ONE Gas Announces First Quarter 2025 Financial Results; Expects to Achieve the Upper Half of 2025 Financial Guidance; Declares Second Quarter Dividend
ONE Gas (NYSE: OGS) reported strong Q1 2025 financial results, with net income reaching $119.4 million ($1.98 per diluted share), up from $99.3 million ($1.75 per diluted share) in Q1 2024. Operating income increased to $180.5 million from $145.9 million year-over-year, primarily driven by a $51.9 million increase from new rates. The company declared a quarterly dividend of $0.67 per share ($2.68 annualized), payable June 3, 2025.
Despite weather being 5% colder than normal and 16% colder than Q1 2024, the impact was largely offset by regulatory weather normalization mechanisms. Capital expenditures were $177.7 million in Q1 2025. The company expects to achieve the upper half of its 2025 financial guidance, projecting net income between $254-261 million and EPS of $4.20-$4.32.
ONE Gas (NYSE: OGS) ha riportato solidi risultati finanziari nel primo trimestre del 2025, con un utile netto che ha raggiunto 119,4 milioni di dollari (1,98 dollari per azione diluita), in aumento rispetto a 99,3 milioni di dollari (1,75 dollari per azione diluita) nel primo trimestre del 2024. L'utile operativo è salito a 180,5 milioni di dollari rispetto a 145,9 milioni di dollari anno su anno, principalmente grazie a un incremento di 51,9 milioni di dollari derivante dalle nuove tariffe. La società ha dichiarato un dividendo trimestrale di 0,67 dollari per azione (2,68 dollari annualizzati), con pagamento previsto per il 3 giugno 2025.
Nonostante il clima sia stato del 5% più freddo della media e del 16% più freddo rispetto al primo trimestre del 2024, l’impatto è stato in gran parte compensato dai meccanismi regolatori di normalizzazione climatica. Le spese in conto capitale sono state di 177,7 milioni di dollari nel primo trimestre del 2025. La società prevede di raggiungere la metà superiore delle sue previsioni finanziarie per il 2025, stimando un utile netto tra 254 e 261 milioni di dollari e un utile per azione tra 4,20 e 4,32 dollari.
ONE Gas (NYSE: OGS) reportó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso neto que alcanzó los 119,4 millones de dólares (1,98 dólares por acción diluida), frente a los 99,3 millones de dólares (1,75 dólares por acción diluida) del primer trimestre de 2024. El ingreso operativo aumentó a 180,5 millones de dólares desde 145,9 millones año tras año, impulsado principalmente por un incremento de 51,9 millones de dólares debido a nuevas tarifas. La compañía declaró un dividendo trimestral de 0,67 dólares por acción (2,68 dólares anualizados), pagadero el 3 de junio de 2025.
A pesar de que el clima fue un 5% más frío de lo normal y un 16% más frío que en el primer trimestre de 2024, el impacto fue en gran medida compensado por mecanismos regulatorios de normalización climática. Los gastos de capital fueron de 177,7 millones de dólares en el primer trimestre de 2025. La empresa espera alcanzar la mitad superior de su guía financiera para 2025, proyectando un ingreso neto entre 254 y 261 millones de dólares y un BPA entre 4,20 y 4,32 dólares.
ONE Gas (NYSE: OGS)는 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익은 1억 1,940만 달러(희석 주당 1.98달러)에 달해 2024년 1분기의 9,930만 달러(희석 주당 1.75달러)에서 증가했습니다. 영업이익은 전년 동기 대비 1억 8,050만 달러로 1억 4,590만 달러에서 상승했으며, 이는 주로 신규 요금에서 발생한 5,190만 달러 증가에 기인합니다. 회사는 분기별 배당금으로 주당 0.67달러(연 환산 2.68달러)를 선언했으며, 2025년 6월 3일 지급될 예정입니다.
기상 조건이 평년 대비 5% 더 춥고 2024년 1분기 대비 16% 더 추웠음에도 불구하고, 규제된 기상 정상화 메커니즘으로 그 영향은 대부분 상쇄되었습니다. 2025년 1분기 자본 지출은 1억 7,770만 달러였습니다. 회사는 2025년 재무 가이드라인 상위 절반 달성을 기대하며, 순이익은 2억 5,400만~2억 6,100만 달러, 주당순이익은 4.20~4.32달러를 전망하고 있습니다.
ONE Gas (NYSE: OGS) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice net atteignant 119,4 millions de dollars (1,98 dollar par action diluée), en hausse par rapport à 99,3 millions de dollars (1,75 dollar par action diluée) au premier trimestre 2024. Le résultat opérationnel a augmenté pour atteindre 180,5 millions de dollars contre 145,9 millions d'une année sur l'autre, principalement grâce à une hausse de 51,9 millions de dollars liée aux nouveaux tarifs. La société a déclaré un dividende trimestriel de 0,67 dollar par action (2,68 dollars annualisés), payable le 3 juin 2025.
Bien que les conditions météorologiques aient été 5 % plus froides que la normale et 16 % plus froides que lors du premier trimestre 2024, l'impact a été largement compensé par des mécanismes réglementaires de normalisation climatique. Les dépenses en capital se sont élevées à 177,7 millions de dollars au premier trimestre 2025. La société prévoit d'atteindre la moitié supérieure de ses prévisions financières pour 2025, avec un bénéfice net estimé entre 254 et 261 millions de dollars et un BPA de 4,20 à 4,32 dollars.
ONE Gas (NYSE: OGS) meldete starke Finanzergebnisse für das erste Quartal 2025, mit einem Nettogewinn von 119,4 Millionen US-Dollar (1,98 US-Dollar pro verwässerter Aktie), gegenüber 99,3 Millionen US-Dollar (1,75 US-Dollar pro verwässerter Aktie) im ersten Quartal 2024. Das Betriebsergebnis stieg auf 180,5 Millionen US-Dollar von 145,9 Millionen US-Dollar im Jahresvergleich, hauptsächlich getrieben durch einen Anstieg von 51,9 Millionen US-Dollar durch neue Tarife. Das Unternehmen erklärte eine Quartalsdividende von 0,67 US-Dollar pro Aktie (hochgerechnet 2,68 US-Dollar jährlich), zahlbar am 3. Juni 2025.
Obwohl das Wetter 5 % kälter als normal und 16 % kälter als im ersten Quartal 2024 war, wurde der Effekt größtenteils durch regulatorische Wetternormalisierungsmechanismen ausgeglichen. Die Investitionsausgaben betrugen im ersten Quartal 2025 177,7 Millionen US-Dollar. Das Unternehmen erwartet, die obere Hälfte seiner Finanzprognose für 2025 zu erreichen und prognostiziert einen Nettogewinn zwischen 254 und 261 Millionen US-Dollar sowie einen Gewinn je Aktie zwischen 4,20 und 4,32 US-Dollar.
- Net income increased 20.2% YoY to $119.4 million in Q1 2025
- Operating income grew 23.7% to $180.5 million from $145.9 million in Q1 2024
- Secured $51.9 million increase from new rates
- Company expects to achieve upper half of 2025 financial guidance
- Residential sales increased due to customer growth in Oklahoma and Texas
- Increased depreciation and amortization expense of $5.1 million
- Higher interest expense due to additional $250 million notes issuance
- Increase of $4.7 million in ad valorem taxes
- Rise in employee-related costs by $3.2 million
Insights
ONE Gas posted strong Q1 results with 20% profit growth, driven by successful rate increases, positioning for upper-half 2025 guidance achievement.
ONE Gas delivered impressive first quarter results, with
The primary growth engine has been the company's regulatory strategy execution, which generated a
Looking ahead, ONE Gas maintains an aggressive regulatory calendar with several pending rate cases. Oklahoma Natural Gas has requested a substantial
Capital expenditures reached
The quarterly dividend declaration of
For regulated utilities like ONE Gas, the ability to secure rate increases remains the cornerstone of financial performance, and the company's success in this area appears to be accelerating rather than diminishing.
Analyst call and webcast scheduled tomorrow, May 6 at 11 a.m. EST
"We achieved strong financial results in the first quarter due to our effective regulatory strategy and a disciplined approach to managing expenses," said Robert S. McAnnally, president and chief executive officer. "Safety remains our top priority as we serve our customers and meet the growing demand for natural gas across our service territory."
FIRST QUARTER 2025 FINANCIAL RESULTS & HIGHLIGHTS
- First quarter 2025 net income was
$119.4 million $1.98 $99.3 million $1.75 - While weather across the Company's service areas was 5 percent colder than normal and 16 percent colder than the first quarter last year, the impact on operating income was largely tempered by regulatory weather normalization mechanisms; and
- The board of directors declared a quarterly dividend of
$0.67 $2.68
FIRST QUARTER 2025 FINANCIAL PERFORMANCE
ONE Gas reported operating income of
- an increase of
$51.9 million - an increase of
$2.3 million Oklahoma andTexas .
The increase was partially offset by:
- an increase of
$5.1 million - an increase of
$4.7 million - an increase of
$3.2 million - a net decrease of
$6.5 million
Excluding interest related to KGSS-I securitized bonds, net interest expense increased
Income tax expense reflects credits for amortization of the regulatory liability associated with excess deferred income taxes (EDIT) of
Capital expenditures and asset removal costs were
REGULATORY ACTIVITIES UPDATE
In April 2025, Kansas Gas Service submitted an application to the Kansas Corporation Commission (KCC) requesting an increase of approximately
In April 2025, Texas Gas Service made Gas Reliability Infrastructure Program filings for all customers in the Rio Grande Valley service area, requesting a
In February 2025, Oklahoma Natural Gas filed its annual Performance-Based Rate Change application for the test year ended December 2024. The filing includes a requested
In February 2025, Texas Gas Service made Gas Reliability Infrastructure Program filings for customers in each of the Central-Gulf and West-North service areas, requesting increases of
2025 FINANCIAL GUIDANCE
The company expects to achieve the upper half of the 2025 financial guidance shared on Dec. 5, 2024, which provided for net income in the range of
Capital investments, including asset removal costs, are expected to be approximately
EARNINGS CONFERENCE CALL AND WEBCAST
The ONE Gas executive management team will host a conference call on Tuesday, May 6, 2025, 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 833-470-1428, passcode 583185, 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 983295.
ONE Gas, Inc. (NYSE: OGS) is a
Headquartered in
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 andTexas ; - 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, and 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 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 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 andTexas , 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; and
- our 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) | 2025 | 2024 | ||
(Thousands of dollars, except | ||||
Total revenues | $ 935,190 | $ 758,320 | ||
Cost of natural gas | 512,462 | 383,003 | ||
Operating expenses | ||||
Operations and maintenance | 135,295 | 132,783 | ||
Depreciation and amortization | 81,704 | 76,572 | ||
General taxes | 25,230 | 20,102 | ||
Total operating expenses | 242,229 | 229,457 | ||
Operating income | 180,499 | 145,860 | ||
Other income, net | 518 | 3,508 | ||
Interest expense, net | (35,697) | (31,357) | ||
Income before income taxes | 145,320 | 118,011 | ||
Income taxes | (25,901) | (18,694) | ||
Net income | $ 119,419 | $ 99,317 | ||
Earnings per share | ||||
Basic | $ 1.99 | $ 1.75 | ||
Diluted | $ 1.98 | $ 1.75 | ||
Average shares (thousands) | ||||
Basic | 60,077 | 56,729 | ||
Diluted | 60,266 | 56,800 | ||
Dividends declared per share of stock | $ 0.67 | $ 0.66 | ||
APPENDIX | |||
ONE Gas, Inc. | |||
CONSOLIDATED BALANCE SHEETS | |||
March 31, | December 31, | ||
(Unaudited) | 2025 | 2024 | |
Assets | (Thousands of dollars) | ||
Property, plant and equipment | |||
Property, plant and equipment | $ 9,231,791 | $ 9,124,134 | |
Accumulated depreciation and amortization | 2,493,171 | 2,478,261 | |
Net property, plant and equipment | 6,738,620 | 6,645,873 | |
Current assets | |||
Cash and cash equivalents | 19,305 | 57,995 | |
Restricted cash and cash equivalents | 8,883 | 20,542 | |
Total cash, cash equivalents and restricted cash and cash equivalents | 28,188 | 78,537 | |
Accounts receivable, net | 446,807 | 408,448 | |
Materials and supplies | 87,981 | 91,662 | |
Income tax receivable | 53,624 | 53,624 | |
Natural gas in storage | 68,686 | 161,184 | |
Regulatory assets | 36,538 | 101,210 | |
Other current assets | 34,414 | 35,216 | |
Total current assets | 756,238 | 929,881 | |
Goodwill and other assets | |||
Regulatory assets | 268,581 | 278,006 | |
Securitized intangible asset, net | 258,257 | 265,951 | |
Goodwill | 157,953 | 157,953 | |
Pension and other postemployment benefits | 44,366 | 42,882 | |
Other assets | 103,225 | 105,025 | |
Total goodwill and other assets | 832,382 | 849,817 | |
Total assets | $ 8,327,240 | $ 8,425,571 | |
APPENDIX | |||
ONE Gas, Inc. | |||
CONSOLIDATED BALANCE SHEETS | |||
(Continued) | |||
March 31, | December 31, | ||
(Unaudited) | 2025 | 2024 | |
Equity and Liabilities | (Thousands of dollars) | ||
Equity and long-term debt | |||
Common stock, authorized 250,000,000 shares; issued and outstanding 59,929,090 shares at March 31, 2025; | $ 599 | $ 599 | |
Paid-in capital | 2,295,989 | 2,294,469 | |
Retained earnings | 888,449 | 809,606 | |
Accumulated other comprehensive loss | (2) | (126) | |
Total equity | 3,185,035 | 3,104,548 | |
Other long-term debt, excluding current maturities, net of issuance costs | 2,132,039 | 2,131,718 | |
Securitized utility tariff bonds, excluding current maturities, net of issuance costs | 238,363 | 253,568 | |
Total long-term debt, excluding current maturities, net of issuance costs | 2,370,402 | 2,385,286 | |
Total equity and long-term debt | 5,555,437 | 5,489,834 | |
Current liabilities | |||
Current maturities of other long-term debt | 14 | 14 | |
Current maturities of securitized utility tariff bonds | 29,750 | 28,956 | |
Notes payable | 811,900 | 914,600 | |
Accounts payable | 175,898 | 261,321 | |
Accrued taxes other than income | 77,853 | 75,608 | |
Regulatory liabilities | 39,665 | 22,525 | |
Customer deposits | 54,923 | 56,243 | |
Other current liabilities | 87,395 | 99,009 | |
Total current liabilities | 1,277,398 | 1,458,276 | |
Deferred credits and other liabilities | |||
Deferred income taxes | 921,360 | 891,738 | |
Regulatory liabilities | 457,126 | 467,563 | |
Other deferred credits | 115,919 | 118,160 | |
Total deferred credits and other liabilities | 1,494,405 | 1,477,461 | |
Commitments and contingencies | |||
Total liabilities and equity | $ 8,327,240 | $ 8,425,571 | |
APPENDIX | |||
ONE Gas, Inc. | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Three Months Ended | |||
March 31, | |||
(Unaudited) | 2025 | 2024 | |
(Thousands of dollars) | |||
Operating activities | |||
Net income | $ 119,419 | $ 99,317 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 81,704 | 76,572 | |
Deferred income taxes | 19,146 | 16,247 | |
Share-based compensation expense | 3,656 | 3,117 | |
Provision for doubtful accounts | 2,331 | 1,675 | |
Changes in assets and liabilities: | |||
Accounts receivable | (40,690) | 21,684 | |
Materials and supplies | 3,681 | (2,700) | |
Natural gas in storage | 92,498 | 76,646 | |
Asset removal costs | (11,089) | (12,621) | |
Accounts payable | (72,871) | (68,117) | |
Accrued taxes other than income | 2,245 | (4,388) | |
Customer deposits | (1,320) | (4,123) | |
Regulatory assets and liabilities - current | 73,872 | (58,520) | |
Regulatory assets and liabilities - noncurrent | 9,425 | 2,520 | |
Other assets and liabilities - current | (11,650) | (39,312) | |
Other assets and liabilities - noncurrent | 7,102 | 265 | |
Cash provided by operating activities | 277,459 | 108,262 | |
Investing activities | |||
Capital expenditures | (166,597) | (166,751) | |
Other investing expenditures | (2,427) | (1,259) | |
Other investing receipts | 1,179 | 2,029 | |
Cash used in investing activities | (167,845) | (165,981) | |
Financing activities | |||
Borrowings (repayments) of notes payable, net | (102,700) | 864,900 | |
Repayment of other long-term debt | (4) | (773,000) | |
Repayment of securitized utility tariff bonds | (14,547) | (13,780) | |
Dividends paid | (40,153) | (37,336) | |
Tax withholdings related to net share settlements of stock compensation | (2,559) | (980) | |
Cash provided by (used in) financing activities | (159,963) | 39,804 | |
Change in cash, cash equivalents, restricted cash and restricted cash equivalents | (50,349) | (17,915) | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 78,537 | 39,387 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ 28,188 | $ 21,472 | |
Supplemental cash flow information: | |||
Cash paid for interest, net of amounts capitalized | $ 36,268 | $ 41,497 | |
Cash paid (received) for state income taxes | $ — | $ (2,797) | |
Cash paid (received) for federal income taxes | $ — | $ — | |
APPENDIX
ONE Gas, Inc.
KGSS-I SECURITIZATION
In November 2022, Kansas Gas Service Securitization I, L.L.C. (KGSS-I) issued
Revenues for the three months ended March 31, 2025, include
The following table summarizes the impact of KGSS-I on the consolidated balance sheets, for the periods indicated:
March 31, | March 31, | ||
2025 | 2024 | ||
(Thousands of dollars) | |||
Restricted cash and cash equivalents | $ 8,883 | $ 20,542 | |
Accounts receivable | 5,341 | 4,659 | |
Securitized intangible asset, net | 258,257 | 265,951 | |
Total assets | $ 272,487 | $ 291,152 | |
Current maturities of securitized utility tariff bonds | 29,750 | 28,956 | |
Accounts payable | 169 | 319 | |
Accrued interest | 2,494 | 6,568 | |
Securitized utility tariff bonds, excluding current maturities, net of discounts and issuance costs | 238,363 | 253,568 | |
Paid-in capital | 1,680 | 1,681 | |
Retained earnings | 31 | 60 | |
Total liabilities and equity | $ 272,487 | $ 291,152 | |
The following table summarizes the impact of KGSS-I on the consolidated statements of income, for the periods indicated:
Three Months Ended | ||||
March 31, | ||||
2025 | 2024 | |||
(Thousands of dollars) | ||||
Operating revenues | $ 11,637 | $ 11,671 | ||
Operating expense | (110) | (111) | ||
Amortization expense | (7,694) | (7,385) | ||
Interest income | 148 | 188 | ||
Interest expense | (3,944) | (4,327) | ||
Income before income taxes | 37 | 36 | ||
Income taxes | 6 | — | ||
Net income | $ 43 | $ 36 | ||
APPENDIX | |||||
ONE Gas, Inc. | |||||
INFORMATION AT A GLANCE | |||||
Three Months Ended | |||||
March 31, | |||||
(Unaudited) | 2025 | 2024 | |||
(Millions of dollars) | |||||
Natural gas sales | $ | 870.4 | $ | 694.1 | |
Transportation revenues | 43.8 | 40.4 | |||
Securitization customer charges | 11.6 | 11.7 | |||
Other revenues | 9.4 | 12.1 | |||
Total revenues | 935.2 | 758.3 | |||
Cost of natural gas | 512.5 | 383.0 | |||
Operating costs | 160.5 | 152.8 | |||
Depreciation and amortization | 81.7 | 76.6 | |||
Operating income | $ | 180.5 | $ | 145.9 | |
Net income | $ | 119.4 | $ | 99.3 | |
Capital expenditures and asset removal costs | $ | 177.7 | $ | 179.4 | |
Volumes (Bcf) | |||||
Natural gas sales | |||||
Residential | 58.9 | 52.4 | |||
Commercial and industrial | 19.2 | 17.0 | |||
Other | 1.2 | 1.1 | |||
Total sales volumes delivered | 79.3 | 70.5 | |||
Transportation | 65.3 | 63.4 | |||
Total volumes delivered | 144.6 | 133.9 | |||
Average number of customers (in thousands) | |||||
Residential | 2,125 | 2,110 | |||
Commercial and industrial | 165 | 165 | |||
Other | 3 | 3 | |||
Transportation | 12 | 12 | |||
Total customers | 2,305 | 2,290 | |||
Heating Degree Days | |||||
Actual degree days | 5,513 | 4,741 | |||
Normal degree days | 5,231 | 5,219 | |||
Percent colder (warmer) than normal weather | 5 % | (9) % | |||
Statistics by State | |||||
Average number of customers (in thousands) | 934 | 928 | |||
Actual degree days | 1,916 | 1,681 | |||
Normal degree days | 1,797 | 1,800 | |||
Percent colder (warmer) than normal weather | 7 % | (7) % | |||
Average number of customers (in thousands) | 659 | 656 | |||
Actual degree days | 2,610 | 2,201 | |||
Normal degree days | 2,486 | 2,460 | |||
Percent colder (warmer) than normal weather | 5 % | (11) % | |||
Average number of customers (in thousands) | 712 | 706 | |||
Actual degree days | 987 | 859 | |||
Normal degree days | 948 | 959 | |||
Percent colder (warmer) than normal weather | 4 % | (10) % | |||
Analyst Contact: | Erin Dailey 918-947-7411 | |
Media Contact: | Leah Harper 918-947-7123 |
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SOURCE ONE Gas, Inc.
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