1. AGA Financial Forum
Robert W. Best
Chairman, President & CEO
May 6, 2008
Forward Looking Statements
The matters discussed or incorporated by reference in this presentation 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 presentation 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 presentation or in any of our other documents or oral presentations, the words
“anticipate,” “believe,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “objective,” “plan,”
“projection,” “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 presentation,
including the risks relating to regulatory trends and decisions, our ability to continue to
access the capital markets, and the other factors discussed in our filings with the
Securities and Exchange Commission. These factors include the risks and uncertainties
discussed in our Annual Report on Form 10-K for the fiscal year ended September 30,
2007 and in our Quarterly Report on Form 10-Q for the three and six months ended
March 31, 2008. Although we believe 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. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new information, future
events or otherwise.
Further, we will only update earnings guidance through our quarterly and annual
earnings releases. All estimated financial metrics for fiscal year 2008 and beyond that
appear in this presentation are current as of the date noted on each relevant slide. 2

2. Overview
Company Profile
The nation’s largest pure-gas distribution company
Solid financial foundation
Track record of creating shareholder value
• Consistent earnings growth
• 24 consecutive years of increasing dividends
Focused strategy over time
• Grow through prudent acquisitions
• Maximize core regulated earnings capability
• Complement core regulated businesses through select
nonregulated operations
3
Overview
Expanding Footprint Promotes Annual EPS Growth of 4 - 6%, on average
Regulated gas distribution operates in 12 states (gold)
Nonregulated operates primarily in the Midwest & Southeast (gray)
4

3. Overview
Diluted Earnings Per Share Contribution Shows Steady Growth
6.1% $1.95-$2.05
CAGR $1.92
$2.10 $1.82
$1.72
$1.58
$1.80
0.55-0.59
0.69 Nonregulated
0.34
$1.50
0.84 Operations
0.42
$1.20 Regulated
Operations
$0.90
1.40-1.46
1.38
1.23
$0.60 1.16
0.98
$0.30
$0.00
2004 2005 2006 2007 2008E
5
Overview
Annual Dividend Remains Steady
$1.30E
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
'8
'8
'8
'8
'8
'8
'9
'9
'9
'9
'9
'9
'9
'9
'9
'9
'0
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'0
'0
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'0
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4
5
6
7
8
9
0
1
2
3
4
5
6
7
8
9
0
1
2
3
4
5
6
7
8
Note: Amounts are adjusted for mergers and acquisitions. For fiscal 2008, $1.30 is the indicated annual dividend.
6

4. Overview
Financial Metrics Continue to Improve
2
1
Return on Invested Capital (ROIC) Times Interest Earned Ratios
3.5
18.0%
16.4%
3.00
3.05
15.5%
16.0% 3.0
2.75
2.75
14.5% 14.4%
2.59
2.55 2.55
14.0% 2.5
13.1%
12.7%
12.0%
2.0
10.0%
1.5
2003 2004 2005 2006 2007 5 Yr Avg
2002 2003 2004 2005 2006 2007 2008E
Weighted Average Cost of Debt Debt Capitalization Ratio
8.0%
65
7.4%
60.9%
6.9% 59.3%
7.0% 60
6.4%
6.1% 6.1%
6.0% 5.9%
55
6.0%
53.6%
5.6% 53.7%
50
5.0%
45
43.3%
4.0%
40
2003 2004 2005 2006 2007
3.0%
2001 2002 2003 2004 2005 2006 2007 2008E
(1) ROIC - Return on invested capital is calculated using the following GAAP financial measures: Income before interest expense and income taxes plus common stock dividends paid,
divided by the average of the year’s beginning and ending long-term debt plus common equity. This measure is used to more precisely evaluate operational performance and
management effectiveness.
(2) The times interest earned ratio measures the ability to satisfy annual interest costs. 7
Overview
Investment Grade Credit Ratings Allow Financial Flexibility
Moody’s Rating
Senior Unsecured Debt: Baa3
Commercial Paper: P-3
Outlook: stable
Standard & Poor’s
Senior Unsecured Debt: BBB
Commercial Paper: A-2
Outlook: positive
Fitch
Senior Unsecured Debt: BBB+
Commercial Paper: F-2
Outlook: stable
8

5. Regulated Operations
Atmos Energy Corporation
Atmos Energy Corporation
(Regulated Operations)
(Regulated Operations) Atmos Energy Holdings, Inc.
Atmos Energy Holdings, Inc.
Gas Distribution Divisions
Gas Distribution Divisions
Transmission & Storage (Nonregulated Operations)
Transmission & Storage (Nonregulated Operations)
Colorado-Kansas
Colorado-Kansas
Atmos Energy Marketing
Atmos Energy Marketing
Kentucky/Mid-States
Kentucky/Mid-States • • Marketing
Marketing
• • Asset Optimization
Asset Optimization
Louisiana
Louisiana
Atmos Pipeline, Storage
Atmos Pipeline, Storage
Mid-Tex
Mid-Tex and Other
and Other
• • Non-Texas Assets (Storage & Pipeline)
Non-Texas Assets (Storage & Pipeline)
Mississippi
Mississippi • • Midstream
Midstream
• • Other
Other
West Texas
West Texas
Atmos Pipeline -Texas
Atmos Pipeline -Texas
9
Regulated Natural Gas Distribution
Profit Drivers in the Distribution Business
Regulated Gas Distribution Operates in 12 States (gold)
Customer and meter
growth
Growing rate base
Managing costs
Executing our rate
strategy
10

6. Regulated Natural Gas Distribution
Successfully Executing on the Rate Strategy
GRIP/
Purchased Accelerated Decoupling/ Gas Cost
Number of Percentage Gas Cost Capital Rate Bad Debt
Customers of Total Adjustments WNA Recovery Stabilization Recovery
4, 6
6
1,800,000 Partial
Texas 57% Partial
Louisiana 350,000 11%
Mississippi 270,000 8%
Remaining
1 2 3 5
Jurisdictions 770,000 24% Partial
Partial Partial
Partial means applicable within certain jurisdictions within the category.
1 Excludes Colorado, Iowa and Illinois for a total of 137,657 customers.
2 Includes Missouri, Kansas and Georgia for a total of 258,102 customers.
3 Includes Missouri for a total of 59,672 customers.
4 Includes Amarillo for a total of 69,772 customers.
5 Includes Kansas and Virginia for a total of 151,545 customers.
6 Includes Mid-Tex Division customers residing in cities covered by settlement agreements.
11
Regulated Operations
Recent Regulatory Activity Aids Margin Growth
Mid-Tex – pending rate case
• Settlement agreement reached with all major parties, except City of Dallas
• Includes an initial increase of $10 million on a systemwide basis, effective
April 1, 2008
• Rate review mechanism (RRM) effective for a three-year trial period – initial
filing of $33.5 million made on April 14, 2008, with implementation Oct. 1st
• Proposal for decision on City of Dallas appeal is expected May 16th with final
decision scheduled for June 27th
Louisiana – pending annual rate stabilization filings
• Filed for approximately $2.6 million in March 2008 for LGS jurisdiction
• Approved $2.1 million increase for Trans La jurisdiction, effective April 1, 2008
Kansas – pending rate case
• Filed for $5 million in September 2007
• Tentative $2.1 million settlement with staff, final order expected May 2008
Georgia – pending rate case
• Filed for over $6 million in March 2008, decision expected September 2008
• Forward-looking filing with test year ending March 30, 2009
Atmos Pipeline - Texas – 2007 GRIP filing for revenue increase of
approximately $7.0 million implemented on April 15th
12

7. Regulated Operations
Approved Annual Rate Increases in the Regulated Operations
$60.0 $50 - $60
$50.0
$40.1
($ Millions)
$39.0
$40.0 2.9
1.4
$30.0
25.6
$18.6
34.3
$20.0 $16.2
2.8
5.7
$10.0 $6.3
15.8
11.6
1.8
10.5
4.5 3.3
$0.0
2003 2004 2005 2006 2007 2008-2012E
Annual Mechanism GRIP General Rate Case Aggregate 13
Regulated Transmission and Storage
Strategically Positioned Atmos Pipeline –Texas
Favorably positioned; spans
Texas gas supply basins and
growing consumer market
Pipeline Operations
• Connects to major market hubs-
Waha, Katy and Carthage
• 6,300 miles of intrastate pipeline
• Estimated transportation volume of
740 Bcf in fiscal 2008
• Current average volume of
approximately 2.0 Bcf/d
• Demonstrated peak day deliveries
of 3.5 Bcf/d
Five Storage Facilities
• One salt cavern, four reservoirs
West Texas Division • 39 Bcf working gas capacity
• 1.2 Bcf/d maximum withdrawal
Mid-Tex Division
• 270 MMcf/d maximum injection
Atmos Pipeline-Texas
Atmos Energy Headquarters
14

8. Regulated Transmission and Storage
Atmos Pipeline – Texas Growth Drivers
735-745
699
750
Growth Drivers
Transportation Volumes
581
555
600
Pursue capacity and
547-550
compression growth
505
450
(Bcf)
411
opportunities
374
300
Increased through-system
150 1188-195
194
volumes primarily from
181 170
producers in Barnett Shale
0
2005 2006 2007 2008E
Margin expansion through
Mid-Tex Division Third Party
ancillary services such as
200 172-177
parking and lending, balancing,
163
Margin Composition
175
blending, and compression
141
138
150
($millions)
78-81
Gas price volatility increasing
78
125
64
60
basis differentials between
100
Texas hubs
75 94-96
85
50 78 77
25
0
2005 2006 2007 2008E
Tariff Based Market Based 15
Regulated Transmission and Storage
Barnett
Shale
y
alle
on V
Cott
sier
Bos s
d
San
Permian
Location of gas
supply basins
16

9. Nonregulated Operations
Organization Structure
Atmos Energy Corporation
Atmos Energy Corporation
(Regulated Operations)
(Regulated Operations) Atmos Energy Holdings, Inc.
Atmos Energy Holdings, Inc.
Gas Distribution Divisions
Gas Distribution Divisions
Transmission & Storage (Nonregulated Operations)
Transmission & Storage (Nonregulated Operations)
Colorado-Kansas
Colorado-Kansas
Atmos Energy Marketing
Atmos Energy Marketing
Kentucky/Mid-States
Kentucky/Mid-States • • Marketing
Marketing
• • Asset Optimization
Asset Optimization
Louisiana
Louisiana
Atmos Pipeline, Storage
Atmos Pipeline, Storage
Mid-Tex and Other
Mid-Tex and Other
• Non-Texas Assets (Storage & Pipeline)
• Non-Texas Assets (Storage & Pipeline)
Mississippi • • Midstream
Mississippi Midstream
• • Other
Other
West Texas
West Texas
Atmos Pipeline -Texas
Atmos Pipeline -Texas
17
Nonregulated Operations
Atmos Energy Marketing Customers (gray states)
About 1,100 customers
Target market is Atmos
Energy’s natural gas
distribution footprint
Focus on areas where we
manage, lease or own storage
and transportation assets
Regional offices allow for
more direct customer access
18

10. Nonregulated Operations
Business Mix
Core Business Core Business Business Opportunities
Asset Optimization Mid-Stream Development
Delivered Gas
Business
Extract (optimize) the value of
Aggregate & Purchase Gas Gather, process and store
Services owned, leased or managed
Supply, Transport, producer volumes for
storage and transportation
Storage/Load Balancing, downstream delivery to
assets as markets provide
Risk Management and other markets.
opportunities via price
bundled services
volatility
Capture additional value of Develop or acquire gathering,
Strategy Find cost effective sources
storage and transportation processing or storage assets
of gas and deliver to
assets thru arbitrage and that will provide steady,
customers reliably and at a
segmenting strategies, predictable income and support
competitive price.
within risk limits. marketing opportunities.
Provide creative solutions
Expand leased storage and Reduce gas costs through
and services to meet
transportation capacity thru value-added services provided
customers gas requirements
new customer relationships to producers.
More predictable margins
Variable margins, with upside. Stable, fee-based income.
Margins from primarily 90 day to 365
Driven by gas price volatility Driven by gathering,
day contracts
creating arbitrage potential, processing, and storage
Driven by customer demand physical storage capabilities, services.
for gas volumes, services costs and available storage
and competition. and transport capacity.
19
Nonregulated Operations
Atmos Energy Marketing – Margin Composition
2008E
Impacted by customer volume demand
Sales prices are:
Delivered Gas
Delivered Gas • Cost plus profit margin
60% - 70%
• Cost plus demand charges
(Bundled gas deliveries &
(Bundled gas deliveries &
peaking sales)
peaking sales) Margins: More predictable
Impacted by gas price spread values
in the market (arbitrage opportunity) &
MTM accounting treatment
Physical storage capabilities
Asset Optimization 30% - 40%
Asset Optimization Available storage and transport
capacity
(Storage & transportation • 12.9 Bcf proprietary contracted capacity
(Storage & transportation
management) • 39.1 Bcf customer-owned / AEM-managed
management)
storage
Margins: More variable
=
Total margins reflect:
Stability from delivered gas margins
Total AEM
Total AEM Stable with potential
Upside from optimizing our storage
Margins
Margins upside
and transportation assets to capture
arbitrage value
20

11. Nonregulated Operations
Delivered Gas Volumes Continue Growth Trend
Key Growth Drivers
500
Consolidated Sales Volumes
415-450
371
400
Retain existing customers
284
300 238
223 Saturate existing markets
BCF
Expand into targeted growth
200
markets (Texas, Alabama, etc.)
100
Expand asset management
0
business
2004 2005 2006 2007 2008E
Unit margin expansion from
0.31
premium value-added services
0.30 0.25
Consolidated Delivered Gas
0.23 provided to customers
Access to storage assets
(cents per Mcf)
Unit Margins
0.15
0.20 0.14
Gas price volatility
0.10
0.00
2004 2005 2006 2007 2008E
21
Nonregulated Operations
Nonregulated Atmos Energy Marketing
Delivered Gas and Asset Optimization Margins Remain Steady
150.0 Delivered Gas Margins have remained
130.6
fairly constant at about $60 million, with
130.0
the exception of Fiscal 2006 due to effects
17.2 104.3
of Hurricane Katrina
110.0 90.0-100.0
26.2 Asset Optimization Margins trending
62.0
18.4
($ millions)
between $25 million - $30 million annually
90.0
30.0-35.0
Fiscal 2008 marketing segment margins
28.0 28.8
70.0 are expected to be between $90 million
and $100 million, excluding any mark-to-
50.0
market impact
87.2
60.0 57.1 60.0-65.0 Mark-to-market accounting impact is
30.0
recognized in Unrealized Margins and an
example of the accounting can be found
10.0
in the appendix to this presentation.
(10.0) (26.0)
(30.0)
2005 2006 2007 2008E
Delivered Gas Asset Optimization Unrealized Margins
22

12. Nonregulated Operations
Business Development Strategy
Currently, over 15 potential projects under review
Includes gathering, light processing, pipeline and storage projects
Capital investment ranges between $3 million to $300 million per
project, some are multi-year projects
Fiscal 2008 budget includes approximately $33 million for
development of these identified projects
Park City Natural Gas Gathering System in Western Kentucky
In January 2008, filed with the Federal Energy Regulatory
Commission (FERC) to construct and operate a salt-cavern gas
storage project in Louisiana
23
Nonregulated Operations
Park City Gathering System in Kentucky
23 mile low-pressure gas
gathering system northeast
of Bowling Green, KY with
delivery into TGT’s
Slaughter/Bowling Green
lateral
Initially, 47 of 60 wells
connected via polyethylene
pipe with expected capacity
of over 10,000 Mcf/d
The gas contains about 16%
nitrogen and will be treated
by a facility, jointly owned by
Atmos and HNNG
Total cost of about $10
million; $3 million of capital
spent in fiscal 2007 and
about $7 million expected in
fiscal 2008
24

13. Nonregulated Operations
Ft. Necessity Gas Storage Project in Louisiana
Initial project includes
development of three 5 Bcf Salt Storage Project
caverns with six-turn
Franklin Parish, LA
injection and withdrawal
capabilities
Storage facility adjacent to
large interstate pipelines
Pending FERC approval,
first cavern projected to be
operational in 2011; the
other two caverns
operational by 2012 and
2014
Depending on market
demand, four additional Legend of Nearby Pipelines
storage caverns could Regency ANR
potentially be developed LIG CGT
TGT TGP
Fort Necessity
Non-binding open season Salt Dome
TLG
expected Q3 Fiscal 2008
25
Financial Review
Consolidated Earnings Guidance – Fiscal 2008E
Atmos Energy continues to anticipate earnings to be in the
range of $1.95 - $2.05 per fully diluted share for the 2008
fiscal year
Assumptions include:
• Contribution from natural gas marketing segment reflecting less
volatility in gas prices
o Total expected gross margin contribution from the marketing segment in
the range of $90 million to $100 million, excluding any material mark-to-
market impact
• Continued successful execution of rate strategy and collection efforts
• Bad debt expense of no more than $15 million
• Average annual short-term interest rate @ 6.5%
• No material acquisitions
Note: Changes in these events or other circumstances that the company cannot currently anticipate could
materially impact earnings, and could result in earnings for fiscal 2008 significantly above or below this outlook.
26

14. Financial Review
Projected Net Income by Segment
($ millions, except EPS)
2008E
2005 2006 2007
$ 86 - 90
$ 53
$ 81 $ 73
Natural Gas Distribution
40 - 42
27
28 34
Regulated Trans & Storage
38 - 40
58
23 46
Natural Gas Marketing
12 - 13
10
4 15
Pipeline, Storage & Other
176 - 185
148
136 168
Total
90.1
81.4
79.0 87.7
Avg. Diluted Shares
$1.95 - $2.05
$ 1.82
$ 1.72 $ 1.92
Earnings Per Share
27
Financial Review
Ample Cash Flow Generated
($ millions)
2007
2006 2008E
2005
$ 387 $ 311 $ 547 $ 540 - 560
Cash flows from operations
(243) (287) (287) (325-335)
Maintenance/Non-growth capital
(99) (102) (112) (117)
Dividends
$ 148 $ 78 - 88
$ 45
Available Cash $ (78)
28

15. Financial Review
Capital Expenditures
($ millions)
Regulated Regulated Nonregulated
Gas Distribution Transmission & Storage
$35-38
$347-$354
$327.4
$100
$400
$68-73
$40
$350 $59.3
2-4
$75
$300
$30
265-
$250
270
228.3
$50
$200 58-61 $20
57.2
$150 33-34
$5.7
$25
$100 $10
1.1
$50 99.1 82-84 10-12 4.6
2.1
$0
$0
$0
2007 2008E
2007 2008E
2007 2008E
Maintenance Capital
Growth Capital
Consolidated fiscal 2008 CAPEX projection is $450-$465 million
29
Financial Review
Compelling Valuation and Total Return Proposition
Forward P/E Estimates 5 Year Expected Total Return
16.0 13.9%
15.2x 15.0
1.9
15.0 14.5x
12.0 9.1%
8.9%
14.0 13.5x 9.0
12.0
3.9 4.7
6.0
13.0
5.1 4.4
3.0
12.0 Peer Group S&P 500
Atmos
Atmos
S&P 500 Peer Group Avg. Energy
Energy
Avg.
5 year growth rate dividend yield
Source: Bloomberg @ 4/25/08
Peer group averages exclude Atmos
Companies in the peer group include AGL Resources, Laclede, New Jersey Resources, Nisource, Northwest Natural Gas, Oneok, Piedmont
Natural Gas, Southwest Gas and WGL Holdings.
30

16. Summary
Company Profile
The nation’s largest pure-gas distribution company
Solid financial foundation
Track record of creating shareholder value
• Consistent earnings growth
• 24 consecutive years of increasing dividends
Focused strategy over time
• Grow through prudent acquisitions
• Maximize core regulated earnings capability
• Complement core regulated businesses through select
nonregulated operations
31
Slide
Appendix
32

17. Consolidated Financial Results – Fiscal 2Q
Net Income by Segment
($ in millions)
)
Key Drivers
Rate increase
5% $111.5 adjustments, primarily
$106.5 in Texas
$140.0
$120.0 Decrease in
5 .4
5 .9
nonregulated natural
5 .3
$100.0 11.0 gas marketing
15 .2
13 .3
$80.0 margins, primarily due
to decrease in storage
$60.0
and trading activities
8 5 .6
$40.0 7 6 .3
Increase in O&M
$20.0 expenses, primarily
due to higher
$0.0
administrative costs
2Q 2007 2Q 2008
Natural gas distribution Regulated transm ission & storage
Natural gas m arketing Pipeline, storage & other
33
Consolidated Financial Results – Fiscal YTD
Net Income by Segment
($ in millions)
)
Key Drivers
Decrease in
(1)%
$187.8 nonregulated natural
$185.3
$250.0 gas marketing margins,
primarily due to
8.5
10.7
$200.0 decrease in storage and
trading activities
25.9
46.0
$150.0 25.1 Rate increase
22.9
adjustments, primarily
$100.0
in Texas
125.8
108.2
$50.0 Increase in O&M
expenses primarily due
$0.0 to higher employee and
administrative costs
YTD 2007 YTD 2008
Natural gas distribution Regulated transm ission & storage
Natural gas m arketing Pipeline, storage & other
34

18. Consolidated Financial Results – Fiscal YTD
Capital Expenditures
Regulated Regulated Nonregulated
Gas Distribution Transmission & Storage
$174.0
$26.4
$200 $30 $4
$22.1
$143.7
$2.7 $2.6
$160
0.1
$20
$120 0.5
130.2
$2
98.4
26.4 19.5
$80
$10 2.5
2.2
$40
45.3 43.8
2.6 $0
$0 $0
YTD 2007 YTD 2008
YTD 2007 YTD 2008 YTD 2007 YTD 2008
Total Fiscal 2008 YTD Expenditures: $198.7 million
Growth Capital
Total Maintenance Capital: $149.8 million
Total Growth Capital: $ 48.9 million
Maintenance Capital
35
Consolidated Financial Results – Fiscal 2Q
Natural Gas Marketing Segment
Three Months Ended March 31
2008 2007 Change
(In thousands, except physical position)
Delivered gas $26,195 $14,252 $11,943
Asset optimization 27,737 77,724 (49,987)
Unrealized margin (37,600) (68,923) 31,323
$16,332 $23,053
GROSS PROFIT ($6,721)
Net physical position (Bcf) 20.7 19.6 1.1
36

19. Consolidated Financial Results – Fiscal YTD
Natural Gas Marketing Segment
Six Months Ended March 31
2008 2007 Change
(In thousands, except physical position)
Delivered gas $44,368 $34,321 $10,047
Asset optimization 27,212 71,934 (44,722)
Unrealized margin (9,285) (20,068) 10,783
$62,295 $86,187
GROSS PROFIT ($23,892)
Net physical position (Bcf) 20.7 19.6 1.1
37
Nonregulated Operations
Atmos Energy Marketing
Economic Value vs. GAAP Reported Results
We commercially manage our storage assets by capturing arbitrage value through
optimization strategies that create embedded (forward) value in the portfolio. We
financially report the transactions for external reporting purposes in accordance
with generally accepted accounting principles (“GAAP”).
GAAP Reported Value is the period to period net change in fair value of the
portfolio reported in the income statement that results from the process of marking
to market the physical storage volumes and corresponding financial instruments in
an interim period.
Economic Value is the period to period forward margin of our storage portfolio
that results from the process of calculating our weighted average cost of inventory
(WACOG), and our weighted average sales price of our forward financials
(WASP), then multiplying the difference times inventory volumes. This margin will
be realized in cash when the hedged transaction is executed or when financials
are settled and then reset to stay hedged against physical volumes.
• Economic Value represents the “forward” economic margin of the transactions, while GAAP
reported results reflect that portion of our “forward” margin that has been recorded in the income
statement.
• Volatility in earnings includes the impact of the accounting treatment of our storage portfolio in
accordance with GAAP and is reflective of relatively high price volatility of the prompt month, and
the relatively low volatility of the offsetting forward months.
38

20. Nonregulated Operations
Atmos Energy Marketing
Economic Value vs. GAAP Reported Results
Reported GAAP Economic Value*
Reported GAAP
Value (Commercial Value)
Value
- -Physical and Financial
Physical and Financial - Physical and Financial
Positions Positions
Positions
$10.8 MM
$(0.6) MM
$(0.6) MM
Market Spread
Embedded margin
difference
*Realizing Economic Value
$11.4 MM is dependent on ability to
execute – deliver physical
gas & close financial hedges
Supporting data appears on
the following slide
At March 31, 2008
39
Nonregulated Operations
Atmos Energy Marketing
Economic Value vs. GAAP Reported Results
Three Months Ended
Physical Economic Value (EV) GAAP Reported Value - MTM Market Spread
($ per mcf)
Period Volume Total Total Total
WASP WACOG EV
Ending (Bcf) ($ in millions) ($ per mcf) ($ in millions) ($ per mcf) ($ in millions)
21.0 10.6691 7.7802 2.8889 1.5636 1.3253
12/31/2006 60.6 32.8 27.8
19.6 8.2196 7.6701 0.5495 (1.2347) 1.7842
3/31/2007 10.8 (24.2) 35.0
(1.4) $ (2.4495) $ (0.1101) $ (2.3394) $ (2.7983) $ (57.0) $ 0.4589
2007 Variance (49.8) $ 7.2
17.7 9.8199 7.3266 2.4933 1.8561 0.6372
12/31/2007 44.2 32.9 11.3
20.7 8.6763 8.1555 0.5208 (0.0296) 0.5504
3/31/2008 10.8 (0.6) 11.4
3.0 $ (1.1436) $ 0.8289 $ (1.9725) $ (1.8857) $ (33.5) $ (0.0868) $
2008 Variance (33.4) 0.1
WASP: Weighted average sales price for gas held in storage
WACOG: Weighted average cost of AEM’s gas in storage
EV: “Economic Value” which equals gas sales price (WASP) minus cost of gas (WACOG) on a per unit basis
40

21. Nonregulated Operations
Atmos Energy Marketing
Economic Value vs. GAAP Reported Results
Six Months Ended
Physical Economic Value (EV) GAAP Reported Value - MTM Market Spread
($ per mcf)
Period Volume Total Total Total
WASP WACOG EV
Ending (Bcf) ($ in millions) ($ per mcf) ($ in millions) ($ per mcf) ($ in millions)
14.5 11.9716 7.8329 4.1387 (1.1076) 5.2463
9/30/2006 60.0 (16.0) 76.0
19.6 8.2196 7.6701 0.5495 (1.2347) 1.7842
3/31/2007 10.8 (24.2) 35.0
5.1 $ (3.7520) $ (0.1628) $ (3.5892) $ (0.1271) $ (8.2) $ (3.4621) $
2007 Variance (49.2) (41.0)
12.3 11.1547 7.8297 3.3250 0.8819 2.4431
9/30/2007 40.8 10.8 30.0
20.7 8.6763 8.1555 0.5208 (0.0296) 0.5504
3/31/2008 10.8 (0.6) 11.4
8.4 $ (2.4784) $ 0.3258 $ (2.8042) $ (0.9115) $ (11.4) $ (1.8927) $
2008 Variance (30.0) (18.6)
WASP: Weighted average sales price for gas held in storage
WACOG: Weighted average cost of AEM’s gas in storage
EV: “Economic Value” which equals gas sales price (WASP) minus cost of gas (WACOG) on a per unit basis
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