Exhibit 99.1
Analysts and Media Contact: Susan Giles (972) 855-3729				News Release

Atmos Energy Corporation Reports Earnings for the

Fiscal 2012 Second Quarter and Six Months; Reaffirms Fiscal 2012 Guidance

DALLAS (May 2, 2012)—Atmos Energy Corporation (NYSE: ATO) today reported consolidated results for its fiscal 2012 second quarter and six months ended March 31, 2012.

For the six months ended March 31, 2012, consolidated net income was $177.6 million, or $1.94 per diluted share, compared with net income of $206.2 million, or $2.26 per diluted share for the same period last year. Net income for the prior-year period included the positive impact of several one-time items totaling $11.1 million, or $0.12 per diluted share. Results from nonregulated operations include noncash, unrealized net gains of $5.3 million, or $0.06 per diluted share for the six months ended March 31, 2012, compared with net losses of $1.7 million, or ($0.02) per diluted share for the prior-year period. For the current six-month period, regulated operations contributed $180.2 million of net income, or $1.97 per diluted share, and nonregulated operations experienced a net loss of $2.5 million, or ($0.03) per diluted share. For the current six-month period, net income from regulated operations includes $5.9 million, or $0.06 per diluted share from discontinued operations, compared with $6.9 million, or $0.08 per diluted share for the same period last year.

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“Increased rates, coupled with weather normalization mechanisms, safeguarded our regulated earnings from a relatively mild winter heating season,” said Kim Cocklin, president and chief executive officer of Atmos Energy Corporation. “We remain committed to investing significant capital over the next five years to fortify our regulated asset infrastructure. Regarding our nonregulated operations, adjusted earnings for the quarter fell slightly, but we anticipate this business will generate more positive results the remainder of our fiscal year.”

“For fiscal 2012, we remain on track to meet our previously announced earnings guidance of between $2.30 and $2.40 per diluted share,” Cocklin concluded.

Results for the 2012 Second Quarter Ended March 31, 2012

Natural gas distribution gross profit, excluding discontinued operations, increased $1.8 million to $380.8 million for the fiscal 2012 second quarter, compared with $379.0 million in the prior-year quarter. This increase reflects a net $6.4 million increase in rates, primarily in the company’s Mid-Tex, Mississippi and Louisiana service areas, partially offset by a $5.9 million decrease in revenue-related taxes, primarily due to lower revenue on which the tax is calculated.

Regulated transmission and storage gross profit increased $3.0 million to $58.0 million for the quarter ended March 31, 2012, compared with $55.0 million for the same quarter last year. This increase is primarily a result of rate design changes approved in the Atmos Pipeline – Texas rate case that became effective in May 2011.

Nonregulated gross profit decreased $24.3 million to ($4.2) million for the second quarter of fiscal 2012, compared with $20.1 million for the prior-year quarter. The decrease primarily reflects a $9.4 million quarter-over-quarter decrease in realized asset optimization margins. During the second quarter of fiscal 2011, asset optimization margins reflected realized financial gains associated with physical natural gas storage withdrawals. In contrast, during the current quarter, as a result of falling natural gas prices, Atmos Energy Holdings injected a net 8.9 Bcf into storage to capture incremental physical to forward spread values and purchased flowing gas to meet customer deliveries. As a result, losses were realized on the settlement of financial instruments used to hedge natural gas purchases. A substantial portion of the incremental margins captured during the quarter is currently anticipated to be realized during the third and fourth quarters of fiscal 2012. Additionally, realized margins from gas delivery decreased $4.9 million, primarily due to a seven percent decrease in consolidated sales volumes as a result of warmer weather combined with a $0.02/Mcf decrease in per-unit margins. Finally, unrealized margins decreased $9.5 million quarter over quarter.

Consolidated operation and maintenance expense, excluding discontinued operations, for the three months ended March 31, 2012, was $110.7 million, compared with $114.2 million for the prior-year quarter. Excluding the provision for doubtful accounts, operation and maintenance expense for the current quarter was $108.2 million, compared with $111.8 million for the prior-year quarter. The $3.6 million decrease resulted primarily from a $3.5 million decrease in employee-related costs.

Results for the quarter ended March 31, 2011 included several one-time items, which resulted in a total net gain of $11.1 million. In March 2011, the company unwound two Treasury lock agreements after cancelling a planned debt offering and recognized a $27.8 million cash gain. Partially offsetting this gain was a $19.3 million noncash charge to impair the company’s investment in the Ft. Necessity storage project. Lastly, due to the administrative settlement of various income tax positions during the quarter, the company recorded a $5.0 million tax benefit.

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Results for the Six Months Ended March 31, 2012

Natural gas distribution gross profit, excluding discontinued operations, increased $2.0 million to $671.9 million for the six months ended March 31, 2012, compared with $669.9 million in the prior-year period. This increase is due largely to a net $11.0 million increase attributable to rate increases, primarily in the company’s Mid-Tex, Louisiana, Mississippi, Kentucky and West Texas service areas. Partially offsetting this increase was a $2.9 million decrease associated with a 10 percent decrease in consolidated distribution throughput, primarily from lower consumption and warmer weather, coupled with a $5.6 million decrease in revenue-related taxes, which was offset by a decrease in taxes, other than income.

Regulated transmission and storage gross profit increased $10.8 million to $114.8 million for the six months ended March 31, 2012, compared with $104.0 million last year. This increase is primarily a result of rate design changes approved in the Atmos Pipeline – Texas rate case that became effective in May 2011.

Nonregulated gross profit decreased $34.0 million to $11.2 million for the six months ended March 31, 2012, compared with $45.2 million for the prior-year period. The decrease primarily reflects a $34.9 million decrease in realized asset optimization margins. During the first six months of fiscal 2011, more frequent trading opportunities existed to earn intramonth trading gains in the daily cash market. In contrast, during the current year, as a result of falling natural gas prices, Atmos Energy Holdings injected a net 24.6 Bcf into storage to capture incremental physical to forward spread values and purchased flowing gas to meet customer deliveries. As a result, realized losses were significantly higher on the settlement of financial instruments used to hedge natural gas purchases. A substantial portion of the incremental margins captured during the current year is currently anticipated to be realized during the third and fourth quarters of fiscal 2012. Additionally, realized margins from gas delivery decreased $9.8 million, primarily due to a six percent decrease in consolidated sales volumes as a result of warmer weather combined with a $0.03/Mcf decrease in per-unit margins. Partially offsetting these decreases was an $11.7 million increase in unrealized margins.

Consolidated operation and maintenance expense, excluding discontinued operations, for the six months ended March 31, 2012, was $226.8 million, compared with $228.7 million for the prior-year period. Excluding the provision for doubtful accounts, operation and maintenance expense for the current-year period was $222.0 million, compared with $224.9 million for the prior year. The $2.9 million decrease resulted primarily from a $6.7 million decrease in employee-related costs, partially offset by a $1.9 million increase in legal and administrative costs and a $2.0 million increase in contract labor.

Depreciation and amortization increased $9.3 million to $119.5 million during the six months ended March 31, 2012, compared with $110.2 million for the prior-year period. Period-over-period, taxes, other than income increased $4.4 million to $98.1 million, compared with $93.7 million for the prior-year period. Both increases are primarily the result of incremental capital investments made in fiscal 2011 and early fiscal 2012 that resulted in increased depreciation expense and increased ad valorem taxes in the current-year period.

Interest charges for the six months ended March 31, 2012 were $72.1 million, compared with $76.8 million for the same period last year. The $4.7 million period-over-period decrease resulted primarily from refinancing long-term debt at reduced interest rates and reducing commitment fees from decreasing the number of credit facilities and extending the length of their terms in fiscal 2011.

Results for the six months ended March 31, 2011, included the previously mentioned one-time items, which resulted in a net gain of $11.1 million.

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The debt capitalization ratio at March 31, 2012 was 50.2 percent, compared with 51.7 percent at September 30, 2011 and 47.6 percent at March 31, 2011. At March 31, 2012, there was $174.0 million of short-term debt outstanding, compared with no short-term debt outstanding at March 31, 2011, while short-term debt was $206.4 million at September 30, 2011.

For the six months ended March 31, 2012, the company generated operating cash flow of $360.7 million, a $77.7 million reduction compared with the six months ended March 31, 2011. The period-over-period decrease primarily reflects an increase in purchased gas stored underground in the nonregulated segment with the corresponding gas withdrawals expected to occur later in the current fiscal year, coupled with $43.3 million in contributions to our pension and postretirement plans.

Capital expenditures increased to $311.1 million for the six months ended March 31, 2012, compared with $246.7 million in the prior-year period. The $64.4 million increase primarily reflects spending related to two new pipeline projects in the Atmos Pipeline – Texas Division and increased capital spending in the natural gas distribution segment associated with higher infrastructure spending and the development of a new customer service system.

Outlook

Atmos Energy still expects fiscal 2012 earnings to be in the range of $2.30 to $2.40 per diluted share, excluding unrealized margins. Net income from regulated operations is now expected to be in the range of $193 million to $200 million, while net income from nonregulated operations has been revised to be in the range of $17 million to $20 million. Total capital expenditures for fiscal 2012 are expected to increase about $10 million to the revised range of between $690 million to $710 million.

Conference Call to be Webcast May 3, 2012

Atmos Energy will host a conference call with financial analysts to discuss the financial results for the fiscal 2012 second quarter and first six months on Thursday, May 3, 2012, at 10 a.m. Eastern Time. The telephone number is 877-485-3107. 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 chief executive officer and Fred Meisenheimer, senior vice president and chief financial officer will participate in the conference call.

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

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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, 2011 and in the company’s Quarterly Report on Form 10-Q for the three months ended December 31, 2011. 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 more than 1,600 communities in 12 states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West. Atmos Energy also provides natural gas marketing and procurement services to industrial, commercial and municipal customers primarily in the Midwest and Southeast and manages company-owned natural gas pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. Atmos Energy is a Fortune 500 company. For more information, visit www.atmosenergy.com.

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