Greetings and welcome to the Atmos Energy Fourth Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jennifer Hills, Vice President of Investor Relations. Thank you. You may begin.

Thank you, Jessie. Good morning, everyone and thank you for joining us. This call is being webcast live on the Internet. Our earnings release and conference call slide presentation, which we will reference in our prepared remarks, are available at atmosenergy.com under the Investor Relations tab. As we review these financial results and discuss future expectations, please keep in mind that some of our discussion might contain forward-looking statements within the meaning of the Securities Act and the Securities Exchange Act. Our forward-looking statements and projections could differ materially from actual results. The factors that could cause such material differences are outlined on Slide 54 and are more fully described in our SEC filings. Our first speaker is Christ Forsythe, Senior Vice President and CFO of Atmos Energy. Chris?

Thank you, Jennifer, and good morning everyone. We appreciate you joining us and your interest in Atmos Energy. Yesterday, we reported fiscal 2019 net income of $511 million, or $4.35 per diluted share. This represents the 17th consecutive year of rising earnings per share. Slide 6 and 7 provide details of the year-over-year changes to operating income for each of our segments. I will touch on a few of the fiscal year highlights. Consolidated contribution margin rose about 5% or about $95 million. Rate increases driven by increased safety and reliability capital spending provided an incremental $80 million. Virtually all of these increases were in our Texas, Louisiana, and Mississippi jurisdictions. As we've discussed over the last couple of quarters, our pipeline and storage segment benefited from the supply and demand dynamics that have impacted pricing in the Permian Basin over the last 12 to 18 months. We were able to capture a portion of the widened Waha and Katy spread, resulting in a $12 million increase over fiscal 2018. However, as expected, a new merchant pipeline came online mid-summer and we saw narrower spread opportunities in the back half of the fourth quarter. Finally, our distribution segment continuing to experience solid customer growth. Over the last 12 months, our distribution segment added a net 37,000 customers a 1.2% increase over the last year. Consolidated operating expenses rose approximately 6%, reflecting higher depreciation expense associated with increased capital spending and higher O&M spending, attributed to increased pipeline integrity and maintenance activities and higher employee costs. As we discussed last quarter and fiscal 2019, we increased service related headcount in our Mid-Tex division to support the growth in our DFW market. Additionally, we continue to roll-out - our roll-out of advanced leak survey technology. All of this roll-out has modestly increased…

Thank you, Chris. Fiscal 2019 was the eighth consecutive year of successfully executing our proven investment strategy, focused on operating safely and reliably while we modernize our natural gas distribution, transmission and storage system. Our 70,000 miles of distribution pipeline and 5,700 miles of intrastate pipeline provide safe and reliable service to our customers every day. In addition to achieving our financial targets for fiscal 2019, we continue to modernize our system. In fiscal year 2019 as you saw on Slide 27, our team replaced about 770 miles of distribution pipe, 120 mile of transmission pipe and 53,000 service lines across the eight states in which we operate. We continue to utilize technology to modernize our business. In fiscal 2019, we deployed new technology called Locus Map that allows us to digitally capture asset data as we complete our project. This technology is helping us to scale our operations and improve the quality and timeliness of our asset data collection requirement. At the end of fiscal 2019, this roll-out was about 50% complete and on track to be fully implement by the end of fiscal 2020. We also continued our systematic roll-out of advanced leak detection technology to enhance our ability to monitor our system, keep the public site and to help us prioritize the pipe replacement work. At our customer support centers, we completed the implementation of new technology that we refer to as skill-based routing. Skill-based routing matches a caller due to the customer support associate that suited to handle their need by using predicted analytics within our SAP system. Our electronic billing continues to be one of the highest in the industry at 43%. Based on a 2019 American Gas Association, Edison Electric Institute benchmarking survey our penetration for electronic billing was rated Number 1 for gas…

[Operator Instructions]

It appears we have no questions at this time. So I would like to pass the floor back over to Ms. Hills for any additional concluding comments.

Thank you for joining us today. A recording of this call is available for replay on our website through February 5, 2020. We appreciate your interest in Atmos Energy. Good bye.