$OGS

ONE Gas, Inc.

CIK:0001587732|SEC Filings

STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Regulated Operating Revenue	$ 411,639	$ 423,741	$ 1,243,350	$ 1,358,931
Cost of natural gas	90,287	117,942	483,863	630,404
Operating expenses
Operations and maintenance	139,628	130,987	286,575	266,282
Depreciation and amortization	76,240	79,314	153,025	161,018
General taxes	22,813	23,643	47,624	48,873
Total operating expenses	238,681	233,944	487,224	476,173
Operating income	82,671	71,855	272,263	252,354
Other Nonoperating Income (Expense)	5,220	2,572	3,123	3,090
Interest expense, net	(31,101)	(35,279)	(63,459)	(70,976)
Income before income taxes	56,790	39,148	211,927	184,468
Income taxes	(9,982)	(7,115)	(36,446)	(33,016)
Net income	$ 46,808	$ 32,033	$ 175,481	$ 151,452
Earnings per share
Basic	$ 0.74	$ 0.53	$ 2.79	$ 2.52
Diluted	$ 0.74	$ 0.53	$ 2.78	$ 2.51
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Basic	62,959	60,113	62,936	60,095
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Diluted	63,153	60,455	63,178	60,361
Common Stock, Dividends, Per Share, Declared	$ 0.68	$ 0.67	$ 1.36	$ 1.34

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 175,481	$ 151,452
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	153,025	161,018
Deferred income tax provision	32,478	23,684
Share-based compensation expense	8,174	7,524
Provision for doubtful accounts	5,026	4,085
Changes in assets and liabilities:
Accounts receivable	205,744	141,290
Materials and supplies	923	(3,886)
Income tax receivable	55,552	0
Natural gas in storage	18,232	26,736
Asset removal costs	(27,861)	(20,718)
Accounts payable	(108,977)	(121,593)
Accrued taxes other than income	(18,173)	(16,159)
Customer deposits	502	(2,235)
Regulatory assets and liabilities, current, net	(74,156)	78,329
Regulatory assets and liabilities, noncurrent, net	3,691	21,198
Other current assets and liabilities, net	(28,437)	(12,271)
Other noncurrent assets and liabilities, net	(13,893)	10,355
Cash provided by operating activities	387,331	448,809
Investing activities
Capital expenditures	(330,035)	(347,065)
Payments for Other Investing Activities	(6,691)	(4,075)
Proceeds from Sale of Other Assets, Investing Activities	6,982	2,629
Cash used in investing activities	(329,744)	(348,511)
Financing activities
Borrowings (repayments) of short-term debt, net	33,400	(42,200)
Proceeds from Issuance of Common Stock	3,894	3,561
Repayments of Other Long-Term Debt	(7)	(8)
Repayment of securitized utility tariff bonds	(15,356)	(14,547)
Dividends paid	(85,356)	(80,306)
Payment, Tax Withholding, Share-based Payment Arrangement	(4,161)	(2,614)
Proceeds from Advance for and Contribution in Aid of Construction, Financing Activity	6,841	0
Cash used in financing activities	(60,745)	(136,114)
Change in cash and cash equivalents	(3,158)	(35,816)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	33,727	78,537
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	30,569	42,721
Interest Paid, Excluding Capitalized Interest	62,407	69,972
Income Tax Paid, State and Local, after Refund Received	1,150	715
Income Tax Paid, Federal, after Refund Received	$ (50,302)	$ 7,013

BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, plant and equipment
Property, plant and equipment	$ 9,998,502	$ 9,734,150
Accumulated depreciation and amortization	2,678,316	2,611,952
Net property, plant and equipment	7,320,186	7,122,198
Current assets
Cash and cash equivalents	7,858	10,620
Restricted cash and cash equivalents	22,711	23,107
Cash, cash equivalents, restricted cash and restricted cash equivalents	30,569	33,727
Accounts receivable, net	250,861	461,631
Materials and supplies	96,672	97,595
Income taxes receivable	0	55,552
Natural gas in storage	158,219	176,451
Regulatory assets, current	83,367	49,504
Prepaid Expense	33,823	34,224
Other current assets	8,326	7,200
Total current assets	661,837	915,884
Goodwill and other assets
Regulatory assets, noncurrent	250,704	256,225
Other intangible assets, net	218,991	233,786
Goodwill	157,953	157,953
Pension and other postemployment benefits	47,326	47,012
Other assets	155,206	120,026
Total goodwill and other assets	830,180	815,002
Total assets	8,812,203	8,853,084
Equity and long-term debt
Common stock, $0.01 par value: authorized 250,000,000 shares; issued and outstanding 62,797,154 shares at June 30, 2026; issued and outstanding 62,692,392 shares at December 31, 2025	629	627
Paid-in capital	2,539,068	2,530,137
Retained earnings	998,454	909,355
Accumulated other comprehensive income (loss), net of tax	(265)	4
Total equity	3,537,886	3,440,123
Other long-term debt, noncurrent, net of issuance costs	2,133,688	2,133,018
Securitized utility tariff bonds, excluding current maturities, net of issuance costs	207,115	223,020
Long-Term debt, excluding current maturities, total, net of issuance costs	2,340,803	2,356,038
Total equity and long-term debt	5,878,689	5,796,161
Current liabilities
Long-term debt, current maturities, net of issuance costs	249,918	249,674
Current maturities of securitized utility tariff bonds, net of issuance costs	31,404	30,566
Short-term debt	770,800	737,400
Accounts payable	110,952	222,102
Accrued taxes other than income	57,395	75,568
Regulatory liability, current	24,702	57,277
Customer deposits	53,373	52,871
Other current liabilities	77,911	106,400
Total current liabilities	1,376,455	1,531,858
Deferred credits and other liabilities
Deferred income taxes	1,012,944	963,874
Regulatory liability, noncurrent	433,135	451,620
Other deferred credits	110,980	109,571
Total deferred credits and other liabilities	1,557,059	1,525,065
Total liabilities and equity	$ 8,812,203	$ 8,853,084