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 .
- 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.
- 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.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kevin Akers ExecutiveBoard | President, Chief Executive Officer, and Director | None | Joined Atmos Energy in 1991; became CEO on October 1, 2019. Previously held multiple leadership roles, including EVP and President of various divisions. | View Report → |
Christopher T. Forsythe Executive | Senior Vice President and Chief Financial Officer | None | Joined Atmos Energy in June 2003; became CFO on February 1, 2017. Previously served as VP and Controller. | |
Jessica Bateman Pulliam Executive | Senior Vice President, General Counsel, and Corporate Secretary | None | Joined Atmos Energy in 2025 after a 21-year career at Baker Botts L.L.P., where she co-chaired the Securities and Shareholder Litigation Group. | |
John M. Robbins Executive | Senior Vice President, Human Resources | None | Joined Atmos Energy in May 2013; became SVP of Human Resources on January 1, 2017. Previously served as VP of HR and Director of Compensation and Benefits. | |
John S. McDill Executive | Senior Vice President, Utility Operations | None | Has 37 years of service, including time with Mississippi Valley Gas (acquired by Atmos). Became SVP of Utility Operations on October 1, 2021. | |
Karen E. Hartsfield Executive | Senior Advisor (formerly SVP, General Counsel, and Corporate Secretary) | None | Joined Atmos Energy in June 2015; transitioned to Senior Advisor role on January 1, 2025, after serving as SVP, General Counsel, and Corporate Secretary since August 7, 2017. | |
Diana J. Walters Board | Director | Board Member at Platinum Group Metals Ltd. and Trilogy Metals, Inc. | Independent director since 2018. Over 35 years of experience in the natural resources sector, including investment banking and equity investment. | |
Edward J. Geiser Board | Director | Executive Managing Partner of Juniper Capital Advisors | Independent director since September 10, 2024. Former Chairman of Ranger Oil Corporation. | |
Frank Yoho Board | Director | None | Independent director since 2020. Former EVP and President of Natural Gas at Duke Energy. | |
Kelly H. Compton Board | Director | Executive Director of The Hoglund Foundation; Trustee at SMU and Perot Museum | Independent director since 2016. Executive Director of The Hoglund Foundation since 1992. | |
Kim R. Cocklin Board | Chairman of the Board | Leadership roles in Southern Gas Association and American Gas Association | Joined Atmos Energy in 2006; served as CEO from 2010 to 2017. Became Chairman of the Board in December 2020. | |
Nancy K. Quinn Board | Director | None | Independent director since 2004. Chair of the Audit Committee and member of the Executive Committee. | |
Rafael G. Garza Board | Director | Executive Vice Chairman of VBT Financial Corporation; Founder of RGG Capital Partners and Bravo Equity Partners | Independent director since 2016. Extensive experience in private investments, banking, and corporate finance. | |
Richard A. Sampson Board | Director | General Partner and Founder of RS Core Capital, LLC | Independent director since 2012. Extensive experience in investment management and financial transactions. | |
Richard K. Gordon Board | Director | General Partner of Juniper Capital LP; Senior Advisor to Juniper Capital II and III; Board Member at ExoStat Medical, Inc. | Independent director since 2001. Extensive experience in investment banking and energy-related financial services. | |
Sean Donohue Board | Director | CEO of Dallas Fort Worth International Airport | Independent director since 2018. CEO of DFW Airport since 2013. Previously held leadership roles at Virgin Australia Airlines and United Airlines. | |
Telisa Toliver Board | Director | None | Independent director since September 10, 2024. Former General Manager, Renewable Power at Chevron Pipeline and Power. |
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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?
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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?
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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?
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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?
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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?
Research analysts who have asked questions during ATMOS ENERGY earnings calls.
Richard Sunderland
JPMorgan Securities LLC
5 questions for ATO
Christopher Jeffrey
Mizuho Securities
4 questions for ATO
Ryan Levine
Citigroup
3 questions for ATO
Fei She
Bank of America
2 questions for ATO
Nicholas Campanella
Barclays
2 questions for ATO
David Arcaro
Morgan Stanley
1 question for ATO
Julien Dumoulin-Smith
Jefferies
1 question for ATO
Nick Campanella
Barclays
1 question for ATO
Paul Zimbardo
Jefferies Financial Group Inc.
1 question for ATO
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Securitized Utility Tariff Property | 2023 |
Recent press releases and 8-K filings for ATO.
- On October 1, 2025, Atmos Energy completed a public offering of $600 million aggregate principal amount of 5.450% Senior Notes due 2056, generating net proceeds of approximately $589.8 million.
- The Notes are unsecured senior obligations ranking equally with all existing and future unsubordinated debt and bear interest at 5.450% per annum, payable semiannually on January 15 and July 15, beginning January 15, 2026.
- The Indenture dated March 26, 2009, includes covenants limiting liens, sale-leaseback transactions, mergers and asset sales, and standard events of default; the Company may redeem the Notes at its option prior to or after the Par Call Date of July 15, 2055.
- Announced underwritten public offering of $600 million aggregate principal amount of 5.450% Senior Notes due January 15, 2056, priced at 99.422% of par, expected to close on October 1, 2025.
- Notes will bear interest at 5.450% per annum, payable semiannually on January 15 and July 15, beginning January 15, 2026, under the indenture dated March 26, 2009.
- Underwriters are led by BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC and U.S. Bancorp Investments, Inc. as representatives.
- Atmos Energy expects to receive net proceeds of approximately $589.8 million after underwriting discounts and estimated offering expenses.
- On June 16, 2025, Atmos Energy entered into an underwriting agreement to offer $500 million aggregate principal amount of its 5.200% Senior Notes due August 15, 2035 under its Form S-3 registration (No. 333-283563).
- The offering is expected to close on or about June 26, 2025, with net proceeds of approximately $493.5 million after underwriting discounts and estimated expenses.
- The notes will bear interest at 5.200% per annum, payable semi-annually on February 15 and August 15 beginning February 15, 2026, and are redeemable at a make-whole price before May 15, 2035 and at 100% thereafter.
- Joint book-running managers for the transaction are Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc., alongside MUFG Securities, Regions Securities and Truist Securities.
- Atmos Energy delivered strong financial performance with year-to-date net income of $837 million, a YTD Diluted EPS of $5.26, raised EPS guidance to $7.20–7.30 for fiscal '25, and increased its annual dividend by 8.1% to $3.48 per share .
- The company maintained a robust capital strategy by extending its credit facilities to $3.1 billion and reporting approximately $5.3 billion in available liquidity, executing $1.7 billion in capital spending with 85% allocated to safety and reliability initiatives, supported by a $650 million debt issuance .
- It added nearly 59,000 new customers (with almost 46,000 in Texas) and drove strong industrial and commercial growth through key expansion projects, including additional pipeline segments and interconnect projects .
- Improved operating performance was noted with higher segment operating income in both the distribution and pipeline & storage divisions compared to the prior year .
- On March 31, 2025, Atmos Energy Corporation filed an 8-K report detailing key updates to its credit agreements.
- The company extended the maturity of its Three Year Credit Agreement to March 28, 2028 and its Five Year Credit Agreement to March 28, 2030, with both extensions effective as of March 31, 2025.
- The report was formally signed on April 4, 2025, confirming the creation of the direct financial obligation and related arrangements.