Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Executives

Steve Cave - VP of Finance

John Somerhalder - Chairman, President and CEO

Drew Evans - EVP and CFO

Analysts

Ryan Rosenthal - Sidoti & Company

Ted Durbin - Goldman Sachs

Barry Klein - Citi

Jeremy Watson - J.W.P. Capital Partners

Gordon Howald - East Shore Partners

Mike Hahn - Bryn Mawr Capital

AGL Resources Inc. (AGL) Q1 2010 Earnings Call April 28, 2010 10:00 AM ET

Operator

Good day, ladies and gentlemen and welcome to the first quarter 2010 AGL Resources Earnings Conference Call. My name is Melanie and I will be your coordinator today. At this time all participants are in listen-only mode. We will conduct a question-and-answer session at the end of this conference. (Operator Instructions). As a reminder this conference is being recorded for replay purposes.

I would now like to turn the call over to Mr. Steve Cave, Vice President of Finance. Please proceed sir.

Steve Cave

Okay thank you Melanie and good afternoon everyone. Thanks for joining us today to review our first quarter 2010 results. The speakers on the call today will be John Somerhalder, our Chairman, President, and CEO and Drew Evans our Executive Vice President and CFO.

We also have several other members of our management team here with us to answer questions following the prepared remarks. As you know, we issued our earnings release before the market opened this morning, we also filed our Form 10-Q. If you don't have copies of those already you can find those on our website. And before we move to the prepared remarks, let me just remind you that we will be making some forward looking statements and projections today. And that our actual results could differ materially from those projected in the statements.

The are number of factors that could cause such material difference are those are included in our press released and in our SEC filings. We also described our business using some non-GAAP measures and a reconciliation of those measures to the GAAP financials is available in our earnings release and on the website. So we'll begin today's call with some prepared remarks and then we'll open the lines to take your questions.

And with that I’ll turn it over to John.

John Somerhalder

Thank you Steve and good afternoon. Today, we reported earnings of $1.73 per diluted share for the third quarter of 2010 as compared to $1.55 per diluted share for the first quarter of 2009. Each of our business units performed well to help us achieve those results and Drew will describe the business unit variances more detail in a few minutes.

Our results in the first quarter put us on track to achieve our earnings target for this year in the range of $2.95 to $3.05 per share. Sequent’s results for the quarter helped put us ahead of where we expected to be at these points, at this point. Those results do however include gains on our storage and transportation hedges during the quarter in addition to good commercial activity.

As is the case in all years, with price movements and changes in basis spreads, we could report further gains or losses on the hedges in subsequent quarters. As an example, if gas prices move higher from their current relatively low levels, we would recognize hedge losses as a result but would recover those losses as the gas is physically withdrawn and delivered later in 2010 and 2011.

Our results also reflect contributions from our completed regulated capital projects. The Hampton Roads Crossing project in Virginia and the Magnolia pipeline project in Georgia. We place those projects in to commercial operation in the fourth quarter of 2009.

Our first quarter 2010 results also include the additional ownership interest we now have in the SouthStar joint venture. We have two significant milestones coming up and we’ll briefly discuss. The first is our Atlanta Gas Light rate case, which we expect to file with the Georgia Public Service Commission early next week. While we will not share the details of that case prior to when we filed, we do believe our request to be a very reasonable one. Given the significant amount of time that had had been [lapsed] and we had a rate increase in Georgia.

The last base rate increase for Atlanta Gas Light was at 1993. Since that time customers have benefited significantly from the stability in our base rates and the improved reliability of our distribution system. We have established a track record of taking aggressive steps during that time to control rising utility expenses and manage our cost well. However, we continue to see annual increases in pension post-retirement and other labor cost as well as generally higher operating expenses.

At the same time, we have seen a decline in our customer growth as a result for the economic pressures and the weakening housing market here in Georgia. All these factors have contributed to higher operating cost and it will be important for us to be able to recover those cost and to invest in programs to improve customer service and efficiency.

We will provide more detail on the case next week after we file and we will be able to discuss it with you in more detail at our analysts meeting on May 10. The second milestone is the initial commercial operation of our Golden Triangle Storage project in Texas. We anticipate putting the first salt dome storage cavern operation during the third quarter of this year. We have reached about 85% of the first cavern and have now completed close to 60% of the pipeline construction and the compressor station work.

I also want to briefly mention our AGL network sale which we announced in March. We continue to be on track to close that transaction by the end of the second quarter. We have received Hart-Scott-Rodino clearance to move forward and are now working through your assignments and transfers of franchise agreements and other required approvals. Again it was a very good quarter and we feel good about our progress so far this year.

With that I will turn it over to Drew.

Drew Evans

Thanks John and good afternoon everybody. I will cover just a few of the nature segment variances and then we can go to your questions. The MD&A section of our 10-Q includes more detailed operating margin and expense variances by business unit. So I would encourage you to review those as well. Our utility operating margin was up $12 million year-over-year and that was primarily due to the revenue contributions from Hampton Roads and Magnolia which contributed $7 million of the increase.

A portion of the remainder was driven by a higher usage in utilities at Florida City Gas, where weather was 90% colder than normal estimated that $3 million relative to normal temperatures for the entire division. Remember that we are largely weather agonistic in the Utility division.

Slightly higher pipeline replacement revenues in Georgia also contributed to the margin increase. Some of this was offset by lower operating margin at Atlanta Gas Light Company due to a six tenths of a percent year-over-year decline in average customer count.

Utility expenses were up $6 million primarily because of higher payroll and incentive expenses related to the improvement in corporate results year-over-year and to a lesser extent higher depreciation expenses.

Operating margin for the retail segment also increased $12 million year-over-year. Half of this increase was driven by higher customer usage during the quarter where the weather in Georgia was 30% colder than normal and 36% colder than last year.

Our delivered volume was much higher, but we are set up there to mitigate our exposure to weather and we are able to participate in some of the upside of the colder weather during the quarter. The balance of the year-over-year comparison benefited from a $6 million lower of cost to market or low comp adjustment taken during the first quarter of 2009. We recorded no similar adjustment during this year’s first quarter.

SouthStar’s operating expenses were up $1 million mainly due to higher marketing costs and slightly higher bad debt expense. Operating margin for the wholesale services segment was flat year-over-year. There are several reconciling items that bear some explanation. The less significant narrowing of transportation basis spreads resulted in the $13 million decline in gains on transportation hedges during the quarter relative to the prior year. Last year we recorded $24 million and this year we only recorded $11 million.

Offsetting that decline was the $6 million increase in commercial activity year-over-year as well as the $3 million increase in the gain on storage hedges as NYMEX gas prices declined throughout the first quarter of 2010. Sequent’s operating margin also benefited from a $4 million positive year-over-year variance related to a reduction in required low comp adjustments.

Last year we recorded $8 million in lower of cost to market adjustments and this year we recorded just $4 million. Operating expenses for wholesale services decreased $5 million as compared to the prior year period mainly due to decreased incentive compensation and other expenses in that business unit. As Sean alluded to earlier Sequent’s reported results are subject to an amount of volatility in the coming quarters. In the second and third quarters of this year we will inject the majority of our natural gas storage inventory. This inventory will be appropriately hedged to lock in the economic margin, but should we experience increases in forward gas prices, those hedges will be marked and reflected as losses but will effectively be recovered when the locked in margins as recognized as gases deliver. That’s the rollout schedule that we talk about.

If gas prices decline we will see the opposite occur only limited by low comp adjustments to the underlying inventory. Obviously we entered the year with substantially more economic value and the storage of rollout schedule than we previously have had and that economic value is embedded in our earnings guidance for this year which we are reaffirming with today’s announcement.

On other matters, our interest expense for the first quarter of 2010 was $3 million higher than the same period last year. The increase is primarily the result of the additional interest expense associated with our $300 million senior notes issuance completed in August of 2009. Some simple bonding of short-term interest. The only other thing I would mention is the number 50. Our controller Brian Sea turned 50 today and chose to spend his birthday with us instead of at home and so we will thank him for that. But those are the major drivers and let’s go ahead with your questions.

Question-and-Answer Session

Operator

(Operator Instructions). Our first question comes from the line of [Carl Kirst] with AGL

Unidentified Analyst

The first is the AGL network sale, was there a gain on that that happened in the first quarter? Does that happen in the second quarter? Basically, this is a complete sale from network. There's no more future revenue from that ? Just to make sure I'm on the same page.

Drew Evans

That sale won’t occur until the end of the second quarter. So it was not in the earnings that we reported. We will experience a small loss on that transaction, a $2 million dollars relatively immaterial to us and we will lose revenue for the balance of the year, but we have factored that into the reaffirmation behind this.

Unidentified Analyst

So my two questions, really relate to the marketing side, as they so often do. The first is, with all of the discussion in Congress over the financial reform and how the derivatives market and the OTC market may or may not be impacted depending on if there's end user exclusions, et cetera, is there any way to gauge if this is positive, negative or uncertain as far as the impact of sequence?

Drew Evans

Our general view is that it is probably neutral. You described a lot of the provisions that we’d have to better understand acting as agent for utilities or providing an end user service. We are evaluating that and looking at it relative to our total sales, but our view today is that it probably doesn’t have much effect.

Unidentified Analyst

Secondarily on the actual storage market as we look for Golden Triangle to come in, and, obviously we have a nice hedge base, but there's a large portion that's unhedged with gas prices and the curve coming down, but, obviously, moving about here. Just wondering what the current take is on the storage market? If you were to go out into the market today and resell that storage or perhaps maybe spreads you're looking at for 2011, what type of multiple of EBITDA should we be looking at there from a proxy return standpoint?

John Somerhalder

I don’t think I will answer the question exactly the way you ask it so help steer me back to what you are looking for, but clearly what we have seen our storage spreads both related to how Sequent goes out and acquires storage capacity and related to recontracting at Jefferson Island. We have seen over the last eighteen months that value has declined. Still we are seeing storage ranges as an example at Jefferson Island that would be close to $0.20 range in that general ballpark. But that we were actually seeing some higher prices earlier than that when we were looking to recontract.

So in this environment we still have as you know about 4 Bcf of capacity in the first cavern that we are going to go out and contract for. So we do anticipate that since Jefferson Island is more premium facility than Golden Triangle we expects rates to be at least at this time in that range or possibly slightly lower.

However depending on how this summer shapes with volatility in the market if we see whether that could easily change as we move closer to end service and when the capacity will be made available and we have seen those numbers materially higher when we saw that volatility in the past and we are taking that time to finalize the contracting of that next 4 Bcf. I didn’t answer your question related to a multiple of EBIT or EBITDA and maybe Drew has a better take on that position.

Drew Evans

Well the $0.20 per months is its still in that range. I mean I can do the math that, that’s fine I mean that answers it, I wish just. I didn’t know if we had continued to see pressure on that number and then recognize that this isn’t not necessarily Golden Triangle, but that does help me, though.

John Somerhalder

Generally in that range Karl.

Operator

Our next question comes from the line of Ryan Rosenthal with Sidoti & Company. Go ahead.

Ryan Rosenthal - Sidoti & Company

The first question, I know that you are going to detail the Georgia rate case in further detail later on, hopefully next week, but I was curious about the timing of the rate case and if your expectation if they have reached a settlement or to go to a full decision, and then the resulting implementation of new rates?

John Somerhalder

Let me turn it over to Hank Linginfelter to give you a general sense of the timing on (Inaudible).

Hank Linginfelter

We will file hopefully next week, early next week if we can and the schedule that works our for Georgia commission generally requires them to have a decision for us in time for ways to get effective around the 1 November. And so we think we’ll have rates effective for the last couple of months of the year. And whether we can reach someone or not is really dependant on the conditions we find at the commission around the potential for that. I think generally we go for a trial and then we occasionally have found an opportunity for stipulated settlement but generally goes to a final decision from the commission. I think that’s what we’ll have again.

Ryan Rosenthal - Sidoti & Company

Great. And turning to your guidance, I understand your reaffirmed guidance today. Concerning that weather has been cold than normal year-to-date, much colder than normal across most of your service territories, that benefits both your utility as well as the retail marketing business. Would you suggest that's an offset to the lost AGL networks revenue, and are there any other pluses or minuses from your initial guidance that you're seeing?

John Somerhalder

And that’s a fairly good assessment as Drew detailed a little earlier. We are largely weather agnostic across our distribution operations business. But in some of our franchise that we can see some upside from additional usage and Florida is one of those examples. So it was not a large number in the utility. And a larger part of it came from Florida, then the rest of our utilities. So it wasn’t a big impact but it did have a positive impact in our SouthStar business because we do protect ourselves with weather derivatives of weather hedges, the impact is not as large as well although it did have some positive impact.

So we did see a benefit although known not that large in between those two weather impacts. And you are right, Drew talked about the slight impact caused by networks. We took all that into account when we reaffirmed guidance in the range of $2.95 to $3.05 a share.

Ryan Rosenthal - Sidoti & Company

Okay I will turn it over to somebody else. Thanks for your time.

Operator

Our next question comes from the line of Ted Durbin with Goldman Sachs. Go ahead.

Ted Durbin - Goldman Sachs

Hey, guys. Hey, before I just get to my question, I do want to pass along our condolences from myself and on behalf of Goldman Sachs, on the loss of Doug Schantz, so our condolences to you and his family.

John Somerhalder

Thank you Ted. That was a tragic loss for us and as you all know Doug was well respected in the industry. He was a very strong contributor for this company. So it is a loss for us. I can on one note as this positive report of that and we issued a press release today that Pete Tumminello has been elected as the President of Sequent and Pete in combination with a very strong team in Houston will lead Sequent forward and we feel very good about that but we are still, and I appreciate your comments related to Doug. We still very much are feeling that tragedy.

Ted Durbin - Goldman Sachs

So if I just turn to I think you said Golden Triangle, you're still on track the first cavern to come online. Anything in terms of the other caverns as you're moving forward? Looks like they're on track in terms of you’re result timing that you had talked about?

John Somerhalder

Yes as soon as we get to the phase in dewatering cavern one, we’ll start using the leach facility to start leaching out the second cavern. And that puts us right on track if not maybe slightly ahead of the schedule. Things are moving along quite nicely, right on track then we looked at that 85% completion the last time we ran a seminar of the cavern, that’s right in line with our best expectation of those facilities. So we feel very good about the scheduling and completion of both caverns at Golden Triangle.

Ted Durbin - Goldman Sachs

And then cost wise in terms of maybe base gas might be a little cheaper. Anything else on the cost side of things that you're thinking about here, pluses or minuses?

John Somerhalder

No, very much in line with what we last reported. We have seen some minor increases from miscellaneous equipment and cost. But as you said we’ve seen some offset with less expense at base gas, pad gas so net result was not a material change in the cost that we anticipate for the facility for the first two caverns.

Ted Durbin - Goldman Sachs

Okay great. If I can just turn it back to Atlanta Gas Light, you obviously saw some drop-off in earnings last year. I think you reported an 8.5% ROE that you earned in 2009. Can you give us a sense, is that directionally where you're thinking Atlanta Gas Light ended up in 2010, sort of pre the rate case impact, or how are you thinking you come in at the utility there?

Drew Evans

Probably not materially different in that number.

Ted Durbin - Goldman Sachs

Okay. And so, in terms of, well, I guess we'll just talk about it when you file, but is the ROE going to be a big focus, or are there any trackers you're looking to get, or what that kind of a can we get a sneak peek of what you're thinking about for the rate case?

Hank Linginfelter

On the [ROA] is always had a big focus no matter what the case. Although we think they saw and what’s happened so far George and particularly with that in those case. That kind of reaffirms the existing ROE. We are not asking for that promise from the commission obviously we will file probably something higher than what was approved there but we think that the commission is attacking generally fairly around what they do with [ROA] and I think we’ll be treated fairly around that as well.

Operator

Our next question comes from the line of Barry Klein with Citi. Go ahead.

Barry Klein - Citi

Looking at volumes, they were up considerably. I'm assuming mostly from weather. How much of that pickup in volume would you see in earnings, and would any of the firm transportation, firm on the distribution side and firm on the retail. Would any of that pass through to the bottom line, or does that volume not really matter?

Drew Evans

Relatively in different volumes, they were higher in Florida where there tends to less weather protection or greater exposure to weather. It is a smaller jurisdiction for us and volatility in Florida is what it is, but about $3 million of earnings that we recorded in the distribution segment could be attributable to increase in volume and weather.

Larry Klein - Citigroup

How much on the retail side, with respect to weather?

Drew Evans

About six. That is a net number, there are a variety of factors that are influenced by weather but that’s sort of the best way to think about it.

Operator

Our next question comes from the line of Jeremy Watson with J.W.P. Capital Partners.

Jeremy Watson - J.W.P. Capital Partners

I have one major question, and it's about the bad debt expense. Can you expound on that and describe if it does carry over in terms of risk for receivables?

Drew Evans

In terms of detail, higher bad debt expense in retail was $1 million charge relative to last year. So not I would say it is not enormous due to higher revenue, then utility was actually pretty consistent with last year and actually the retail pretty consistent, the metrics still look good, but you are right. When you look at kind of the timing around how weather rolled in 2010? We saw that coming a little bit later in the quarter. So it will be something that we will continue to monitor through the second quarter as we see those receivables edge out both in the retail as well as in the distribution business, but from what we see right now and how we looked at our receivables at the end of the quarter, we felt adequately reserved with respect to those. So it will certainly be something that we will monitor in the second quarter.

Jeremy Watson - J.W.P. Capital Partners

I saw a 17% increase in interest payments. I'm wondering why on earth you were converting from credit facility in short-term debt to long-term facility for the bond issue in August. Can you explain the increase in interest?

Drew Evans

Couldn’t match your number if I tried. We had a $3 million increase year-over-year in interest expense and it was related to the bond basically the bonding of $300 million worth of debt last year converting from short-term debt to longer term debt.

Operator

Our next question comes from the line of Gordon Howald with East Shore Partners.

Gordon Howald - East Shore Partners

Did I hear you say that Golden Triangle is 85% sold out at this point?

John Somerhalder

Golden Triangle, the first cavern, we have leached 85% of the physical space we need to, but that is the physical operation.

Gordon Howald - East Shore Partners

And you are still one-third sold out at this point? That number hasn't changed from the last quarter?

John Somerhalder

That’s right.

Gordon Howald - East Shore Partners

In terms of cushion gas, I know salt domes require much less than aquifers and some of the old gas reservoirs, but is there a way to hedge that gas; and how does that get factored into the cost of the project? Just a little semantics on how that works and how that flows through?

John Somerhalder

Yes, there is a way and as we look at our need for pad gas and as you said it is not as large as amount as you would have in a reservoir storage facility, but as we look at that requirement you can calculate it fairly precisely and we now have certainty quite a bit more certainty about when we are going to put it in. We can buy that gas forward or put hedge positions on that and we have largely done that on the first cavern.

Drew Evans

And Gordon that actually would be just be part of the capital cost of those caverns and if ever those caverns were de-commissioned and that would have to basically de-commission that just as you do with any of the capital charge.

Operator

Our next question comes from the line of Mike Hahn with Bryn Mawr Capital.

Mike Hahn - Bryn Mawr Capital

I wonder, if I could, dig into the Sequent business, because your results seem to be a lot better in that business than some of the other companies, especially the ones in the northeast, and I want to understand if -- could you maybe just discuss, is it more the character of your hedge book, that maybe you had some hedges on from different time periods, for winter/summer spreads, or is it more the part of the country you're in? I know the Marcellus has been compressing some of the opportunities that the shale gas in the northeast, and then I have a follow-up.

John Somerhalder

A big part of the benefit we have seen and the good results we have seen in the first quarter relay to the fact that through last year, we created a very good rollout schedule and a lot of that value was not recognized last year. A lot of that rolled into this year. So that’s a big part of the benefit. And then I will turn it over to Peter Tumminello to give a little bit more detail around the rest of the business.

Peter Tumminello

Sure I think in combination with what John just mentioned we have also diversified our portfolio for transportation storage and asset management transactions into the west, into the Midwest and I think that geographic diversity has helped us some as well.

Mike Hahn - Bryn Mawr Capital

In terms of the spreads are just more attractive there?

Peter Tumminello

I think sometimes they move differently than spreads to the northeast and they may work at times in the northeast does not and vice versa.

Mike Hahn - Bryn Mawr Capital

On Golden Triangle, you've called out in past calls what the earnings benefit might be from Golden Triangle, and I was wondering, are there going to be some trading opportunities on top of that earnings impact once you get the caverns opened and leased out and so forth? Some other companies, I know, in the industry will trade the gas they do have in storage and realize a little bit more than the actual revenue from leasing the storage. Is that a possibility, or are you including that in your outlook when you talk about the benefits from Golden Triangle?

John Somerhalder

Yes it is a not large part of the economics, but it is an important part and that is everything from wheeling services related to the header to flexibility that we would have within the facility to provide park and loan and other services and there is an anticipation based on what we have been able to do at our other facility and what other operators have been able to do. That’s baked into our look at the economics. So there is it is not a large part of the economics but it is an important part that we continue to sell those interruptible and other services.

Mike Hahn - Bryn Mawr Capital

Okay. And just discussion would be great, basically it was the timing of your hedges seems to be what you're saying is the majority of the outperformance versus some other companies in the industry. What does your hedge book look like now, going forward in terms of how you're hedged one year, two year, that sort of thing and the realizable value?

John Somerhalder

For the most part what we saw was as we pull gas out of the ground related to the end of the first quarter we did see some gas price movement down which made our hedge position on that gas go into the money. So we recorded accounting gains in the first quarter. Unless you saw gas prices go significantly lower, we wouldn’t expect to see a lot more of those gains recorded on that block I guess.

However as we put gas in the ground as now we are in the refill mode. As we put gas in the ground in a lower price environment and as soon as we do that on a very timely basis we hedge the gas coming out of the ground and if gas prices start to go up significantly from these relatively low levels that would result in hedge losses in those time periods, but then we would recover those when we physically pull the gas out of the ground in the fourth quarter or the first quarter as an example, is there two of the primary months where we will pulling the gas out of the ground.

Mike Hahn - Bryn Mawr Capital

And when I asked the question, I tend to adjust out the hedging gains and losses and just look at the realizable economic value. My question pertained more to what the economic value looks like going forward? And whether there was any pull ahead or anything like that, because it was a really good quarter, and you're not changing even if I adjust out the hedges, it was still a better than expected quarter. Some of that was due to weather; but if I look forward, you're keeping your guidance relatively the same. And clearly, that the most important winter quarters are past. But just trying to get a feel for what the economic value of that hedging book looks like, or the wholesale marketing book looks like going forward?

Drew Evans

Yeah I think if you look at the rollout schedule for that which basically shows you what inventory is left to rollout for the balance of the year. It shows about $6 million yet to be realizing margin.

Todd Rimmer

All right just a point of clarification on that. By taking out those hedge gains. If you are trying to get to economic value, you really have to look at the hedge gains reported as well as what's remaining in the rollout schedule. If you eliminate them now then only realize what's remaining in the rollout schedule. You will never get into full economic value measure. So you are kind of short changing yourself in that analysis.

Operator

(Operator Instructions) And our next question comes from the line Laura Smith with DCK Energy Holdings. Go ahead.

Unidentified Analyst

(Inaudible)

Operator

My apologies sir. I have no further questions at this time.

Steve Cave

Thank you, Melanie. And thanks everyone. Thanks for joining us today and have a good evening.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: AGL Resources Inc. Q1 2010 Earnings Call Transcript
This Transcript
All Transcripts