2024
Annual Report
Colorado-Kansas Division
Denver, CO
Louisiana Division
Kentucky/Mid-States Division
Franklin, TN
Baton Rouge, LA
Mississippi Division
Atmos Energy Corporation
Headquarters, Dallas, TX
Flowood, MS
Lubbock, TX
West Texas Division
Katy Hub
Carthage
Hub
Waha Hub
Mid-Tex Division
Atmos Pipeline-Texas Division
Dallas, TX
Natural gas distribution areas
Proprietary storage
Division offices
Major gas delivery hubs
Financial Highlights
3.3 million +
$24 billion
90% | 99%
Regulated distribution assets in
eight states serving
>3.3 million customers
Projected capital expenditures of
about $24 billion through fiscal
2029; over 86% spent on safety and
reliability.
Earning on about 90% of annual
capital expenditures within
6 months and on 99% within
12 months.
6% to 8%
22 | 40 years
6% to 8% forecasted earnings and
dividends per share growth through
fiscal 2029.
22 consecutive years of annual
EPS growth; 40 consecutive
years of annual dividend growth.
We safely deliver reliable, efficient, and abundant natural gas to more than
3.3 million homes and businesses.
Atmos Energy at a Glance
1
Atmos Energy 2024 Annual Report
Constructive Regulatory Mechanisms Support System and
Business Modernization
Rate Base (in billions)
$0
$9
$18
$27
$36
$45
FY2029E
FY2024
FY2023
$16.6
$18.8
$36.0-$38.0
Distribution
Pipeline and Storage
Earning on Annual Investments
1%
90%
9%
Within 0-6 months
Within 7-12 months
Greater than 12 months
Earnings Per Share
$0
$2
$4
$6
$8
$10
$12
FY2029E
FY2025E
FY2024
$6.83
$7.05-$7.25
$9.15-$9.55
6% to 8%
consolidated EPS
growth
Fiscal 2024 by the Numbers
$1,043 million
$2.9 billion
Net income for the fiscal year of $1,043 million, compared
with net income of $886 million in fiscal 2023.
In fiscal 2024 we spent $2.9 billion to modernize our
natural gas distribution and transmissions systems.
$6.83 EPS
$3.22 per share
Earnings per diluted share in fiscal 2024 increased
12 percent compared to fiscal 2023 diluted earnings
per share of $6.10, marking our 22nd consecutive
annual increase.
Dividends paid in fiscal 2024 were $3.22 per share.
Earnings Growth
Through System and Business Modernization
$24 billion
in capital investments through
2029; >86% allocated to safety
Constructive rate
mechanisms reducing
regulatory lag
+
=
2
Atmos Energy 2024 Annual Report
In fiscal 2024, Atmos Energy continued our journey to being the safest
provider of natural gas services.
We invested $2.9 billion with about 83 percent of the capital investment dedicated to safety and reliability projects. These
investments not only improved the safety of our assets but also our environmental footprint. And, although our capital spending
has increased, our average monthly bill remains one of the lowest utility bills in the household.
850 miles
98 percent
54 percent
We replaced approximately
850 miles of natural gas
distribution and transmission
pipelines to make our system
even safer and more reliable.
Our customer support associate
and service technician satisfaction
ratings remained high at 98 percent.
The percentage of electronic bills
issued increased to 54 percent.
55,000 lines
145,000 hours
59,000 residential
customers
We added over 59,000 new
residential customers and
approximately 3,500 commercial
and 39 industrial customers.
We replaced approximately
55,000 service lines.
We conducted approximately
145,000 hours of technical training
in order to continue to provide safe
and reliable service.
3
Atmos Energy 2024 Annual Report
Fiscal 2024 marked Atmos Energy’s 40th anniversary as
an independent company. All 5,200 employees at Atmos
Energy proudly serve our customers and communities as we
continue to be guided by the simple values of our founding
Chairman, Charles K. Vaughan: honesty, integrity, and good
moral character.
During the year, we invested $2.9 billion with approximately
83 percent of that capital investment dedicated to safety
and reliability projects. We also replaced over 850 miles of
distribution and transmission mains and 55,000 service lines.
Our capital investment spending program also supported the
strong economic development we continue to see across our
service territories. In fiscal 2024, we added over 59,000 new
residential and commercial customers with over 46,000 of those
new customers located in Texas. In addition, we saw robust
commercial and industrial customer growth as we added nearly
3,500 new commercial customers and 39 industrial customers.
This growing natural gas demand from all our customer classes
continues to demonstrate the vital role natural gas has in
economic development across our service territories.
Financial Performance
Earnings per diluted share for fiscal 2024 rose for the twenty-
second consecutive year to $6.83, which was a 12 percent
increase over fiscal 2023, and our dividend increased for the
fortieth year in a row to $3.22 per share, an 8.8 percent increase
over the prior year. Net income was $1,043 million, of which
our distribution operations contributed 64 percent. During fiscal
2024, we implemented $376 million in annualized operating
income increases. Additionally, we raised approximately $2.0
billion of long-term debt and equity financing in fiscal 2024 that
we used to support our capital spending program and maintain
our financial profile. We also renewed our primary five-year $1.5
billion credit facility and replaced our former three-year $900
million credit facility with a new three-year $1.5 billion credit
facility that will support our operations. We finished the fiscal
year with a strong financial position with total available liquidity
of $4.8 billion and an equity capitalization of 61 percent.
Making a Difference
Through our Fueling Safe and Thriving Communities campaign,
our employees made a difference in the communities where
they live and work by collaborating with local school districts
and education foundations to promote childhood literacy,
supporting first responders and healthcare workers, and helping
our communities stay warm. Over the last five years, we have
invested more than $50 million to support local food banks and
shelters, provide books, meals, and snacks to local schools, and
supply meals and needed supplies to our hometown healthcare
workers and first responders.
In addition, in fiscal 2024, we provided nearly $23 million
in financial assistance for 57,000 of our customers in need.
And, during the last five years, we have assisted customers in
receiving almost $200 million of financial assistance through
LIHEAP, Sharing the Warmth, and other programs.
In Fiscal 2024, we continued to execute our proven investment strategy of operating safely and reliably
while we modernize our natural gas distribution, transmission, and storage systems.
Letter To Our Stakeholders
A Message from Leadership
4
Atmos Energy 2024 Annual Report
Leadership Update
In fiscal 2024, Telisa Toliver and Edward Geiser were elected to
the Board of Directors.
Ms. Toliver served as General Manager, Renewable Power
for Chevron Pipeline and Power, a division of Chevron USA
which manages Chevron’s interest in gas-fired and renewable
power generation assets. In this role since 2019, Ms. Toliver
led all commercial, technical, and operations activities related
to the integration of renewable power projects with Chevron’s
global operations. Prior to this role, Ms. Toliver served as Vice
President, Business Development and Strategy for Chevron
Pipeline and Power, where she led business development and
commercial functions in the pipeline and power business. She
also served as a director on various joint venture boards. Prior
to Chevron, Ms. Toliver began her career in the energy industry
at Texaco working in natural gas sales, fuels management,
business development, and strategic planning. She has
extensive experience in the energy sector as well as significant
knowledge in a variety of areas, including governance, human
resource management, supply chain and vendor management,
environmental and sustainability issues, risk management,
business development, and strategic planning, and will be an
asset to our Board.
Mr. Geiser is the Executive Managing Partner of Juniper Capital
Advisors, L.P. and the head of the Investment Committee
for the firm and its funds. Prior to the formation of Juniper
Capital, Mr. Geiser was a Managing Director at Och-Ziff Capital
Management where he focused on Och-Ziff’s private investing
activity in the energy industry from 2008 to 2013. Prior to
Och-Ziff, Mr. Geiser worked at each of the Merrill Lynch and
Morgan Stanley Investment Banking Groups where he provided
strategic advisory and capital markets services to companies
involved in the energy industry. He has a significant amount
of experience in the energy sector and brings to the Board of
Directors many years of management in public and private
finance. He will add significant value to the Board’s strategic and
financial discussions.
Outlook
I am excited about the long-term outlook of Atmos Energy.
We operate in a diversified and growing service territory that
is supportive of natural gas and our investment in natural gas
infrastructure to supply the growing economy and energy
demand. To meet the expectations of our communities, our
customers, policy makers, and regulators, we will continue
to focus on system modernization through disciplined capital
spending, seek timely recovery of our costs through our various
regulatory mechanisms and maintain a strong balance sheet.
Our capital spending for fiscal 2025 is forecasted to be
approximately $3.7 billion. We expect our capital expenditures
through fiscal 2029 to be about $24 billion. That investment
supports the continued modernization of our natural gas
distribution, transmission, and storage systems and supports the
growing natural gas demand across our jurisdictions. Over 86%
of that investment will be focused on safety and reliability.
Our total rate base is expected to grow from approximately
$19 billion at the end of fiscal 2024 to between $36 billion and
$38 billion by the end of fiscal 2029. This rate base growth
supports annual earnings per diluted share and dividends per
share growth of 6 percent to 8 percent through fiscal 2029. Our
guidance for earnings per diluted share in fiscal 2025 ranges
between $7.05 and $7.25.
Our performance this fiscal year reflects the focus and
dedication of the entire Atmos Energy team. Their ability to
execute our proven strategy of operating safely and reliably
while we modernize our natural gas distribution, transmission,
and storage systems supports the growing natural gas demand
across our service territories and has us well positioned for
continued success.
J. KEVIN AKERS
President and Chief Executive Officer
November 18, 2024
5
Atmos Energy 2024 Annual Report
Board of Directors
J. Kevin Akers
President and Chief Executive Officer,
Atmos Energy Corporation
Dallas, Texas
Board member since 2019
John C. Ale
Former Senior Vice President, General
Counsel and Corporate Secretary
of Southwestern Energy Company
Houston, Texas
Board member since 2022
Committees: Corporate Responsibility,
Sustainability, & Safety, Human Resources
Robert W. Best
Honorary Director,
Retired Chairman of the Board,
Atmos Energy Corporation
Dallas, Texas
Board member since 1997
Kim R. Cocklin
Chairman of the Board,
Atmos Energy Corporation
Dallas, Texas
Board member since 2009
Kelly H. Compton
Executive Director,
The Hoglund Foundation
Dallas, Texas
Board member since 2016
Committees: Corporate Responsibility,
Sustainability, & Safety, Human Resources
Sean Donohue
Chief Executive Officer
Dallas/Fort Worth
International Airport
Dallas, Texas
Board member since 2018
Committees: Corporate Responsibility,
Sustainability, & Safety, Nominating
and Corporate Governance
Rafael G. Garza
Executive Vice Chairman of VBT Financial
Corporation; Founder and Executive
Vice Chairman of Vantage Bank Texas;
Founder of RGG Capital Partners, LLC;
and Founder of Bravo Equity Partners, LP
Fort Worth, Texas
Board member since 2016
Committees: Audit, Nominating and
Corporate Governance
Edward J. Geiser
Executive Managing Partner of Juniper
Capital Advisors, L.P.
Houston, Texas
Board member since 2024
Richard K. Gordon
General Partner, Juniper Capital LP
and Juniper Energy LP; Senior Advisor,
Juniper Capital II and
Juniper Capital III
Houston, Texas
Board member since 2001
Lead Director since 2016
Committees: Corporate Responsibility,
Sustainability, & Safety, Executive (Chair),
Human Resources (Chair)
Nancy K. Quinn
Independent Energy Consultant
Key Biscayne, Florida
Board member since 2004
Former Lead Director
Committees: Audit (Chair), Executive,
Nominating and Corporate Governance
Richard A. Sampson
General Partner and Founder,
RS Core Capital, LLC
Denver, Colorado
Wellington, Florida
Board member since 2012
Committees: Human Resources,
Executive, Nominating and Corporate
Governance (Chair)
Telisa Toliver
Former GM, Renewable Power,
Chevron Pipeline and Power
Houston, Texas
Board member since 2024
Diana J. Walters
Founder and Managing Member,
Amichel, LLC
Pipe Creek, Texas
Board member since 2018
Committees: Audit, Human Resources
Frank Yoho
Former Executive Vice President and
President of Natural Gas, Duke Energy
Charlotte, North Carolina
Board member since 2020
Committees: Audit, Executive,
Corporate Responsibility, Sustainability,
& Safety (Chair)
Senior Management Team
J. Kevin Akers
President and Chief Executive Officer
Christopher T. Forsythe
Senior Vice President and
Chief Financial Officer
Karen E. Hartsfield
Senior Vice President, General
Counsel and Corporate Secretary
John S. McDill
Senior Vice President, Utility Operations
J. Matt Robbins
Senior Vice President, Human Resources
6
Atmos Energy 2024 Annual Report
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