Dallas-based Atmos Energy Corp. has joined 52 other gas/electric utilities on the Fortune 500 ranking of the largest companies. Atmos enters the list at No. 430 based on revenues of $4.9 billion.
The company is the 28th largest utility on the list. Among the Fortune 500 companies, Atmos ranks sixth in revenue growth with a 42% annual increase over five years. It ranks 12th in revenue growth year over year with a 70% increase. Atmos is the 49th out of 56 Texas-based companies on the list. For the first time, Texas is the state with the most Fortune 500 companies.
In 2004, Atmos bought TXU Gas and nearly doubled its size, adding nearly 1.5 million utility customers (see NGI, June 21, 2004). Atmos now has 3.2 million customers throughout its operations in 12 states, making it the country's largest gas-only utility.
Atmos has made a number of acquisitions since 1986, when it expanded its gas distribution to Louisiana with the purchase of Trans Louisiana Gas Co. In 1987, it picked up Western Kentucky Gas Co., and it acquired Greeley Gas Co. of Denver in December 1993. In July 1997, the company bought United Cities Gas Co., adding customers in Georgia, Tennessee, Virginia, Illinois, Kansas, Missouri, Iowa and South Carolina. The South Carolina assets were sold in 2000, but during that year Atmos added the Missouri assets of Associated Natural Gas Co. and acquired an indirect equity interest in Heritage Propane Partners. In 2001, Atmos obtained 100% interest in Woodward Marketing LLC, and it bought Louisiana Gas Service Co. and LGS Natural Gas Co. And in December 2002, Atmos acquired Mississippi Valley Gas Co.
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