Atmos Energy (ATO) Risk Factor Changes

satisfy our liquidity requirements.

The competition for talent has become increasingly intense.

In residential and commercial customer markets, our distribution operations compete with other energy products, such as electricity and propane.

FERC has regulatory authority over some of our operations, including the use and release of interstate pipeline and storage capacity.

We are subject to safety and financial regulatory oversight from various federal, state, and local regulatory authorities in the eight states that we serve.

our allowed returns to recover that investment can be filed.

Our long-term debt is currently rated as “investment grade” by Standard & Poor’s Corporation and Moody’s Investors Service, Inc.

growth 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 business.

interpretation by FERC or additional regulations issued by FERC in the future could also adversely affect our business, financial condition, or financial results.