ATO · Earnings call · 2026Q2T · Full report

Supply Chain Constraints

ATMOS ENERGY CORP · 2026-08-05 · Importance 45 · Surprise 64

APT’s through-system spreads averaged $4.66 in fiscal 2026 year to date versus $1.77 in the prior-year period, driven by rising associated-gas production, constrained takeaway capacity, and lower winter demand from unseasonably warm weather. Management said spreads narrowed significantly beginning in June as additional takeaway capacity became operational, including two pipelines that entered service earlier than expected in late June and late July. The new capacity is ramping up and compressing spreads, while future results will depend on takeaway maintenance, summer cooling demand, and the timing of fall and winter demand.