One Gas(NYSE) OGS

ONE Gas delivers natural gas to homes and businesses in three states. It helps people heat their buildings and cook their food reliably. The company serves 2.3 million customers across Oklahoma, Kansas, and Texas.

Where the Gas Flows

• Oklahoma Natural Gas: Distributes fuel to homes and businesses in Oklahoma; uses a performance-based rate system to adjust prices based on service costs.
• Kansas Gas Service: Provides gas delivery across Kansas; includes a charge for securitization, which is a method to pay back extreme weather costs over time using special bonds.
• Texas Gas Service: Supplies gas through distribution and transmission pipelines in Texas; serves residential and commercial users through government-approved price plans.

Recent Moves and New Rules

• In April 2026, Kansas House Bill 2435 became law, allowing the company to recover costs for more types of infrastructure and safety projects.
• The company began using Texas House Bill 4384 in late 2025 to track and eventually recover costs for new equipment faster.
• In February 2026, ONE Gas started an at-the-market program to sell up to $225 million in stock to fund its business needs.
• The company connects about 23,000 new customers to its system every year based on 2025 data.

What Makes the Business Steady

ONE Gas operates as a fully regulated utility, meaning state commissions oversee its prices and service areas. It manages over 44,000 miles of pipelines and 51.4 billion cubic feet of storage to keep fuel flowing during high-demand winter months.

The Latest Numbers

• Total revenue was $831.7 million in Q1 2026, down 11.1% from Q1 2025.
• Net income reached $128.7 million in Q1 2026, up 7.7% from the previous year.
• Operating income hit $189.6 million in Q1 2026, up 5.0% year-over-year.
• Free cash flow was $19.8 million in Q1 2026, up from a loss of $59.7 million two years ago.
• The company plans to spend approximately $800 million on system upgrades and safety in 2026.

Evolution

ONE Gas has focused on maintaining and growing its regulated utility networks in the central United States. Its shift toward new recovery laws and steady customer growth helps it fund long-term pipeline safety and infrastructure upgrades.