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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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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?
Recent developments and announcements about ATO.
Corporate Leadership
Leadership Change
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 .