Atmos Energy (ATO) risk factors, FY2024 10-K

Atmos Energy's FY2024 10-K, filed Nov 18, 2024, lists 22 risk factors in 4 groups. There is no earlier 10-K to compare against, so the most company-specific risks are listed below.

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Risk factors listed
224 groups
Section length
4k wordsItem 1A

Atmos Energy's biggest risks in the FY2024 10-K

  • Atmos Energy's risk profile is dominated by heavy regulatory oversight across eight states and FERC.

The risks most specific to Atmos Energy

  • Regulatory and Legislative Risks

    We are subject to federal, state, and local regulations that affect our operations and financial results

    Regulatory authorities across eight states continuously monitor and challenge our operational returns and reasonableness.

  • Regulatory and Legislative Risks

    Some of our operations are subject to increased federal regulatory oversight that could affect our operations and financial results

    FERC regulates our interstate pipeline and storage capacity use under market power and anti-manipulation rules.

  • Operational Risks

    We may incur significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs

    PHMSA pipeline integrity mandates require us to evaluate and protect high consequence areas from leaks or ruptures.

  • Operational Risks

    Distributing, transporting, and storing natural gas involve risks that may result in accidents and additional operating costs

    Operating over 80,000 miles of distribution and transmission lines exposes us to accidents, leaks, and accelerated infrastructure replacement costs.

  • Technology and Cybersecurity Risks

    Legislation to reduce or eliminate greenhouse gas emissions or fossil fuels could increase our operating costs, adversely affecting our financial results, growth, cash flows, and results of operations

    Greenhouse gas emissions and fossil fuel legislation could force costly technology adoption and infrastructure changes despite state protections.

  • Financial, Economic, and Market Risks

    The concentration of our operations in the State of Texas exposes our operations and financial results to economic conditions, weather patterns, and regulatory decisions in Texas

    Approximately 75 percent of our consolidated operations are concentrated in Texas, exposing us heavily to its local economy and regulators.

  • Financial, Economic, and Market Risks

    Increased gas costs could adversely impact our customer base and customer collections and increase our level of indebtedness

    Rapid increases in purchased gas costs can significantly increase our short-term or long-term debt before customer collections occur.

All 22 risk factors

Headings as the filing states them, in filing order.

Regulatory and Legislative Risks

  1. 01We are subject to federal, state, and local regulations that affect our operations and financial results
  2. 02Some of our operations are subject to increased federal regulatory oversight that could affect our operations and financial results
  3. 03We may experience increased federal, state, and local regulation of the safety of our operations

Operational Risks

  1. 04We may incur significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs
  2. 05Distributing, transporting, and storing natural gas involve risks that may result in accidents and additional operating costs
  3. 06If contracted gas supplies, interstate pipeline, and/or storage services are not available or delivered in a timely manner, our ability to meet our customers’ natural gas requirements may be impaired and our financial condition may be adversely affected
  4. 07Our operations are subject to increased competition
  5. 08Failure to attract and retain a qualified workforce could adversely affect our results of operations
  6. 09Natural disasters, adverse weather, terrorist activities, or other significant events could adversely affect our operations or financial results

Technology and Cybersecurity Risks

  1. 10The failure of technology may hinder the Company’s business operations and adversely affect its financial condition and results of operations
  2. 11Cyber-attacks or acts of cyber-terrorism could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee or Company information
  3. 12Compliance with and changes in cybersecurity requirements have a cost and operational impact on our business, and failure to comply with such laws and regulations could adversely impact our reputation, results of operations, financial condition, and/or cash flows
  4. 13Adverse weather conditions could affect our operations or financial results
  5. 14Legislation to reduce or eliminate greenhouse gas emissions or fossil fuels could increase our operating costs, adversely affecting our financial results, growth, cash flows, and results of operations
  6. 15The operations and financial results of the Company could be adversely impacted as a result of climate change

Financial, Economic, and Market Risks

  1. 16Our growth in the future may be limited by the nature of our business, which requires extensive capital spending
  2. 17The Company is dependent on continued access to the credit and capital markets to execute our business strategy
  3. 18We are exposed to market risks that are beyond our control, which could adversely affect our financial results
  4. 19The concentration of our operations in the State of Texas exposes our operations and financial results to economic conditions, weather patterns, and regulatory decisions in Texas
  5. 20A deterioration in economic conditions could adversely affect our customers and negatively impact our financial results
  6. 21Increased gas costs could adversely impact our customer base and customer collections and increase our level of indebtedness
  7. 22Our pension and other postretirement benefit plans are subject to investment and interest rate risk that could negatively impact our financial condition

Other Atmos Energy 10-Ks

  • FY2025 10-K risk factors
    23 risks1 new1 reworded

    Growth slowing or customer conservation could reduce gas purchases and billings. New pipelines in the service area may increase competition for pipeline and storage operations. Industrial customers might switch to electricity or bypass systems.

    Filed Nov 14, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.