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    Atmos Energy Corp (ATO)

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    Business Description

    Atmos Energy Corporation is a company primarily engaged in the regulated natural gas distribution and pipeline and storage businesses. It operates through two main segments: the distribution segment and the pipeline and storage segment, providing natural gas services across eight states to over 3.3 million customers, including residential, commercial, public authority, and industrial clients . The company also engages in transporting natural gas for others through its distribution and pipeline systems, further supporting its revenue streams .

    1. Distribution Segment - Involves regulated natural gas distribution and related sales operations across eight states, serving a diverse customer base including residential, commercial, public authority, and industrial clients.
    2. Pipeline and Storage Segment - Consists of regulated pipeline and storage operations, including Atmos Pipeline-Texas (APT) and natural gas transmission operations in Louisiana, providing transportation and storage services to various customers.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    John K. AkersPresident and Chief Executive OfficerOctober 1, 2019John K. (Kevin) Akers joined Atmos Energy in 1991 and has held various roles. He was President of the Mississippi Division in 2002 and President of the Kentucky/Mid-States Division from May 2007 to December 2016 .
    Christopher T. ForsytheSenior Vice President and Chief Financial OfficerFebruary 1, 2017Christopher T. Forsythe joined Atmos Energy in June 2003. He was Vice President and Controller from May 2009 to January 2017 before becoming CFO. He previously worked in public accounting for 10 years .
    John S. McDillSenior Vice President, Utility OperationsOctober 1, 2021John S. McDill was Vice President, Pipeline Safety from May 2012 to September 2021. He joined Atmos Energy through the acquisition of Mississippi Valley Gas in 2002 .
    Karen E. HartsfieldSenior Vice President, General Counsel and Corporate SecretaryAugust 7, 2017Karen E. Hartsfield joined Atmos Energy in June 2015. She was previously Managing Partner at Jackson Lewis LLP and a partner at Baker Botts LLP. She will transition to Senior Advisor on December 31, 2024 .
    John M. RobbinsSenior Vice President, Human ResourcesJanuary 1, 2017John M. (Matt) Robbins joined Atmos Energy in May 2013 and was Vice President, Human Resources from February 2015 to December 2016. He has over 20 years of experience in human resources .
    Jessica Bateman PulliamSenior Vice President, General Counsel and Corporate SecretaryJanuary 1, 2025Jessica Bateman Pulliam joins Atmos Energy from Baker Botts L.L.P., where she was a partner. She has over 21 years of experience in legal and regulatory matters .
    Michelle H. FaulkVice President and ControllerOctober 1, 2024Michelle H. Faulk joined Atmos Energy in 2009. She was Director of Financial Reporting in 2017 and Director of Accounting Services and Financial Reporting in 2020. She previously worked at KPMG LLP .
    Richard M. ThomasVice President, Financial ServicesOctober 1, 2024Richard M. Thomas was Vice President and Controller before becoming Vice President, Financial Services .

    Questions to Ask Management

    1. Given the significant increase in your 5-year capital plan to $24 billion and expected rate base growth of 13% to 15% annually, can you provide more detail on the specific projects driving this increase, and how you plan to manage the execution risk associated with this elevated level of investment?

    2. Your assumption of 4% annual O&M inflation excludes bad debt expense; with recent changes in accounting for uncollectibles and potential economic uncertainties, how confident are you that bad debt expense will remain flat over the next five years, and what impact could higher bad debt levels have on your financial projections?

    3. With plans to finance $15 billion in incremental capital using a 50/50 mix of equity and long-term debt, can you elaborate on your strategy to raise the required equity capital, and how you intend to mitigate the potential dilutive effects on existing shareholders?

    4. You've assumed no changes to your ROEs or regulatory mechanisms over the 5-year plan; considering the evolving regulatory landscape, what risks do you see to these assumptions, and how might any changes impact your earnings projections?

    5. Your 5-year plan is based on assumptions of normal weather, modest customer growth, and a 6% decrease in oil and gas costs; given the volatility in commodity prices and potential economic slowdowns, how sensitive are your earnings projections to deviations from these assumptions, and what contingencies are in place to address potential adverse scenarios?

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt Calculation
    2026$10.0 Medium term Series A notes6.67% 0.1% = ($10.0 / $7,785.0) * 100
    2027$500.0 Unsecured 3.00% Senior Notes3.00% 6.4% = ($500.0 / $7,785.0) * 100
    2028$150.0 Unsecured 6.75% Debentures6.75% 1.9% = ($150.0 / $7,785.0) * 100
    2029$500.0 Unsecured 2.625% Senior Notes2.625% 6.4% = ($500.0 / $7,785.0) * 100
    2031$600.0 Unsecured 1.50% Senior Notes1.50% 7.7% = ($600.0 / $7,785.0) * 100
    2032$300.0 Unsecured 5.45% Senior Notes5.45% 3.9% = ($300.0 / $7,785.0) * 100
    2033$725.0 Unsecured 5.90% Senior Notes5.90% 9.3% = ($725.0 / $7,785.0) * 100
    2034$200.0 Unsecured 5.95% Senior Notes5.95% 2.6% = ($200.0 / $7,785.0) * 100
    2041$400.0 Unsecured 5.50% Senior Notes5.50% 5.1% = ($400.0 / $7,785.0) * 100
    2043$500.0 Unsecured 4.15% Senior Notes4.15% 6.4% = ($500.0 / $7,785.0) * 100
    2044$750.0 Unsecured 4.125% Senior Notes4.125% 9.6% = ($750.0 / $7,785.0) * 100
    2048$600.0 Unsecured 4.30% Senior Notes4.30% 7.7% = ($600.0 / $7,785.0) * 100
    2049$450.0 Unsecured 4.125% Senior Notes4.125% 5.8% = ($450.0 / $7,785.0) * 100
    2049$500.0 Unsecured 3.375% Senior Notes3.375% 6.4% = ($500.0 / $7,785.0) * 100
    2052$600.0 Unsecured 2.85% Senior Notes2.85% 7.7% = ($600.0 / $7,785.0) * 100
    2052$500.0 Unsecured 5.75% Senior Notes5.75% 6.4% = ($500.0 / $7,785.0) * 100
    2053$500.0 Unsecured 6.20% Senior Notes6.20% 6.4% = ($500.0 / $7,785.0) * 100
    2054$650.0 Unsecured 5.00% Senior Notes5.00% 8.3% = ($650.0 / $7,785.0) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLPN/APresentCurrent auditor

    Latest news

    Recent developments and announcements about ATO.

    Corporate Leadership

      Leadership Change

      ·
      Dec 5, 2024, 10:05 PM

      Karen E. Hartsfield is retiring from her role as Senior Vice President, General Counsel, and Corporate Secretary at Atmos Energy Corporation. She will transition to a Senior Advisor position after December 31, 2024. Jessica Bateman Pulliam will step up to fill her position starting January 1, 2025. Ms. Bateman Pulliam is joining from Baker Botts L.L.P., where she was a partner and co-chair of the Securities and Shareholder Litigation Group .