The company also reported $536 million of capital expenditures during the most recent quarter, as compared to $512 million during the same period in 2021.
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Atmos Energy has reported net income of $129 million for the quarter ending June 30, as compared to $102 million for the same period during 2021. The company attributed $58 million of its recent quarterly income to its distribution operations, and $71 million to its pipeline and storage operations.
Key drivers of the company’s quarterly distribution income include a $30.5 million net increase due to rate case outcomes, $3.3 million increase due to enhanced gas consumption, and $2.6 million due to customer growth. Among key drivers for its recently quarterly income for its pipeline and storage sectors are $31 million increase due to rate case outcomes, and a $6.1 million decrease due to system maintenance expenses.
The company also reported $536 million of capital expenditures during the most recent quarter, as compared to $512 million during the same period in 2021. In addition, it reported, $1.726 billion in capital expenditures for the nine months ending June 30, as compared to $1.358 billion for the same period in 2021.
Highlights of its fiscal year-to-date capital spending include $790 million spent to repair and replace transmission and distribution pipelines, $193 million spent to install and replace measuring and regulating equipment, $183 million spent in pipeline integrity management projects and $175 million spent for service line replacement.
The company also provided an update of its recent interim rate adjustments for its Texas-based customers. They include the following:
- $78.8 million from an Atmos Pipeline Texas Gas Reliability Infrastructure Program “GRIP” filing, implemented during the third fiscal quarter.
- $21.9 million Atmos Mid-Tex and West Texas Rate Review Mechanism (RRM) filings, implemented during the first fiscal quarter.
- $18.5 million in Mid-Tex GRIP filing, implemented during the third fiscal quarter.
Headquartered in Dallas, Atmos Energy is the country’s largest natural gas-only distributor. Atmos has more than 3 million distribution customers across eight primarily southern states. Atmos also manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas.
More details of the Atmos quarterly report can be found here.