Atmos Energy

Atmos Energy Corporation (NYSE: ATO) is a natural gas-only distributor and one of the largest natural gas utility companies in the United States. The company operates through two primary reportable segments: distribution and pipeline and storage. Headquartered in Dallas, Atmos Energy serves approximately 3.4 million residential, commercial, public authority, and industrial customers across eight states located primarily in the South, with operations in Texas, Kentucky, Tennessee, Virginia, Louisiana, Mississippi, Colorado, and Kansas. The company maintains a website at www.atmosenergy.com.

The distribution segment comprises regulated natural gas distribution and related sales operations across six divisions: Mid-Tex, Kentucky/Mid-States, Louisiana, West Texas, Mississippi, and Colorado-Kansas. The Mid-Tex Division represents the largest service area with approximately 1.83 million customer meters across 550 communities in Texas. The pipeline and storage segment includes the regulated pipeline and storage operations of Atmos Pipeline-Texas, one of the largest intrastate pipelines in Texas with five underground storage facilities, and natural gas transmission operations in Louisiana. The company operates more than 81,000 miles of distribution and transmission lines and holds 1,010 franchises across its service territories.

Atmos Energy employs approximately 5,487 people as of September 30, 2025. The company's business model centers on safely delivering reliable and efficient natural gas through regulated sales and transportation arrangements. A core competitive advantage lies in its extensive infrastructure network and established regulatory relationships across multiple states. The company has implemented formula rate mechanisms in four states and infrastructure programs in all eight states, enabling recovery of approximately 95 percent of capital expenditures within six months and substantially all within twelve months. Weather normalization adjustment mechanisms protect approximately 97 percent of residential and commercial revenues in seven states. The company maintains natural gas supply through a competitive bidding process with multiple suppliers and utilizes 33 pipeline transportation companies for delivery, providing operational flexibility and supply security.