Atmos Energy : 2024 Statistical Summary

2024

ATMOS ENERGY CORPORATION

STATISTICAL SUMMARY

The purpose of this summary is to provide historical financial and statistical information and current facts about Atmos Energy Corporation (the "Company"). It should be used in conjunction with the Company's 2024 Annual Report on Form 10-

1. It is not intended to be used in any way in conjunction with the sale or purchase of any securities of Atmos Energy Corporation or its subsidiaries. The financial and operating data in this summary are presented on a consolidated basis without extensive footnoting and are unaudited. In addition, the data provided in this summary is included for financial reporting purposes and may not be appropriate for rate making purposes.

-1-

This Page Intentionally Left Blank

-2-

TABLE OF CONTENTS

Highlights	4
Consolidated Balance Sheets	6
Consolidated Statements of Income	8
Consolidated Statements of Shareholders' Equity	10
Consolidated Statements of Cash Flows	14
Property, Plant and Equipment	16
Accumulated Depreciation and Amortization	17
Long-termand Short-termDebt	18
Sinking Fund Requirements	20
Capitalization and Ratios	22
Financial and Operating Statistics	24
Customers and Volumes	26
Gas Sales and Transportation Revenues	28
Regulation and Rates	30
Corporate Structure	32
Operating Divisions and Subsidiary Companies	33
Data by Reportable Segment	34
Corporate Development	35
Glossary	37

-3-

HIGHLIGHTS

Year ended September 30

		2024			2023			2022			2021
Balance Sheet Data at September 30 (In thousands)
Capital expenditures	$	2,937,124	$	2,805,973	$	2,444,420	$	1,969,540
Net property, plant and equipment		22,204,367			19,606,583			17,240,239			15,063,970
Working capital		(73,561)			(466,824)			(554,907)			(671,640)
Total assets		25,194,465			22,516,968			22,192,989			19,608,662
Shareholders' equity		12,157,669			10,870,064			9,419,091			7,906,889
Long-termdebt, excluding current maturities		7,783,646			6,554,133			5,760,647			4,930,205
Securitized long-term debt, excluding current maturities		76,871			85,078			-			-
Total capitalization		20,018,186			17,509,275			15,179,738			12,837,094
Income Statement Data (In thousands, except per share data) (1)
Operating revenues (2)	$	4,165,187	$	4,275,357	$	4,201,662	$	3,407,490
Operating income(3)		1,355,362			1,067,147			920,982			904,998
Income from continuing operations		1,042,895			885,862			774,398			665,563
Adjusted income from continuing operations (4)		1,042,895			885,862			774,398			665,563
Income from discontinued operations, net of tax		-			-			-			-
Net income		1,042,895			885,862			774,398			665,563
Adjusted income per share from continuing operations - diluted (4)		6.83			6.10			5.60			5.12
Income per share from continuing operations - diluted		6.83			6.10			5.60			5.12
Income per share from discontinued operations - diluted		-			-			-			-
Net income per share - diluted		6.83			6.10			5.60			5.12
Common Stock Data
Shares outstanding (In thousands)
End of year		155,259			148,493			140,897			132,420
Weighted average diluted shares		152,666			145,166			138,096			129,834
Cash dividends per share	$	3.22	$	2.96	$	2.72	$	2.50
Shareholders of record as of 10/31		8,968			9,543			10,052			10,590
Customers and Volumes (as metered)
Consolidated distribution sales volumes (MMcf)		283,977			289,948			292,266			308,833
Consolidated distribution transportation volumes (MMcf)		156,389			152,963			152,709			152,513
.............................................Consolidated distribution throughput (MMcf)		440,366			442,911			444,975			461,346
Consolidated pipeline and storage throughput (MMcf)		635,728			635,508			580,488			585,857
Consolidated natural gas marketing delivered gas sales volumes (MMcf)....		-			-			-			-
Meters in service at end of year		3,361,820			3,321,076			3,282,176			3,397,249
Heating degree days		2,570			2,586			2,553			2,670
Degree days as a % of normal		98 %			100 %			98 %			101 %
Distribution average purchased gas cost per Mcf sold	$	5.71	$	7.11	$	7.56	$	4.86
Distribution average transportation fee per Mcf	$	0.82	$	0.76	$	0.70	$	0.67
Statistics
Return on average shareholders' equity		9.0 %			8.7 %			8.8 %			8.9 %
Number of employees		5,260			5,019			4,791			4,684
Net distribution plant per meter	$	4,870	$	4,337	$	3,877	$	3,306
Distribution operation and maintenance expense per meter	$	179	$	170	$	158	$	148
Meters per employee - distribution		672			695			712			743
Times interest earned before income taxes		4.24			4.23			4.00			4.32

1. In January 2017, we completed the sale of our natural gas marketing operations to CenterPoint Energy Services, Inc., a subsidiary of CenterPoint Energy, Inc. (CES). The results of operations of our natural gas marketing reportable segment have been separately reported as discontinued operations for fiscal 2012 through 2017 but were not reported separately for years prior to fiscal 2012. In August 2012, we completed the sale of our distribution operations in Missouri, Illinois and Iowa and in April 2013, we completed the sale of our distribution operations in Georgia. The results of operations for these four states have been separately reported as discontinued operations for fiscal years 2010 through 2013.
2. In fiscal 2014, we retroactively reclassified certain amounts in our operating revenues to purchased gas cost to reflect all hedging activity in purchased gas cost for fiscal years 2010 through 2014.
3. In fiscal 2019, we retroactively reclassified amounts related to our pension and other postretirement plans in accordance with our adoption of new accounting standards for fiscal years 2016 through 2019. These amounts were not reclassified for years prior to fiscal 2016.

-4-

	2020			2019			2018			2017			2016			2015			2014
$	1,935,676	$	1,693,477	$	1,467,591	$	1,137,089	$	1,086,950	$	963,621	$	824,441
	13,355,347			11,787,669			10,371,147			9,259,182			8,268,606			7,416,700			6,725,906
	(311,143)			(751,409)			(1,436,278)			(473,797)			(1,106,595)			(528,517)			(134,810)
	15,359,032			13,367,619			11,874,437			10,749,596			10,010,889			9,075,072			8,581,006
	6,791,203			5,750,223			4,769,951			3,898,666			3,463,059			3,194,797			3,086,232
	4,531,779			3,529,452			2,493,665			3,067,045			2,188,779			2,437,515			2,442,288
	-			-			-			-			-			-			-
	11,322,982			9,279,675			7,263,616			6,965,711			5,651,838			5,632,312			5,528,520
$	2,821,137	$	2,901,848	$	3,115,546	$	2,759,735	$	2,454,648	$	2,926,985	$	3,243,904
	824,099			746,058			727,934			735,628			665,368			612,232			577,222
	580,481			511,406			603,064			382,711			345,542			305,623			270,331
	601,443			511,406			444,282			382,711			345,542			305,623			270,331
	-			-			-			13,710			4,562			9,452			19,486
	601,443			511,406			603,064			396,421			350,104			315,075			289,817
	4.72			4.35			4.00			3.60			3.33			3.00			2.76
	4.89			4.35			5.43			3.60			3.33			3.00			2.76
	-			-			-			0.13			0.05			0.09			0.20
	4.89			4.35			5.43			3.73			3.38			3.09			2.96
	125,882			119,339			111,274			106,105			103,931			101,479			100,388
	122,872			117,461			111,012			106,100			103,524			101,892			97,608
$	2.30	$	2.10	$	1.94	$	1.80	$	1.68	$	1.56	$	1.48
	11,199			11,806			12,550			13,341			14,108			14,940			15,807
	291,650			315,476			300,817			246,825			258,650			307,985			331,934
	147,387			155,078			150,566			141,540			133,378			135,972			134,483
	439,037			470,554			451,383			388,365			392,028			443,957			466,417
	621,371			721,998			663.9			596.179			505,303			528,068			493,360
	-			-			-			78.646			325,537			336,792			362,827
	3,333,181			3,291,835			3,256,336			3,221,405			3,185,509			3,151,666			3,115,419
	2,727			2,669			2,650			2,584			2,622			2,608			2,685
	103 %			102 %			99 %			96 %			98 %			98 %			102 %
$	3.67	$	4.02	$	5.19	$	5.14	$	4.09	$	5.11	$	5.88
$	0.64	$	0.60	$	0.64	$	0.58	$	0.54	$	0.49	$	0.47
	9.6 %			9.5 %			13.3 %			10.5 %			10.5 %			10.0 %			9.9 %
	4,694			4,776			4,628			4,565			4,747			4,753			4,761
$	2,984	$	2,654	$	2,348	$	2,126	$	1,953	$	1,799	$	1,670
$	142	$	146	$	143	$	128	$	127	$	123	$	124
	730			709			713			715			696			688			679
	4.22			4.06			4.23			4.68			4.31			4.19			4.63

1. In fiscal 2020, due to the passage of Kansas House Bill 2585, we remeasured our deferred tax liability and updated our state deferred tax rate. As a result, we recorded a non-cash income tax benefit of $21.0 million for the fiscal year ended September 30, 2020. Additionally, the enactment of the Tax Cuts and Jobs Act of 2017 (the TCJA) required us to remeasure our deferred tax assets and liabilities at our new federal statutory income tax rate as of December 22, 2017. The remeasurement of our net deferred tax liabilities resulted in the recognition of a non-cash income tax benefit of $158.8 million for the fiscal year ended September 30, 2018. Due to the non-recurring nature of these benefits, we believe that net income and diluted net income per share before the non-cash income tax benefits provide a more relevant measure to analyze our financial performance than net income and diluted net income per share in order to allow investors to better analyze our core results and allow the information to be presented on a comparative basis.

-5-

CONSOLIDATED BALANCE SHEETS

					September 30
		2024			2023			2022			2021
					(In thousands)
ASSETS
Property, plant and equipment
Regulated plant	$	24,722,187	$	21,897,414	$	19,341,322	$	17,197,892
Nonregulated plant		62,098			61,033			60,949			60,655
Construction in progress		1,063,798			939,927			835,868			626,551
		25,848,083			22,898,374			20,238,139			17,885,098
Less accumulated depreciation and amortization		3,643,716			3,291,791			2,997,900			2,821,128
..............................................Net property, plant and equipment		22,204,367			19,606,583			17,240,239			15,063,970
Current assets
Cash and cash equivalents		307,340			15,404			51,554			116,723
Restricted cash and cash equivalents		1,516			3,844			-			-
Accounts receivable, net		365,882			328,654			363,708			342,967
Materials and supplies		16,961			34,297			25,880			15,581
Gas stored underground		169,508			245,830			357,941			178,116
Assets from risk management activities		2,091			4,071			26,207			55,073
Deferred gas cost		159,762			148,297			119,742			66,395
Taxes receivable		14,332			13,918			11,911			-
Other current assets		94,922			91,453			2,090,750			2,063,860
...................................................................Total current assets		1,132,314			885,768			3,047,693			2,838,715
Securitized intangible asset, net		82,844			92,202			-			-
Goodwill		731,257			731,257			731,257			731,257
Noncurrent assets from risk management activities		94,197			381,593			355,784			175,613
Deferred charges and other assets		949,486			819,565			818,016			799,107
	$	25,194,465		$	22,516,968		$	22,192,989		$	19,608,662
CAPITALIZATION AND LIABILITIES
Shareholders' equity
Common stock	$	776	$	742	$	704	$	662
Additional paid-incapital		7,474,559			6,684,120			5,838,118			5,023,751
Retained earnings		4,216,619			3,666,674			3,211,157			2,812,673
Accumulated other comprehensive income (loss)		465,715			518,528			369,112			69,803
.................................................................Shareholders' equity		12,157,669			10,870,064			9,419,091			7,906,889
Long-termdebt		7,783,646			6,554,133			5,760,647			4,930,205
Securitized long-termdebt		76,871			85,078			-			-
...................................................................Total capitalization		20,018,186			17,509,275			15,179,738			12,837,094
Current liabilities
Current maturities of long-termdebt		1,651			1,568			2,201,457			2,400,452
Current maturities of securitized long-term debt		8,207			9,922			-			-
Short-termdebt		-			241,933			184,967			-
Accounts payable and accrued liabilities		445,397			336,083			496,019			423,222
Taxes payable		215,857			195,468			189,239			160,986
Customer credit balances and deposits		62,085			65,266			56,016			49,722
Liabilities from risk management activities		7,324			14,584			3,000			5,269
Deferred gas cost		9,142			23,093			28,834			52,553
Other current liabilities		456,212			464,675			443,068			418,151
.............................................................Total current liabilities		1,205,875			1,352,592			3,602,600			3,510,355
Deferred income taxes		2,593,342			2,304,974			1,999,505			1,705,809
Regulatory excess deferred taxes (1)		177,315			253,212			385,213			549,227
Noncurrent liabilities from risk management activities		313			824			1,129			-
Regulatory cost of removal obligation		507,815			497,017			487,631			468,688
Pension and postretirement liabilities		67,322			66,523			91,596			185,617
Deferred credits and other liabilities		624,297			532,551			445,577			351,872
	$	25,194,465		$	22,516,968		$	22,192,989		$	19,608,662

1. Due to the passage of the Kansas House Bill 2585, on June 1, 2020, we remeasured our deferred tax liability resulting in a $12.1 million regulatory liability as of September 30, 2020. The remaining amount reflects the remeasurement of the net deferred tax liability included in our rate base as a result of the Tax Cuts and Jobs Act of 2017 (the TCJA).

-6-

	2020			2019			2018			2017			2016			2015			2014
$	15,478,612	$	13,698,661	$	12,159,295	$	10,943,063	$	9,881,378	$	8,856,545	$	8,094,561
	60,554			60,238			58,353			58,847			77,249			74,709			105,560
	418,055			421,694			349,725			299,394			183,879			280,421			247,579
	15,957,221			14,180,593			12,567,373			11,301,304			10,142,506			9,211,675			8,447,700
	2,601,874			2,392,924			2,196,226			2,042,122			1,873,900			1,794,975			1,721,794
	13,355,347			11,787,669			10,371,147			9,259,182			8,268,606			7,416,700			6,725,906
	20,808			24,550			13,771			26,409			47,534			28,653			42,258
	-			-			-			-			-			-			-
	230,595			230,571			253,295			222,263			215,880			213,333			343,400
	6,829			5,916			8,106			4,472			5,825			12,587			5,704
	111,950			130,138			165,732			184,653			179,070			195,336			278,917
	5,687			1,586			1,369			2,436			3,029			378			45,827
	40,593			23,766			1,927			65,714			45,184			9,715			20,069
	-			-			-			-			5,456			4,479			5,481
	54,796			41,504			34,653			33,699			179,708			161,825			34,184
	471,258			458,031			478,853			539,646			681,686			626,306			775,840
	-			-			-			-			-			-			-
	731,257			730,706			730,419			730,132			726,962			726,257			742,029
	74,991			225			250			803			1,822			368			13,038
	726,179			390,988			293,768			219,833			331,813			305,441			324,193
$	15,359,032		$	13,367,619		$	11,874,437		$	10,749,596		$	10,010,889		$	9,075,072		$	8,581,006
$	629	$	597	$	556	$	531	$	520	$	507	$	502
	4,377,149			3,712,194			2,974,926			2,536,365			2,388,027			2,230,591			2,180,151
	2,471,014			2,152,015			1,878,116			1,467,024			1,262,534			1,073,029			917,972
	(57,589)			(114,583)			(83,647)			(105,254)			(188,022)			(109,330)			(12,393)
	6,791,203			5,750,223			4,769,951			3,898,666			3,463,059			3,194,797			3,086,232
	4,531,779			3,529,452			2,493,665			3,067,045			2,188,779			2,437,515			2,442,288
	-			-			-			-			-			-			-
	11,322,982			9,279,675			7,263,616			6,965,711			5,651,838			5,632,312			5,528,520
	165			-			575,000			-			250,000			-			-
	-			-			-			-			-			-			-
	-			464,915			575,780			447,745			829,811			457,927			196,695
	235,775			265,024			217,283			233,050			196,485			174,646			308,086
	148,292			135,597			123,457			116,291			104,145			92,912			77,601
	56,485			54,617			52,648			54,627			81,219			99,043			82,085
	2,015			4,552			56,734			322			56,771			9,568			1,730
	19,985			14,112			94,705			15,559			20,180			28,100			35,063
	319,684			270,623			219,524			145,849			249,670			292,627			209,390
	782,401			1,209,440			1,915,131			1,013,443			1,788,281			1,154,823			910,650
	1,456,569			1,300,015			1,154,067			1,878,699			1,603,056			1,411,315			1,286,616
	697,764			705,101			739,670			-			-			-			-
	-			1,249			103			112,076			184,048			110,539			20,126
	457,188			473,172			466,405			485,420			424,281			427,553			445,387
	337,303			279,083			177,520			230,588			297,743			287,373			340,963
	304,825			119,884			157,925			63,659			61,642			51,157			48,744
$	15,359,032		$	13,367,619		$	11,874,437		$	10,749,596		$	10,010,889		$	9,075,072		$	8,581,006

-7-

CONSOLIDATED STATEMENTS OF INCOME

Operating revenues
Distribution segment(1)	$
Pipeline and storage segment
Intersegment eliminations
Total operating revenues
Purchased gas cost
Distribution segment(1)
Pipeline and storage segment
Intersegment eliminations
Total purchased gas cost
Operating expenses(2)
Operation
Maintenance
Depreciation and amortization
Taxes, other than income
Total operating expenses
Operating income
Other non-operating income (expense)(2)
Interest income
Miscellaneous income (expense)
Total other non-operating income (expense)
Interest charges
Income tax expense
Non-cashincome tax benefits (3)
Income from continuing operations
Discontinued operations, net (1)
Gain on sale of discontinued operations, net (1)
Net income	$
Diluted earnings per share
Income per share from continuing operations	$
Income per share from discontinued operations
Net income per share - diluted	$
Weighted average shares outstanding - diluted
Cash dividends per share	$
Non-GAAP reconciliation(3)
Income from continuing operations	$
Non-cashincome tax benefits	$
Adjusted income from continuing operations	$
Diluted income per share from continuing operations	$
Diluted EPS from non-cash income tax benefits	$
Adjusted diluted EPS from continuing operations	$

Year Ended September 30

2024		2023			2022			2021
		(In thousands, except per share data)
3,915,141	$	4,099,690	$	4,035,194	$	3,241,973
938,029		785,174			693,660			637,347
(687,983)		(609,507)			(527,192)			(471,830)
4,165,187		4,275,357			4,201,662			3,407,490
1,620,515		2,061,920			2,210,302			1,501,695
146		(1,220)			(1,583)			1,582
(686,968)		(608,527)			(526,063)			(470,560)
933,693		1,452,173			1,682,656			1,032,717
735,197		691,810			643,437			620,970
83,940		73,096			66,724			58,049
669,972		604,327			535,655			477,977
387,023		386,804			352,208			312,779
1,876,132		1,756,037			1,598,024			1,469,775
1,355,362		1,067,147			920,982			904,998
22,887		7,207			2,781			2,144
48,159		62,568			30,956			(4,289)
71,046		69,775			33,737			(2,145)
190,632		137,281			102,811			83,554
192,881		113,779			77,510			153,736
-		-			-			-
1,042,895		885,862			774,398			665,563
-		-			-			-
-		-			-			-
1,042,895	$	885,862		$	774,398		$	665,563
6.83	$	6.10	$	5.60	$	5.12
-		-			-			-
6.83	$	6.10	$	5.60	$	5.12
152,666		145,166			138,096			129,834
3.22	$	2.96		$	2.72		$	2.50
1,042,895	$	885,862	$	774,398	$	665,563
-	$	-	$	-	$	-
1,042,895	$	885,862	$	774,398	$	665,563
6.83	$	6.10	$	5.60	$	5.12
-	$	-	$	-	$	-
6.83	$	6.10	$	5.60	$	5.12

1. In January 2017, we completed the sale of our natural gas marketing operations to CenterPoint Energy Services, Inc., a subsidiary of CenterPoint Energy, Inc. (CES). The results of operations of our natural gas marketing reportable segment have been separately reported as discontinued operations for fiscal 2012 through 2017.
2. In fiscal 2019, we retroactively reclassified amounts related to our pension and other postretirement plans in accordance with our adoption of new accounting standards for fiscal years 2016 through 2019. These amounts were not reclassified for years prior to fiscal 2016.

-8-