Slides
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ATMOS energy . Analyst Call to Review Fiscal 2026 Third Quarter Financial Results August 6 , 2026 10:00 a.m. Eastern
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As of August 5, 2026 Page 2 Fiscal Q3 2026 Review
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As of August 5, 2026 •Financial Performance•YTD Diluted EPS of $7.33•$3.1 billion in capital spending; 88% allocated to safety and reliability spending•Reaffirmed fiscal 2026 EPS guidance range of $8.40 to $8.50•14.9% increase in fiscal 2026 indicated annual dividend to $4.00 per diluted share•42ndconsecutive year of rising dividends•Executed Our Regulatory Strategy•Implemented $396.1 million as of August 5, 2026; $391.7 million, net of excess deferred tax amortization•$334.1 million currently in progress•Strong Balance Sheet•Approximately $4.6 billion in available liquidity•$2.2 billion of financing to support operations•Equity capitalization at 60% as of June 30, 2026Page 3 Q3 Fiscal 2026 Financial PerformanceFiscal 2026 Highlights
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As of August 5, 2026 Page 41.Since Atmos Energy has non-vested share-based payments with a nonforfeitable right to dividends, there is a requirement to use the two-class method of computing earnings per share. As a result, EPS cannot be calculated directly from the income statement. Q3 Fiscal 2026 Financial PerformanceConsolidated Financial HighlightsSegment Net Income($millions, except EPS) Distribution $ 89 $ 70 $ 796 $ 691 Pipeline & Storage 153 116 432 333 Net Income $ 243 $ 186 $ 1,228 $ 1,024 Diluted EPS1 $ 1.43 $ 1.16 $ 7.30 $ 6.40 Capital Expenditures $ 1,050.1 $ 885.2 $ 3,090.3 $ 2,579.7 2025 2026 2025Three Months Ended June 30Nine Months Ended June 302026
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As of August 5, 2026 Page 5•$21.0MM – Net increase due to rate adjustments, primarily in Mid-Tex Division•$26.7MM – Deferral of costs related to infrastructure spending, as detailed in Rule 7.7102•$3.9MM – Increase due to residential customer growth, primarily in Mid-Tex Division, and increased industrial load•($20.0MM) – Increase in D&A and property taxes•($9.4MM) – Increase in employee related costs•$35.1MM - Increase primarily due to rate adjustments from the GRIP filing approved in June 2025 and May 2026•$18.1MM - Increase in APT's through-system activities primarily associated with increased spreads•$12.1MM – Deferral of costs related to infrastructure spending, as detailed in Rule 7.7102•$4.3MM - Increase due to higher capacity contracted by tariff-based customers due to their increased peak day demand•($8.4MM) – Increase in D&A and property taxes Q3 Fiscal 2026 Financial PerformanceSegment Operating Income HighlightsDistribution Key DriversPipeline & Storage Key DriversThree Months Ended June 30 ($millions)2026 2025 ChangeDistribution $ 109.1 $ 95.5 $ 13.6 Pipeline & Storage $ 211.3 $ 156.6 $ 54.7 Operating Income $ 320.4 $ 252.1 $ 68.3
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As of August 5, 2026 Page 6•$15.17MM – Net increase due to rate adjustments•$70.8MM – Deferral of costs related to infrastructure spending, as detailed in Rule 7.7102•$14.7MM – Increase due to consumption, net of WNA•$13.7MM – Increase due to residential customer growth and increased industrial load•$8.2MM – Decrease in EDIT refunds•($69.2MM) – Increase in D&A and property taxes•($11.7MM) – Increase in compliance-related spending, which includes line locates and system monitoring•($9.3MM) – Increase in employee-related costs•$75.7MM - Increase primarily due to rate adjustments from the GRIP filing approved in June 2025 and May 2026•$61.6MM – Deferral of costs related to infrastructure spending, as detailed in Rule 7.7102•$33.8MM - Increase in APT's through-system activities primarily associated with increased spreads•$12.1MM - Increase due to higher capacity contracted by tariff-based customers due to their increased peak day demand•($20.7MM) – Increase in D&A and property taxes Q3 Fiscal 2026 Financial PerformanceSegment Operating Income HighlightsDistribution Key DriversPipeline & Storage Key DriversNine Months Ended June 30 ($millions)2026 2025 Change Distribution $ 1,024.2 $ 895.2 $ 129.0 Pipeline & Storage $ 575.8 $ 445.3 $ 130.5 Operating Income $ 1,600.0 $ 1,340.5 $ 259.5
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As of August 5, 2026 Page 7 Q3 Fiscal 2026 Financial PerformanceCapital Spending Highlights $millionsFiscal 2026 YTD CapEx $ 1,522 Repair and replace transmission and distribution pipelines 367 Service line replacement328 Fortification236 Install & replace measurement & regulating equipment170 Enhance storage and compression capabilities95 Pipeline integrity management projects $ 2,718 Total Safety and Reliability Spending $ 3,076 Total Capital Spending
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As of August 5, 2026 Page 8 Capitalization and Liquidity ProfileQ3 Fiscal 2026 Financial PerformanceStrong Financial Foundation Supports Capital Spending Program 60%60%40%40%0%25%50%75%100% 6/30/2026 9/30/2025 Total Capitalization EquityLT DebtST Debt$1,500$1,500$100$937$5.6 $521 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Availability Outstanding Liquidity Profile as of June 30, 2026 5 year revolver3 year revolver1 year facilitiesEquity ForwardsCash$4.6 billion Available Liquidity as of 6/30/26
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As of August 5, 2026 Page 9 Q3 Fiscal 2026 Financial PerformanceFinancing Highlights 1.3.90% effective rate after giving effect to the offering costs and settlement of our interest rate swaps.2.4.92% effective rate after giving effect to the offering costs. •$1.3 billion of long-term debt financing•$600 million 5.45% 30-year senior notes issued in October 20251•$700 million 4.75% 5-year senior notes issued in June 20262•Equity needs satisfied through our ATM program•$942.0 million in settled equity forward arrangements•$937.8 million available under equity forward agreements as of June 30, 2026•Maturity: December 31, 2026 through June 30, 2027•Shares: 6,128,939•Forward Share Price: $152.86•$506.5 million available for issuance through our ATM program as of June 30, 2026•$4.5 billion currently available under existing shelf registration statement
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As of August 5, 2026 Page 10 Weighted Average Maturity ~16.1 YearsQ3 Fiscal 2026 Financial PerformanceManageable Debt Maturity Schedule Supports Capital Spending Program$5003.00%$1506.75%$5002.625%$6001.50%$1,0004.96%$7255.90%$2005.95%$5005.20%$4005.50%$5004.15%$7504.125%$6004.30%$9503.73%$1,1004.168%$5006.20%$6505.00%$6005.45% 2026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050205120522053205420552056 Total Amount Maturing($ millions)
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As of August 5, 2026 Page 11 Weighted Average Cost of DebtQ3 Fiscal 2026 Financial PerformanceStrong Investment Grade Ratings Support Affordable Customer Bills 1.Excluding the $2.2 billion of incremental Winter Storm Uri financing.13.8%4.0%4.1%4.2%4.2% 0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0% $0$2,000$4,000$6,000$8,000$10,000$12,000 FY2022 FY2023 FY2024 FY2025 FY2026E Interest Rate % Net Long Term DebtStrong InvestmentGrade Credit RatingsStandard & Poor’sMoody’sA-A2Senior UnsecuredA-2P-1Commercial PaperStableStableRatings Outlook
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As of August 5, 2026 Page 12 Approved Annualized Operating Income Increases1,2Key Rate ActivityThrough August 5, 2026Q3 Fiscal 2026 Financial PerformanceRegulatory Highlights $333.6$396.1$334.1$0$50$100$150$200$250$300$350$400$450$500$550$600$650$700$750$800 FY 2025 FY 2026$ millionsImplementedCompletedIn Progress •$396.1MM Implemented•$138.5MM – Mid-Tex Cities RRM•$112.2MM – Atmos Pipeline GRIP•$ 32.1MM – Dallas DARR•$ 30.3MM – Louisiana RSC3•$ 28.2MM – Mid-Tex ATM GRIP•$ 15.6MM – Mid-Tex Environs GRIP•$ 14.7MM – WTX ALDC GRIP•$ 11.9MM – Tennessee ARM•$ 10.8MM – Colorado General Case•$ 12.3MM – Kansas General Case•$ 4.7MM – Kentucky PRP•($ 23.2MM) – Mississippi GRC•$334.1MM In-Progress•$273.2MM – Mid-Tex Cities RRM•$ 37.8MM – Mississippi SRF•$ 13.4MM – WTX Cities RRM•$ 5.0MM – Kentucky PRP1.Excluding the impact of EDIT fiscal 2025 rate outcomes were $322.8 million.2.Excluding the impact of EDIT fiscal 2026 rate outcomes are $391.7 million.3.Implemented subject to refund, see slide 27.
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As of August 5, 2026 Page 13 Financial OutlookFiscal 2026E Guidance 1.Changes in events or other circumstances that the Company cannot currently anticipate could materially impact earnings and could result in earnings for fiscal 2026 significantly above or below this outlook.2.Since Atmos Energy has non-vested share-based payments with a non-forfeitable right to dividends, there is a requirement to use the two-class method of computing earnings per share. As a result, EPS cannot be calculated directly from the income statement. FY 2026E1FY 2025($millions, except EPS)$ 865 - 875$ 747Distribution545 - 555452Pipeline & Storage$ 1,410 - 1,430$ 1,199Total Net Income168 – 171161Average Diluted Shares$ 8.40 - 8.50$ 7.46Diluted EPS2 $ ~4,200$ 3,561Capital Spending
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As of August 5, 2026 Page 14 Financial OutlookFiscal 2026E GuidanceFY 2026E1FY 2025Selected Expenses($millions)$ 875 - 885$ 874O&M, excluding bad debt expense$ 795 - 805$ 735D&A$ 155 - 160$ 172Interest$ 360 - 370$ 279Income Tax19% - 21%219%Effective Tax Rate1.Changes in events or other circumstances that the Company cannot currently anticipate could materially impact earnings and could result in earnings for fiscal 2026 significantly above or below this outlook.2.Excluding the amortization of excess deferred tax liabilities, the effective rate is expected to be 19.5% - 21.5%.
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As of August 5, 2026 Page 15 Regulatory Information
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As of August 5, 2026 Regulatory Mechanisms To Support Recovery Page 161.System Safety and Integrity expenses relating to 49 CFR 192.624, 192.4, 192.710, 192.714, 192 Subpart O, as well as certain distribution pipeline safety compliance activities. Revenue Stability and Lag MechanismsAnnual Revenue and Lag MechanismsCloudComputingCAMTRecoverySSI Recovery1Bad Debt in GCAWNAPension and Retirement Cost TrackersInfrastructureAnnual Rate StabilizationJurisdictionColoradoKansasKentuckyTennesseeVirginia Louisiana MississippiMid-TexWest Texas APT
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As of August 5, 2026 Key Regulatory Filings – Fiscal 2026ERate Filing Planned Timing Page 17Pending or anticipatedImplemented Q4July – SeptemberQ3April – JuneQ2January – MarchQ1October – DecemberLouisiana – Implemented Rate Stabilization Clause (RSC) of $30.3MMKansas – Implemented System Integrity Program (SIP) of $0.8MMColorado – Implemented System Safety & Integrity Rider (SSIR) of $0.4MMVirginia – Implemented SAVE filing of $0.5MMColorado – Implemented General Case of $10.8MMAtmos Pipeline – Texas (APT) – Implemented GRIP of $112.2MMKansas – Implemented General Case of $12.3MMMid-Tex Cities – Implemented Rate Review Mechanism (RRM) of $138.5MMVirginia – Filed General Case in July 2026; new rates anticipated Q1 fiscal 2027Mid-Tex Dallas – Implemented Dallas Annual Rate Review (DARR) of $32.1MMMississippi– Filed Stable Rate Filing (SRF) in March 2026; new rates anticipated Q4 fiscal 2026Kentucky – Implemented PRP filing of $4.7MMKentucky – Filed PRP and PM Riders in July 2026; new rates anticipated Q1 fiscal 2027Tennessee – Implemented Annual Review Mechanism (ARM) of $11.9MMMississippi – Implemented General Case of ($23.2MM)Kansas – Anticipate filing Gas Safety Reliability Surcharge (GSRS) in August 2026; new rates anticipated Q1 fiscal 2027Mid-Tex ATM, WTX ALDC and Texas Environs – Implemented GRIPs of $62.8MM totalKansas – Implemented Gas Safety Reliability Surcharge (GSRS) of $1.9MMMid-Tex and WTX Cities – Filed Rate Review Mechanism (RRM) in April 2026; new rates anticipated Q1 fiscal 2027Virginia – Filed SAVE in May 2026; new rates anticipated Q1 fiscal 2027
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As of August 5, 2026 Regulatory Summary Page 18 Meters at 6/30/26Requested Debt/Equity RatioAuthorized Debt/ Equity RatioRequested Return on EquityAuthorized Return on Equity (1)Requested Rate of ReturnAuthorized Rate of Return (1)Requested Rate Base $millionsRate Base $millions(1)Requested Operating Income $millionsAuthorized Operating Income $millionsDate of Last Rate Filing (Pending)Effective Date of Last Rate ActionFn.JurisdictionNA40/6011.45%8.49%$4,267$27.012/13/23Atmos Pipeline-TX(OS-23-00013758)NA40/6011.45%8.49%$5,945$112.25/12/262Atmos Pipeline-TXGRIP(30598)NA NA NA NA NA $21.511/1/253Atmos Pipeline-TXSSI Rider(00028117)233,95640/609.80%7.56%$9,469$32.16/1/26Mid-Tex - City of Dallas DARR1,320,01640/6042/589.80%9.80%7.60%7.42%$9,902$8,299$273.2$138.54/1/2610/1/25Mid-Tex CitiesRRM184,92039/619.80%7.59%$9,749$28.26/5/262Mid-Tex ATM Cities GRIP113,43839/619.80%7.59%$9,749$15.66/5/262Mid-Tex EnvironsGRIP146,77540/6042/589.80%9.80%7.60%7.41%$1,413$1,063$13.4$4.44/1/2610/1/24WTX CitiesRRM150,19639/619.80%7.59%$1,437$14.76/5/262WTX ALDC GRIP22,10639/619.80%7.59%$1,437$4.36/5/262WTX Environs GRIPN/A39/619.80%7.59%$1,232$30.66/1/25WTX SystemwideSOI(00018879)361,46442/589.80%7.49%$1,506$30.37/1/264Louisiana RSC(U-37887)250,48950/509.40%6.80%$1,138($23.2)12/1/25Mississippi GRC(2025-UN-059)NA50/5029.40%26.82%7.80%$1,315$592$37.8$3.83/31/2611/4/245Mississippi SRF(2026-UN-17)NA227.80%$630$24.011/4/24Mississippi SIR(2015-UN-049)
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As of August 5, 2026 Regulatory Summary (continued) Page 19Page 19 Meters at 6/30/26Requested Debt/Equity RatioAuthorized Debt/ Equity RatioRequested Return on EquityAuthorized Return on Equity (1)Requested Rate of ReturnAuthorized Rate of Return (1)Requested Rate Base $millionsRate Base $millions(1)Requested Operating Income $millionsAuthorized Operating Income $millionsDate of Last Rate Filing (Pending)Effective Date of Last Rate ActionFn.Jurisdiction177,58546/549.75%7.15%$611$16.45/12/25Kentucky(2024-00276)NA46/5446/549.65%9.65%7.10%7.10%$147$101$5.0$4.77/31/202610/2/25Kentucky PRP(2026-00200)NA46/549.65%7.10%$1.5$0.27/31/2026Kentucky PM Rider(2026-00201)165,70142/589.80%7.42%$661$11.96/1/26Tennessee ARM(26-00009)141,459222$378$12.33/1/266Kansas(25-ATMG-026-RTS)NA222$54$1.912/4/256Kansas GSRS(26-ATMG-064-TAR)NA222$33$0.83/31/26Kansas SIP(26-ATMG-0204-TAR)132,11845-47/53-559.25%-9.45%7.00%$320$10.87/1/26Colorado(25AL-0499G)NA42/5827.00% / 3.97%$80$0.41/1/26Colorado SSIR(25AL-04G)24,02239/6139/6111.15%9.90%8.54%7.57%$82.4$71$3.9$2.47/13/2612/1/23Virginia(PUR-2026-00095)NA39/6139/619.90%9.90%7.57%7.57%$34$27$0.6$0.55/29/2610/1/25Virginia SAVE(PUR-2026-00073)1.Rate base, authorized rate of return and authorized return on equity presented in this table are those from the last base rate case for each jurisdiction. These rate bases, rates of return and returns on equity are not necessarily indicative of current or future rate bases, rates of return or returns on equity.2.GRIP filings are based on existing returns and the change in net utility plant investment.3.This filing will have no impact to operating income. See slide 20.4.Rates implemented subject to refund, see slide 27.5.The annual Mississippi filing was consolidated into the SRF, which was formerly filed separately as the SRF and SIR.6.A rate base, rate of return, return on equity or debt/equity ratio was not included in the final decision.
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As of August 5, 2026 Atmos Pipeline - Texas•Atmos Pipeline: Filed2026 System Safety & Integrity (SSI) Rider on June 15, 2026•Allows for the recovery of certain system safety and integrity costs incurred each year•Costs above a benchmark are deferred onto the balance sheet as incurred•Revenue and expense are recognized after review and approval by the RRC; therefore, no impact to operating income•Requested recovery of $21.5 million in operating costs•Test period April 1, 2025 through March 31, 2026•Atmos Pipeline: Implemented2026 GRIP on May 12, 2026•Authorized an increase in annual operating income of $112.2 million•Authorized ROE: 11.45%; ROR: 8.49%•Authorized capital structure: 40% debt / 60% equity•Authorized rate base: $5.9 billion•Test year ended: December 31, 2025Page 20
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As of August 5, 2026 Atmos Pipeline - Texas•Atmos Pipeline: Implemented 2025 System Safety & Integrity (SSI) Rider on November 1, 2025•Allows for the recovery of certain system safety and integrity costs incurred each year•Costs above a benchmark are deferred onto the balance sheet as incurred•Revenue and expense are recognized after review and approval by the RRC; therefore, no impact to operating income•Authorized recovery of $23.0 million in operating costs•Test period April 1, 2024 through March 31, 2025 Page 21
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As of August 5, 2026 Colorado - Kansas Division•Colorado: Implemented General Rate Case on July 1, 2026•Authorized an increase in annual operating income of $10.8 million•Authorized ROE: 9.25%-9.45%; ROR: 7.00%•Authorized capital structure: 45-47% debt / 53-55% equity•Authorized rate base: $319.6 million•Test year ending June 30, 2025•Kansas: ImplementedSystem Integrity Program (SIP) on April 1, 2026 •Authorized an increase in annual operating income of $0.8 million•Authorized rate base: $32.8 million•Test year ending December 31, 2025•Kansas: ImplementedGeneral Rate Case on March 1, 2026•Authorized increase in annual operating income of $12.3 million•Authorized rate base: $377.6 million•Test year ending March 31, 2025Page 22
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As of August 5, 2026 Colorado - Kansas Division•Colorado: ImplementedFinal System Safety & Integrity Rider (SSIR) on January 1, 2026•Authorized an increase in annual operating income of $0.4 million•Authorized rate base: $79.9 million•Test year ending December 31, 2026•Kansas:ImplementedGas Safety Reliability Surcharge (GSRS) on December 4, 2025•Authorized an increase in annual operating income of $1.9 million•Authorized rate base: $54.1 million•Test year ending June 30, 2025Page 23
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As of August 5, 2026 Kentucky/Mid-States Division•Kentucky:FiledAnnual PRP on July 31, 2026•Requested an annual operating income increase of $5.0 million•Requested ROE: 9.65%; ROR: 7.10%•Requested capital structure: 46% debt / 54% equity•Requested rate base: $146.9 million•Kentucky:FiledAnnual PM Rider on July 31, 2026•Requested an annual operating income increase of $0.2 million•Requested ROE: 9.65%; ROR: 7.10%•Requested capital structure: 46% debt / 54% equity•Requested rate base: $1.5 millionPage 24
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As of August 5, 2026 Kentucky/Mid-States Division•Virginia: FiledGeneral Rate Case on July 13, 2026•Requested an annual operating income increase of $3.9 million•Requested ROE: 11.15%; ROR: 8.54%•Requested capital structure: 39% debt / 61% equity•Requested rate base: $82.4 million•Virginia: FiledSAVE Infrastructure Program on May 29, 2026•Requested an annual operating income increase of $0.6 million•Requested ROE: 9.90%; ROR: 7.57%•Requested capital structure: 39% debt / 61% equity•Requested rate base: $34.4 millionPage 25
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As of August 5, 2026 Kentucky/Mid-States Division•Tennessee:ImplementedAnnual Review Mechanism (ARM) on June 1, 2026•Authorized an annual operating income increase of $11.9 million•Authorized ROE: 9.80%; ROR: 7.42%•Authorized capital structure: 42% debt / 58% equity•Authorized rate base: $660.7 million•Kentucky:ImplementedAnnual PRP on October 2, 2025•Authorized an annual operating income increase of $4.7 million•Authorized ROE: 9.65%; ROR: 7.10%•Authorized capital structure: 46% debt / 54% equity•Authorized rate base: $101.4 million•Virginia: Implemented SAVE Infrastructure Program on October 1, 2025•Authorized an annual operating income increase of $0.5 million•Authorized ROE: 9.90%; ROR: 7.57%•Authorized capital structure: 39% debt / 61% equity•Authorized rate base: $27.3 millionPage 26
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As of August 5, 2026 Louisiana Division•Louisiana:ImplementedAnnual Rate Stabilization Clause (RSC) on July 1, 2026•Authorized an annual operating income increase of $30.3 million•Authorized ROE: 9.80%; ROR: 7.49%•Authorized capital structure: 42% debt / 58% equity•Authorized rate base: $1.5 billion•Test year ending December 31, 2025•Implemented subject to refund Page 27
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As of August 5, 2026 Mid-Tex Division•Mid-Tex Cities: FiledRRM on April 1, 2026•Requested an increase in annual operating income of $273.2 million•Requested ROE: 9.80%; ROR: 7.60%•Requested capital structure: 40% debt / 60% equity•Requested rate base: $9.9 billion•Test year ending December 31, 2025•Mid-Tex ATM: ImplementedGRIP on June 5, 2026•Authorized an increase in annual operating income of $28.2 million•Authorized ROE: 9.80%; ROR: 7.59%•Authorized capital structure: 39% debt / 61% equity•Authorized rate base: $9.7 billion•Test year ending December 31, 2025•Mid-Tex Environs: ImplementedGRIP on June 5, 2026•Authorized an increase in annual operating income of $15.6 million•Authorized ROE: 9.80%; ROR: 7.59%•Authorized capital structure: 39% debt / 61% equity•Authorized rate base: $9.7 billion•Test year ending December 31, 2025Page 28
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As of August 5, 2026 Mid-Tex Division•Mid-Tex Cities: Implemented Dallas Annual Rate Review on June 1, 2026•Requested an increase in annual operating income of $32.1 million•Requested ROE: 9.80%; ROR: 7.56%•Requested capital structure: 40% debt / 60% equity•Requested rate base: $9.4 billion•Test year ending September 30, 2025•Mid-Tex Cities: ImplementedRate Review Mechanism (RRM) on October 1, 2025•Authorized an increase in annual operating income of $138.5 million•Authorized ROE: 9.80%; ROR: 7.42%•Authorized capital structure: 42% debt / 58% equity•Authorized rate base: $8.3 billion•Test year ending December 31, 2024Page 29
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As of August 5, 2026 Mississippi Division•Mississippi:FiledStable Rate Filing (SRF) on March 31, 2026•Requested an increase in annual operating income of $37.8 million•Requested ROE: 9.40%; ROR: 6.82%•Requested capital structure: 50% debt / 50% equity•Requested rate base: $1.3 billion•Historic test year 12 months ended December 31, 2025•The annual Mississippi filing was consolidated into the SRF, which was formerly filed separately as the SRF and SIR.•Mississippi:ImplementedGeneral Rate Case (SIR and SRF) on December 1, 2025•Authorized a decrease in annual operating income of ($23.2 million) •Historic test year 12 months ended December 31, 2024•Authorized ROE: 9.40%; ROR: 6.80%•Authorized capital structure: 50% debt / 50% equity•Authorized rate base: $1.1 billionPage 30As of August 3, 2023
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As of August 5, 2026 West Texas Division•West Texas Cities: FiledRRM on April 1, 2026•Requested an increase in annual operating income of $13.4 million•Requested ROE: 9.80%; ROR: 7.60%•Requested capital structure: 40% debt / 60% equity•Requested rate base: $1.4 billion•Test year ending December 31, 2025•West Texas ALDC: ImplementedGRIP on June 5, 2026•Requested an increase in annual operating income of $14.7 million•Requested ROE: 9.80%; ROR: 7.59%•Requested capital structure: 39% debt / 61% equity•Requested rate base: $1.4 billion•Test year ending December 31, 2025•West Texas Environs: ImplementedGRIP on June 5, 2026•Requested an increase in annual operating income of $4.3 million•Requested ROE: 9.80%; ROR: 7.59%•Requested capital structure: 39% debt / 61% equity•Requested rate base: $1.4 billion•Test year ending December 31, 2025Page 31
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As of May 6, 2026 As of August 5, 2026 Forward Looking StatementsThe matters discussed or incorporated by reference in this presentation may contain “forward-looking statements” within the meaning ofSection 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statementsof historical fact included in this presentation are forward-looking statements made in good faith by us and are intended to qualify for thesafe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this presentation, or any otherof our documents or oral presentations, the words “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “goal”, “intend”, “objective”,“plan”, “projection”, “seek”, “strategy” or similar words are intended to identify forward-looking statements. Such forward-lookingstatements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in thestatements relating to our strategy, operations, markets, services, rates, recovery of costs, availability of gas supply and other factors.These risks and uncertainties include the following: federal, state and local regulatory and political trends and decisions, including theimpact of rate proceedings before various state regulatory commissions; increased federal regulatory oversight and potential penalties;possible increased federal, state and local regulation of the safety of our operations; possible significant costs and liabilities resultingfrom pipeline integrity and other similar programs and related repairs; the inherent hazards and risks involved in distributing, transportingand storing natural gas; the availability and accessibility of contracted gas supplies, interstate pipeline and/or storage services; increasedcompetition from energy suppliers and alternative forms of energy; failure to attract and retain a qualified workforce; natural disasters,adverse weather, terrorist activities or other events and other risks and uncertainties discussed herein, all of which are difficult to predictand many of which are beyond our control; failure of technology that affects the Company’s business operations; the threat of cyber-attacks or acts of cyber-terrorism that could disrupt our business operations and information technology systems or result in the loss orexposure of confidential or sensitive customer, employee or Company information; the impact of new cybersecurity compliancerequirements; adverse weather conditions; the impact of legislation to reduce or eliminate greenhouse gas emissions or fossil fuels; theimpact of climate change; the capital-intensive nature of our business; our ability to continue to access the credit and capital markets toexecute our business strategy; market risks beyond our control affecting our risk management activities, including commodity pricevolatility, counterparty performance or creditworthiness and interest rate risk; the concentration of our operations in Texas; the impact ofadverse economic conditions on our customers; changes in the availability and price of natural gas; and increased costs of providinghealth care benefits, along with pension and postretirement health care benefits and increased funding requirements. Accordingly, whilewe believe these forward-looking statements to be reasonable, there can be no assurance that they will approximate actual experienceor that the expectations derived from them will be realized. Further, we undertake no obligation to update or revise any of our forward-looking statements whether as a result of new information, future events or otherwise.Further, we will only update our annual earnings guidance through our quarterly and annual earnings releases. All estimated financialmetrics for fiscal year 2026 and beyond that appear in this presentation are current as of August 5, 2026.Page 32