Atmos Energy 2008 Annual Report Download - page 8

6| ATMOS ENERGY 2008 SUMMARY ANNUAL REPORT
Fiscal 2009 outlook
remains positive
We believe that both the company and
its business will remain healthy and that
we will be able to achieve our nancial
targets for scal 2009. We forecast that
earnings per diluted share will range
from $2.05 to $2.15.
Because of the uncertain economy, we
have taken steps to preserve our credit
and control discretionary costs. We are
pursuing a prudent approach toward new
construction and the borrowings needed
for expansion. We forecast that scal 2009
capital expenditures will be approximately
$510 million to $525 million, compared
to $472.3 million in scal 2008.
We have existing credit facilities in
place to guarantee sucient liquidity for
all of our operations. Our cash ow
remains solid, and our collections are among the best in the
industry, as evidenced by the fact that our uncollectibles
constitute less than 0.5 percent of total revenues.
We have assured our employees and the state agencies
that regulate our operations that we will preserve all essential
functions to serve our customers. We will not make any
cutbacks that might undermine the reliability and safety of
our service. We also will continue to assist our customers
who are having diculty paying their monthly gas bills during
these trying economic times.
Natural gas serves
the nation
We expect the Obama administration and Congress will
enact new policies to promote energy eciency and
environmental improvements. Natural gas already is an
anchor in the new administration’s energy proposals, and
the president-elect has called for producing more gas on the
Outer Continental Shelf and building an Alaskan pipeline
to tap shut-in North Slope gas reserves.
Global climate change now occupies a place of unprece-
dented importance in American politics. e concerns about
global climate change will likely encourage a greater use of
natural gas for reducing the greenhouse gas emissions that
contribute to climate change. Natural gas oers the United
States a bridge to the future, leading to cleaner, renewable
energy while providing the most versatile fuel available for
many needs.
In fact, a 2008 study by the American Gas Foundation
found that the increased direct use of natural gas in residential
and commercial applications can increase the productivity
of our country’s existing energy supplies, reduce our overall
energy costs and cut carbon-related emissions.
Natural gas is an all-American resource, with 97 percent
of our supply coming from North America. e Potential Gas
Committee estimates the U.S. has at least an 82-year supply,
and that estimate likely will go up signicantly when updated
in 2009. New exploration technologies are unlocking natural
gas reserves once thought impossible to recover from shale
and other dicult-to-produce formations. As a result, we will
continue to work with all appropriate regulatory bodies to
advocate the development and use of this critical resource.
A public policy measure that’s very important to our
shareholders is preserving the current limitation on capital
gains taxes, especially for capital-intensive businesses like
BLUE SKIES, CLEAR SKIES
Atmos Energy Corporation celebrated 20 years of trading on the New York Stock Exchange on
October 1, 2008, as Charles K. Vaughan, retired company chairman and CEO, rang the NYSE
closing bell. He was accompanied by the company’s Management Committee and guests.