Item 6. Selected Financial Data

Overview

Selected financial data about AGL Resources for the last five years is set forth in the table below. You should read the data in the table in conjunction with the consolidated financial statements and related notes set forth in Item 8, “Financial Statements and Supplementary Data.”

Dollars and shares in millions, except per share amounts
2009
2008
2007
2006
2005
Income statement data
Operating revenues
$2,317
$2,800
$2,494
$2,621
$2,718
Cost of gas
1,142
1,654
1,369
1,482
1,626
Operating margin(1)
1,175
1,146
1,125
1,139
1,092
Operating expenses
Operation and maintenance
497
472
451
473
477
Depreciation and amortization
158
152
144
138
133
Taxes other than income taxes
44
44
41
40
40
Total operating expenses
699
668
636
651
650
Operating income
476
478
489
488
442
Other income (expense)
9
6
4
(1)
(1)
Earnings before interest and taxes (EBIT) (1)
485
484
493
487
441
Interest expense
101
115
125
123
109
Earnings before income taxes
384
369
368
364
332
Income taxes
135
132
127
129
117
Net income
249
237
241
235
215
Less net income attributable to the noncontrolling interest
27
20
30
23
22
Net income attributable to AGL Resources Inc.
$ 222
$ 217
$ 211
$ 212
$ 193
Common stock data
Weighted average common shares outstanding basic
76.8
76.3
77.1
77.6
77.3
Weighted average common shares outstanding diluted
77.1
76.6
77.4
78.0
77.8
Total shares outstanding(2)
77.5
76.9
76.4
77.7
77.8
Basic earnings per common share attributable to
AGL Resources Inc. common shareholders
$ 2.89
$ 2.85
$ 2.74
$ 2.73
$ 2.50
Diluted earnings per common share attributable to
AGL Resources Inc. common shareholders
$ 2.88
$ 2.84
$ 2.72
$ 2.72
$ 2.48
Dividends declared per common share
$ 1.72
$ 1.68
$ 1.64
$ 1.48
$ 1.30
Dividend payout ratio
60%
59%
60%
54%
52%
Dividend yield(3)
4.7%
5.4%
4.4%
3.8%
3.7%
Price range:
High
$37.52
$39.13
$44.67
$40.09
$39.32
Low
$24.02
$24.02
$35.24
$34.40
$32.00
Close(2)
$36.47
$31.35
$37.64
$38.91
$34.81
Market value(2)
$2,826
$2,411
$2,876
$3,023
$2,708
Statements of Financial Position data(2)
Total assets
$7,074
$6,710
$6,258
$6,123
$6,310
Property, plant and equipment – net
4,146
3,816
3,566
3,436
3,333
Total debt
2,576
2,541
2,255
2,161
2,137
Total equity
1,819
1,684
1,708
1,651
1,537
Cash flow data
Net cash flow provided by operating activities
$ 592
$ 227
$ 377
$ 351
$ 80
Property, plant and equipment expenditures
476
372
259
253
267
Net (payments) and borrowings of short-term debt
(264)
286
52
6
188
Financial ratios(2)
Debt
59%
60%
57%
57%
58%
Equity
41%
40%
43%
43%
42%
Total
100%
100%
100%
100%
100%
Return on average equity
12.7%
12.8%
12.6%
13.3%
13.0%

(1) These are non-GAAP measurements. A reconciliation of operating margin to operating income and EBIT to earnings before income taxes and net income is contained in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – AGL Resources-Results of Operations.”
(2) As of the last day of the fiscal period.
(3) Dividends declared per common share divided by market value per common share.