ATMOS ENERGY Business Summary

Atmos Energy Corporation (ATO) operates as the largest publicly traded, fully regulated, pure-play natural gas utility in the United States, generating revenue through the delivery of natural gas to approximately 3.4 million customers across eight states. The company’s business is structured into two primary segments: Distribution, which provides regulated natural gas services to residential, commercial, and industrial end-users, and Pipeline & Storage, which manages one of the largest intrastate natural gas pipeline systems in Texas along with significant underground storage facilities. This dual-segment model allows Atmos to capture value from both direct utility services and the critical infrastructure required for regional energy transport. Within the competitive landscape, Atmos maintains a dominant market position relative to peers such as CenterPoint Energy, ONE Gas, National Fuel Gas, and Southern Company, distinguished by its 100% regulated asset base and a multi-decade track record of consistent dividend growth. The company’s origins trace back to 1906 with the founding of the Amarillo Gas Company by brothers J.C. and Frank Storm, evolving through its 1983 spin-off as Energas before rebranding as Atmos in 1988. The current leadership team is led by President and CEO J. Kevin Akers, a University of Alabama alumnus who has held various executive roles within the firm since 2002. He is supported by Senior VP and CFO Christopher T. Forsythe, a former PwC senior manager and Baylor graduate, and Senior VP and General Counsel Jessica W. Bateman, who joined in early 2025 following a 20-year tenure at Baker Botts L.L.P. The board is chaired by former CEO Kim R. Cocklin and includes notable members such as Lead Director Nancy K. Quinn and newly appointed director Mitzi H. Coogler. Atmos is heavily backed by major institutional investors, including The Vanguard Group, BlackRock, and State Street Corporation, which collectively hold significant stakes in the S&P 500 entity.