Analysts and Media Contact: Susan Giles (972) 855-3729

News Release

Atmos Energy Corporation Reports Earnings for the Fiscal 2015 First Quarter; Reaffirms Fiscal 2015 Guidance

DALLAS (February 3, 2015)-Atmos Energy Corporation (NYSE: ATO) today reported consolidated results for its fiscal 2015 first quarter ended December 31, 2014.

 Fiscal 2015 first quarter consolidated net income, excluding net unrealized margins, was $92.8 million, or $0.91 per diluted share, compared with consolidated net income, excluding net unrealized margins, of $80.6 million, or $0.88 per diluted share in the prior-year quarter.

 Fiscal 2015 first quarter consolidated net income was $97.6 million, or $0.96 per diluted share, after including unrealized net gains of $4.8 million, or

$0.05 per diluted share. Net income was $87.0 million, or $0.95 per diluted share in the prior-year quarter, after including unrealized net gains of $6.4 million, or $0.07 per diluted share.

 The company's Board of Directors has declared a quarterly dividend of 39 cents per common share. The indicated annual dividend for fiscal 2015 is

$1.56, which represents a 5.4 percent increase over fiscal 2014.

"Our first quarter results reflect the successful execution of our infrastructure investment strategy launched in 2012," said Kim Cocklin, president and chief executive officer of Atmos Energy Corporation. "This investment continues to deliver the safe and reliable natural gas service our customers deserve. We remain poised to deliver on our fiscal 2015 guidance of between $2.90 and

$3.05 per diluted share," Cocklin concluded.

Results for the Three Months Ended December 31, 2014

Regulated distribution gross profit increased $24.6 million to $323.8 million for the three months ended December 31, 2014, compared with $299.2 million in the prior-year quarter. Gross profit reflects a net $19.3 million quarter-over-quarter increase in rates, primarily in the Mid-Tex, Kentucky/Mid-States and West Texas Divisions. Additionally, gross profit increased $2.1 million from higher transportation revenues and $2.9 million from higher revenue-related taxes.

1

Regulated pipeline gross profit increased $12.3 million to $83.6 million for the three months ended December 31, 2014, compared with $71.3 million during the same period last year. This increase is primarily the result of a $12.5 million increase in revenues from the Gas Reliability Infrastructure Program (GRIP) filing that became effective in May 2014.

Nonregulated gross profit decreased $2.6 million to $16.0 million for the three months ended December 31, 2014, compared with $18.6 million for the prior-year period, primarily due to changes in unrealized margins. Realized margins were flat quarter over quarter.

Consolidated operation and maintenance expense for the three months ended December 31, 2014, was $118.6 million, compared with $115.8 million for the prior-year period. The $2.8 million increase resulted primarily from higher employee labor and benefits expense and increased pipeline maintenance spending. These increases were partially offset by a reduction in legal expenses.

Capital expenditures increased to $261.3 million for the three months ended December 31, 2014, compared with $180.6 million in the prior-year period. The $80.7 million increase is largely due to a $41.8 million increase in spending in the regulated pipeline segment primarily associated

with the enhancement and fortification of two storage fields to ensure the reliability of gas service to the Mid-Tex Division. Additionally, spending in the regulated distribution segment increased

$38.7 million in the current quarter. The increase primarily reflects the timing of the spending combined with a planned increase in safety and reliability investment in fiscal 2015.

For the three months ended December 31, 2014, the company generated operating cash flow of

$27.4 million, a $6.9 million decrease compared with the three months ended December 31, 2013. The decrease primarily reflects the timing of customer collections and vendor payments.

The debt capitalization ratio at December 31, 2014 was 49.5 percent, compared with 46.2 percent at September 30, 2014 and 54.2 percent at December 31, 2013. At December 31, 2014, there was

$550.9 million of short-term debt outstanding, compared with $196.7 million at September 30,

2014 and $689.8 million at December 31, 2013.

Outlook

The leadership of Atmos Energy remains focused on enhancing system safety and reliability through infrastructure investment, while delivering shareholder value and consistent earnings growth. Atmos Energy continues to expect fiscal 2015 earnings to be in the range of $2.90 to

$3.05 per diluted share, excluding unrealized margins. Capital expenditures for fiscal 2015 are expected to continue to range between $900 million and $1 billion.

Conference Call to be Webcast February 4, 2015

Atmos Energy will host a conference call with financial analysts to discuss the financial results for the fiscal 2015 first quarter on Wednesday, February 4, 2015, at 8:00 a.m. Eastern. The telephone number is 877-485-3107 and the international telephone number is 201-689-8427. The conference call will be webcast live on the Atmos Energy website at www.atmosenergy.com. A playback of the call will be available on the website later that day. Kim Cocklin, president and

2

chief executive officer and Bret Eckert, senior vice president and chief financial officer will participate in the conference call.

Highlights and Recent Developments

Atmos Energy Names Michael E. Haefner as Executive Vice President

On January 19, 2015, the Board of Directors of Atmos Energy promoted Michael E. Haefner to Executive Vice President, effective immediately. In addition to his responsibilities as Senior Vice President, Human Resources and a member of the management committee, Mr. Haefner will assume responsibility for Atmos-Pipeline Texas, Atmos Energy Holdings, Inc. and the company's gas supply and services function.

This news release should be read in conjunction with the attached unaudited financial information.

Forward-Looking Statements

The matters discussed in this news release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this news release are forward-looking statements made in good faith by the company and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this news release or in any of the company's other 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-looking statements are subject to risks and uncertainties that could

cause actual results to differ materially from those discussed in this news release, including the risks and uncertainties relating to regulatory trends and decisions, the company's ability to continue to access the capital markets and the other factors discussed in the company's reports filed with the Securities and Exchange Commission. These factors include the risks and uncertainties discussed in the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2014. Although the company believes these forward-looking statements to be reasonable, there can be no assurance that they will approximate actual experience or that the expectations derived from them will be realized. The company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

About Atmos Energy

Atmos Energy Corporation, headquartered in Dallas, is one of the country's largest natural-gas- only distributors, serving over three million natural gas distribution customers in over 1,400 communities in eight states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West. Atmos Energy also manages company-owned natural gas pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas and provides natural gas marketing and procurement services to industrial, commercial and municipal customers primarily in the Midwest and Southeast. For more information, visit www.atmosenergy.com.

3

Atmos Energy Corporation

Financial Highlights (Unaudited)

Consolidated Statements of Income

Three Months Ended

December 31

(000s except per share) 2014 2013
Gross Profit:
Regulated distribution segment $ 323,812 $ 299,171
Regulated pipeline segment 83,567 71,341
Nonregulated segment 16,039 18,566

Intersegment eliminations (133) (121) Gross profit 423,285 388,957
Operation and maintenance expense 118,582 115,757
Depreciation and amortization 67,593 60,469
Taxes, other than income 49,385 42,011

Total operating expenses 235,560 218,237
Operating income 187,725 170,720
Miscellaneous expense (1,707) (2,132) Interest charges 29,764 32,115

Income before income taxes 156,254 136,473
Income tax expense 58,659 49,457

Net income $ 97,595 $ 87,016

Basic net income per share $ 0.96 $ 0.95
Diluted net income per share $ 0.96 $ 0.95
Cash dividends per share $ 0.39 $ 0.37
Weighted average shares outstanding:
Basic 101,581 91,841
Diluted 101,581 91,843

Three Months Ended

December 31

Consolidated net income $ 97,595 $ 87,016

4

Atmos Energy Corporation

Financial Highlights, continued (Unaudited)

Condensed Consolidated Balance Sheets December 31, September 30,

(000s) 2014 2014
Net property, plant and equipment $ 6,912,541 $ 6,725,906
Cash and cash equivalents 123,832 42,258
Accounts receivable, net 607,421 343,400
Gas stored underground 277,916 278,917
Other current assets 109,595 111,265

Total current assets 1,118,764 775,840
Goodwill 742,029 742,029
Deferred charges and other assets 341,759 350,929

$ 9,115,093 $ 8,594,704
Shareholders' equity $ 3,063,925 $ 3,086,232
Long-term debt 2,455,131 2,455,986

Total capitalization 5,519,056 5,542,218
Accounts payable and accrued liabilities 397,595 308,086
Other current liabilities 472,113 405,869
Short-term debt 550,903 196,695

Total current liabilities 1,420,611 910,650
Deferred income taxes 1,256,443 1,286,616
Deferred credits and other liabilities 918,983 855,220

$ 9,115,093 $ 8,594,704
5

Atmos Energy Corporation

Financial Highlights, continued (Unaudited)

Condensed Consolidated Statements of Cash Flows

Three Months Ended

December 31

(000s) 2014 2013

Cash flows from operating activities

Net income $ 97,595 $ 87,016
Depreciation and amortization 67,593 60,469
Deferred income taxes 55,418 47,127
Other 5,164 5,449

Changes in assets and liabilities (198,355) (165,761) Net cash provided by operating activities 27,415 34,300

Cash flows from investing activities

Capital expenditures (261,313) (180,567) Other, net (739) (5,867) Net cash used in investing activities (262,052) (186,434)

Cash flows from financing activities

Net increase in short-term debt 350,574 320,783
Net proceeds from issuance of long-term debt 493,538 - Settlement of interest rate agreements 13,364 - Repayment of long-term debt (500,000) -
Cash dividends paid (39,592) (33,984)
Repurchase of equity awards (7,985) (6,289) Issuance of common stock 6,312 (12)

Net cash provided by financing activities 316,211 280,498

Net increase in cash and cash equivalents 81,574 128,364
Cash and cash equivalents at beginning of period 42,258 66,199

Cash and cash equivalents at end of period $ 123,832 $ 194,563

###

Three Months Ended

December 31

6