Welcome to our dedicated page for ONE GAS news (Ticker: OGS), a resource for investors and traders seeking the latest updates and insights on ONE GAS stock.
ONE Gas, Inc. (NYSE: OGS) is a publicly traded, fully regulated natural gas utility company that operates in the states of Oklahoma, Kansas, and Texas. Headquartered in Tulsa, Oklahoma, the company provides natural gas distribution services to more than 2.3 million residential, commercial, industrial, and transportation customers. This makes ONE Gas one of the largest natural gas utilities in the United States.
Core Operations: ONE Gas primarily focuses on the distribution and sale of natural gas through an extensive network of pipelines and service lines. The company operates under three main divisions: 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.
Financial Highlights: For the third quarter of 2023, ONE Gas reported operating income of $57.2 million, an increase from $47.1 million in the third quarter of 2022. The net income increase was primarily driven by higher sales volumes and improved operational efficiency. The company also narrowed its 2023 earnings guidance, expecting net income between $227 million to $236 million.
Recent Achievements: In September 2023, ONE Gas successfully priced its public offering of 1,200,000 shares, with an option for the underwriter to purchase an additional 180,000 shares. This offering is expected to generate gross proceeds of approximately $88.8 million. The company entered into a forward sale agreement with Bank of America, N.A., as the forward purchaser.
Projects and Investments: ONE Gas continues to invest in infrastructure to ensure system integrity and expand its service areas. In 2023, capital expenditures and asset removal costs amounted to $728.7 million. The company is also involved in regulatory activities, such as the renewable natural gas (RNG) Pilot Program in Oklahoma, which was approved in November 2023, and various rate filings across its service areas.
Partnerships and Market Position: ONE Gas holds significant market shares in Oklahoma and Kansas, making it a key player in the regional energy market. The company is also included in the S&P MidCap 400 Index, reflecting its stable financial performance and market presence.
Future Outlook: Looking ahead to 2024, ONE Gas expects net income to be in the range of $214 million to $231 million. The company plans to continue its focus on system reinforcements and expanding its capabilities to meet growing customer demand, with capital investments projected at approximately $750 million.
For more detailed and updated information, please visit their official website and follow their social media channels: @ONEGas on Facebook, LinkedIn, and YouTube.
ONE Gas, Inc. (OGS) announced its first quarter 2024 financial results, affirming its 2024 financial guidance and declaring a quarterly dividend. Despite a decrease in net income compared to the previous year, the company remains on track to achieve its financial goals. Operating income was impacted by employee-related costs and lower sales volumes, offset by revenue from new rates. The company is investing in its workforce and expanding services to new areas. Regulatory activities updates include rate change applications in Oklahoma, Kansas, and Texas. ONE Gas reaffirmed its 2024 financial guidance, with expected net income and capital expenditures outlined. Investors can participate in an earnings conference call scheduled for May 7, 2024.
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