ONE Gas Reports Q3 Earnings and Raises Guidance

ONE Gas Inc ( (OGS) ) has released its Q3 earnings. Here is a breakdown of the information ONE Gas Inc presented to its investors.

ONE Gas, Inc. is a fully regulated natural gas utility company, included in the S&P MidCap 400 Index, serving over 2.3 million customers across Kansas, Oklahoma, and Texas through its divisions, Kansas Gas Service, Oklahoma Natural Gas, and Texas Gas Service.

In its third-quarter 2024 earnings report, ONE Gas, Inc. announced a decline in net income compared to the previous year but highlighted an increase in operating income. The company also adjusted its 2024 earnings guidance upward, signaling a strategic focus on strengthening financial health and operational efficiency.

Key financial highlights include a third-quarter net income of $19.3 million, or $0.34 per diluted share, down from $25.2 million, or $0.45 per diluted share, in the same period last year. Operating income saw an increase to $59.5 million, attributed largely to revenue growth from new rates. The company raised its full-year diluted EPS guidance to a range of $3.85 to $3.95, reflecting a positive outlook. Furthermore, capital expenditures rose to $197.7 million, aimed at maintaining system integrity and expanding services.

Strategic developments were marked by agreements to increase credit capacity and a significant settlement in Texas Gas Service’s Central-Gulf rate case, which could enhance revenue streams. The issuance of additional senior notes also positioned ONE Gas to better manage its financial obligations and investments.

Looking ahead, ONE Gas remains committed to delivering stable financial outcomes, with a focus on customer service and strategic positioning for future opportunities. The company’s upward adjustment of its financial guidance reflects confidence in its operational strategies and market position moving into the fourth quarter of 2024.