Atmos Energy

Atmos Energy Corporation, headquartered in Dallas, Texas, stands as the nation's largest fully-regulated natural-gas-only distributor, serving approximately three million customers in over 1,400 communities across eight states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West. Founded in 1906 and publicly traded on the New York Stock Exchange under ticker symbol ATO since 1988, Atmos Energy has built a 118-year legacy of safe, reliable natural gas distribution with a market capitalization of approximately $27.8 billion as of December 2024.

The company operates through two primary business segments that form the foundation of its regulated utility model. The Distribution segment involves the local distribution of natural gas to residential, commercial, and industrial customers across eight states including Texas, Louisiana, Kansas, Colorado, Kentucky, Mississippi, Tennessee, and Virginia. Atmos Energy is the largest natural gas distributor in Texas, Louisiana, and Mississippi. The Pipeline and Storage segment manages one of the largest intrastate natural gas pipeline systems in Texas, including transportation and storage infrastructure that serves both the company's distribution operations and third-party customers. This dual-segment structure provides a stable, predictable revenue stream through fixed-rate tariffs approved by regulatory bodies.

Atmos Energy's business model revolves around significant capital investment in safety and infrastructure modernization. In fiscal year 2024, the company invested $2.9 billion in capital expenditures, with approximately 83% focused on safety and reliability improvements including pipeline replacement and system upgrades. The company is projecting capital expenditures of approximately $3.7 billion in fiscal 2025, with 87% dedicated to safety and reliability priorities. This aggressive modernization strategy not only enhances safety and reduces methane emissions but also drives rate base growth, which is projected to expand from approximately $21 billion in fiscal 2025 to $40-44 billion by fiscal 2030, representing a 13-15% annual growth rate. The company added over 59,000 new customers in the twelve months ended December 31, 2024, with over 46,000 in Texas alone.

For fiscal year 2024, Atmos Energy reported earnings per diluted share of $6.83 on net income of $1 billion, with annual revenue of $4.165 billion. The company maintains a strong financial position with $5.2 billion in available liquidity and a debt-to-capitalization ratio of 60%. Atmos Energy has demonstrated exceptional commitment to shareholder returns, announcing in November 2024 its 42nd consecutive year of dividend increases with a significant 14.9% increase for fiscal 2026 to an indicated annual dividend of $4.00 per share. The company's workforce of 5,260 employees as of 2024 (up 4.8% from 2023) operates under the AtmoSpirit culture, built on five core principles: Inspire Trust, Be at Your Best, Bring Out the Best in Others, Make a Difference, and Focus on the Future. With a vision to be recognized as the safest provider of natural gas services, Atmos Energy has achieved Recordable Injury Rates and DART rates that continue to decrease while maintaining motor vehicle collision rates that outperform the American Gas Association industry average.