The company attributed $192 million of its added revenues to rate increases in its distribution, pipeline and storage sectors
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Atmos Energy has reported receiving operating income of $950.1 million over the six months ending March 31 — or 28 percent more than the $743 million received during the corresponding period in 2023.
During a May 9 call with investment analysts, the company attributed $192 million of those added revenues to rate increases in its distribution, pipeline and storage sectors. Residential, commercial and industrial growth contributed another $12.4 million; increased revenues from its pipeline and storage operations contributed $7.9 million.
The company enumerated various factors contributing to its earnings growth, including:
- During the 12 months ending March 31, Atmos added 56,000 new customers — with more than 43,000 of those customers located in Texas.
- The company added 22 industrial customers during the fiscal year to date. Those customers consume the equivalent of 68,000 residential customers, according to Atmos.
- The company reported the connection to its system of 2,000 additional commercial customers fiscal year to date.
Capital Spending
Atmos also reported capital spending of $1.4 billion for the six-month period concluding on March 31. During that fiscal-year-to-date period, the company spent $536 million on repairing and replacing transmission and distribution lines, $264 million on system fortification, and $42 million on pipeline integrity management projects. Overall, the company anticipates making $3.1 billion in capital spending during the entirety of the 2024 fiscal year, as opposed to $2.8 billion from the previous fiscal year — or an approximately 10.5 percent increase.
Some of the company’s capital spending will support work by Atmos Pipeline Texas on the final phase of its project to replace 40 miles of lines to bring gas to the east side of Metroplex. That work should be done by the end of the calendar year, according to Atmos. The company also is adding pipeline capacity to serve the Metroplex, Waco, Temple and Austin areas, and those line should be in service late in the 2025 calendar year, according to Atmos.
Rate Case Summary
The company also summarized ongoing rate-making activities in Texas, including:
- A Rate Revenue Mechanism rate request valued at $140.1 million.
- A Gas Reliability Infrastructure Program request on behalf of Atmos Pipeline Texas valued at $82.4 million.
- Multiple additional Texas GRIP filings, valued at 35.6 million.
- A Mid-Tex Dallas Area Rate Request filing valued at $40.4 million.
About Atmos Energy
Headquartered in Dallas, Atmos Energy is the country’s largest natural gas-only distributor with more than 3 million distribution customers in over 1,400 communities across eight states, primarily in the South. For more information about the utility’s quarterly report, follow this link.