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Financial report summary
?Risks
- We are subject to federal, state and local regulations that affect our operations and financial results.
- Some of our operations are subject to increased federal regulatory oversight that could affect our operations and financial results.
- We may experience increased federal, state and local regulation of the safety of our operations.
- We may incur significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs.
- Distributing, transporting and storing natural gas involve risks that may result in accidents and additional operating costs.
- If contracted gas supplies, interstate pipeline and/or storage services are not available or delivered in a timely manner, our ability to meet our customers’ natural gas requirements may be impaired and our financial condition may be adversely affected.
- Our operations are subject to increased competition.
- Failure to attract and retain a qualified workforce could adversely affect our results of operations.
- Natural disasters, terrorist activities or other significant events could adversely affect our operations or financial results.
- Increased dependence on technology may hinder the Company’s business operations and adversely affect its financial condition and results of operations if such technologies fail.
- Cyber-attacks or acts of cyber-terrorism could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee or Company information.
- Compliance with and changes in cybersecurity requirements have a cost and operational impact on our business, and failure to comply with such laws and regulations could adversely impact our reputation, results of operations, financial condition and/or cash flows.
- Adverse weather conditions could affect our operations or financial results.
- Greenhouse gas emissions or other legislation or regulations intended to address climate change could increase our operating costs, adversely affecting our financial results, growth, cash flows and results of operations.
- The operations and financial results of the Company could be adversely impacted as a result of climate change.
- Our growth in the future may be limited by the nature of our business, which requires extensive capital spending.
- The Company is dependent on continued access to the credit and capital markets to execute our business strategy.
- We are exposed to market risks that are beyond our control, which could adversely affect our financial results.
- The concentration of our operations in the State of Texas exposes our operations and financial results to economic conditions, weather patterns and regulatory decisions in Texas.
- A deterioration in economic conditions could adversely affect our customers and negatively impact our financial results.
- Increased gas costs could adversely impact our customer base and customer collections and increase our level of indebtedness.
- Our pension and other postretirement benefit plans are subject to investment and interest rate risk that could negatively impact our financial condition.
Management Discussion
- Atmos Energy strives to operate its businesses safely and reliably while delivering superior financial results. Our commitment to modernizing our natural gas distribution and transmission systems requires a significant level of capital spending. We have the ability to begin recovering a significant portion of these investments timely through rate designs and mechanisms that reduce or eliminate regulatory lag and separate the recovery of our approved rate from customer usage patterns. The execution of our capital spending program, the ability to recover these investments timely and our ability to access the capital markets to satisfy our financing needs are the primary drivers that affect our financial performance.