Atmos Energy (ATO) risk factors, FY2025 10-K

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 competition80% rewritten
5. 08growth slows or existing customers choose to conserve their use of gas or choose another energy product, reduced gas purchases and customer billings could adversely impact our businessNew
6. 09Failure to attract and retain a qualified workforce could adversely affect our results of operations
7. 10Natural disasters, adverse weather, terrorist activities, or other significant events could adversely affect our operations or financial results

Technology and Cybersecurity Risks

1. 11The failure of technology may hinder the Company’s business operations and adversely affect its financial condition and results of operations
2. 12Cyber-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. 13Compliance 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. 14Adverse weather conditions could affect our operations or financial results
5. 15Legislation 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. 16The operations and financial results of the Company could be adversely impacted as a result of climate change

Financial, Economic, and Market Risks

1. 17Our growth in the future may be limited by the nature of our business, which requires extensive capital spending
2. 18The Company is dependent on continued access to the credit and capital markets to execute our business strategy
3. 19We are exposed to market risks that are beyond our control, which could adversely affect our financial results
4. 20The 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. 21A deterioration in economic conditions could adversely affect our customers and negatively impact our financial results
6. 22Increased gas costs could adversely impact our customer base and customer collections and increase our level of indebtedness
7. 23Our pension and other postretirement benefit plans are subject to investment and interest rate risk that could negatively impact our financial condition