ATO · 10-K filed 14 Nov 2025 · year to 30 Sep 2025

Atmos Energy

29 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Interstate natural gas pipelines

depends on · 33 pipeline transportation companiesnamed as a risk

If a substantial disruption to or reduction in interstate natural gas pipelines’ transmission and storage capacity occurred due to operational failures or disruptions, legislative or regulatory actions, hurricanes, tornadoes, floods, extreme cold weather, terrorist or cyber-attacks, or acts of war, our operations or financial results could be adversely affected.Risk factors (Item 1A)

Also named by DUK, ED, WEC

ConocoPhillips Company

depends on

Major suppliers during fiscal 2025 were ARM Energy Management LLC, Cima Energy, LP, ConocoPhillips Company, ECO Energy Natural Gas LLC, EnLink Gas Marketing LP, Sequent Energy Management LLC, Symmetry Energy Solutions, LLC, Targa Gas Marketing LLC, Tenaska Marking Ventures, and Texla Energy Management, Inc.Business (Item 1)

ARM Energy Management LLC

depends on

Targa Gas Marketing LLC

depends on

EnLink Gas Marketing LP

depends on

Competitors

Electricity

competes withnamed as a risk

Our primary product competition is with electricity for heating, water heating, and cooking.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, BA, BMNR, CLF and 22 more

Places

Texas

concentrated in · Approximately 75 percent of our consolidated operationsnamed as a risk

Approximately 75 percent of our consolidated operations are located in the State of Texas.Risk factors (Item 1A)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, AXP, AZO and 70 more

Louisiana

operates in · $1,352,758

Our natural gas transmission operations in Louisiana are comprised of a 21-mile pipeline located in the New Orleans, Louisiana area that is primarily used to aggregate gas supply for our distribution division in Louisiana under a long-term contract and, on a more limited basis, to third parties.Business (Item 1)

Also named by ETR, FHN, L, NRP, QXO

Dallas/Fort Worth Metroplex

concentrated in · 1,830,387

Mid-Tex Texas, including the Dallas/Fort Worth Metroplex 550 1,830,387Business (Item 1)

Permian Basin

operates in

APT is one of the largest intrastate pipeline operations in Texas with a heavy concentration in the established natural gas-producing areas of central, northern, and eastern Texas, extending into or near the major producing areas of the Barnett Shale, the Texas Gulf Coast, and the Permian Basin of West Texas.Business (Item 1)

Also named by AESI, APA, ARLP, AROC, CRGY, CVX, DINO, DMLP and 20 more

Hazards

Extreme cold weather

operates in · approximately 4.2 Bcfnamed as a risk

Additionally, sustained cold weather could challenge our ability to adequately meet customer demand in our operations.Risk factors (Item 1A)

Also named by ED

Hurricanes and tornadoes

operates innamed as a risk

It could also result in more frequent and more severe weather events, such as hurricanes and tornadoes, which could increase our costs to repair damaged facilities and restore service to our customers or impact the cost of gas.Risk factors (Item 1A)

Commodities and inputs

Natural gas

exposed to its pricenamed as a risk

Rapid increases in the costs of purchased gas would cause us to experience a significant increase in short-term or long-term debt.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Regulators

Railroad Commission of Texas (RRC)

subject to · $5,237,614

Revenues earned from transportation and storage services for APT are subject to traditional ratemaking governed by the RRC.Business (Item 1)

Also named by APA, DMLP, DVN, MUR, NRG, OKE, PR, TPL and 2 more

Mississippi Public Service Commission

subject to · $40,301

On November 4, 2025, the Mississippi Public Service Commission issued a rate order in this case.Business (Item 1)

Also named by ETR, SO

Kentucky Public Service Commission

subject to · $7.2 million

On September 15, 2025, the Kentucky Public Service Commission approved a rate increase of $7.2 million effective October 2, 2025, subject to refund.Business (Item 1)

Also named by PPL

State Corporation Commission of Virginia

subject to · $0.5 million

On August 22, 2025, the State Corporation Commission of Virginia approved a rate increase of $0.5 million effective October 1, 2025.Business (Item 1)

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

FERC has regulatory authority over some of our operations, including the use and release of interstate pipeline and storage capacity.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, BKH and 62 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

The Company incurs significant costs to comply with existing PHMSA and comparable state regulations.Risk factors (Item 1A)

Also named by AM, BKH, CHRD, CNX, CP, CRC, CRGY, CSX and 29 more

Louisiana Public Service Commission

subject to

The demand fee charged to our Louisiana distribution division for these services is subject to regulatory approval by the Louisiana Public Service Commission.Business (Item 1)

Also named by ETR, L

Kansas Corporation Commission

subject to

The staff of the Kansas Corporation Commission recommended approval of the GSRS filing on October 17, 2025, subject to commission approval.Business (Item 1)

Also named by EVRG

Transportation Security Administration (TSA) pipeline security directive

subject to

Atmos Energy is also subject to the U.S. Department of Homeland Security Transportation Security Administration (TSA) security directive for our natural gas pipeline monitoring and control systems.Cybersecurity (Item 1C)

Laws and programs

Weather normalization adjustment (WNA) mechanisms

subject to · approximately 97 percentnamed as a risk

We have weather-normalized rates for approximately 97 percent of our residential and commercial revenues in our distribution operations, which substantially mitigates the adverse effects of warmer-than-normal weather for meters in those service areas.Risk factors (Item 1A)

Municipal franchise agreements

subject to · 1,010 franchises

At September 30, 2025, we held 1,010 franchises having terms generally ranging from five to 35 years.Business (Item 1)

Also named by BKH

Mid-Tex Cities Rate Review Mechanism (RRM)

subject to · $138.5 million

The Mid-Tex Cities approved a rate increase of $138.5 million.Business (Item 1)

Greenhouse gas emissions legislation

subject tonamed as a risk

Such laws or regulations could adversely affect our business, results of operations, and cash flows if the costs we incur to comply with these laws or regulations are not recovered or if the cost of providing natural gas services becomes prohibitively expensive, leading to a reduction in the demand for natural gas or fuel-switching to alternate sources of energy.Risk factors (Item 1A)

Natural Gas Policy Act Section 311

subject to

The Federal Energy Regulatory Commission (FERC) allows, pursuant to Section 311 of the Natural Gas Policy Act (NGPA), gas transportation services through our APT assets “on behalf of” interstate pipelines or local distribution companies served by interstate pipelines, without subjecting these assets to the jurisdiction of the FERC under the NGPA.Business (Item 1)

Also named by EPD, ET, RRC

Texas Gas Reliability Infrastructure Program (GRIP)

subject to

Rates are updated through periodic filings made under Texas’ GRIP.Business (Item 1)

Purchased gas cost adjustment mechanisms

subject to

Substantially all of the costs of gas purchased for distribution operations are recovered from our customers through purchased gas cost adjustment mechanisms.Market risk (Item 7A)