Financial Data and Key Metrics Changes - The company reported full-year non-GAAP earnings per share of $4.76, a slight increase from $4.57 in 2024, while GAAP earnings for 2025 were $4.56 per share compared to $2.27 per share in 2024 [21][19] - The company paid dividends of $3.01 per share, representing a 5.2% increase [5] - The FFO to debt ratio improved by over 400 basis points at Moody's [9][35] Business Line Data and Key Metrics Changes - Electric transmission earned $2.09 per share in 2025, up from $2.03 per share in 2024, driven by investments in service reliability and demand growth [22] - Electric distribution earnings increased to $1.80 per share in 2025 from $1.77 per share in 2024, primarily due to base distribution rate increases [22] - Natural gas distribution segment earnings rose to $0.97 per share in 2025 from $0.81 per share in 2024, attributed to base distribution rate increases and infrastructure investments [23] Market Data and Key Metrics Changes - The company successfully deployed over $4 billion in capital investments in 2025, focusing on grid modernization and customer energy efficiency programs [6] - The advanced metering infrastructure program reached over 100,000 smart meter installations in Massachusetts, part of a larger initiative to upgrade 1.5 million meters statewide [7] Company Strategy and Development Direction - The company aims to continue delivering top-tier operational performance while advancing infrastructure investments, including a new five-year capital investment plan of $26.5 billion, which is an increase of $2.3 billion from the previous plan [12][25] - The focus remains on enhancing customer experience, safety, and reliability while addressing aging infrastructure and supporting the clean energy transition [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings growth towards the upper half of the 5%-7% long-term EPS range by 2028, despite challenges in 2026 [18][39] - The company is navigating a changing regulatory landscape and addressing affordability concerns while maintaining a strong balance sheet [17][39] Other Important Information - The company received regulatory approvals for rate adjustments and cost recovery mechanisms that align with infrastructure investment needs [8][29] - The company is actively pursuing the sale of Aquarion Water Company and has submitted a notice of intent to file a rate case for Aquarion [14][32] Q&A Session Summary Question: Impact of Aquarion sale on funding needs - Management indicated that if the Aquarion sale is approved, it could reduce the need for alternative financing solutions, potentially enhancing growth rates [46][60] Question: Status of Revolution Wind project liabilities - Management clarified that the obligation is to Global Infrastructure Partners, not Ørsted, and that the critical trigger for liability ends at the commercial operation date [61][66] Question: Sources and uses of cash regarding minority interest sales - Management discussed exploring various alternatives for financing, including minority interest sales, but emphasized that details are still being evaluated [73][75] Question: Timeline for the completion of the Aquarion sale - Management confirmed that the decision from PURA regarding the Aquarion sale is expected in March, which will clarify the company's next steps [32][102] Question: Drivers for earnings growth in 2027 - Management highlighted several key drivers for 2027, including the Aquarion transaction, storm cost recovery, and regulatory adjustments [89]

Financial Data and Key Metrics Changes - In 2025, the company reported earnings of $190.4 million, or $0.93 per share, which was in the middle of the earnings per share guidance range [3] - Compared to 2024, earnings decreased from $281.1 million, or $1.37 per share [15] - Income from continuing operations was $191.4 million, or $0.93 per diluted share, compared to $181.1 million, or $0.88 per diluted share in 2024 [15] Business Line Data and Key Metrics Changes - The electric utility segment reported earnings of $64.9 million, down from $74.8 million in 2024, primarily due to higher operation and maintenance expenses [15][16] - The natural gas utility reported earnings of $56.1 million, a 19.6% increase from $46.9 million in 2024, driven by higher retail sales revenue [15][16] - The pipeline business achieved record earnings of $68.2 million, slightly up from $68 million in the previous year, supported by expansion projects and customer demand [15][17] Market Data and Key Metrics Changes - The utility experienced combined retail customer growth of 1.5% compared to 2024, aligning with the targeted annual growth rate of 1%-2% [3] - The company has 580 MW of data center load under signed electric service agreements, with various phases of load coming online through 2027 [9] Company Strategy and Development Direction - The company is focused on executing its capital investment plans, with a revised 2026 through 2030 capital investment plan totaling $3.1 billion [4] - The acquisition of Badger Wind Farm is a key strategic move, enhancing the company's diversified generation portfolio [4] - The company anticipates a long-term EPS growth rate of 6%-8% and targets a 60%-70% annual dividend payout ratio [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute long-term growth strategies and emphasized operational focus and financial discipline [13] - The company is initiating earnings per share guidance for 2026 in the range of $0.93-$1.00 per share, reflecting strong performance across segments [12] Other Important Information - The company completed a follow-on public offering of over 10.15 million shares at a price of $19.70 per share, which is expected to meet equity issuance needs for 2026 and a significant portion of 2027 [19] - The consolidated debt-to-capitalization ratio increased slightly to 49.1% due to the Badger Wind Farm acquisition [19] Q&A Session Summary Question: Can you elaborate on the 2026 guidance and year-over-year headwinds? - Management indicated that while 2025 showed strong growth, 2026 guidance reflects a range of 6%-8% EPS growth, with some headwinds expected from rate case activities and equity issuance [25][26] Question: What are the next steps for the Bakken East Pipeline project? - Management outlined that the binding open season is ongoing until mid-March, and discussions with customers are progressing, with plans to finalize project design and customer agreements before making a final investment decision [27][28]

Financial Data and Key Metrics Changes - The total shares present at the meeting were more than 80 million, representing over 50% of the company's outstanding common stock [2][3] - All nominees for election to the board of directors received a full vote from a majority of the shares present or represented by proxy [7] Business Line Data and Key Metrics Changes - The meeting included proposals related to the election of directors, ratification of the independent auditor, and compensation of named executive officers, indicating a focus on governance and executive accountability [4][5] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [1] Company Strategy and Development Direction - The company is focused on governance improvements, as evidenced by multiple proposals to amend articles of incorporation, including increasing the number of authorized shares and clarifying indemnification provisions [5][8] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [1] Other Important Information - The meeting included eight proposals, all of which were approved by a majority of the votes cast, indicating strong shareholder support for the company's governance and operational strategies [8] Q&A Session All Questions and Answers - No shareholder questions were submitted prior to the meeting, and therefore no Q&A session took place [1][2]

Financial Data and Key Metrics Changes - The company reported NFE of $118.2 million or $1.17 per share for the quarter, reflecting disciplined execution and solid performance across its businesses [31] - The fiscal 2026 NFEPS guidance was raised by $0.25 to a range of $3.28-$3.43 per share, marking the sixth consecutive year of raising guidance [24][33] - The company expects to invest approximately $5 billion over the next five years, representing a 40% increase compared to the previous five years of capital expenditures [6][16] Business Line Data and Key Metrics Changes - New Jersey Natural Gas is positioned for high single-digit rate-based growth through 2030, with significant investments directed towards strengthening core infrastructure and enhancing system safety [7][8] - Storage and Transportation (S&T) is expected to more than double net financial earnings by 2027, driven by favorable recontracting of both Adelphia and Leaf River [9][28] - Clean Energy Ventures (CEV) anticipates a 50% increase in in-service capacity over the next two years, supported by a robust pipeline of projects [11][30] Market Data and Key Metrics Changes - The company reported record send-outs during a recent cold weather event, highlighting the critical role of natural gas services in the local economy [25] - New Jersey Natural Gas was over 87% hedged going into the winter, with an average hedged price of approximately $2.20 per dekatherm, compared to much higher spot prices during the event [26] Company Strategy and Development Direction - The company emphasizes consistency in execution and targeted capital deployment, with a focus on maintaining a healthy balance sheet and strong credit metrics [6][7] - The company is actively pursuing organic growth opportunities in its S&T segment and has filed a FERC application to increase working gas capacity by over 70% at Leaf River [10][29] - The company aims to work with the new administration in New Jersey to address affordability issues and promote clean energy solutions [19][35] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of affordability and energy efficiency programs in mitigating customer costs, especially during extreme weather events [25][26] - The company remains optimistic about its growth prospects, with clear visibility into capital spending and a balanced, diversified energy infrastructure [19][36] Other Important Information - The company achieved 30 consecutive years of dividend increases, underscoring confidence in its long-term plan [13] - The company’s Energy Services segment outperformed expectations, contributing significantly to cash flow generation [33] Q&A Session Summary Question: Energy Services performance and weather impact - Management noted that the guidance revision reflects performance through January and cannot incorporate future weather events [39] Question: S&T capacity expansion and contracts - Management confirmed contracts for initial capacity expansion but indicated that further expansion opportunities are being explored [40][41] Question: Regulatory backdrop and affordability efforts - Management emphasized ongoing efforts to drive affordability and work with the administration on regulatory strategies [46][47] Question: CEV plans and regulatory impact - Management discussed the potential for permit reform to accelerate project development and enhance capacity [48][49] Question: Solar pipeline and geographic diversity - Management indicated that about 50% of future projects are outside New Jersey, with ongoing efforts to pursue favorable regulatory environments [59] Question: Hedging strategy and regulatory recognition - Management confirmed that regulators are aware of the benefits of the hedging strategy, which has helped mitigate costs for customers [67]

Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, continuing a 23-year streak of annual dividend increases [17] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw investments of $922 million, with nearly 90% allocated to utilities, enhancing system reliability and safety [16] - The company reported growth across all segments, driven by infrastructure investments [15] Market Data and Key Metrics Changes - The Missouri Public Service Commission approved a $210 million revenue increase following a positive conclusion to a rate case [4] - New legislation in Missouri established a future test year for rate-setting, allowing utilities to set rates based on projected costs [17] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth, with a commitment to delivering reliable natural gas service [18] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance Spire's scale and diversify its utility portfolio [3][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [18] - The company remains focused on maintaining customer affordability while executing its capital plan efficiently [21] Other Important Information - The company successfully concluded an annual budget process in Alabama, reinforcing its commitment to constructive regulatory outcomes [4] - The transition planning for the acquisition of Piedmont Natural Gas is well underway, with an 18-month transition service agreement in place [20] Q&A Session Summary Question: Current status of the acquisition of Piedmont Natural Gas Tennessee business - The acquisition is progressing well, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [20] Question: Company's business priorities for shareholders in fiscal year 2026 - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully closing the Tennessee acquisition [21]

Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, marking the 23rd consecutive year of dividend increases [17] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw investments of $922 million, with nearly 90% allocated to utilities, enhancing reliability and safety [16] - The company reported growth across all segments, driven by infrastructure investments [15] Market Data and Key Metrics Changes - The regulatory environment improved, with a $210 million revenue increase approved by the Missouri Public Service Commission [4] - New legislation in Missouri established a future test year for rate-setting, allowing for more effective planning and investment [17] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth [18] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance Spire's scale and diversify its utility portfolio [3][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [18] - The company remains committed to delivering safe and reliable natural gas service while maintaining customer affordability [21] Other Important Information - The company successfully concluded an annual budget process in Alabama, reinforcing its commitment to constructive regulatory outcomes [4] - The transition planning for the acquisition of Piedmont Natural Gas is well underway, with an 18-month transition service agreement in place [20] Q&A Session Summary Question: Current status of the acquisition of Piedmont Natural Gas Tennessee business - The acquisition is progressing, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [20] Question: Company's business priorities for shareholders in fiscal year 2026 - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully financing the Tennessee acquisition [21]

Company Overview - Atmos Energy Corporation (NYSE: ATO) is a leading natural gas utility company in the United States, serving over three million customers across several states and known for its stable operations and consistent financial performance [1] Stock Performance - Barclays set a price target of $167 for Atmos Energy, indicating a minor downside potential as the stock was trading at $168.50, which is approximately -0.89% below the target [2][6] - The stock is currently priced at $168.50, reflecting a 1.91% increase or $3.16, with fluctuations between $166.25 and $169.03 during the trading day [5] Earnings Expectations - Atmos Energy is preparing to release its first-quarter 2026 earnings results on February 3rd, with analysts expecting earnings of $2.39 per share and revenue of around $1.2 billion, a significant increase from the previous quarter's earnings of $1.04 per share and revenue of $737.48 million [3] - Analysts project earnings of $7 per share for the current fiscal year and $8 per share for the next fiscal year, indicating positive growth expectations [4] Financial Health - In the previous earnings release, Atmos Energy reported a return on equity of 9.07% and a net margin of 25.49%, highlighting the company's strong financial health [4][6] - The company's market capitalization is approximately $27.25 billion, with a trading volume of 1,896,788 shares on the NYSE [5]

Core Viewpoint - ONE Gas, Inc. has announced its schedule for the release of its fourth quarter and full year 2025 financial results, along with subsequent conference calls and webcasts for 2026 [1][4]. Financial Results Announcement - The fourth quarter and full year 2025 financial results will be released after market close on February 18, 2026 [1]. - The conference call to discuss these results will take place on February 19, 2026, at 11 a.m. Eastern Standard Time [1][3]. Conference Call Details - The conference call will be accessible via phone at 833-470-1428 with a passcode of 246604 [3]. - A live webcast will be available on the ONE Gas website, and a replay will be accessible for 30 days post-event [2][3]. 2026 Earnings Schedule - The earnings news releases for the first, second, and third quarters of 2026 are scheduled as follows: - First quarter: May 4, 2026; Conference call on May 5, 2026 [8]. - Second quarter: August 4, 2026; Conference call on August 5, 2026 [8]. - Third quarter: November 2, 2026; Conference call on November 3, 2026 [8]. Company Overview - ONE Gas, Inc. is a 100-percent regulated natural gas utility, trading on the NYSE under the symbol "OGS" [5]. - The company serves over 2.3 million customers across Kansas, Oklahoma, and Texas, with divisions including Kansas Gas Service, Oklahoma Natural Gas, and Texas Gas Service [6].

Core Viewpoint - Atmos Energy Corporation is positioned for stable growth with positive earnings expectations and strong operational performance, despite some macroeconomic concerns affecting investor sentiment [2][8]. Financial Performance - Atmos Energy is expected to report diluted EPS of $2.39 for fiscal 2026 Q1, reflecting a 7.2% increase from $2.23 in the same quarter last year [2]. - Analysts project a diluted EPS of $8.08 for fiscal 2026, indicating an 8.3% year-over-year growth, followed by a further increase to $8.61 in fiscal 2027, representing a 6.6% growth [3]. - For fiscal 2025, Atmos Energy reported a diluted EPS of $7.46, up from $6.83 in fiscal 2024, marking the 23rd consecutive year of earnings growth [7]. Stock Performance - Over the past 52 weeks, Atmos Energy's stock gained 22.7%, although it is slightly down on a year-to-date basis [4]. - In comparison, the S&P 500 Index increased by 16.2% over the same period, with a year-to-date gain of 1.5% [4]. - The State Street Utilities Select Sector SPDR ETF (XLU) rose by 12.6% over the last year, indicating that Atmos Energy's performance is driven by company-specific factors rather than broader sector trends [5]. Recent Developments - Following the release of its fourth-quarter fiscal 2025 earnings, Atmos Energy's shares rose by 1.7% as EPS reached $1.07, surpassing analyst estimates of $0.95 and showing a year-over-year increase of 24.4% [6]. - Net income for the same quarter increased by 30.6% year-over-year to $175 million [6]. Market Sentiment - Despite strong operational results, macroeconomic factors are influencing market sentiment, with Morgan Stanley downgrading Atmos Energy's stock to "Equal Weight" from "Overweight" and reducing its target price from $182 to $172, citing concerns over political and regulatory risks [8].

Core Viewpoint - National Fuel Gas Company (NYSE:NFG) is positioned as a strong investment opportunity, particularly following its acquisition of CenterPoint Energy's Ohio natural gas utility business, which is expected to enhance its regulated cash flows and market presence [2][4][5]. Group 1: Acquisition Details - National Fuel Gas Company has entered into a definitive agreement to acquire CenterPoint Energy's Ohio natural gas utility business for $2.62 billion on a cash-free, debt-free basis [3][4]. - The acquisition values the business at approximately 1.6 times its estimated 2026 rate base of $1.6 billion, and it includes a workforce that operates around 5,900 miles of distribution and transmission pipelines [4]. - The transaction is anticipated to close in the fourth quarter of 2026, significantly expanding National Fuel's regulated footprint and doubling its gas utility rate base [5]. Group 2: Market Outlook and Analyst Ratings - JPMorgan analyst Zach Parham raised the price target for National Fuel Gas Company to $96 from $95, maintaining a Neutral rating, citing a shift in natural gas demand and growing supply-side risks for oil and liquids [2]. - The firm notes that the long-awaited demand inflection for natural gas has finally arrived, which could positively impact National Fuel's market position [2].