ONE Gas (NYSE: OGS) plans $120M investment in Oklahoma gas pipeline

Rhea-AI Filing Summary

ONE Gas, Inc. announced a joint natural gas infrastructure project in southeast Oklahoma to support economic growth and improve energy reliability. The plan centers on a new 43-mile, large-diameter pipeline connecting the Bennington Natural Gas Hub to Western Farmers Electric Cooperative’s Hugo Plant near Fort Towson.

The pipeline is designed to deliver over 100 billion cubic feet of natural gas annually, supporting 400 megawatts of natural gas-fueled power generation by 2029 as the first phase of WFEC’s long-term resource plan. Overall project investment is estimated at $150–$160 million, with ONE Gas committing approximately $120 million. Its local distribution company, Oklahoma Natural Gas, will install and operate the pipeline, which is expected to be completed by the third quarter of 2028.

Insights

Utility infrastructure analyst

ONE Gas commits about $120M to a major Oklahoma gas pipeline project.

ONE Gas describes a joint infrastructure initiative built around a new natural gas pipeline in southeast Oklahoma. The project calls for a 43-mile, large-diameter line from the Bennington Natural Gas Hub to Western Farmers Electric Cooperative’s Hugo Plant, enabling delivery of over 100 billion cubic feet of gas per year to support power generation.

The total project cost is estimated at $150–$160 million, with ONE Gas investing approximately $120 million. The filing states this will support 400 megawatts of gas-fueled generation by 2029, described as the first phase of WFEC’s long-term resource plan, suggesting a multi-stage build-out for that customer.

Installation and operation will be handled by ONE Gas’ local distribution company, Oklahoma Natural Gas, with completion expected by the third quarter of 2028. This timeline means capital will likely be deployed over several years before the full 400-megawatt generation target is reached by 2029, tying future returns to successful execution and continued demand at the Hugo Plant.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

(Date of report)			December 18, 2025
(Date of earliest event reported)			December 18, 2025

ONE Gas, Inc.

(Exact name of registrant as specified in its charter)

Oklahoma

001-36108

46-3561936

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

15 East Fifth Street; Tulsa, OK

(Address of principal executive offices)

74103

(Zip code)

(918) 947-7000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

OGS

New York Stock Exchange

NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01						Other Events
						On December 18, 2025, ONE Gas, Inc. (the “Company”) announced a joint infrastructure initiative to support economic growth and enhance energy reliability in southeast Oklahoma. The new pipeline will deliver over 100 billion cubic feet of natural gas annually to Western Farmers Electric Cooperative (“WFEC”) in southeast Oklahoma, supporting natural gas-fueled generation at its Hugo Plant. This project will deliver 400 megawatts of natural gas-fueled generation by 2029, which is the first phase of a long-term WFEC resource plan. Overall, the project includes a $150–$160 million investment in a 43-mile, large-diameter natural gas pipeline connecting the Bennington Natural Gas Hub to WFEC’s Hugo Plant near Fort Towson, Oklahoma. ONE Gas will invest approximately $120 million, enabling it to deliver the natural gas needed for the long-term future of the Hugo Plant and the region. ONE Gas’ local distribution company, Oklahoma Natural Gas, will install and operate the pipeline, which is expected to be completed by the third quarter of 2028.

2

SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

									ONE Gas, Inc.
Date:			December 18, 2025			By:			/s/ Christopher P. Sighinolfi
									Christopher P. Sighinolfi Senior Vice President and Chief Financial Officer

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FAQ

What project did ONE Gas (OGS) announce in southeast Oklahoma?

ONE Gas announced a joint infrastructure initiative to build a new large-diameter natural gas pipeline in southeast Oklahoma to support economic growth and enhance energy reliability.

How much is the new ONE Gas (OGS) pipeline project expected to cost?

The overall project investment is estimated at $150–$160 million, with ONE Gas planning to invest approximately $120 million of that total.

What capacity will the ONE Gas (OGS) pipeline provide to WFEC?

The new pipeline is designed to deliver over 100 billion cubic feet of natural gas annually to Western Farmers Electric Cooperative’s Hugo Plant in southeast Oklahoma.

How much power generation will the project support and by when?

The project is expected to support 400 megawatts of natural gas-fueled generation by 2029, which is described as the first phase of WFEC’s long-term resource plan.

When is the ONE Gas (OGS) pipeline expected to be completed?

The pipeline, to be installed and operated by Oklahoma Natural Gas, is expected to be completed by the third quarter of 2028.

Who will build and operate the new ONE Gas (OGS) pipeline and where will it run?

ONE Gas’ local distribution company, Oklahoma Natural Gas, will install and operate the 43-mile pipeline, which will connect the Bennington Natural Gas Hub to WFEC’s Hugo Plant near Fort Towson, Oklahoma.