{"slug":"atmos-energy","name":"앳모스 에너지","name_en":"Atmos Energy Corporation","ticker":"ATO","updated_at":"2026-09-24T04:03:33.772089+00:00","canonical":"https://valuechain.wiki/atmos-energy","citable":"밸류체인 그래프 기준 앳모스 에너지의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 9건이며 그중 1차공시가 5건이다 (valuechain.wiki, 2026-09-24 기준).","citable_en":"Per the valuechain.wiki graph, Atmos Energy Corporation is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 4 companies within two hops; the links are backed by 9 dated sources, 5 of them primary filings (as of 2026-09-24).","kicker":"미 남부 가스 유틸리티","kicker_en":"U.S. regulated gas utility","lead":"앳모스 에너지는 미국 남부 8개 주에서 천연가스를 배급하고, 텍사스에서 배관 운송과 저장 서비스를 제공해 돈을 번다. 천연가스 생산자와 마케터에게 가스를 사고, 배급망과 배관·저장 설비의 안전성과 용량을 높이는 데 큰 자본을 투입한다.","lead_en":"Atmos Energy earns regulated revenue by distributing natural gas across eight southern U.S. states and by providing pipeline transportation and storage services in Texas. It buys gas from producers and marketers and commits substantial capital to the safety and capacity of its distribution, pipeline, and storage systems.","categories":[{"key":"regulated-grid-utilities","ko":"규제 유틸리티·전력망 운영","en":"Regulated Utilities & Grid Operators","theme":"power-grid","theme_ko":"전력·그리드","theme_en":"Power & Grid","theme_kind":"chain","primary":true}],"segments":{"parts":[{"name":"배급","note":"외부 고객 매출 44억 2,235만 5천 달러"},{"name":"배관·저장","note":"외부 고객 매출 2억 8,040만 달러"}],"total":"47억 275만 5천 달러 (FY2025)","track":"C"},"segments_en":{"parts":[{"name":"Distribution","note":"$4,422,355,000 of external revenue"},{"name":"Pipeline and storage","note":"$280,400,000 of external revenue"}],"total":"$4,702,755,000 (FY2025)"},"returns_yearly":{"2021":12.7,"2022":9.6,"2023":6.2,"2024":23.4,"2025":23.1,"2026":-1.9},"return_asof":"2026-10-09","value_chain":{"leading":[],"benefiting":[{"slug":"conocophillips","name":"코노코필립스","name_en":"ConocoPhillips","tier":1,"returns_yearly":{"2021":86.6,"2022":71.7,"2023":2,"2024":-12.2,"2025":-2.3,"2026":46.4}},{"slug":"williams","name":"Williams","name_en":"Williams Companies","tier":1,"returns_yearly":{"2021":38.4,"2022":32.8,"2023":11.9,"2024":62.3,"2025":14.9,"2026":25.2}},{"slug":"halliburton","name":"핼리버튼","name_en":"Halliburton Company","tier":2,"returns_yearly":{"2021":22,"2022":74.5,"2023":-6.5,"2024":-23.2,"2025":7,"2026":16.8}},{"slug":"sempra","name":"셈프라","name_en":"Sempra","tier":2,"returns_yearly":{"2021":7.4,"2022":20.3,"2023":-0.1,"2024":21.1,"2025":3.9,"2026":-3.5}},{"slug":"caterpillar","name":"Caterpillar","name_en":"Caterpillar","tier":3,"returns_yearly":{"2021":16,"2022":18.6,"2023":25.9,"2024":24.7,"2025":60.3,"2026":40.6}},{"slug":"linde","name":"Linde","name_en":"Linde","tier":3,"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":14.6}},{"slug":"kkr-co","name":"KKR & Co.","name_en":"KKR & Co.","tier":3,"returns_yearly":{"2021":85.8,"2022":-37,"2023":80.5,"2024":79.6,"2025":-13.3,"2026":-32}}],"analysis":"미 남부 가스 유틸리티 기업. 최근 몇 년간 견조한 상승이 이어졌고 2026년 +1.7%다. 공급단(평균 +35.9%)이 본주(+1.7%)보다 앞서 있다. 지출이 아래로 번지며 공급사 쪽 탄력이 먼저 나타나는 구도다. 연결 노드 중 가장 앞선 곳은 코노코필립스(+46.6%), 가장 처진 곳은 윌리엄스(+25.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Atmos Energy Corporation operates across U.S. regulated gas utility. It stayed steadily positive in recent years and is +1.7% in 2026. The supply side (avg +35.9%) leads the stock (+1.7%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is ConocoPhillips (+46.6%) and the furthest behind is Williams Companies (+25.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It buys gas from producers and marketers and commits substantial capital to the safety and capacity of its distribution, pipeline, and storage systems.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"에너지 트랜스퍼 퓨얼","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2005-12-06","basis":"Energy Transfer Fuel과의 North Side Loop 공동 건설에서 앳모스가 부담하기로 한 배관 건설비 한도","value":42500000,"period":"2005 North Side Loop construction agreement","basis_en":"Atmos's maximum pipeline construction cost contribution under the North Side Loop joint agreement with Energy Transfer Fuel","qualifier":"maximum_commitment"},"note":"Atmos Pipeline-Texas는 Energy Transfer Fuel과 북텍사스의 45마일 North Side Loop 배관을 공동 건설·운영하기로 계약했고 양측이 각각 50% 지분을 보유한다. 앳모스의 배관 건설비 부담 한도는 4,250만 달러이며 압축 설비 비용의 50%도 부담한다.","note_en":"Atmos Pipeline-Texas entered into an agreement with Energy Transfer Fuel to jointly build and operate the 45-mile North Side Loop pipeline in North Texas, with each party owning a 50% interest. Atmos committed up to $42.5 million toward pipeline construction costs and 50% of the compression-facility costs.","sources":[{"stance":"mentions","publisher":"토스증권 리서치센터","publisher_en":"Toss Securities Research Center","kind":"research","lang":"ko","published_at":"2025-03-27","url":"https://home-files.tossinvest.com/files/investment-info/764a3cc7-4dec-4764-8eba-024557ab2405.pdf","title":"Three Themes: 숨은 기회 찾기 (2) 에너지","title_en":"Three Themes: Finding Hidden Opportunities (2) Energy","excerpt":"토스증권은 파이프라인 같은 가스 공급 인프라가 규제 기반 자산에 포함되며, 애트모스 에너지의 CAPEX가 2024년 29억 달러에서 2027년 47억 달러로 늘어날 것으로 분석했다. 이 자료는 특정 North Side Loop 계약이 아니라 배관 투자라는 사업 맥락을 보강한다.","excerpt_en":"Toss Securities explains that gas-supply infrastructure such as pipelines forms part of regulated rate base and projects Atmos Energy's capex to rise from $2.9 billion in 2024 to $4.7 billion in 2027. It provides business context for pipeline investment rather than evidence of the specific North Side Loop agreement."},{"stance":"confirms","publisher":"앳모스 에너지·텍사스 철도위원회","publisher_en":"Atmos Energy and Railroad Commission of Texas","kind":"filing","lang":"en","published_at":"2025-02-26","url":"https://www.atmosenergy.com/static/cfce25551c7529cd252ef1c989caa4ff/2025-02-26%20APT%20GRIP%20Filing%20(Case%20No.%2000020448).pdf","title":"Atmos Pipeline-Texas 2025 GRIP 중간 요금 조정 신청서","title_en":"Atmos Pipeline-Texas 2025 GRIP Interim Rate Adjustment Application","excerpt":"2024년 재산세 명세는 North Side Loop의 50%에 대해 Energy Transfer가 앳모스에 349,416달러를 상환한 것으로 기재해 공동 보유 관계가 계속됨을 보여준다.","excerpt_en":"Energy Transfer Reimbursement for 50% of North Side Loop."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"U.S. Securities and Exchange Commission EDGAR","kind":"filing","lang":"en","published_at":"2005-12-06","url":"https://www.sec.gov/Archives/edgar/data/731802/000119312505237566/d8k.htm","title":"앳모스 에너지 Form 8-K: Energy Transfer Fuel과의 배관 공동 건설 계약","title_en":"Atmos Energy Form 8-K: Pipeline Construction Agreement with Energy Transfer Fuel","excerpt":"양측은 30인치 천연가스 배관을 공동 건설·운영하고 각각 50% 지분을 보유하며, 앳모스의 배관 건설비 부담은 최대 4,250만 달러라고 공시했다.","excerpt_en":"The parties will construct, operate and each own an undivided 50% interest in a 30-inch natural gas pipeline."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"U.S. Securities and Exchange Commission EDGAR","kind":"filing","lang":"en","published_at":"2005-12-06","url":"https://www.sec.gov/Archives/edgar/data/731802/000119312505237566/dex101.htm","title":"Atmos Pipeline-Texas와 Energy Transfer Fuel 간 배관 건설·운영 계약","title_en":"Pipeline Construction and Operating Agreement Between Atmos Pipeline-Texas and Energy Transfer Fuel","excerpt":"원계약은 양측이 North Side Loop 배관의 50% 비분할 지분을 각각 보유한다고 규정한다.","excerpt_en":"Each Party will own a 50% undivided interest in the NSL Pipeline."}]},{"direction":"revenue","counterparty":"CoServ Gas","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_capacity","unit":"MMBtu MDQ","as_of":"2025-06-13","basis":"CoServ의 월 계약 최대일수량(MDQ)","value":267656,"period":"2024-04-01/2025-03-31 review period","basis_en":"CoServ monthly contract maximum daily quantity (MDQ)","qualifier":null},"note":"Atmos Pipeline-Texas가 운송·저장 서비스를 제공하는 외부 도시가스사다. 2025년 규제 제출서에서 이름이 공개된 외부 도시가스사 가운데 계약 MDQ가 가장 컸다.","note_en":"CoServ Gas is an external local distribution company receiving transportation and storage service from Atmos Pipeline-Texas. It had the largest disclosed contract MDQ among named external LDC customers in the 2025 regulatory filing.","sources":[{"stance":"confirms","publisher":"앳모스 에너지·텍사스 철도위원회","publisher_en":"Atmos Energy and Railroad Commission of Texas","kind":"filing","lang":"en","published_at":"2025-06-13","url":"https://www.atmosenergy.com/static/ead0338d221830ac1699432ebcb00dcf/2025-06-13%20APT%20SSI%20Rider%20Compliance%20Filing%20(00028117).pdf","title":"Atmos Pipeline-Texas 2025 Rider SSI 준수 제출서","title_en":"Atmos Pipeline-Texas 2025 Rider SSI Compliance Filing","excerpt":"검토기간 2024년 4월 1일부터 2025년 3월 31일까지 Rate CGS-Other 고객 CoServ의 월 계약 MDQ는 267,656으로 기재됐다.","excerpt_en":"Rate CGS - Other: CoServ 267,656."},{"stance":"mentions","publisher":"앳모스 에너지","publisher_en":"Atmos Energy","kind":"ir","lang":"en","published_at":"2024-05-15","url":"https://s201.q4cdn.com/158157484/files/doc_presentations/2024/May/15/analyst-update-may24.pdf","title":"앳모스 에너지 2024년 5월 애널리스트 업데이트","title_en":"Atmos Energy May 2024 Analyst Update","excerpt":"Atmos Pipeline-Texas는 Mid-Tex와 다른 도시가스사에 가스 공급 서비스를 제공하기 위해 설립됐고, 마진은 주로 이들 고객에게 적용되는 요금 기반 운송·저장 서비스에서 나온다고 설명했다.","excerpt_en":"Established to provide gas supply service to Mid-Tex and other LDCs. Margin derived from tariff-based rates primarily serving Mid-Tex and other LDCs."}]},{"direction":"revenue","counterparty":"SiEnergy","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_capacity","unit":"MMBtu MDQ","as_of":"2025-06-13","basis":"SiEnergy의 월 계약 최대일수량(MDQ)","value":26942,"period":"2024-04-01/2025-03-31 review period","basis_en":"SiEnergy monthly contract maximum daily quantity (MDQ)","qualifier":null},"note":"Atmos Pipeline-Texas가 운송·저장 서비스를 제공하는 외부 도시가스사다. 같은 2025년 제출서에서 CoServ 다음으로 큰 이름 공개 외부 도시가스사 계약 MDQ가 확인된다.","note_en":"SiEnergy is an external local distribution company receiving transportation and storage service from Atmos Pipeline-Texas. The same 2025 filing shows the second-largest contract MDQ among the named external LDC customers.","sources":[{"stance":"confirms","publisher":"앳모스 에너지·텍사스 철도위원회","publisher_en":"Atmos Energy and Railroad Commission of Texas","kind":"filing","lang":"en","published_at":"2025-06-13","url":"https://www.atmosenergy.com/static/ead0338d221830ac1699432ebcb00dcf/2025-06-13%20APT%20SSI%20Rider%20Compliance%20Filing%20(00028117).pdf","title":"Atmos Pipeline-Texas 2025 Rider SSI 준수 제출서","title_en":"Atmos Pipeline-Texas 2025 Rider SSI Compliance Filing","excerpt":"검토기간 2024년 4월 1일부터 2025년 3월 31일까지 Rate CGS-Other 고객 SiEnergy의 월 계약 MDQ는 26,942로 기재됐다.","excerpt_en":"Rate CGS - Other: SiEnergy 26,942."},{"stance":"mentions","publisher":"앳모스 에너지","publisher_en":"Atmos Energy","kind":"ir","lang":"en","published_at":"2024-05-15","url":"https://s201.q4cdn.com/158157484/files/doc_presentations/2024/May/15/analyst-update-may24.pdf","title":"앳모스 에너지 2024년 5월 애널리스트 업데이트","title_en":"Atmos Energy May 2024 Analyst Update","excerpt":"Atmos Pipeline-Texas는 Mid-Tex와 다른 도시가스사에 가스 공급 서비스를 제공하기 위해 설립됐고, 마진은 주로 이들 고객에게 적용되는 요금 기반 운송·저장 서비스에서 나온다고 설명했다.","excerpt_en":"Established to provide gas supply service to Mid-Tex and other LDCs. Margin derived from tariff-based rates primarily serving Mid-Tex and other LDCs."}]},{"direction":"cost","counterparty":"코노코필립스","counterparty_slug":"conocophillips","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-11-14","basis":"코노코필립스에서 구매한 천연가스 금액","value":null,"period":"FY2025","basis_en":"Natural gas purchased from ConocoPhillips","qualifier":"confirmed_no_disclosed_value"},"note":"코노코필립스는 앳모스 에너지가 FY2025 10-K에서 직접 열거한 주요 천연가스 공급사다. 상대별 구매액은 공개되지 않았다.","note_en":"ConocoPhillips is one of the major natural gas suppliers that Atmos Energy directly identified in its FY2025 Form 10-K. Supplier-specific purchases were not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"U.S. Securities and Exchange Commission EDGAR","kind":"filing","lang":"en","published_at":"2025-11-14","url":"https://www.sec.gov/Archives/edgar/data/731802/000073180225000056/ato-20250930.htm","title":"앳모스 에너지 2025 회계연도 Form 10-K","title_en":"Atmos Energy Corporation FY2025 Form 10-K","excerpt":"회사는 ConocoPhillips Company를 FY2025 주요 공급사 가운데 하나로 열거했다.","excerpt_en":"Major suppliers during fiscal 2025 were ARM Energy Management LLC, Cima Energy, LP, ConocoPhillips Company, ECO Energy Natural Gas LLC, EnLink Gas Marketing LP, Sequent Energy Management LLC, Symmetry Energy Solutions, LLC, Targa Gas Marketing LLC, Tenaska Marking Ventures, and Texla Energy Management, Inc."},{"stance":"mentions","publisher":"밸푸어 캐피털 그룹 리서치 부서","publisher_en":"Balfour Capital Group Research Department","kind":"research","lang":"en","published_at":"2025-06-09","url":"https://balfourcapitalgroup.com/wp-content/uploads/2025/06/ATO-Research.pdf","title":"앳모스 에너지 기업 리서치","title_en":"Atmos Energy Corporation Research","excerpt":"리서치는 앳모스 에너지의 핵심 운영이 천연가스 조달, 저장, 규제 배급으로 구성된다고 분석한다. 코노코필립스라는 공급사명은 10-K에서 직접 확인된다.","excerpt_en":"Its core operations cover procurement, storage, and regulated distribution, with a pipeline and storage infrastructure supporting residential, commercial, and industrial clients."}]},{"direction":"cost","counterparty":"Williams","counterparty_slug":"williams","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-11-14","basis":"Williams 계열 Sequent에서 구매한 천연가스 금액","value":null,"period":"FY2025","basis_en":"Natural gas purchased from Williams-owned Sequent","qualifier":"confirmed_no_disclosed_value"},"note":"Williams가 보유한 Sequent Energy Management는 앳모스 에너지가 FY2025 10-K에서 직접 열거한 주요 천연가스 공급사다. 상대별 구매액은 공개되지 않았다.","note_en":"Williams-owned Sequent Energy Management is one of the major natural gas suppliers that Atmos Energy directly identified in its FY2025 Form 10-K. Supplier-specific purchases were not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"U.S. Securities and Exchange Commission EDGAR","kind":"filing","lang":"en","published_at":"2025-11-14","url":"https://www.sec.gov/Archives/edgar/data/731802/000073180225000056/ato-20250930.htm","title":"앳모스 에너지 2025 회계연도 Form 10-K","title_en":"Atmos Energy Corporation FY2025 Form 10-K","excerpt":"회사는 Sequent Energy Management LLC를 FY2025 주요 공급사 가운데 하나로 열거했다.","excerpt_en":"Major suppliers during fiscal 2025 were ARM Energy Management LLC, Cima Energy, LP, ConocoPhillips Company, ECO Energy Natural Gas LLC, EnLink Gas Marketing LP, Sequent Energy Management LLC, Symmetry Energy Solutions, LLC, Targa Gas Marketing LLC, Tenaska Marking Ventures, and Texla Energy Management, Inc."},{"stance":"mentions","publisher":"밸푸어 캐피털 그룹 리서치 부서","publisher_en":"Balfour Capital Group Research Department","kind":"research","lang":"en","published_at":"2025-06-09","url":"https://balfourcapitalgroup.com/wp-content/uploads/2025/06/ATO-Research.pdf","title":"앳모스 에너지 기업 리서치","title_en":"Atmos Energy Corporation Research","excerpt":"리서치는 앳모스 에너지의 핵심 운영이 천연가스 조달, 저장, 규제 배급으로 구성된다고 분석한다. Williams 계열 Sequent라는 공급사명은 10-K와 Williams 발표에서 직접 확인된다.","excerpt_en":"Its core operations cover procurement, storage, and regulated distribution, with a pipeline and storage infrastructure supporting residential, commercial, and industrial clients."},{"stance":"confirms","publisher":"Williams","publisher_en":"Williams","kind":"ir","lang":"en","published_at":"2021-07-01","url":"https://investor.williams.com/news-releases/news-release-details/williams-completes-acquisition-sequent-energy-management","title":"Williams, Sequent Energy Management 인수 완료","title_en":"Williams Completes Acquisition of Sequent Energy Management","excerpt":"Williams는 Sequent Energy Management, L.P.와 Sequent Energy Canada, Corp. 인수를 완료했다고 발표했다.","excerpt_en":"Williams (NYSE: WMB) today announced it has completed its acquisition of Sequent Energy Management, L.P. and Sequent Energy Canada, Corp. from Southern Company Gas."}]}]}