US Market News
2月前
ONE Gas Announces First Quarter 2026 Financial Results; Affirms 2026 Financial GuidanceMay 4, 2026 4:15 PM
PR Newswire (US) Declares Second Quarter DividendAnalyst call and webcast scheduled tomorrow, May 5 at 11 a.m. EDTTULSA, Okla., May 4, 2026 /PRNewswire/ -- ONE Gas, Inc. (NYSE: OGS) today announced its first quarter 2026 financial results, affirmed its 2026 financial guidance and declared its quarterly dividend."Our positive performance through a historically warm winter underscores the resilience of our business model and our ability to drive long-term value while sustaining customer affordability," said Robert S. McAnnally, chief executive officer. "We are confident in our strategic plan and remain on track to achieve our 2026 financial guidance."FINANCIAL RESULTS & HIGHLIGHTSFirst quarter 2026 net income was $128.7 million, or $2.04 per diluted share, compared with $119.4 million, or $1.98 per diluted share, in the same period last year;First quarter 2026 adjusted net income was $133.4 million, or $2.11 per diluted share, compared with $120.1 million, or $1.99 per diluted share, in the same period last year;While weather across the Company's service areas was 20.5 percent warmer than normal and 24.6 percent warmer than the prior year, the impact on operating income was tempered by weather normalization mechanisms;In February 2026, the Company entered into an at-the-market equity distribution agreement under which it may issue and sell shares of common stock with an aggregate offering price up to $225 million;For the ninth consecutive year, ONE Gas was awarded the American Gas Association Safety Achievement Award for excellence in employee safety; andThe board of directors declared a quarterly dividend of $0.68 per share ($2.72 annualized), payable on June 2, 2026, to shareholders of record at the close of business on May 18, 2026.FIRST QUARTER 2026 FINANCIAL PERFORMANCEONE Gas reported operating income of $189.6 million in the first quarter, compared with $180.5 million in the first quarter 2025, which primarily reflects an increase of $27.3 million from new rates.This increase was partially offset by:an increase of $6.8 million in employee-related costs due, in part, to planned investments in the Company's workforce;an increase of $1.3 million in outside services; anda decrease of $8.9 million in revenue due to lower sales and transport volumes, net of the impact of weather normalization mechanisms.Excluding interest related to KGSS-I securitized bonds, net interest expense decreased $3.0 million for the three months ending March 31, 2026. The decrease in interest expense is primarily due to commercial paper borrowings at lower rates and the implementation of Texas House Bill 4384.Income tax expense includes a credit for amortization of the regulatory liability associated with excess deferred income taxes (EDIT) of $9.5 million and $8.1 million for the three months ended March 31, 2026, and 2025, respectively.Capital expenditures and asset removal costs were $169.6 million for the first quarter 2026 compared with $177.7 million in the same period last year, primarily representing expenditures for system integrity and extension of service to new areas.REGULATORY ACTIVITIES UPDATEIn April 2026, Kansas House Bill 2435 was signed into law, amending the Gas System Reliability Surcharge (GSRS) statute effective July 1, 2026. The amendment expands the qualifying infrastructure investments eligible for recovery to include all utility plant investments (excluding allocated corporate costs other than cyber-security related investments), increases the maximum monthly residential surcharge to $1.35 from $0.80 and provides added filing flexibility by allowing one GSRS filing per calendar year, rather than once every 365 days.In March 2026, Texas Gas Service made a Gas Reliability Infrastructure Program filing for all customers requesting a $36.9 million revenue increase to be effective in July 2026.In February 2026, Oklahoma Natural Gas filed its annual Performance-Based Rate Change application for the test year ended December 2025. The filing includes a requested $28.7 million base rate revenue increase, $2.6 million energy efficiency incentive and $14.4 million of estimated EDIT to be credited to customers in 2027. A hearing is scheduled for June 11, 2026. Rates may be implemented subject to refund on June 26, 2026.2026 FINANCIAL GUIDANCEONE Gas affirmed the financial guidance it issued on Dec. 1, 2025, as supplemented on Feb. 18, 2026. For 2026, net income is expected to be in the range of $294 million to $302 million, or $4.65 to $4.77 per diluted share, while adjusted net income is expected to be in the range of $306 million to $314 million, or $4.83 to $4.95 per diluted share. The Company continues to expect long-term GAAP and adjusted net income growth of 7 to 9 percent and GAAP and adjusted net income per diluted share growth of 5 to 7 percent, consistent with its established five-year financial outlook.Capital investments, including asset removal costs, are expected to be approximately $800 million in 2026. Capital investments for extensions to new customers are expected to be approximately $230 million.EARNINGS CONFERENCE CALL AND WEBCASTThe ONE Gas executive management team will host a conference call on Tuesday, May 5, 2026, at 11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time). The call also will be carried live on the ONE Gas website.To participate in the telephone conference call, dial 800-715-9871, passcode 3280987, or log on to www.onegas.com/investors and select Events and Presentations.If you are unable to participate in the conference call or the webcast, a replay will be available on the ONE Gas website, www.onegas.com, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 1-800-770-2030, passcode 3280987.NON-GAAP DISCLOSURE STATEMENT This news release includes financial results and guidance for ONE Gas with respect to adjusted net income and adjusted net income per share, which are non-GAAP financial measures as defined by the Securities and Exchange Commission. Adjusted net income and adjusted net income per share are calculated as GAAP net income plus the deferral of an equity portion of a carrying cost attributable to shareholders' investment capitalized for regulatory purposes but not for financial reporting purposes. These carrying costs relate to property, plant and equipment that has been placed in service, but not yet reflected in base rates. Adjusted net income and adjusted net income per share should not be considered in isolation or as a substitute for GAAP net income or GAAP earnings per share.Management believes these non-GAAP measures provide useful information because they offer a more complete view of our overall regulatory economics, reflect the period-specific effects of certain regulatory mechanisms designed to mitigate regulatory lag associated with property, plant and equipment placed in service prior to regulatory action, and reflect the impact of regulatory timing differences that arise under the Company's rate-setting framework. These adjustments, net of applicable tax effects, are expected to recur as a result of the Company's regulatory framework and are a consistent part of our earnings profile. A reconciliation of the Company's GAAP net income and GAAP earnings per share to adjusted net income and adjusted net income per share is provided in the Appendix. ---------------------------------------------------------------------------------------------------------------------ONE Gas, Inc. (NYSE: OGS) is a 100% regulated natural gas utility, and trades on the New York Stock Exchange and the NYSE Texas under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: @ONEGas, Facebook, LinkedIn and YouTube.Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The forward-looking statements relate to our anticipated financial performance, liquidity, management's plans and objectives for our future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should," "goal," "forecast," "guidance," "could," "may," "continue," "might," "potential," "scheduled," "likely," and other words and terms of similar meaning.One should not place undue reliance on forward-looking statements, which are applicable only as of the date of this news release. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, costs, liquidity, markets, products, services and prices. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:our ability to recover costs, income taxes and amounts equivalent to the cost of property, plant and equipment, regulatory assets and our allowed rate of return in our regulated rates or other recovery mechanisms;cyber-attacks, which, according to experts, continue to increase in volume and sophistication, or breaches of technology systems that could disrupt our operations or result in the loss or exposure of confidential or sensitive customer, employee, vendor, counterparty, or Company information; further, increased remote working arrangements have required enhancements and modifications to our information technology infrastructure (e.g. Internet, Virtual Private Network, remote collaboration systems, etc.), and any failures of the technologies, including third-party service providers, that facilitate working remotely could limit our ability to conduct ordinary operations or expose us to increased risk or effect of an attack;our ability to manage our operations and maintenance costs;changes in regulation of natural gas distribution services, particularly those in Oklahoma, Kansas and Texas;the economic climate and, particularly, its effect on the natural gas requirements of our residential and commercial customers;the length and severity of a pandemic or other health crisis which could significantly disrupt or prevent us from operating our business in the ordinary course for an extended period;competition from alternative forms of energy, including, but not limited to, electricity, solar power, wind power, geothermal energy and biofuels;adverse weather conditions and variations in weather, including seasonal effects on demand and/or supply, the occurrence of severe storms in the territories in which we operate, climate change, and the related effects on supply, demand, and costs;indebtedness could make us more vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantage compared with competitors;our ability to secure reliable, competitively priced and flexible natural gas transportation, storage, and supply, including decisions by natural gas producers to reduce production or shut-in producing natural gas wells and expiration of existing supply and transportation and storage arrangements that are not replaced with contracts with similar terms and pricing;our ability to complete necessary or desirable expansion or infrastructure development projects, which may delay or prevent us from serving our customers or expanding our business;operational and mechanical hazards or interruptions;adverse labor relations;the effectiveness of our strategies to reduce earnings lag, revenue protection strategies and risk mitigation strategies, which may be affected by risks beyond our control such as commodity price volatility, counterparty performance or creditworthiness and interest rate risk;the capital-intensive nature of our business, and the availability of and access to, in general, funds to meet our debt obligations prior to or when they become due and to fund our operations and capital expenditures, either through (i) cash on hand, (ii) operating cash flow, or (iii) access to the capital markets and other sources of liquidity;our ability to obtain capital on commercially reasonable terms, or on terms acceptable to us, or at all;limitations on our operating flexibility, earnings and cash flows due to restrictions in our financing arrangements;cross-default provisions in our borrowing arrangements, which may lead to our inability to satisfy all of our outstanding obligations in the event of a default on our part;changes in the financial markets during the periods covered by the forward-looking statements, particularly those affecting the availability of capital and our ability to refinance existing debt and fund investments and acquisitions to execute our business strategy;actions of rating agencies, including the ratings of debt, general corporate ratings and changes in the rating agencies' ratings criteria;changes in inflation and interest rates;our ability to recover the costs of upstream transportation, storage, and natural gas purchased for our customers and any related financing required to support our purchase of natural gas supply;impact of potential impairment charges;volatility and changes in markets for natural gas and our ability to secure additional and sufficient liquidity on reasonable commercial terms to cover costs associated with such volatility;possible loss of local distribution company franchises or other adverse effects caused by the actions of municipalities;payment and performance by counterparties and customers as contracted and when due, including our counterparties maintaining ordinary course terms of supply and payments;changes in existing or the addition of new environmental, safety, tax, cybersecurity and other laws or regulations to which we and our subsidiaries are subject, including those that may require significant expenditures, significant increases in operating costs or, in the case of noncompliance, substantial fines or penalties;the effectiveness of our risk-management policies and procedures, and employees violating our risk-management policies;the uncertainty of estimates, including accruals and costs of environmental remediation;advances in technology, including technologies that increase efficiency or that improve electricity's competitive position relative to natural gas;population growth rates and changes in the demographic patterns of the markets we serve in Oklahoma, Kansas and Texas, and economic conditions in these areas;acts of nature and naturally occurring disasters;political unrest and the potential effects of threatened or actual terrorism and war;the sufficiency of insurance coverage to cover losses;the effects of our strategies to reduce tax payments;changes in accounting standards;changes in corporate governance standards;existence of material weaknesses in our internal controls;our ability to comply with all covenants in our indentures and the ONE Gas Credit Agreement, a violation of which, if not cured in a timely manner, could trigger a default of our obligations;our ability to attract and retain talented employees, management and directors, and shortage of skilled-labor;unexpected increases in the costs of providing health care benefits, along with pension and postemployment health care benefits, as well as declines in the discount rates on, declines in the market value of the debt and equity securities of, and increases in funding requirements for, our defined benefit plans; andour ability to successfully complete merger, acquisition or divestiture plans, regulatory or other limitations imposed as a result of a merger, acquisition or divestiture, and the success of the business following a merger, acquisition or divestiture.These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in Part 1, Item 1A, Risk Factors, in our Annual Report. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.APPENDIX ONE Gas, Inc.CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31,(Unaudited)
2026
2025
(Thousands of dollars, except
per share amounts)
Total revenues
$ 831,711
$ 935,190
Cost of natural gas
393,576
512,462
Operating expenses
Operations and maintenance
146,947
135,295Depreciation and amortization
76,785
81,704General taxes
24,811
25,230Total operating expenses
248,543
242,229Operating income
189,592
180,499Other income (expense), net
(2,097)
518Interest expense, net
(32,358)
(35,697)Income before income taxes
155,137
145,320Income taxes
(26,464)
(25,901)Net income
$ 128,673
$ 119,419
Earnings per share
Basic
$ 2.05
$ 1.99Diluted
$ 2.04
$ 1.98
Average shares (thousands)
Basic
62,913
60,077Diluted
63,204
60,266
Dividends declared per share of stock
$ 0.68
$ 0.67 APPENDIX ONE Gas, Inc.CONSOLIDATED BALANCE SHEETS
March 31,
December 31,(Unaudited)2026
2025Assets(Thousands of dollars)Property, plant and equipment
Property, plant and equipment$ 9,852,116
$ 9,734,150Accumulated depreciation and amortization2,640,623
2,611,952Net property, plant and equipment7,211,493
7,122,198Current assets
Cash and cash equivalents11,354
10,620Restricted cash and cash equivalents11,639
23,107Total cash, cash equivalents and restricted cash and cash equivalents22,993
33,727Accounts receivable, net405,157
461,631Materials and supplies92,987
97,595Income tax receivable55,552
55,552Natural gas in storage123,920
176,451Regulatory assets61,487
49,504Other current assets34,544
41,424Total current assets796,640
915,884Goodwill and other assets
Regulatory assets252,048
256,225Securitized intangible asset, net226,359
233,786Goodwill157,953
157,953Pension and other postemployment benefits47,175
47,012Other assets133,933
120,026Total goodwill and other assets817,468
815,002Total assets$ 8,825,601
$ 8,853,084 APPENDIX ONE Gas, Inc.CONSOLIDATED BALANCE SHEETS(Continued)
March 31,
December 31,(Unaudited)2026
2025Equity and Liabilities(Thousands of dollars)Equity and long-term debt
Common stock, $0.01 par value:authorized 250,000,000 shares; issued and outstanding 62,761,990 shares at March 31, 2026;
issued and outstanding 62,692,392 shares at December 31, 2025$ 628
$ 627Paid-in capital2,530,435
2,530,137Retained earnings994,838
909,355Accumulated other comprehensive income (loss)(179)
4Total equity3,525,722
3,440,123Other long-term debt, excluding current maturities, net of issuance costs2,133,350
2,133,018Securitized utility tariff bonds, excluding current maturities, net of issuance costs206,970
223,020Total long-term debt, excluding current maturities, net of issuance costs2,340,320
2,356,038Total equity and long-term debt5,866,042
5,796,161Current liabilities
Current maturities of other long-term debt, net of issuance costs249,798
249,674Current maturities of securitized utility tariff bonds, net of issuance costs31,404
30,566Notes payable759,700
737,400Accounts payable137,587
222,102Accrued taxes other than income71,272
75,568Regulatory liabilities21,638
57,277Customer deposits54,901
52,871Other current liabilities75,980
106,400Total current liabilities1,402,280
1,531,858Deferred credits and other liabilities
Deferred income taxes999,420
963,874Regulatory liabilities441,041
451,620Other deferred credits116,818
109,571Total deferred credits and other liabilities1,557,279
1,525,065Commitments and contingencies
Total liabilities and equity$ 8,825,601
$ 8,853,084 APPENDIX ONE Gas, Inc.CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended(Unaudited)2026
2025
(Thousands of dollars)Operating activities
Net income$ 128,673
$ 119,419Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization76,785
81,704Deferred income taxes23,293
19,146Share-based compensation expense3,837
3,656Provision for doubtful accounts2,896
2,331Changes in assets and liabilities:
Accounts receivable53,578
(40,690)Materials and supplies4,608
3,681Natural gas in storage52,531
92,498Asset removal costs(13,081)
(11,089)Accounts payable(78,600)
(72,871)Accrued taxes other than income(4,296)
2,245Customer deposits2,030
(1,320)Regulatory assets and liabilities - current(51,927)
73,872Regulatory assets and liabilities - noncurrent5,894
9,425Other assets and liabilities - current(26,105)
(11,650)Other assets and liabilities - noncurrent(3,803)
7,102Cash provided by operating activities176,313
277,459Investing activities
Capital expenditures(156,533)
(166,597)Other investing expenditures(2,697)
(2,427)Other investing receipts5,130
1,179Cash used in investing activities(154,100)
(167,845)Financing activities
Borrowings (repayments) of notes payable, net22,300
(102,700)Repayment of other long-term debt(4)
(4)Repayment of securitized utility tariff bonds(15,356)
(14,547)Dividends paid(42,678)
(40,153)Tax withholdings related to net share settlements of stock compensation(4,050)
(2,559)Construction advances6,841
—Cash provided by financing activities(32,947)
(159,963)Change in cash, cash equivalents, restricted cash and restricted cash equivalents(10,734)
(50,349)Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period33,727
78,537Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$ 22,993
$ 28,188Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized$ 32,628
$ 36,268Cash paid (received) for state income taxes$ —
$ —Cash paid (received) for federal income taxes$ —
$ —APPENDIXThe following table reconciles the Company's GAAP net income and GAAP earnings per share to adjusted net income and adjusted net income per share:ONE Gas, Inc.
Three Months Ended
March 31,
2026
2025
(Thousands of dollars, except per share amounts)
Net income - GAAP
$ 128,673
$ 119,419Other income - deferred carrying cost (a)
4,725
648Income taxes (a)
—
—Adjusted net income - non-GAAP
$ 133,398
$ 120,067
Earnings per share - GAAP
Basic
$ 2.05
$ 1.99Diluted
$ 2.04
$ 1.98
Adjusted net income per share - non-GAAP
Basic
$ 2.12
$ 2.00Diluted
$ 2.11
$ 1.99
Average shares (thousands)
Basic
62,913
60,077Diluted
63,204
60,266(a) The allowance for earnings on shareholders' investment capitalized for regulatory purposes but not for financial reporting purposes
applied to property, plant and equipment placed in service, but not yet reflected in rates as authorized by our regulators or state law. This
increases book income but is non-taxable, creating a permanent tax difference.
ONE Gas, Inc.
2026 Financial Guidance: Reconciliation of non-GAAP to GAAP:
Low
Mid
High
(Thousands of dollars, except per share amounts)
Net income - GAAP
$ 294,000
$ 298,000
$ 302,000Other income - deferred carrying cost (a)
11,890
11,919
12,000Income taxes (a)
—
—
—Adjusted net income - non-GAAP
$ 305,890
$ 309,919
$ 314,000
Earnings per share - GAAP
Basic
$ 4.67
$ 4.73
$ 4.79Diluted
$ 4.65
$ 4.71
$ 4.77
Adjusted net income per share - non-GAAP
Basic
$ 4.86
$ 4.92
$ 4.98Diluted
$ 4.83
$ 4.89
$ 4.95
Average shares (thousands)
Basic
62,995
62,995
62,995Diluted
63,350
63,350
63,350(a) The allowance for earnings on shareholders' investment capitalized for regulatory purposes but not for financial reporting purposes
applied to property, plant and equipment placed in service, but not yet reflected in rates as authorized by our regulators or state law. This
increases book income but is non-taxable, creating a permanent tax difference. APPENDIXONE Gas, Inc.INFORMATION AT A GLANCE
Three Months Ended
March 31,(Unaudited)2026
2025
(Millions of dollars)Natural gas sales $769.9
$870.4Transportation revenues
40.1
43.8Securitization customer charges
11.0
11.6Other revenues
10.7
9.4Total revenues$831.7
$935.2Cost of natural gas
393.5
512.5Operating costs
171.8
160.5Depreciation and amortization
76.8
81.7Operating income $189.6
$180.5Net income$128.7
$119.4Capital expenditures and asset removal costs$169.6
$177.7
Volumes (Bcf)
Natural gas sales
Residential
44.0
58.9Commercial and industrial
15.0
19.2Other
0.9
1.2Total sales volumes delivered
59.9
79.3Transportation
59.1
65.3Total volumes delivered
119.0
144.6
Average number of customers (in thousands)
Residential
2,138
2,125Commercial and industrial
163
165Other
3
3Transportation
11
12Total customers
2,315
2,305
Heating Degree Days
Actual degree days
4,159
5,513Normal degree days
5,232
5,231Percent colder (warmer) than normal weather
(21) %
5 %
Statistics by State
Oklahoma
Average number of customers (in thousands)
939
934Actual degree days
1,411
1,916Normal degree days
1,798
1,797Percent colder (warmer) than normal weather
(22) %
7 %
Kansas
Average number of customers (in thousands)
660
659Actual degree days
2,070
2,610Normal degree days
2,486
2,486Percent colder (warmer) than normal weather
(17) %
5 %
Texas
Average number of customers (in thousands)
716
712Actual degree days
678
987Normal degree days
948
948Percent colder (warmer) than normal weather
(28) %
4 % Analyst Contact: Erin Dailey
918-947-7441
Media Contact: Leah Harper
918-947-7123 View original content:https://www.prnewswire.com/news-releases/one-gas-announces-first-quarter-2026-financial-results-affirms-2026-financial-guidance-302761595.htmlSOURCE ONE Gas, Inc. Original: ONE Gas Announces First Quarter 2026 Financial Results; Affirms 2026 Financial Guidance
US Market News
4月前
ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results; Releases Non-GAAP Adjusted Financial GuidanceFebruary 18, 2026 4:20 PM
PR Newswire (US)
Analyst call and webcast scheduled tomorrow, Feb. 19 at 11 a.m. ESTTULSA, Okla., Feb. 18, 2026 /PRNewswire/ -- ONE Gas, Inc. (NYSE: OGS) today announced its fourth quarter and full year 2025 financial results, which include diluted earnings per share of $1.42 and $4.37, respectively. The Company also provided non-GAAP adjustments to both earnings and its 2026 financial guidance to capture the full impact of a regulatory mechanism intended to mitigate regulatory lag. Adjusted net income was $1.48 per diluted share for the fourth quarter, and $4.48 per diluted share for the full year 2025. For 2026, non-GAAP earnings are expected to range from $306 million to $314 million, or $4.83 to $4.95 per diluted share.
"Our team delivered strong operational and financial results in 2025, reflecting disciplined execution and a commitment to safely serving our communities," said Robert S. McAnnally, president and chief executive officer. "Looking ahead, we see meaningful opportunity in both residential and large-load growth, supporting long-term value creation and affordability for our customers."FINANCIAL RESULTS & HIGHLIGHTSFourth quarter 2025 net income was $86.3 million, or $1.42 per diluted share, compared with $77.0 million, or $1.34 per diluted share, in the same period last year;Fourth quarter 2025 adjusted net income was $89.7 million, or $1.48 per diluted share, compared with $77.5 million, or $1.35 per diluted share, in the same period last year;Full year 2025 net income was $264.2 million, or $4.37 per diluted share, compared with $222.9 million, or $3.91 per diluted share, in 2024;Full year 2025 adjusted net income was $271.0 million, or $4.48 per diluted share, compared with $224.8 million, or $3.94 per diluted share, in 2024;In December, the Company settled 2,633,700 million shares of our common stock under forward contracts for net proceeds of $205.0 million;Full year 2025 capital expenditures and asset removal costs were $759.5 million compared with $762.1 million in 2024; andOn Jan. 20, 2026, ONE Gas increased the dividend for the first quarter 2026 by 1 cent to $0.68 per share ($2.72 annualized), payable March 6, 2026, to shareholders of record at the close of business Feb. 20, 2026.FOURTH QUARTER 2025 FINANCIAL PERFORMANCEONE Gas reported operating income of $139.7 million in the fourth quarter, compared with $124.3 million in the fourth quarter 2024, which primarily reflects:an increase of $23.8 million from new rates; andan increase of $1.3 million in residential sales due primarily to net customer growth in Oklahoma and Texas.The increases were partially offset by:an increase of $4.2 million in employee-related costs, due in part to annual salary increases implemented during the quarter;an increase of $3.8 million in depreciation and amortization expense primarily from additional capital investment; andan increase of $3.3 million due to outside services, due in part to our decision to execute some projects earlier than initially planned.Weather was 22.7 percent warmer than normal for the three months ended Dec. 31, 2025. The impact on operating income was mitigated by weather normalization mechanisms.Excluding interest related to KGSS-I securitized bonds, net interest expense decreased $2.9 million for the three months ending Dec. 31, 2025. The decrease in interest expense is due primarily to commercial paper borrowings at lower rates and the implementation of Texas House Bill 4384.Income tax expense includes a credit for amortization of the regulatory liability associated with excess deferred income taxes (EDIT) of $5.6 million and $12.3 million for the three months ended Dec. 31, 2025, and 2024, respectively.Capital expenditures and asset removal costs were $184.1 million for the fourth quarter 2025 compared with $190.4 million in the same period last year, primarily representing expenditures for system integrity and extension of service to new areas.FULL YEAR 2025 FINANCIAL PERFORMANCEOperating income for the twelve-month 2025 period was $457.5 million, compared with $399.0 million in 2024, which primarily reflects:an increase of $116.0 million from new rates; andan increase of $6.6 million in residential sales due primarily to net customer growth in all three states.These increases were partially offset by:an increase of $20.6 million in depreciation expense due to additional capital expenditures being placed in service;an increase of $17.0 million in employee-related costs;an increase of $14.7 million in ad-valorem taxes; anda carrying charge of $2.9 million refunded to Oklahoma customers from the settlement of a disputed gas purchase invoice.Excluding interest related to KGSS-I securitized bonds, net interest expense decreased $3.0 million for the twelve months ended Dec. 31, 2025. The decrease in interest expense is due primarily to commercial paper borrowings at lower rates and the implementation of Texas House Bill 4384.Income tax expense includes a credit for amortization of the regulatory liability associated with EDIT of $17.6 million and $25.7 million for the twelve months ended Dec. 31, 2025, and 2024, respectively.Capital expenditures and asset removal costs were $759.5 million for the twelve-month 2025 period compared with $762.1 million in the same period last year.In December, the Company settled 2,633,700 million shares of our common stock under forward contracts for net proceeds of $205.0 million.REGULATORY ACTIVITIES UPDATEIn June 2025, Texas Gas Service filed a rate case for customers in the Central-Gulf, West-North, and Rio Grande Valley service areas. The Railroad Commission of Texas ultimately approved a $14.4 million revenue increase and the consolidation of all service areas into a single division, based on a 59.9% equity ratio and a 9.8% ROE. New rates became effective January 27, 2026.2026 FINANCIAL GUIDANCEOn Dec. 1, 2025, ONE Gas announced that its 2026 net income is expected to be in the range of $294 million to $302 million, with earnings per diluted share of $4.65 to $4.77.The Company expects 2026 adjusted net income to be in the range of $306 million to $314 million, with adjusted net income per diluted share of $4.83 to $4.95.ONE Gas expects long-term adjusted net income growth of 7 to 9 percent and adjusted net income per diluted share growth of 5 to 7 percent, consistent with its established five-year financial outlook. These growth rates are based on adjusted 2025 actual results, including adjusted net income of $271 million and adjusted net income per diluted share of $4.48.Capital investments, including asset removal costs, are expected to be approximately $800 million in 2026, primarily targeted for system integrity and replacement projects. Capital investments for extensions to new customers are expected to be approximately $230 million of the $800 million.EARNINGS CONFERENCE CALL AND WEBCASTThe ONE Gas executive management team will host a conference call on Thursday, February 19, 2026, at 11 a.m. Eastern Standard Time (10 a.m. Central Standard Time). The call also will be carried live on the ONE Gas website.To participate in the telephone conference call, dial 833-470-1428, passcode 246604, or log on to www.onegas.com/investors and select Events and Presentations.If you are unable to participate in the conference call or the webcast, a replay will be available on the ONE Gas website, www.onegas.com, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 866-813-9403, passcode 437369.NON-GAAP DISCLOSURE STATEMENT This press release includes financial results and guidance for ONE Gas with respect to adjusted net income and adjusted net income per share, which are non-GAAP financial measures as defined by the Securities and Exchange Commission. Adjusted net income and adjusted net income per share are calculated as GAAP net income plus the deferral of an equity portion of a carrying cost attributable to shareholders' investment capitalized for regulatory purposes but not for financial reporting purposes. These carrying costs relate to property, plant and equipment that has been placed in service, but not yet reflected in base rates. Adjusted net income and adjusted net income per share should not be considered in isolation or as a substitute for GAAP net income or GAAP earnings per share.Management believes these non-GAAP measures provide useful information because they offer a more complete view of our overall regulatory economics, reflect the period-specific effects of certain regulatory mechanisms designed to mitigate regulatory lag associated with property, plant and equipment placed in service prior to regulatory action, and reflect the impact of regulatory timing differences that arise under the Company's rate-setting framework. These adjustments, net of applicable tax effects, are expected to recur as a result of the Company's regulatory framework and are a consistent part of our earnings profile. A reconciliation of the Company's GAAP net income and GAAP earnings per share to adjusted net income and adjusted net income per share is provided in the Appendix. ONE Gas, Inc. (NYSE: OGS) is a 100% regulated natural gas utility, and trades on the New York Stock Exchange and the NYSE Texas under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: @ONEGas, Facebook, LinkedIn and YouTube.Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The forward-looking statements relate to our anticipated financial performance, liquidity, management's plans and objectives for our future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should," "goal," "forecast," "guidance," "could," "may," "continue," "might," "potential," "scheduled," "likely," and other words and terms of similar meaning.One should not place undue reliance on forward-looking statements, which are applicable only as of the date of this news release. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, costs, liquidity, markets, products, services and prices. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:our ability to recover costs, income taxes and amounts equivalent to the cost of property, plant and equipment, regulatory assets and our allowed rate of return in our regulated rates or other recovery mechanisms;cyber-attacks, which, according to experts, continue to increase in volume and sophistication, or breaches of technology systems that could disrupt our operations or result in the loss or exposure of confidential or sensitive customer, employee, vendor, counterparty, or Company information; further, increased remote working arrangements have required enhancements and modifications to our information technology infrastructure (e.g. Internet, Virtual Private Network, remote collaboration systems, etc.), and any failures of the technologies, including third-party service providers, that facilitate working remotely could limit our ability to conduct ordinary operations or expose us to increased risk or effect of an attack;our ability to manage our operations and maintenance costs;changes in regulation of natural gas distribution services, particularly those in Oklahoma, Kansas and Texas;the economic climate and, particularly, its effect on the natural gas requirements of our residential and commercial customers;the length and severity of a pandemic or other health crisis which could significantly disrupt or prevent us from operating our business in the ordinary course for an extended period;competition from alternative forms of energy, including, but not limited to, electricity, solar power, wind power, geothermal energy and biofuels;adverse weather conditions and variations in weather, including seasonal effects on demand and/or supply, the occurrence of severe storms in the territories in which we operate, climate change, and the related effects on supply, demand, and costs;indebtedness could make us more vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantage compared with competitors;our ability to secure reliable, competitively priced and flexible natural gas transportation, storage, and supply, including decisions by natural gas producers to reduce production or shut-in producing natural gas wells and expiration of existing supply and transportation and storage arrangements that are not replaced with contracts with similar terms and pricing;our ability to complete necessary or desirable expansion or infrastructure development projects, which may delay or prevent us from serving our customers or expanding our business;operational and mechanical hazards or interruptions;adverse labor relations;the effectiveness of our strategies to reduce earnings lag, revenue protection strategies and risk mitigation strategies, which may be affected by risks beyond our control such as commodity price volatility, counterparty performance or creditworthiness and interest rate risk;the capital-intensive nature of our business, and the availability of and access to, in general, funds to meet our debt obligations prior to or when they become due and to fund our operations and capital expenditures, either through (i) cash on hand, (ii) operating cash flow, or (iii) access to the capital markets and other sources of liquidity;our ability to obtain capital on commercially reasonable terms, or on terms acceptable to us, or at all;limitations on our operating flexibility, earnings and cash flows due to restrictions in our financing arrangements;cross-default provisions in our borrowing arrangements, which may lead to our inability to satisfy all of our outstanding obligations in the event of a default on our part;changes in the financial markets during the periods covered by the forward-looking statements, particularly those affecting the availability of capital and our ability to refinance existing debt and fund investments and acquisitions to execute our business strategy;actions of rating agencies, including the ratings of debt, general corporate ratings and changes in the rating agencies' ratings criteria;changes in inflation and interest rates;our ability to recover the costs of upstream transportation, storage, and natural gas purchased for our customers and any related financing required to support our purchase of natural gas supply;impact of potential impairment charges;volatility and changes in markets for natural gas and our ability to secure additional and sufficient liquidity on reasonable commercial terms to cover costs associated with such volatility;possible loss of local distribution company franchises or other adverse effects caused by the actions of municipalities;payment and performance by counterparties and customers as contracted and when due, including our counterparties maintaining ordinary course terms of supply and payments;changes in existing or the addition of new environmental, safety, tax, cybersecurity and other laws or regulations to which we and our subsidiaries are subject, including those that may require significant expenditures, significant increases in operating costs or, in the case of noncompliance, substantial fines or penalties;the effectiveness of our risk-management policies and procedures, and employees violating our risk-management policies;the uncertainty of estimates, including accruals and costs of environmental remediation;advances in technology, including technologies that increase efficiency or that improve electricity's competitive position relative to natural gas;population growth rates and changes in the demographic patterns of the markets we serve in Oklahoma, Kansas and Texas, and economic conditions in these areas;acts of nature and naturally occurring disasters;political unrest and the potential effects of threatened or actual terrorism and war;the sufficiency of insurance coverage to cover losses;the effects of our strategies to reduce tax payments;changes in accounting standards;changes in corporate governance standards;existence of material weaknesses in our internal controls;our ability to comply with all covenants in our indentures and the ONE Gas Credit Agreement, a violation of which, if not cured in a timely manner, could trigger a default of our obligations;our ability to attract and retain talented employees, management and directors, and shortage of skilled-labor;unexpected increases in the costs of providing health care benefits, along with pension and postemployment health care benefits, as well as declines in the discount rates on, declines in the market value of the debt and equity securities of, and increases in funding requirements for, our defined benefit plans; andour ability to successfully complete merger, acquisition or divestiture plans, regulatory or other limitations imposed as a result of a merger, acquisition or divestiture, and the success of the business following a merger, acquisition or divestiture.These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in Part 1, Item 1A, Risk Factors, in our Annual Report. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.APPENDIX
ONE Gas, Inc.CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
(Thousands of dollars, except per share amounts)
Total revenues
$ 689,372
$ 630,703
$ 2,427,428
$ 2,083,558
Cost of natural gas
291,895
263,740
998,913
778,333
Operating expenses
Operations and maintenance
155,017
144,853
558,497
530,256Depreciation and amortization
79,305
75,452
317,256
296,699General taxes
23,423
22,348
95,295
79,371Total operating expenses
257,745
242,653
971,048
906,326Operating income
139,732
124,310
457,467
398,899Other income, net
1,348
105
6,801
7,572Interest expense, net
(36,460)
(39,760)
(142,809)
(147,235)Income before income taxes
104,620
84,655
321,459
259,236Income taxes
(18,314)
(7,633)
(57,235)
(36,386)Net income
$ 86,306
$ 77,022
$ 264,224
$ 222,850
Earnings per share
Basic
$ 1.43
$ 1.35
$ 4.39
$ 3.92Diluted
$ 1.42
$ 1.34
$ 4.37
$ 3.91
Average shares (thousands)
Basic
60,272
57,000
60,161
56,826Diluted
60,777
57,415
60,513
57,033
Dividends declared per share of stock
$ 0.67
$ 0.66
$ 2.68
$ 2.64 APPENDIX
ONE Gas, Inc.CONSOLIDATED BALANCE SHEETS
December 31,
December 31,
2025
2024Assets(Thousands of dollars)Property, plant and equipment
Property, plant and equipment$ 9,734,150
$ 9,124,134Accumulated depreciation and amortization2,611,952
2,478,261Net property, plant and equipment7,122,198
6,645,873Current assets
Cash and cash equivalents10,620
57,995Restricted cash and cash equivalents23,107
20,542Total cash, cash equivalents and restricted cash and cash equivalents33,727
78,537Accounts receivable, net461,631
408,448Materials and supplies97,595
91,662Income tax receivable55,552
53,624Natural gas in storage176,451
161,184Regulatory assets49,504
101,210Other current assets41,424
35,216Total current assets915,884
929,881Goodwill and other assets
Regulatory assets256,225
278,006Securitized intangible asset, net233,786
265,951Goodwill157,953
157,953Pension and other postemployment benefits47,012
42,882Other assets120,026
105,025Total goodwill and other assets815,002
849,817Total assets$ 8,853,084
$ 8,425,571 APPENDIX
ONE Gas, Inc.CONSOLIDATED BALANCE SHEETS(Continued)
December 31,
December 31,
2025
2024Equity and Liabilities(Thousands of dollars)Equity and long-term debt
Common stock, $0.01 par value:authorized 250,000,000 shares; issued and outstanding 62,692,392 shares at December 31, 2025;
issued and outstanding 59,876,861 shares at December 31, 2024$ 627
$ 599Paid-in capital2,530,137
2,294,469Retained earnings909,355
809,606Accumulated other comprehensive income (loss)4
(126)Total equity3,440,123
3,104,548Other long-term debt, excluding current maturities, net of issuance costs2,133,018
2,131,718Securitized utility tariff bonds, excluding current maturities, net of issuance costs223,020
253,568Total long-term debt, excluding current maturities, net of issuance costs2,356,038
2,385,286Total equity and long-term debt5,796,161
5,489,834Current liabilities
Current maturities of other long-term debt, net of issuance costs249,674
14Current maturities of securitized utility tariff bonds, net of issuance costs30,566
28,956Notes payable737,400
914,600Accounts payable222,102
261,321Accrued taxes other than income75,568
75,608Regulatory liabilities57,277
22,525Customer deposits52,871
56,243Other current liabilities106,400
99,009Total current liabilities1,531,858
1,458,276Deferred credits and other liabilities
Deferred income taxes963,874
891,738Regulatory liabilities451,620
467,563Other deferred credits109,571
118,160Total deferred credits and other liabilities1,525,065
1,477,461Commitments and contingencies
Total liabilities and equity$ 8,853,084
$ 8,425,571 APPENDIX
ONE Gas, Inc.CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2025
2024
(Thousands of dollars)Operating activities
Net income$ 264,224
$ 222,850Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization317,256
296,699Deferred income taxes49,507
106,522Share-based compensation expense14,791
13,733Provision for doubtful accounts8,207
6,705Proceeds from government securitization of winter weather event costs—
—Changes in assets and liabilities:
Accounts receivable(61,390)
(67,289)Materials and supplies(5,933)
(14,013)Income tax receivable(1,928)
(49,677)Natural gas in storage(15,267)
25,913Asset removal costs(52,268)
(58,952)Accounts payable(35,397)
(15,014)Accrued taxes other than income(40)
6,815Customer deposits(3,372)
(5,944)Regulatory assets and liabilities - current68,397
(90,829)Regulatory assets and liabilities - noncurrent36,660
19,354Other assets and liabilities - current(708)
(17,091)Other assets and liabilities - noncurrent(3,906)
(11,371)Cash provided by operating activities578,833
368,411Investing activities
Capital expenditures(707,226)
(703,165)Other investing expenditures(12,724)
(10,402)Other investing receipts4,626
6,072Cash used in investing activities(715,324)
(707,495)Financing activities
Borrowings (repayments) of notes payable, net(177,200)
826,100Issuance of other long-term debt, net of premiums and discounts250,000
253,467Long-term debt financing costs(432)
(2,193)Repayment of other long-term debt(15)
(773,013)Repayment of securitized utility tariff bonds(29,493)
(27,939)Issuance of common stock212,183
252,379Dividends paid(160,705)
(149,456)Tax withholdings related to net share settlements of stock compensation(2,657)
(1,111)Cash provided by financing activities91,681
378,234Change in cash, cash equivalents, restricted cash and restricted cash equivalents(44,810)
39,150Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period78,537
39,387Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$ 33,727
$ 78,537Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized$ 138,987
$ 148,987Cash paid for other state income taxes$ 540
$ 366Cash received for state income taxes$ (1,523)
$ (4,546)Cash paid (received) for federal income taxes$ 10,113
$ (16,280)APPENDIXThe following table reconciles the Company's GAAP net income and GAAP earnings per share to adjusted net income and adjusted net income per share:ONE Gas, Inc.
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
(Thousands of dollars, except per share amounts)
Net income - GAAP
$ 86,306
$ 77,022
$ 264,224
$ 222,850Other income - deferred carrying cost(a)
3,359
458
6,745
1,986Income taxes
—
—
—
—Adjusted net income - non-GAAP
$ 89,665
$ 77,480
$ 270,969
$ 224,836
Earnings per share - GAAP
Basic
$ 1.43
$ 1.35
$ 4.39
$ 3.92Diluted
$ 1.42
$ 1.34
$ 4.37
$ 3.91
Adjusted net income per share - non-GAAP
Basic
$ 1.49
$ 1.36
$ 4.50
$ 3.96Diluted
$ 1.48
$ 1.35
$ 4.48
$ 3.94
Average shares (thousands)
Basic
60,272
57,000
60,161
56,826Diluted
60,777
57,415
60,513
57,033(a) The allowance for earnings on shareholders' investment capitalized for regulatory purposes but not for financial reporting purposes applied to property, plant and equipment placed in service, but not yet reflected in base rates as authorized by our regulators or state law. This increases book income but is non-taxable, creating a permanent tax difference. ONE Gas, Inc.2026 Financial Guidance: Reconciliation of non-GAAP to GAAP:
Low
Mid
High
(Thousands of dollars, except per share amounts)
Net income - GAAP
$ 294,000
$ 298,000
$ 302,000Other income - deferred carrying cost(a)
11,890
11,919
12,000Income taxes
—
—
—Adjusted net income - non-GAAP
$ 305,890
$ 309,919
$ 314,000
Earnings per share - GAAP
Basic
$ 4.67
$ 4.73
$ 4.79Diluted
$ 4.65
$ 4.71
$ 4.77
Adjusted net income per share - non-GAAP
Basic
$ 4.86
$ 4.92
$ 4.98Diluted
$ 4.83
$ 4.89
$ 4.95
Average shares (thousands)
Basic
62,995
62,995
62,995Diluted
63,350
63,350
63,350(a) The allowance for earnings on shareholders' investment capitalized for regulatory purposes but not for financial reporting purposes applied to property, plant and equipment placed in service, but not yet reflected in base rates as authorized by our regulators or state law. This increases book income but is non-taxable, creating a permanent tax difference.APPENDIXONE Gas, Inc.
KGSS-I SECURITIZATIONIn November 2022, Kansas Gas Service Securitization I, L.L.C. (KGSS-I) issued $336 million of securitized utility tariff bonds. KGSS-I used the proceeds from the issuance to purchase the Securitized Utility Tariff Property from Kansas Gas Service, pay for debt issuance costs, and reimburse Kansas Gas Service for upfront securitization costs paid on behalf of KGSS-I.Revenues for the three months ended December 31, 2025, include $11.4 million associated with KGSS-I, which is offset by $7.8 million in operating and amortization expense and $3.6 million in interest expense, net. Compared to the same three month period last year, revenues increased $0.7 million and interest expense, net, decreased $0.4 million , offset by a $1.1 million increase in operating and amortization expense.Revenues for the twelve months ended December 31, 2025, include $47.4 million associated with KGSS-I, which is offset by $32.6 million in operating and amortization expense and $14.7 million in interest expense, net. Compared to the same twelve month period last year, revenues increased $3.1 million and interest expense, net, decreased $1.5 million, offset by a $4.5 million increase in amortization and operating expense.The following table summarizes the impact of KGSS-I on the consolidated balance sheets, for the periods indicated:
December 31,
December 31,
2025
2024
(Thousands of dollars)Restricted cash and cash equivalents$ 23,107
$ 20,542Accounts receivable4,463
4,659Securitized intangible asset, net233,786
265,951Total assets$ 261,356
$ 291,152Current maturities of securitized utility tariff bonds, net of issuance costs$ 30,566
$ 28,956Accounts payable136
319Accrued interest5,894
6,568Securitized utility tariff bonds, excluding current maturities, net of discounts and issuance costs
$4.3 million and $4.8 million, as of December 31, 2025 and December 31, 2024, respectively223,020
253,568Paid-in capital 1,680
1,681Retained earnings60
60Total liabilities and equity$ 261,356
$ 291,152The following table summarizes the impact of KGSS-I on the consolidated statements of income, for the periods indicated:
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
(Thousands of dollars)Operating revenues$ 11,387
$ 10,649
$ 47,446
$ 44,390Operating expense(110)
(111)
(442)
(443)Amortization expense(7,688)
(6,559)
(32,164)
(27,668)Interest income125
132
551
671Interest expense(3,678)
(4,075)
(15,246)
(16,806) Income before income taxes36
36
145
144Income taxes—
—
—
(26) Net income$ 36
$ 36
$ 145
$ 118 APPENDIX
ONE Gas, Inc.INFORMATION AT A GLANCE
Three Months Ended
Year Ended
December 31,
December 31,(Unaudited)2025
2024
2025
2024
(Millions of dollars)Natural gas sales $629.1
$573.4
$2,196.3
$1,864.1Transportation revenues
39.1
37.4
144.9
138.7Securitization customer charges
11.4
10.7
47.4
44.4Other revenues
9.8
9.2
38.8
36.4Total revenues$689.4
$630.7
$2,427.4
$2,083.6Cost of natural gas
291.9
263.7
998.9
778.3Operating costs
178.4
167.3
653.8
609.6Depreciation and amortization
79.3
75.5
317.3
296.7Operating income $139.8
$124.2
$457.4
$399.0Net income$86.3
$77.0
$264.2
$222.9Capital expenditures and asset removal costs$184.1
$190.4
$759.5
$762.1
Volumes (Bcf)
Natural gas sales
Residential
34.9
33.7
114.1
104.1Commercial and industrial
11.2
10.8
40.3
36.9Other
0.8
0.6
3.0
2.1Total sales volumes delivered
46.9
45.1
157.4
143.1Transportation
56.8
57.3
216.9
221.0Total volumes delivered
103.7
102.4
374.3
364.1
Average number of customers (in thousands)
Residential
2,115
2,101
2,118
2,103Commercial and industrial
161
162
163
163Other
3
3
3
3Transportation
11
12
11
12Total customers
2,290
2,277
2,295
2,281
Heating Degree Days
Actual degree days
2,921
2,864
8,995
7,991Normal degree days
3,777
3,784
9,730
9,728Percent colder (warmer) than normal weather
(23) %
(24) %
(8) %
(18) %
Statistics by State
Oklahoma
Average number of customers (in thousands)
929
924
931
924Actual degree days
1,002
985
3,082
2,783Normal degree days
1,320
1,320
3,356
3,359Percent colder (warmer) than normal weather
(24) %
(25) %
(8) %
(17) %
Kansas
Average number of customers (in thousands)
651
648
653
651Actual degree days
1,520
1,433
4,463
3,863Normal degree days
1,807
1,791
4,728
4,690Percent colder (warmer) than normal weather
(16) %
(20) %
(6) %
(18) %
Texas
Average number of customers (in thousands)
710
706
711
706Actual degree days
399
446
1,450
1,345Normal degree days
650
673
1,646
1,679Percent colder (warmer) than normal weather
(39) %
(34) %
(12) %
(20) % Analyst Contact:Erin Dailey
918-947-7441
Media Contact:Leah Harper
918-947-7123
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Original: ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results; Releases Non-GAAP Adjusted Financial Guidance
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