Atmos Energy Corporation
ATO
Utilities
3
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Atmos Energy is one of the largest natural-gas-only distributors in the United States, serving approximately 3.4 million residential, commercial, public authority, and industrial customers across eight states. The company is the largest natural gas distributor in Texas, Louisiana, and Mississippi. Its Distribution segment owns 76,000 miles of underground distribution and transmission mains. The Pipeline and Storage segment operates 5,700 miles of gas transmission lines and manages five underground storage facilities in Texas.
Revenue for the twelve months ending December 2025 was $4.87 billion, a 16% year-over-year increase — the company is actively growing its gas infrastructure, not maintaining legacy systems. Atmos Energy's entire business model is natural gas distribution and transmission; there is no material non-fossil revenue segment. The company has no announced plan to transition away from fossil fuel distribution.
Atmos Energy has a documented pattern of pipeline safety failures with fatal consequences. On February 23, 2018, a natural gas pipeline rupture in northwest Dallas killed 12-year-old Linda "Michellita" Rogers and destroyed her home. The National Transportation Safety Board found Atmos Energy had "inadequate" pipeline management and an "insufficient" leak investigation process. Post-incident inspections discovered 741 significant gas leaks over five weeks in the surrounding neighborhood. The Texas Railroad Commission proposed a record $1.6 million fine for safety violations related to that incident and two others.
On June 28, 2021, a valve leak caused a pipeline explosion near Farmersville, Texas, killing two contract workers (ages 22 and 35) and injuring two others. The NTSB determined that Atmos's procedures and training "did not prepare workers to recognize and safely respond to abnormal operating conditions." The company did not require employees or contractors to be qualified to load pipeline inspection gauges, relying instead on experience and on-the-job training. Since 2006, over two dozen Texas homes have been destroyed by Atmos pipeline explosions, resulting in nine fatalities and more than 20 injuries.
Atmos Energy is the largest natural-gas-only distributor in the United States, delivering natural gas to over 3 million customers across 8 states. The company's entire business model is built on fossil gas distribution.
Research Sources
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