AGL Resources : AGL Resources Revises Full-Year 2012 Earnings Expectations

  AGL Resources : AGL Resources Revises Full-Year 2012 Earnings Expectations

Accounting Hedge Losses on Transportation Portfolio Negatively Impacted
Wholesale Services; Warmer Than Normal Weather in the Fourth Quarter Affected
Distribution Operations and Retail Operations Segments

ATLANTA - January 10, 2013 - AGL Resources Inc. (NYSE: GAS) today announced
preliminary diluted earnings per share adjusted for merger-related expenses of
approximately $2.45 for 2012. The company's previously disclosed guidance
range was $2.60 - $2.75 per diluted share for 2012, which assumed normal
weather and volatility and no impact from hedge movements. Complete financial
results for the company will be published on February 6, 2013.

The reduction in earnings relative to prior guidance is due primarily to the
following factors:

  *Price movements related to the company's natural gas transportation
    positions in its wholesale services segment resulted in approximately $22
    million of mark-to-market accounting hedge losses during the fourth
    quarter of 2012.

       *The company expects these transportation hedge losses to be recovered
         in 2013 through 2015 (with the majority recognized in 2013) via the
         physical flow of natural gas and utilization of the contracted
         transportation capacity.
       *The main driver of the mark-to-market losses during the fourth
         quarter was significant volatility experienced at natural gas
         delivery points throughout the Northeast corridor related to natural
         gas supply constraints in the region.

  *Warmer than normal weather negatively impacted the distribution operations
    and the retail operations segments by a combined $10 million during the
    fourth quarter of 2012.

As a reminder to the investment community, the reported earnings of AGL
Resources' wholesale services business are subject to volatility due to
changes in natural gas prices during the reporting period. Specifically, the
company enters into contracts for natural gas transportation capacity and
participates in transactions that manage natural gas commodity and
transportation costs in an attempt to achieve the lowest cost to serve
customers. Geographic pricing differences arise across various markets as
delivered natural gas prices change.

After execution of transactions to secure transportation capacity, the company
often enters into forward financial contracts to hedge its positions and lock
in a margin on future transportation activities. The hedging instruments are
derivatives, and the company reflects changes in the derivatives' fair value
in its reported operating results in the period of change, which can be in
periods prior to actual utilization of the transportation capacity.

AGL Resources' management will discuss fourth-quarter and full-year 2012
results in greater detail on the company's February 6, 2013 conference call.
At that time, earnings per share guidance will also be provided for full-year
2013. AGL Resources does not provide or publish forecasts of quarterly
earnings or other quarterly results, and this announcement is not intended to
change that policy.

About AGL Resources
AGL Resources (NYSE: GAS) is an Atlanta-based energy services holding company
with operations in natural gas distribution, retail operations, wholesale
services, midstream operations and cargo shipping. As the nation's largest
natural gas-only distributor based on customer count, AGL Resources serves
approximately 4.5 million utility customers through its regulated distribution
subsidiaries in seven states. The company also serves more than one million
retail customers through its SouthStar Energy Services joint venture and Nicor
National, which market natural gas and related home services. Other
non-utility businesses include asset management for natural gas wholesale
customers through Sequent Energy Management, ownership and operation of
natural gas storage facilities, and ownership of Tropical Shipping, one of the
largest containerized cargo carriers serving the Bahamas and Caribbean region.
AGL Resources is a member of the S&P 500 Index. For more information, visit

Forward-Looking Statements
Certain expectations and projections regarding our future performance
referenced in this press release are forward-looking statements.
Forward-looking statements involve matters that are not historical facts and
because these statements involve anticipated events or conditions,
forward-looking statements often include words such as "anticipate," "assume,"
"believe," "can," "could," "estimate," "expect," "forecast," "future," "goal,"
"indicate," "intend," "may," "outlook," "plan," "predict," "project," "seek,"
"should," "target," "will," "would," or similar expressions. Our expectations
are not guarantees and are based on currently available competitive, financial
and economic data along with our operating plans. While we believe our
expectations are reasonable in view of the currently available information,
our expectations are subject to future events, risks and uncertainties, and
there are several factors -- many beyond our control -- that could cause
results to differ significantly from our expectations. Forward-looking
statements contained in this press release include, without limitation, the
timeframe in which we expect to recover our transportation hedge losses and
our 2012 earnings outlook and related expectations and assumptions.
Such events, risks and uncertainties include, but are not limited to, changes
in price, supply and demand for natural gas and related products; the impact
of changes in state and federal legislation and regulation; actions taken by
government agencies on rates and other matters; concentration of credit risk;
utility and energy industry consolidation; impact of acquisitions and
divestitures; direct or indirect effects on AGL Resources' business, financial
condition or liquidity resulting from a change in our credit ratings or the
credit ratings of our counterparties or competitors; interest rate
fluctuations; financial market conditions and general economic conditions;
uncertainties about environmental issues and the related impact of such
issues; the impact of changes in weather upon the temperature-sensitive
portions of the business; impacts of natural disasters such as hurricanes upon
the supply and price of natural gas; acts of war or terrorism; and other
factors which are provided in detail in our filings with the Securities and
Exchange Commission, which we incorporate by reference in this press release.
Forward-looking statements are only as of the date they are made, and we do
not undertake to update these statements to reflect subsequent changes.


Sarah Stashak
Director - Investor Relations
Office: 404-584-4577
Cell: 404-895-7634

Annette Martinez
Director - External Relations
Office: 630-388-2781
Cell: 630-918-2321


This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: AGL Resources via Thomson Reuters ONE
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