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Here are 1-3 brief analogies for ONE Gas (OGS):

• American Water Works, but for natural gas.
• Like Comcast or Charter Communications, but delivering natural gas instead of internet and TV.

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• Natural Gas Distribution: Providing regulated natural gas sales and delivery services to residential, commercial, and industrial customers. (Category: Utility Service / Energy Delivery)

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ONE Gas (symbol: OGS) is a natural gas utility company that sells natural gas primarily to end-users rather than to other companies for resale. As such, its major customers fall into the following categories:

• Residential Customers: This category includes individual households and apartment complexes that use natural gas for heating, water heating, cooking, and other household appliances.
• Commercial Customers: This category encompasses a wide range of businesses and institutions, such as offices, retail stores, restaurants, schools, churches, hospitals, and small manufacturing facilities.
• Industrial Customers: This category consists of larger-scale operations, including manufacturing plants, refineries, agricultural operations, and power generation facilities that utilize natural gas as a fuel source or as a raw material in their processes.

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Robert S. McAnnally, President and Chief Executive Officer

Sid McAnnally became President and Chief Executive Officer of ONE Gas in June 2021, and is also a member of the ONE Gas Board of Directors. He joined ONE Gas in 2015 as Senior Vice President of Operations, overseeing the operations of its three natural gas utilities: Kansas Gas Service, Oklahoma Natural Gas, and Texas Gas Service. In 2020, he was promoted to Chief Operating Officer, taking on additional responsibilities for administrative functions, including human resources, cybersecurity, and information technology. Before joining ONE Gas, McAnnally was an officer at Energen Corporation, where he served as Vice President of External Affairs and Strategic Planning, and later as Senior Vice President of Customer Service and Marketing for its utility subsidiary, Alagasco. Prior to his time at Energen, he practiced law, representing clients in the utility, financial, and corporate sectors. He holds a Juris Doctorate from the University of Alabama and a Bachelor of Arts degree from Auburn University, and he has also attended the Executive Education Program at Harvard Business School.

Christopher P. Sighinolfi, Senior Vice President and Chief Financial Officer

Christopher P. Sighinolfi is the Senior Vice President and Chief Financial Officer of ONE Gas, responsible for the company's finance function, including accounting, tax, treasury, financial planning and analysis, investor relations, and audit services. He assumed the role of CFO on January 1, 2024, succeeding Caron A. Lawhorn. Sighinolfi joined ONE Gas in 2021 as Vice President of Corporate Development, where he focused on identifying and evaluating business investment opportunities, including asset acquisitions and divestitures, market development, and customer programs and services, while also overseeing investor relations and sustainability efforts. Before his tenure at ONE Gas, he served as Managing Director of U.S. Equity Research for Jefferies Financial Group, covering natural gas utilities, midstream companies, independent U.S. refiners, and energy Master Limited Partnerships. Prior to Jefferies, he was Director of U.S. Investment Research at UBS Investment Bank. He is a CFA Charterholder and earned a bachelor's degree in philosophy, politics, and economics from the University of Pennsylvania.

Curtis L. Dinan, Senior Vice President and Chief Operating Officer

Curtis L. Dinan serves as Senior Vice President and Chief Operating Officer of ONE Gas, with responsibility for safety, operations, and commercial activities across the company’s three natural gas distribution utilities. Upon ONE Gas's separation from ONEOK, Inc. in 2014, Dinan was appointed Senior Vice President and Chief Financial Officer. He was later promoted to Senior Vice President and Chief Commercial Officer in 2019, before assuming his current role in 2021. His prior experience includes serving as President, Natural Gas, of ONEOK Partners, where he was responsible for commercial activities in its natural gas gathering and processing and natural gas pipelines segments. From 2007 to 2011, Dinan was Senior Vice President, Chief Financial Officer, and Treasurer of ONEOK and ONEOK Partners. He joined ONEOK in 2004 as Vice President and Chief Accounting Officer, having previously been an audit partner with Arthur Andersen LLP and Grant Thornton LLP.

Mark A. Bender, Senior Vice President, Administration and Chief Information Officer

Mark A. Bender is the Senior Vice President, Administration, and Chief Information Officer for ONE Gas, overseeing information technology, cyber and physical security, process and data integrity, and enterprise services. He joined ONE Gas in 2014 as Vice President and Chief Information Officer. Before coming to ONE Gas, Bender was the Vice President of Business Systems for Chesapeake Energy, where he also held the position of Vice President of Information Technology Operations. His career also includes serving as Chief Information Officer at Oral Roberts University and Williams Communications.

Regina L. Gregory, Senior Vice President, General Counsel and Assistant Secretary

Regina L. Gregory will become Senior Vice President, General Counsel, and Assistant Secretary for ONE Gas, effective October 1, 2025. She will initially join the executive leadership team as a senior advisor to the CEO on July 16, 2025, to facilitate a smooth transition. Gregory brings extensive experience, having most recently served as Executive Vice President, General Counsel, and Corporate Secretary at Targa Resources Corp., a prominent midstream services provider in North America. Her background includes legal, regulatory, and corporate leadership roles across various energy companies, where she has managed legal departments, overseen compliance efforts, facilitated significant acquisitions and divestitures, and directed complex litigation. She also has expertise in developing sustainability strategies and engaging in government affairs.

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The key risks to ONE Gas (OGS) business primarily stem from the highly regulated nature of the natural gas distribution industry, inherent operational hazards, and evolving market dynamics including competition from alternative energy sources.

1. Regulatory and Legislative Risks: ONE Gas operates within a heavily regulated environment, and changes in federal, state, and local regulations can significantly impact its operations and financial performance. This includes environmental regulations, safety standards (such as pipeline safety and system integrity), and rate cases which dictate the rates the company can charge and its ability to recover invested capital and operating costs. The discretion of regulatory bodies in approving timely rate increases and cost recovery mechanisms directly affects the company's profitability and authorized rates of return.
2. Operational Hazards and Climate Change Impacts: The natural gas distribution business is inherently exposed to operational risks, including potential hazards such as leaks, accidents, pipeline ruptures, and equipment failures. These risks are intensified by severe weather events and the broader impacts of climate change, which can lead to increased stress on the system and service interruptions, affecting both public safety and the reliability of the distribution network. Additionally, the company faces risks from cybersecurity threats that could disrupt IT systems and operations.
3. Competition from Alternative Energy Sources and Natural Gas Price Volatility: ONE Gas faces competition from other energy sources like electricity, solar, and wind, which can influence its ability to attract and retain customers, thereby affecting revenue and market share. Fluctuations in natural gas prices can make these alternative energy options more or less appealing to consumers. Economic conditions, including inflation, high interest rates, and supply chain disruptions, further impact customer growth and overall energy consumption, posing additional market risks.

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The addressable market for ONE Gas's main product, natural gas distribution services, is the U.S. natural gas distribution market.

The U.S. natural gas distribution market was valued at approximately USD 170.0 billion in 2024, with projections to increase to USD 186.0 billion by 2032. Another estimate places the market size at USD 174.7 billion in 2024, growing to USD 222.5 billion in 2025.

ONE Gas provides natural gas distribution services to over 2.3 million customers across Kansas, Oklahoma, and Texas.

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ONE Gas (NYSE: OGS) is expected to drive future revenue growth over the next two to three years through a combination of strategic capital investments, an expanding customer base, and the implementation of new rates.

1. Rate Base Growth Driven by Capital Investments

ONE Gas plans significant capital investments, projecting approximately $750 million in 2025 and $4.0 billion over the five-year period through 2029. These investments are anticipated to result in an average annual rate base growth of 7-9% through 2029. This sustained growth in the rate base, which includes expenditures for system integrity, replacement projects, and infrastructure upgrades, forms a foundational driver for increased revenue as the company earns a regulated return on these assets.

2. Customer Growth, Particularly in Texas and Oklahoma

The company anticipates continued customer growth, with approximately $180 million of its 2025 capital investments specifically allocated for new customer extensions. This growth is largely concentrated in Texas and Oklahoma, where economic conditions are improving and driving higher customer additions. Management has consistently highlighted "supporting growing customer demand" as a key focus, and in Q2 2025, new customer additions saw a year-over-year increase of more than 9% in major metropolitan areas across their territory.

3. Impact of New Rates and Regulatory Approvals

New rates implemented in Oklahoma, Kansas, and Texas are expected to boost annual revenues. The company's 2025 earnings guidance explicitly includes the benefit of new rates. Additionally, pending rate cases, once approved, are anticipated to further enhance the top line, reinforcing the revenue stability and growth derived from ONE Gas's 100% regulated operations.

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Share Issuance

• In May 2025, ONE Gas priced a public offering of 2,500,000 shares of common stock, anticipating approximately $197.5 million in gross proceeds, with an option for underwriters to purchase an additional 375,000 shares.
• The company utilizes forward sale agreements and expects to settle roughly $245 million of outstanding equity under these agreements by year-end 2024, with approximately $30 million rolled forward for settlement in 2025.
• ONE Gas anticipates approximately $1.5 billion in net long-term financing needs through 2029, of which about 40% is expected to come from equity issuances.

Capital Expenditures

• ONE Gas projects capital expenditures, including asset removal costs, to be approximately $750 million in 2025.
• These capital expenditures are primarily focused on system integrity and replacement projects, as well as extensions to new customers, with approximately $180 million allocated for customer growth, largely in Texas and Oklahoma.
• For the five years ending 2029, total capital investments, including asset removal costs, are expected to be in the range of $750 million to $850 million per year, accumulating to approximately $4.0 billion for the period, which includes around $1.0 billion for growth capital.