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December 12, 2013
12:58 EDTGASAGL Resources receives regulatory approval to install new pipelines
Atlanta Gas Light Company announced Thursday that it has received regulatory approval to install new pipelines and other facilities to improve capacity and pressure in the high-growth counties of Coweta, Fayette, Gwinnett, Hall, Forsyth and Dawson. The Georgia Public Service Commission voted unanimously Thursday to accept a staff-negotiated settlement approving the second phase of the company's STRIDE program, Strategic Infrastructure Development and Enhancement. "Over the next four years, we will invest approximately $215M to improve our core transmission and distribution facilities in several metro-Atlanta counties to minimize the risk of our customers experiencing service disruption during periods of extreme cold weather," said Bryan Batson, president of Atlanta Gas Light. The PSC on Thursday also approved a $46M expansion of Atlanta Gas Light's Customer Growth program to expand the natural gas system into communities throughout the state that are currently unserved or underserved.
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April 7, 2014
08:48 EDTGASAGL Resources sees Q1 wholesale services EPS $1.53
AGL Resources announced that it expects to report significantly higher results for its wholesale services business in the first quarter of 2014 than previously anticipated. Economic earnings EBIT, or earnings before interest and taxes adjusted for mark-to-market gains and losses, are expected to be approximately $270M through March 31, compared to $29M for the first quarter of 2013. Preliminary EBIT for the segment is $290M and diluted earnings per share related to wholesale services is expected to be approximately $1.53 for Q1, compared to 8c for the first quarter of 2013. Both EBIT and EPS for wholesale services for Q1 reflect mark-to-market hedge losses of approximately $45M, which are expected to reverse in future periods. The company's most recently disclosed full-year 2014 expectation for wholesale services was economic earnings of more than $100M and GAAP earnings on a diluted EPS basis of 90c. The results for wholesale services were driven primarily by strong commercial activity associated with the company's transportation and storage portfolios in the Northeast and Midwest regions, both of which benefited from extremely cold temperatures. In addition, AGL Resources expects its distribution operations and retail operations segments combined to exceed expectations by approximately 15c per diluted share driven by colder-than-normal weather in Q1. Further, the Tropical Shipping transaction is expected to result in a combined income tax expense and non-cash goodwill impairment loss of 66c per share, with approximately 42c per share to be recognized in Q1 and the remainder to be recognized in Q2.
08:42 EDTGASAGL Resources sells Tropical Shipping business to Saltchuk Resources
AGL Resources announced it has signed a definitive agreement to sell its Tropical Shipping business to a subsidiary of Saltchuk Resources, Inc. of Seattle, WA. After-tax cash proceeds and repatriated cash from the transaction are expected to be approximately $220M, subject to certain defined post-closing adjustments. As a result of the sale, AGL Resources expects to incur income tax expense of approximately $60M related to the repatriation of cash and investments held offshore and capital gains on the purchase price above tax basis. In addition, the company expects to record a $19M impairment loss related to goodwill assigned to Tropical Shipping in conjunction with AGL Resources' merger with Nicor, Inc. in December 2011. This impairment loss represents approximately one-third of the total goodwill assigned to the cargo shipping segment. On a combined basis, these factors are expected to result in reported income tax and impairment expense of approximately 66c per share. Of this amount, 42c is expected to be recorded in Q1, with the remainder expected to be recorded in Q2.

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