ONE Gas Announces Fourth Quarter and Full Year 2024 Financial Results
ONE Gas (NYSE: OGS) reported Q4 2024 net income of $77.0 million ($1.34 per diluted share), up from $70.7 million ($1.27 per share) in Q4 2023. Full-year 2024 net income was $222.9 million ($3.91 per share), compared to $231.2 million ($4.14 per share) in 2023.
Q4 operating income increased to $124.3 million from $107.1 million, driven by a $24.6 million increase from new rates and higher residential sales. The company's capital expenditures reached $762.1 million in 2024, up from $728.7 million in 2023.
In December, ONE Gas raised $245.7 million through an at-the-market equity program. The company increased its quarterly dividend to $0.67 per share ($2.68 annualized) in January 2025. For 2025, ONE Gas projects net income between $254-261 million, with EPS guidance of $4.20-$4.32.
ONE Gas (NYSE: OGS) ha riportato un reddito netto per il quarto trimestre 2024 di $77,0 milioni ($1,34 per azione diluita), in aumento rispetto ai $70,7 milioni ($1,27 per azione) del quarto trimestre 2023. Il reddito netto per l'intero anno 2024 è stato di $222,9 milioni ($3,91 per azione), rispetto ai $231,2 milioni ($4,14 per azione) del 2023.
Il reddito operativo del quarto trimestre è aumentato a $124,3 milioni rispetto ai $107,1 milioni, grazie a un incremento di $24,6 milioni derivante da nuove tariffe e vendite residenziali più elevate. Le spese in conto capitale dell'azienda hanno raggiunto i $762,1 milioni nel 2024, in aumento rispetto ai $728,7 milioni del 2023.
Nel mese di dicembre, ONE Gas ha raccolto $245,7 milioni attraverso un programma di equity a mercato. L'azienda ha aumentato il suo dividendo trimestrale a $0,67 per azione ($2,68 annualizzati) a gennaio 2025. Per il 2025, ONE Gas prevede un reddito netto compreso tra $254-261 milioni, con una guida EPS di $4,20-$4,32.
ONE Gas (NYSE: OGS) reportó un ingreso neto de $77.0 millones ($1.34 por acción diluida) en el cuarto trimestre de 2024, en comparación con $70.7 millones ($1.27 por acción) en el cuarto trimestre de 2023. El ingreso neto para todo el año 2024 fue de $222.9 millones ($3.91 por acción), en comparación con $231.2 millones ($4.14 por acción) en 2023.
Los ingresos operativos del cuarto trimestre aumentaron a $124.3 millones desde $107.1 millones, impulsados por un aumento de $24.6 millones debido a nuevas tarifas y mayores ventas residenciales. Los gastos de capital de la empresa alcanzaron los $762.1 millones en 2024, en comparación con $728.7 millones en 2023.
En diciembre, ONE Gas recaudó $245.7 millones a través de un programa de capital en el mercado. La compañía aumentó su dividendo trimestral a $0.67 por acción ($2.68 anualizados) en enero de 2025. Para 2025, ONE Gas proyecta un ingreso neto entre $254-261 millones, con una guía de EPS de $4.20-$4.32.
ONE Gas (NYSE: OGS)는 2024년 4분기 순이익이 7,700만 달러(희석 주당 1.34달러)로, 2023년 4분기 7,070만 달러(주당 1.27달러)에서 증가했다고 보고했습니다. 2024년 전체 순이익은 2억 2,290만 달러(주당 3.91달러)로, 2023년 2억 3,120만 달러(주당 4.14달러)에 비해 감소했습니다.
4분기 운영 수익은 1억 2,430만 달러로 증가했으며, 이는 새로운 요금과 높은 주거용 판매로 인해 2,460만 달러가 증가한 결과입니다. 회사의 자본 지출은 2024년에 7억 6,210만 달러에 달했으며, 이는 2023년 7억 2,870만 달러에서 증가한 수치입니다.
12월에 ONE Gas는 시장에서 자본 조달을 통해 2억 4,570만 달러를 모금했습니다. 회사는 2025년 1월 주당 0.67달러(연간 2.68달러)의 분기 배당금을 인상했습니다. 2025년을 위해 ONE Gas는 순이익을 2억 5,400만 - 2억 6,100만 달러로 예상하며, 주당 순이익(EPS) 가이드는 4.20달러 - 4.32달러로 설정했습니다.
ONE Gas (NYSE: OGS) a annoncé un bénéfice net de 77,0 millions de dollars (1,34 $ par action diluée) pour le quatrième trimestre 2024, en hausse par rapport à 70,7 millions de dollars (1,27 $ par action) pour le quatrième trimestre 2023. Le bénéfice net pour l'année entière 2024 s'est élevé à 222,9 millions de dollars (3,91 $ par action), contre 231,2 millions de dollars (4,14 $ par action) en 2023.
Le bénéfice opérationnel du quatrième trimestre a augmenté à 124,3 millions de dollars, contre 107,1 millions de dollars, grâce à une augmentation de 24,6 millions de dollars provenant de nouveaux tarifs et de ventes résidentielles plus élevées. Les dépenses en capital de l'entreprise ont atteint 762,1 millions de dollars en 2024, contre 728,7 millions de dollars en 2023.
En décembre, ONE Gas a levé 245,7 millions de dollars grâce à un programme d'équité sur le marché. La société a augmenté son dividende trimestriel à 0,67 $ par action (2,68 $ annualisés) en janvier 2025. Pour 2025, ONE Gas prévoit un bénéfice net compris entre 254 et 261 millions de dollars, avec une prévision de BPA de 4,20 $ à 4,32 $.
ONE Gas (NYSE: OGS) meldete im vierten Quartal 2024 einen Nettogewinn von 77,0 Millionen USD (1,34 USD pro verwässerter Aktie), ein Anstieg von 70,7 Millionen USD (1,27 USD pro Aktie) im vierten Quartal 2023. Der Nettogewinn für das gesamte Jahr 2024 betrug 222,9 Millionen USD (3,91 USD pro Aktie), verglichen mit 231,2 Millionen USD (4,14 USD pro Aktie) im Jahr 2023.
Der Betriebsgewinn im vierten Quartal stieg auf 124,3 Millionen USD von 107,1 Millionen USD, was auf einen Anstieg von 24,6 Millionen USD durch neue Tarife und höhere Wohnverkäufe zurückzuführen ist. Die Investitionsausgaben des Unternehmens beliefen sich im Jahr 2024 auf 762,1 Millionen USD, ein Anstieg von 728,7 Millionen USD im Jahr 2023.
Im Dezember sammelte ONE Gas 245,7 Millionen USD durch ein Aktienprogramm am Markt. Das Unternehmen erhöhte seine vierteljährliche Dividende auf 0,67 USD pro Aktie (annualisiert 2,68 USD) im Januar 2025. Für 2025 prognostiziert ONE Gas einen Nettogewinn zwischen 254-261 Millionen USD, mit einer EPS-Prognose von 4,20-4,32 USD.
- Q4 net income increased to $77.0M from $70.7M YoY
- Q4 operating income grew to $124.3M from $107.1M YoY
- Successfully raised $245.7M through equity offering
- Increased quarterly dividend by 1 cent to $0.67 per share
- Provided strong 2025 guidance with EPS of $4.20-$4.32
- Full-year 2024 net income declined to $222.9M from $231.2M YoY
- Full-year EPS decreased to $3.91 from $4.14 YoY
- Net interest expense increased by $33.6M for full-year 2024
- Employee-related costs increased by $22.9M
Insights
The Q4 2024 results reveal a complex financial picture for ONE Gas, with several noteworthy developments that warrant careful analysis. Operating income increased to
Three key aspects deserve particular attention:
- The rate base growth strategy is proving effective, contributing
$24.6 million in new rates. This regulatory success provides stable revenue streams and helps offset rising operational costs. - The company's capital deployment efficiency remains strong, with
$762.1 million in capital expenditures primarily directed toward system integrity and service expansion. This investment pattern suggests a prudent balance between maintenance and growth initiatives. - The rising interest expense environment presents a growing challenge, with net interest expense increasing by
$10.4 million in Q4 alone. This highlights the importance of the company's recent equity raise of$245.7 million , which helps maintain financial flexibility.
The modest
Looking ahead, the
Analyst call and webcast scheduled tomorrow, Feb. 20 at 11 a.m. EST
"Our strong financial performance is a testament to our prudent fiscal planning, execution of our regulatory strategy and disciplined management of operations and maintenance expenses," said Robert S. McAnnally, president and chief executive officer. "As we embark on a new year, we are prepared to serve a growing customer base while continuing to enhance the safety and reliability of our system."
2024 FINANCIAL RESULTS & HIGHLIGHTS
- Fourth quarter 2024 net income was
, or$77.0 million per diluted share, compared with$1.34 , or$70.7 million per diluted share, in the fourth quarter 2023;$1.27 - Full year 2024 net income was
, or$222.9 million per diluted share, compared with$3.91 , or$231.2 million per diluted share, last year;$4.14 - In December, the Company settled 3,160,465 million shares of our common stock under our at-the-market equity program and forward contracts for net proceeds of
;$245.7 million - Full year 2024 capital expenditures and asset removal costs were
compared with$762.1 million in 2023; and$728.7 million - On Jan. 21, 2025, ONE Gas increased the dividend for the first quarter 2025 by
1 cent to per share ($0.67 annualized), payable March 7, 2025, to shareholders of record at the close of business Feb. 21, 2025.$2.68
FOURTH QUARTER 2024 FINANCIAL PERFORMANCE
ONE Gas reported operating income of
- an increase of
from new rates;$24.6 million - an increase of
in residential sales due primarily to net customer growth in$1.2 million Oklahoma andTexas ; and - an increase of
in gas sales-related revenues.$7.9 million
The increase was partially offset by:
- an increase of
in depreciation and amortization expense from additional capital investment;$2.9 million - an increase of
in employee-related costs, due primarily to planned investments in the Company's workforce and ongoing in-sourcing efforts, which have enhanced management of operations and maintenance expense; and$6.5 million - an increase of
in ad-valorem taxes, primarily due to regulatory outcomes which took effect during the quarter.$4.8 million
Weather was 24.3 percent warmer than normal for the three months ended Dec. 31, 2024. The impact on operating income was mitigated by weather normalization mechanisms.
Excluding interest related to KGSS-I securitized bonds, net interest expense increased
Income tax expense includes a credit for amortization of the regulatory liability associated with excess deferred income taxes (EDIT) of
Capital expenditures and asset removal costs were
FULL YEAR 2024 FINANCIAL PERFORMANCE
Operating income for the twelve-month 2024 period was
- an increase of
from new rates; and$67.9 million - an increase of
in residential sales due primarily to net customer growth in$6.3 million Oklahoma andTexas .
These increases were offset partially by:
- an increase of
of employee-related costs due primarily to planned investments in the Company's workforce and ongoing in-sourcing efforts;$22.9 million - an increase of
in depreciation and amortization expense from additional capital investment; and$16.9 million - an increase of
due to ad-valorem taxes.$6.9 million
Excluding interest related to KGSS-I securitized bonds, net interest expense increased
Income tax expense includes a credit for amortization of the regulatory liability associated with EDIT of
Capital expenditures and asset removal costs were
In December, the Company settled 3,160,465 million shares of our common stock under our at-the-market equity program and forward contracts for net proceeds of
REGULATORY ACTIVITIES UPDATE
In February 2025, Texas Gas Service made Gas Reliability Infrastructure Program filings for all customers in the Central-Gulf service area, requesting a
In February 2025, Texas Gas Service made Gas Reliability Infrastructure Program filings for all customers in the West-North service area, requesting a
2025 FINANCIAL GUIDANCE
On Dec. 4, 2024, ONE Gas announced that its 2025 net income is expected to be 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 Thursday, Feb. 20, 2025, 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 455855, 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 180102.
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 | Twelve Months Ended | |||||||
December 31, | December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(Thousands of dollars, except per share amounts) | ||||||||
Total revenues | $ 630,703 | $ 605,917 | $ 2,083,558 | $ 2,371,990 | ||||
Cost of natural gas | 263,740 | 267,560 | 778,333 | 1,134,510 | ||||
Operating expenses | ||||||||
Operations and maintenance | 144,853 | 141,478 | 530,111 | 508,399 | ||||
Depreciation and amortization | 75,452 | 72,584 | 296,699 | 279,830 | ||||
General taxes | 22,348 | 17,160 | 79,371 | 71,661 | ||||
Total operating expenses | 242,653 | 231,222 | 906,181 | 859,890 | ||||
Operating income | 124,310 | 107,135 | 399,044 | 377,590 | ||||
Other income, net | 105 | 4,666 | 7,427 | 9,476 | ||||
Interest expense, net | (39,760) | (29,778) | (147,235) | (115,339) | ||||
Income before income taxes | 84,655 | 82,023 | 259,236 | 271,727 | ||||
Income taxes | (7,633) | (11,290) | (36,386) | (40,495) | ||||
Net income | $ 77,022 | $ 70,733 | $ 222,850 | $ 231,232 | ||||
Earnings per share | ||||||||
Basic | $ 1.35 | $ 1.27 | $ 3.92 | $ 4.16 | ||||
Diluted | $ 1.34 | $ 1.27 | $ 3.91 | $ 4.14 | ||||
Average shares (thousands) | ||||||||
Basic | 57,000 | 55,670 | 56,826 | 55,600 | ||||
Diluted | 57,415 | 55,752 | 57,033 | 55,860 | ||||
Dividends declared per share of stock | $ 0.66 | $ 0.65 | $ 2.64 | $ 2.60 |
APPENDIX | |||
ONE Gas, Inc. | |||
CONSOLIDATED BALANCE SHEETS | |||
December 31, | December 31, | ||
2024 | 2023 | ||
Assets | (Thousands of dollars) | ||
Property, plant and equipment | |||
Property, plant and equipment | $ 9,124,134 | $ 8,468,967 | |
Accumulated depreciation and amortization | 2,478,261 | 2,333,755 | |
Net property, plant and equipment | 6,645,873 | 6,135,212 | |
Current assets | |||
Cash and cash equivalents | 57,995 | 18,835 | |
Restricted cash and cash equivalents | 20,542 | 20,552 | |
Total cash, cash equivalents and restricted cash and cash equivalents | 78,537 | 39,387 | |
Accounts receivable, net | 408,448 | 347,864 | |
Materials and supplies | 91,662 | 77,649 | |
Income tax receivable | 53,624 | 3,947 | |
Natural gas in storage | 161,184 | 187,097 | |
Regulatory assets | 101,210 | 75,308 | |
Other current assets | 35,216 | 33,952 | |
Total current assets | 929,881 | 765,204 | |
Goodwill and other assets | |||
Regulatory assets | 278,006 | 287,906 | |
Securitized intangible asset, net | 265,951 | 293,619 | |
Goodwill | 157,953 | 157,953 | |
Pension and other postemployment benefits | 42,882 | 36,482 | |
Other assets | 105,025 | 94,618 | |
Total goodwill and other assets | 849,817 | 870,578 | |
Total assets | $ 8,425,571 | $ 7,770,994 |
APPENDIX | |||
ONE Gas, Inc. | |||
CONSOLIDATED BALANCE SHEETS | |||
(Continued) | |||
December 31, | December 31, | ||
2024 | 2023 | ||
Equity and Liabilities | (Thousands of dollars) | ||
Equity and long-term debt | |||
Common stock, authorized 250,000,000 shares; issued and outstanding 59,876,861 shares at December 31, 2024; | $ 599 | $ 565 | |
Paid-in capital | 2,294,469 | 2,028,755 | |
Retained earnings | 809,606 | 737,739 | |
Accumulated other comprehensive loss | (126) | (1,182) | |
Total equity | 3,104,548 | 2,765,877 | |
Other long-term debt, excluding current maturities, net of issuance costs | 2,131,718 | 1,877,895 | |
Securitized utility tariff bonds, excluding current maturities, net of issuance costs | 253,568 | 282,506 | |
Total long-term debt, excluding current maturities, net of issuance costs | 2,385,286 | 2,160,401 | |
Total equity and long-term debt | 5,489,834 | 4,926,278 | |
Current liabilities | |||
Current maturities of other long-term debt | 14 | 772,984 | |
Current maturities of securitized utility tariff bonds | 28,956 | 27,430 | |
Notes payable | 914,600 | 88,500 | |
Accounts payable | 261,321 | 278,056 | |
Accrued taxes other than income | 75,608 | 68,793 | |
Regulatory liabilities | 22,525 | 66,901 | |
Customer deposits | 56,243 | 62,187 | |
Other current liabilities | 99,009 | 112,370 | |
Total current liabilities | 1,458,276 | 1,477,221 | |
Deferred credits and other liabilities | |||
Deferred income taxes | 891,738 | 752,068 | |
Regulatory liabilities | 467,563 | 500,478 | |
Other deferred credits | 118,160 | 114,949 | |
Total deferred credits and other liabilities | 1,477,461 | 1,367,495 | |
Commitments and contingencies | |||
Total liabilities and equity | $ 8,425,571 | $ 7,770,994 |
APPENDIX | |||
ONE Gas, Inc. | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Year Ended December 31, | |||
December 31, | |||
2024 | 2023 | ||
(Thousands of dollars) | |||
Operating activities | |||
Net income | $ 222,850 | $ 231,232 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 296,699 | 279,830 | |
Deferred income taxes | 106,522 | 24,773 | |
Share-based compensation expense | 13,733 | 12,184 | |
Provision for doubtful accounts | 6,705 | 9,698 | |
Proceeds from government securitization of winter weather event costs | — | 197,366 | |
Changes in assets and liabilities: | |||
Accounts receivable | (67,289) | 196,272 | |
Materials and supplies | (14,013) | (6,776) | |
Income tax receivable | (49,677) | (3,947) | |
Natural gas in storage | 25,913 | 82,108 | |
Asset removal costs | (58,952) | (62,023) | |
Accounts payable | (15,014) | (90,046) | |
Accrued taxes other than income | 6,815 | (9,559) | |
Customer deposits | (5,944) | 4,333 | |
Regulatory assets and liabilities - current | (90,829) | 7,249 | |
Regulatory assets and liabilities - noncurrent | 19,354 | 38,869 | |
Other assets and liabilities - current | (17,091) | 30,017 | |
Other assets and liabilities - noncurrent | (11,371) | (2,048) | |
Cash provided by operating activities | 368,411 | 939,532 | |
Investing activities | |||
Capital expenditures | (703,165) | (666,634) | |
Other investing expenditures | (10,402) | (8,508) | |
Other investing receipts | 6,072 | 5,499 | |
Cash used in investing activities | (707,495) | (669,643) | |
Financing activities | |||
Borrowings (repayments) of notes payable, net | 826,100 | (463,500) | |
Issuance of other long-term debt, net of premiums | 253,467 | — | |
Issuance of other long-term debt, net of premiums and discounts | — | 299,583 | |
Long-term debt financing costs | (2,193) | (2,508) | |
Issuance of common stock | 252,379 | 85,259 | |
Repayment of other long-term debt | (773,013) | — | |
Repayment of securitized utility tariff bonds | (27,939) | (20,716) | |
Dividends paid | (149,456) | (144,094) | |
Tax withholdings related to net share settlements of stock compensation | (1,111) | (2,653) | |
Cash provided by (used in) financing activities | 378,234 | (248,629) | |
Change in cash, cash equivalents, restricted cash and restricted cash equivalents | 39,150 | 21,260 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 39,387 | 18,127 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ 78,537 | $ 39,387 | |
Supplemental cash flow information: | |||
Cash paid for interest, net of amounts capitalized | $ 148,987 | $ 80,726 | |
Cash paid (received) for other state income taxes | $ 366 | $ 769 | |
Cash paid (received) for state income taxes | $ (4,546) | $ 1,571 | |
Cash paid (received) for federal income taxes | $ (16,280) | $ 18,504 |
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 Dec. 31, 2024, include
Revenues for the twelve months ended Dec. 31, 2024, include
The following table summarizes the impact of KGSS-I on the consolidated balance sheets, for the periods indicated:
December 31, | December 31, | ||
2024 | 2023 | ||
(Thousands of dollars) | |||
Restricted cash and cash equivalents | $ 20,542 | $ 20,552 | |
Accounts receivable | 4,659 | 5,133 | |
Securitized intangible asset, net | 265,951 | 293,619 | |
Total assets | $ 291,152 | $ 319,304 | |
Current maturities of securitized utility tariff bonds | 28,956 | 27,430 | |
Accounts payable | 319 | 393 | |
Accrued interest | 6,568 | 7,207 | |
Securitized utility tariff bonds, excluding current maturities, net of discounts and issuance costs | 253,568 | 282,506 | |
Equity | 1,741 | 1,768 | |
Total liabilities and equity | $ 291,152 | $ 319,304 |
The 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, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(Thousands of dollars) | |||||||
Operating revenues | $ 10,649 | $ 12,923 | $ 44,390 | $ 48,677 | |||
Operating expense | (111) | (108) | (443) | (440) | |||
Amortization expense | (6,559) | (8,461) | (27,668) | (30,219) | |||
Interest income | 132 | 136 | 671 | 696 | |||
Interest expense | (4,075) | (4,451) | (16,806) | (18,552) | |||
Income before income taxes | $ 36 | $ 39 | $ 144 | $ 162 |
APPENDIX | |||||||||||
ONE Gas, Inc. | |||||||||||
INFORMATION AT A GLANCE | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
December 31, | December 31, | ||||||||||
(Unaudited) | 2024 | 2023 | 2024 | 2023 | |||||||
(Millions of dollars) | |||||||||||
Natural gas sales | $ | 573.4 | $ | 543.4 | $ | 1,864.1 | $ | 2,154.0 | |||
Transportation revenues | $ | 37.4 | $ | 35.9 | $ | 138.7 | $ | 133.6 | |||
Securitization customer charges | $ | 10.7 | $ | 12.9 | $ | 44.4 | $ | 48.7 | |||
Other revenues | $ | 9.2 | $ | 13.7 | $ | 36.4 | $ | 35.7 | |||
Total revenues | $ | 630.7 | $ | 605.9 | $ | 2,083.6 | $ | 2,372.0 | |||
Cost of natural gas | $ | 263.7 | $ | 267.6 | $ | 778.3 | $ | 1,134.5 | |||
Operating costs | $ | 167.3 | $ | 158.6 | $ | 609.6 | $ | 580.1 | |||
Depreciation and amortization | $ | 75.5 | $ | 72.6 | $ | 296.7 | $ | 279.8 | |||
Operating income | $ | 124.2 | $ | 107.1 | $ | 399.0 | $ | 377.6 | |||
Net income | $ | 77.0 | $ | 70.7 | $ | 222.9 | $ | 231.2 | |||
Capital expenditures and asset removal costs | $ | 190.4 | $ | 189.6 | $ | 762.1 | $ | 728.7 | |||
Volumes (Bcf) | |||||||||||
Natural gas sales | |||||||||||
Residential | 33.7 | 38.2 | 104.1 | 76.0 | |||||||
Commercial and industrial | 10.8 | 12.6 | 36.9 | 40.6 | |||||||
Other | 0.6 | 0.1 | 2.1 | 1.7 | |||||||
Total sales volumes delivered | 45.1 | 50.9 | 143.2 | 156.6 | |||||||
Transportation | 57.3 | 58.8 | 221.0 | 227.9 | |||||||
Total volumes delivered | 102.4 | 109.7 | 364.2 | 384.5 | |||||||
Average number of customers (in thousands) | |||||||||||
Residential | 2,101 | 2,089 | 2,103 | 2,088 | |||||||
Commercial and industrial | 162 | 161 | 163 | 162 | |||||||
Other | 3 | 4 | 3 | 3 | |||||||
Transportation | 12 | 12 | 12 | 12 | |||||||
Total customers | 2,277 | 2,266 | 2,281 | 2,265 | |||||||
Heating Degree Days | |||||||||||
Actual degree days | 2,864 | 3,334 | 7,991 | 8,800 | |||||||
Normal degree days | 3,784 | 3,812 | 9,728 | 9,772 | |||||||
Percent colder (warmer) than normal weather | (24) % | (13) % | (18) % | (10) % | |||||||
Statistics by State | |||||||||||
| |||||||||||
Average number of customers (in thousands) | 924 | 920 | 924 | 918 | |||||||
Actual degree days | 985 | 1,172 | 2,783 | 3,125 | |||||||
Normal degree days | 1,320 | 1,318 | 3,359 | 3,346 | |||||||
Percent colder (warmer) than normal weather | (25) % | (11) % | (17) % | (7) % | |||||||
| |||||||||||
Average number of customers (in thousands) | 648 | 647 | 651 | 648 | |||||||
Actual degree days | 1,433 | 1,549 | 3,863 | 4,117 | |||||||
Normal degree days | 1,791 | 1,821 | 4,690 | 4,721 | |||||||
Percent colder (warmer) than normal weather | (20) % | (15) % | (18) % | (13) % | |||||||
| |||||||||||
Average number of customers (in thousands) | 706 | 699 | 706 | 699 | |||||||
Actual degree days | 446 | 613 | 1,345 | 1,558 | |||||||
Normal degree days | 673 | 673 | 1,679 | 1,705 | |||||||
Percent colder (warmer) than normal weather | (34) % | (9) % | (20) % | (9) % |
Analyst Contact: | Erin Dailey | |
918-947-7411 | ||
Media Contact: | Leah Harper | |
918-947-7123 |
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SOURCE ONE Gas, Inc.