts about Atmos Energy’s operations.
Atmos Energy Corporation Contacts
To contact Atmos Energy’s Investor Relations, call 972-855-3729
between 8 a.m. and 5 p.m. Central time or send an email message
to InvestorRelations@atmosenergy.com.
Securities analysts and investment managers, please contact:
Susan K. Giles
Vice President, Investor Relations
972-855-3729 (voice) 972-855-3040 (fax)
InvestorRelations@atmosenergy.com
AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T 35
Forward-looking Statements
The matters discussed or incorporated by reference in this Summary Annual Report may contain “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of
historical fact included in this report are forward-looking statements made in good faith by the Company and are intended to qualify for the safe
harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this report or any other of the Company’s
documents or oral presentations, the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “objective,” “plan,” “projec-
tion,” “seek,” “strategy” or similar words are intended to identify forward-looking statements. Such forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ materially from those discussed in this report. These risks and uncertainties are discussed
in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2011. Although the Company believes these forward-
looking statements to be reasonable, there can be no assurance that they will approximate actual experience or that the expectations derived from
them will be realized. Further, the Company undertakes no obligation to update or revise any of its forward-looking statements, whether as a
result of new information, future events or otherwise.
Other Information
You can view this Summary Annual Report, our Annual Report on Form 10-K and other financial documents for fiscal 2011 and previous years
at www.atmosenergy.com.
If you are a shareholder who would like to receive our Summary Annual Report and other company documents electronically in the future, please
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36 AT M O S E N E R GY 2 011 S U M M A RY A N N UA L R E P O R T
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digging to have natural gas pipelines and other
buried utility lines marked at no charge.
Atmos Energy Corporation
P.O. Box 650205
Dallas, Texas 75265-0205
atmosenergy.com
Atmos Energy Corporation 2011 Summary Annual Report
Ensuring Safety
and Reliability
Voices for
Safety