Atmos Energy Corporation · NYSE:ATO

Atmos Energy — Q1 2021 Earnings Presentation

69 slides from Atmos Energy's earnings presentation, February 2021

1. Slide 1: Atmos Energy

   Delivering clean, safe and economical energy to over 3 million homes and businesses Atmos Energy A multi-state regulated natural gas delivery company achieving strong financial growth through infrastructure investment, enhancing the safety and reliability of our system February 2021

2. Slide 2: Leading Natural Gas Delivery Platform

   Leading Natural Gas Delivery Platform Eight-state distribution territory Business Mix Intrastate pipeline system Distribution ~67% Regulated distribution 68% Regulated Pipeline & pipeline Storage 29% ~33% 2021 Estimated Net Income Favorably positioned pipeline spans Diversified LDC platform in 8 sta

3. Slide 3: Q1 Fiscal 2021 Highlights

   Q1 Fiscal 2021 Highlights  Financial Performance  Diluted EPS of $1.71  Capital spending of $456.8 million; 87% allocated to safety and reliability spending  Reaffirmed Fiscal 2021 EPS guidance range of $4.90 - $5.10  8.7% increase in fiscal 2021 indicated annual dividend to $2.50 per diluted s

4. Slide 4: Safety Driven, Organic Growth Strategy

   Safety Driven, Organic Growth Strategy Constructive Regulatory Mechanisms Support Efficient Conversion of Safety and Reliability Investments into Financial Results ~ $11 - $12 billion in capital Constructive rate mechanisms investment through 2025; >80% 6% - 8% Consolidated EPS growth that reduce re

5. Slide 5: Key Takeaways

   Executing Our Strategy Key Takeaways A Pure-Play, High-Growth Natural Gas Delivery Investment Proposition Diversified asset base Strong financial Attractive pure-play Strong rate base with constructive foundation with total return growth regulation consistent track record  Earnings are 100%  Regul

6. Slide 6: Modernizing with Focus on Safety

   Modernizing with Focus on Safety Our Vision is to be the Safest Provider of Natural Gas Services Priorities Results  Replacing higher risk pipe materials and equipment  Enhancing pipeline integrity  Reduced inventory of steel service lines by 356,000 since 2012 assessments System Safety  Undergr

7. Slide 7: Modernizing with Focus on Safety

   Modernizing with Focus on Safety Next Five Years  Replace 5,000 – 6,000 miles of Distribution Miles Replacement Rate distribution and transmission pipe 1,000  6% - 8% of total system 800 600  Eliminate all known cast iron by 400 end of CY2021 200  356 miles remaining 0 2013 2014 2015 2016 2017 2

8. Slide 8: Aligned Regulatory Strategy Focused on Safety

   Aligned Regulatory Strategy Focused on Safety Efficient Recovery of Capital Spending Supports Ongoing Modernization Regulatory Support Enables Regulatory Support Provides  Pipe replacement via risk models and  Reduced Regulatory Lag industry identified materials  Annual mechanisms / Infrastructur

9. Slide 9: Aligned Regulatory Strategy Focused on Safety

   Aligned Regulatory Strategy Focused on Safety ~ 90% of Annual CAPEX Begins to Earn Within Six Months Regulatory Mechanism Recovery Method Service Territory Detail CapEx Rate Base Deferral/ Rate Base1 Infrastructure General Meters 2021E Jurisdiction Forward- Annual Filing % of Program Case (000s) ($M

10. Slide 10: ESG Integral Part of Long-term Strategy

    ESG Integral Part of Long-term Strategy Board of Directors Corporate Responsibility, Sustainability, & Safety Committee Strong Corporate Governance  Diverse Board & Senior Leadership  Accountable to Shareholders Providing Value to Customers Empowering Employees  Affordable, Reliable, Safe  Train

11. Slide 11: Focus on the Environment

    Focus on the Environment  Founding Partner of EPA’s Natural Gas STAR Annual Miles Replacement Rate Methane Challenge Program Governance  Joined ONE Future in 2020 1,200 1,000  Voluntary methane emissions reporting through AGA 800 600  13 LEED certified facilities (4 Gold, 7 Silver); 4 400 more p

12. Slide 12: Atmos Energy RNG Today

    Atmos Energy RNG Today Atmos Energy transports renewable natural gas from some of the largest producing landfills in Texas and Louisiana Atmos Energy consumes 13,870 MMBtu of RNG daily; ~ 5 Bcf Annually Equivalent to removing ~60,000 cars from the road/yr Represents ~ 80,000 customer homes Jackson o

13. Slide 13: Atmos Energy Partnering for the Future

    Atmos Energy Partnering for the Future CNG is Part of Clean Energy Transportation Future Natural Gas provides energy to transport customers in a clean and safe way  The ~5 Bcf of CNG Atmos Energy sells to customers every year is the equivalent of removing ~60,000 cars from the road annually  City

14. Slide 14: Atmos Energy Partnering for the Future

    Atmos Energy Partnering for the Future Natural Gas Clean Energy Agriculture Solution Natural Gas provides energy to grow produce and is recycled to nourish plants  Atmos Energy provides natural gas service to boilers at Red 30,910,200 Sun Farms located in Dublin, Virginia. Pounds of coal burned  T

15. Slide 15: Sustainable Financial Performance

    Sustainable Financial Performance Execution Drives Annual 6% - 8% EPS & Dividend Growth Key Assumptions $7.00 $6.30 - $6.70  FY21 - FY25 capital spending rising 7% - 8% annually for a total of $11 - $12 billion $6.00 $4.90 - $5.10 $4.721  O&M expense inflation rate of $5.00 3.0% - 3.5% annually 7

16. Slide 16: Average Residential Bill Remains Affordable

    Average Residential Bill Remains Affordable Average Monthly Customer Bill $68 $70 $60 2021E – 2025E $52 Assumptions $50 $48  Normal weather and consumption 7 issues, 3.00% - 6.75% $40  $11 - $12 billion of CAPEX spending $30  Average all-in gas $20 8.50% 1 cost of $4.50 to $5.50 per mcf $10 $0 As

17. Slide 17: Monthly Household Bills

    Monthly Household Bills Natural Gas Bills Lowest Among Residential Utilities Sources: • Natural Gas $48. FY2020 Atmos Energy enterprise-wide average monthly residential bill • Water $116. Circle of Blue (www.circleofblue.org); 2019 average monthly residential bill of 30 major U.S. cities-does not in

18. Slide 18: Key Takeaways

    Long-Term Sustainability Key Takeaways Aligning & Balancing All Stakeholders Communities Customers Employees Investors  Keeping the ~1,400  Focus on safety of our  > 1.5 million Hours of  Long-term focus communities we serve customers training through the  Consistent earnings & safe Charles K.

19. Slide 19: Safety Investments

    TMOS energy. Safety Investments

20. Slide 20: Distribution System

    Distribution System Miles of Pipe by Decade of Installation Unknown  ~ 71,000 Miles of Distribution Main Pre-40's 8,545 12,924 40's  ~1,000 Miles of Transmission Main 50's 1,187 7,547 1,363  ~ 38% Installed Pre-1970 60's 70's  Comprehensive Pipe 5,543 9,497 Replacement Program Risk 80's Assessme

21. Slide 21: Atmos Pipeline Texas Transmission System

    Atmos Pipeline Texas Transmission System APT Miles by Decade of Installation Pre-40's  ~ 5,700 Miles of Total 164 428 Transmission System 40's 1,095 50's  43% Installed Pre-1970 660 60's  Comprehensive Pipe Replacement Program Risk 70's 360 Assessment Factors Include: 80's  Population density 1,

22. Slide 22: Risk-Based Replacements - Distribution

    Risk-Based Replacements - Distribution Inventory of Pre-1970 Materials 35,000 30,800 30,000 27,000 25,000 Inventory Miles 20,000 23,500 21,000 15,000 10,000 5,000 7,300 6,000 0 2012 2019 Industry Identified Other Risk-Based Materials – Bare Steel, Materials Cast Iron, Vintage Plastics Source: 2019 D

23. Slide 23: Focused Steel Service Lines Replacement

    Focused Steel Service Lines Replacement Replacing ~ 20,000 – 30,000 Steel Service Lines Annually Inventory of Steel Service Lines  New service lines use state of 1,167 1,200 the art material, construction and joining practices 1,000 812  Service lines are in close proximity to customer residence T

24. Slide 24: Distribution Investment Outlook

    Distribution Investment Outlook  Anticipated CAPEX spend of ~$9 billion over 5 years  More than 80% of CAPEX is focused on safety and reliability  System safety  Enhance capacities  Service reliability  ~90% of capex earns within 6 months  ~8% annual growth rate  Key anticipated targets by 2

25. Slide 25: Atmos Pipeline-Texas Investment Outlook

    Atmos Pipeline-Texas Investment Outlook  Anticipated CAPEX spend of ~$3 billion over five years  All CAPEX is focused on serving APT’s regulated customers  System modernization and versatility  Integrity management  Supply flexibility  Market growth  8% annual growth rate  All CAPEX is GRIP

26. Slide 26: APT Major Capital Projects 2015-2025

    APT Major Capital Projects 2015-2025 2015-2025 APT Integrity, Fortification 9 W (LOOP) 10 & Growth Projects STORA 6 5 GE WORSHAM- WELLS WD 8 STEED HUB LAPAN PH. STORAGE STORAGE 1 1 WELLS DELIVERY 0 LAKE 3 DALLAS 7 W Abilene X 2 1 2 LINE X PHASES 1 & 2 STORAGE LINE S2 ALL 10 WELLS PHASES TRI-CITIES L

27. Slide 27: Bethel Cavern Storage Projects

    Bethel Cavern Storage Projects Investment in Safety, Growth & Reliability Bethel Salt Caverns  Development of a third cavern at Bethel provides storage capacity to meet projected growth.  Third cavern is designed to add 5-6 Bcf of working gas capacity and 2 Bcf of withdrawal. In service late 2022.

28. Slide 28: Texas Pipeline Integrity Management

    Atmos Pipeline – Texas Pipeline Integrity Management Approximate Percentage of APT Transmission Pipe Capable of In-Line Inspection 100% ~695 90% 1045 ILI Miles 98% 80% ILI 87% Upgraded 75% Miles 70% Upgraded 60% 65% 62% 50% 50% 40% 30% 20% 10% 0% 2012 2020 2025E 36-inch Magnetic Flux Axial Flaw Dete

29. Slide 29: Financial Metrics & Outlook

    Financial Metrics & Outlook 29

30. Slide 30: Strong Financial Foundation

    Strong Financial Foundation Weighted Average Maturity ~19 Years $1,200 $950 $1,000 3.73% $750 $800 4.125% ($ millions) $600 $600 1.5% 4.3% $600 $500 $500 3.0% 4.15% $400 5.5% $400 $300 2.625% $200 $200 2.29% $150 5.95% $200 6.75% $10 6.67% $0 As of February 2, 2021 30

31. Slide 31: Strong Financial Foundation

    Strong Financial Foundation Improved Weighted Average Cost of Long-Term Debt Credit Metrics Remain Strong Net Long-Term Debt Interest Rate % $5,500 6.0 Strong Investment 5.2 $5,000 5.2 Grade Credit Ratings 4.7 5.0 $4,500 Standard & 4.2 Moody’s 4.0 Poor’s $4,000 4.0 7 issues, 3.00% - 6.75% $3,500 • S

32. Slide 32: Strong Financial Foundation Further Enhanced

    Strong Financial Foundation Further Enhanced Capitalization and Liquidity Profile Total Capitalization Liquidity Profile as of December 31, 2020 100% $3,200 $2,800 $246.8 42% 40% 75% $2,400 $457.6 7 issues, 3.00% - 6.75% $2,000 $700.0 ~ $2.9 billion Available 50% $1,600 Liquidity at 12/31/20 $1,200

33. Slide 33: Consolidated Financial Highlights – Q1 Fiscal 2021

    Consolidated Financial Highlights – Q1 Fiscal 2021 Three Months Ended December 31 Segment Net Income 2020 2019 ($millions, except EPS) Distribution $ 154 $ 130 Pipeline & Storage 64 49 Net Income $ 218 $ 179 Diluted EPS1 $ 1.71 $ 1.47 Capital Expenditures $ 456.8 $ 529.2 1. Since Atmos Energy has no

34. Slide 34: Segment Operating Income Results

    Segment Operating Income Results Three Months Ended December 31 2020 2019 Change ($millions) Distribution $ 209.5 $ 180.3 $ 29.2 Pipeline & Storage 89.3 72.5 16.8 Operating Income $ 298.8 $ 252.8 $ 46.0 Distribution Key Drivers Pipeline & Storage Key Drivers  $37.0MM – Increase in rates  $13.3MM –

35. Slide 35: Capital Spending Mix

    Capital Spending Mix Safety & Reliability Investments Support Infrastructure Modernization $millions Fiscal 2021 Q1 CapEx Repair and replace transmission and distribution $ 246 pipelines 1% 50 Service line replacement 12% 41 Pipeline integrity management projects 87% Install & replace measurement &

36. Slide 36: Fiscal 2021 Q1 Financing Recap

    Fiscal 2021 Q1 Financing Recap  $600 million of long-term debt financing issued  1.50% 10-year senior notes issued in October 2020  Equity needs satisfied through our ATM program  $122 million of equity priced in Q1 fiscal 2021  $216 million in settled equity forward arrangements  $247 million

37. Slide 37: Key Class Takeaways

    Volume by Customer Key Class Takeaways Fiscal 2021 Budget Base Charge as a % of Revenue(1) Residential 65% Commercial 44% Industrial 24% Transport/Other 22% Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Total 58% Oct – Mar Apr – Sep ~70% of Total Year Revenue ~30% of Total Year Revenue FY21 Estima

38. Slide 38: COVID-19 Key Financial Factors

    COVID-19 Key Financial Factors  58% of distribution revenue1 is included in base charge  >80% of APT revenues earned from LDC customers via Revenue demand charge  25% of APT through system revenue retained through Rider Rev Bad Debt Expense  Regulatory asset treatment in 6 states2  Regulatory a

39. Slide 39: Regulatory Approaches to COVID-19

    Regulatory Approaches to COVID-19 State Status Colorado Order received 9/3/20 Authorized deferral of incremental bad debt expense Order received 7/9/20 Authorized deferral of incremental bad debt expenses and foregone Kansas fee revenue that may arise from customer protections Kentucky Order receive

40. Slide 40: Fiscal 2021E Guidance

    Fiscal 2021E Guidance ($millions, except EPS) FY 2020 FY 2021E1 Distribution $ 395 $ 425 - 440 Pipeline & Storage 206 205 - 220 Total Net Income $ 601 $ 635 - 665 Average Diluted Shares 122.9 129.0 - 131.5 Adjusted Diluted EPS2 $ 4.723 $ 4.90 - $ 5.10 Capital Spending $ 1,936 $ 2,000 - $ 2,200 1. Ch

41. Slide 41: Fiscal 2021E Guidance

    Fiscal 2021E Guidance Selected Expenses FY 2020 FY 2021E1 ($millions) O&M $ 630 $ 660 - 690 D&A $ 430 $ 470 - 480 Interest $ 84 $ 75 - 85 Adjusted Income Tax $ 1662 $ 175 - 185 Adjusted Effective Tax Rate 22.2%3 20% - 23%4 1. Changes in events or other circumstances that the Company cannot currently

42. Slide 42: System Modernization Driving Capital Spending

    System Modernization Driving Capital Spending Consolidated 2021E Capital Expenditures of $2.0 billion - $2.2 billion ~90% of annual CAPEX begins to earn within 6 months from end of test year $ millions $3,000 $2,500 $2,000 7 issues, 3.00% - 6.75% $1,500 $1,000 8.50% 1 $500 $0 As of February 2, 2021

43. Slide 43: Capital Spending Drives Rate Base Growth

    Capital Spending Drives Rate Base Growth Focused on enhancing system safety and reliability $ millions $19.0B - $21.0B $20,000 $18,000 $16,000 $14,000 $12,000 $10.7B 7 issues, 3.00% - 6.75% $10,000 $8,000 $6,000 $4.1B $4,000 8.50% 1 $2,000 $0 Distribution Pipeline * Estimated rate base at the end of

44. Slide 44: Constructive Rate Outcomes Support Continued Investment

    Constructive Rate Outcomes Support Continued Investment Annualized Increases From Implemented Rate Activity $ millions $195-$215 $200  Customers and investors benefit from fair and reasonable regulation $160  Earning on ~90% of annual $150 CAPEX within 6 months of $117 test year end $104 7 issues,

45. Slide 45: Sustainable and Growing Dividend

    Sustainable and Growing Dividend 37 Consecutive Years of Dividend Increases  Dividend increased 8.7% for Fiscal 2021  The indicated annual dividend rate for Fiscal 2021 is $2.50  Long-term targeted payout ratio of 50% $2.50E $2.50 $2.00 7 issues, 3.00% - 6.75% $1.50 $1.00 8.50% 1 $0.50 $0.00 Note

46. Slide 46: Anticipated Financing Plans

    Anticipated Financing Plans Fiscal 2021 – Fiscal 2025  Currently anticipate incremental long-term financing of $6.5 billion - $7.5 billion through fiscal 2025  Issuance of debt and equity securities to maintain a balanced capital structure with an equity-to-capitalization ratio in a target range o

47. Slide 47: Regulatory Developments

    TMOS energy. Regulatory Developments

48. Slide 48: FY2021 Regulatory Accomplishments

    FY2021 Regulatory Accomplishments Approved Annualized Key Rate Activity Operating Income Increases Through February 2, 2021 $millions  $109.8MM Implemented $180  $ 82.6MM – Mid-Tex RRM $160  $ 10.6MM – Mississippi SIR  $ 5.9MM – Mississippi SRF $140  $ 5.6MM – West TX RRM  $ 2.4MM – Colorado S

49. Slide 49: Regulatory Mechanisms To Support Recovery

    Regulatory Mechanisms To Support Recovery Annual Revenue and Revenue Stability and Lag Other Lag Mechanisms Mechanisms Recovery of Pension and Annual Rate Bad Debt in Certain Jurisdiction Infrastructure Retirement WNA Stabilization GCA COVID-19 Cost Trackers Costs Colorado Kansas Kentucky Tennessee

50. Slide 50: Key Regulatory Filings – Fiscal 2021E

    Key Regulatory Filings – Fiscal 2021E Rate Filing Planned Timing Q1 Q2 Q3 Q4 October December January March April June July September Mid-Tex and WTX Cities – Completed Colorado – Implemented SSIR filing of Mid-Tex and WTX Cities – Anticipate Mississippi – Anticipate Stable Rate Rate Review Mechanis

51. Slide 51: Distribution Operations – Regulatory Update

    Distribution Operations – Regulatory Update Colorado - Kansas Division  Kansas: Implemented Gas Safety Reliability Surcharge (GSRS) filing on January 26, 2021  Authorized an annual operating income increase of $1.7 million  Authorized ROE: 9.10%; ROR: 7.03%  Authorized capital structure: 44% deb

52. Slide 52: Distribution Operations – Regulatory Update

    Distribution Operations – Regulatory Update Kentucky/Mid-States Division  Tennessee ARM Filing: Filed Annual Review Mechanism (ARM) on February 1, 2021  Requested an increase in annual operating income of $7.7 million  Requested ROE of 9.80%; ROR of 7.62%  Requested capital structure of 40% debt

53. Slide 53: Distribution Operations – Regulatory Update

    Distribution Operations – Regulatory Update Mid-Tex Division  Mid-Tex City of Dallas: Filed Dallas Annual Rate Review (DARR) on January 15, 2021  Requested an increase in annual operating income of $15.9 million  Requested ROE of 9.80%; ROR of 7.57%  Requested capital structure of 41% debt / 59%

54. Slide 54: Distribution Operations – Regulatory Update

    Distribution Operations – Regulatory Update Mississippi Division  Mississippi: Implemented Annual Stable Rate Filing (SRF) on November 1, 2020  Authorized an annual operating income increase of $5.9 million  Authorized ROR: 7.81%  Authorized rate base: $474.2 million  Forward-looking components

55. Slide 55: Distribution Operations – Regulatory Update

    Distribution Operations – Regulatory Update West Texas Division  West Texas ALDC: Filed 2020 Statement of Intent (SOI) on September 30, 2020  Requested an annual operating income increase of $8.4 million  Requested ROE: 10.50%; ROR: 7.94%  Requested capital structure: 41% debt / 59% equity  Req

56. Slide 56: Regulatory Summary

    Regulatory Summary Effective Date of Authorized Requested Authorized Requested Authorized Requested Authorized Requested Requested Date of Last Rate Operating Operating Rate Base Debt/ Meters Jurisdictions (1) Rate Base Rate of Rate of Return on Return on Debt/Equity Last Rate Filing Income Income $

57. Slide 57: Regulatory Summary (continued)

    Regulatory Summary (continued) Effective Date of Authorized Requested Authorized Requested Authorized Requested Authorized Requested Requested Date of Last Rate Operating Operating Rate Base Debt/ Meters Jurisdictions (1) Rate Base Rate of Rate of Return on Return on Debt/Equity Last Rate Filing Inc

58. Slide 58: Jurisdictional Information

    Jurisdictional Information 58

59. Slide 59: Regulated Operations in Texas

    Regulated Operations in Texas Scope of Texas Operations Distribution and Pipeline ~ 71% of operating income and ~ 72% of asset base are concentrated in Texas  Constructive regulatory framework supports investment in system reliability and safety, while reducing lag  Rule 8.209  GRIP (Gas Reliabil

60. Slide 60: Largest Natural Gas Distributor in Texas

    Largest Natural Gas Distributor in Texas  Regulated by the Railroad Commission of Texas  Over 2.0 million gas distribution meters and more than 39,000 miles of distribution pipe in Texas  Constructive regulatory mechanisms reduce or eliminate lag  $1,060 - $1,100 million Fiscal 2021 estimated Ca

61. Slide 61: Favorably Positioned Intrastate Pipeline Spans Texas Shale Gas Supply Basins

    Favorably Positioned Intrastate Pipeline Spans Texas Shale Gas Supply Basins Regulated Pipeline Serves Growing Texas Consumer and Supply Markets  Regulated by the Railroad Commission of Texas  Established to provide gas supply service to Mid-Tex and other LDCs  100% of margin derived from tariff-

62. Slide 62: Mid-Tex Division - Overview

    Mid-Tex Division - Overview Key Regulatory Features: Largest Natural Gas Distributor  Each municipality has original jurisdiction in Texas  Railroad Commission of Texas (RRC) has appellate Communities Served 550 jurisdiction and original jurisdiction over environs customers Customers Served 1,750,

63. Slide 63: West Texas Division - Overview

    West Texas Division - Overview Key Regulatory Features: Communities Served 80  Each municipality has original jurisdiction Customers Served 320,000  Railroad Commission of Texas (RRC) has Miles of Distribution Pipe 7,900 appellate jurisdiction and original jurisdiction over environs customers  We

64. Slide 64: Louisiana Division - Overview

    Louisiana Division - Overview Communities Served 270 Jurisdiction Regulator ROE Equity Customers Served 368,000 Louisiana LPSC 9.8% Actual Miles of Distribution Pipe 8,700 Key Regulatory Features:  Public Service Commission – 5 elected commissioners, serve staggered 6-year terms  Rates updated ann

65. Slide 65: Mississippi Division - Overview

    Mississippi Division - Overview Communities Served 110 Jurisdiction Regulator ROR Equity Customers Served 267,000 Mississippi PSC 7.81% Unspecified Miles of Distribution Pipe 6,600 Key Regulatory Features:  Public Service Commission – 3 elected commissioners with 4-year terms  Rates updated annual

66. Slide 66: Kentucky/Mid-States Division - Overview

    Kentucky/Mid-States Division - Overview Communities Served 230 Jurisdiction Regulator ROE Equity Kentucky PSC 9.65% Actual Customers Served 364,000 Tennessee TPUC 9.8% Actual Miles of Distribution Pipe 8,400 Virginia VSCC 9.2% Actual 1 Not included in final decision Key Regulatory Features:  KY: 3

67. Slide 67: Colorado-Kansas Division - Overview

    Colorado-Kansas Division - Overview Communities Served 170 Jurisdiction Regulator ROE Equity Customers Served 261,000 Kansas KCC 9.10% 56% Miles of Distribution Pipe 7,300 Colorado CPUC 9.45% Actual 1 Not included in final decision Key Regulatory Features:  CO: 3 appointed commissioners, 4-year sta

68. Slide 68: Pipeline and Storage Operations

    Pipeline and Storage Operations Atmos Pipeline – Texas Overview Miles of Gas Transmission Pipeline 5,700 Working Storage Capacity 46 Bcf Key Regulatory Features:  Railroad Commission of Texas (RRC): 3 elected commissioners, with six-year staggered terms  Rates updated annually through GRIP (Gas Re

69. Slide 69: Forward Looking Statements

    Forward Looking Statements The matters discussed or incorporated by reference in this presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of

Atmos Energy — Q1 2021 Earnings Presentation on 6ix