Regulatory rate-setting risk
Revenue and earnings depend on approved base rates, allowed returns, and recovery mechanisms in each state.
- Scope
- Oklahoma, Kansas, Texas
- Materiality
- high
ONE Gas, Inc.
ONE Gas, Inc. is a regulated natural gas distribution utility headquartered in Tulsa, Oklahoma. Through its operating utilities in Oklahoma, Kansas, and Texas, the company delivers natural gas to residential, commercial, industrial, and transportation customers.
0.60
0.60
| % | |
|---|---|
| Natural gas distribution | 85% Delivery of natural gas through local utility networks to end-use customers. |
| Natural gas transportation | 5% Tariff-based transport of customer-owned gas through the utility system. |
| Regulatory and pass-through charges | 8% Customer charges tied to approved regulatory recovery mechanisms and securitization. |
| Other utility revenues | 2% Miscellaneous service charges and other regulated utility revenues. |
ONE Gas serves end users that rely on local gas distribution networks for heating, cooking, and other energy needs...
- Residential customersprimary
Households buying gas delivery for space heating, water heating, cooking, and drying; this is the core customer base.
- Commercial customersprimary
Businesses and institutions using gas for heating and operational energy needs under regulated service tariffs.
- Industrial customerssecondary
Larger users that may buy transportation service and source gas separately while paying for delivery.
- Transportation customerssecondary
Customers that contract for gas transport rather than bundled commodity supply, often under negotiated tariffs.
The company operates in Oklahoma, Kansas, and Texas, with major customer concentrations in Oklahoma City, Tulsa, Kansas...
- •Oklahoma is the largest market and home to Oklahoma Natural Gas
- •Kansas is served through Kansas Gas Service and includes securitization exposure
- •Texas is served through Texas Gas Service and faces more local competition
- •Operations are concentrated in major metro areas across the three states
- •Geography matters because rates, weather, and regulation vary by state
ONE Gas focuses on operating a safe, reliable, and fully regulated distribution system while investing in...
01
Safety and system integrityshort-term
A regulated utility depends on safe operations and reliable infrastructure to retain regulatory trust and customer confidence.
02
Regulated rate recoverymedium-term
Earnings depend on approved rates, allowed returns, and timely recovery of costs through regulatory mechanisms.
03
Customer and load growthmedium-term
Adding customers and expanding service territory supports rate base growth and spreads fixed utility costs.
04
Operational efficiencymedium-term
A large regulated network requires disciplined execution to control operating complexity and support service quality.
ONE Gas faces regulatory, operational, and market risks typical of a regulated gas utility...
Weather and usage volatility
Variable charges depend on consumption, which is affected by heating demand and weather normalization.
- Scope
- All service territories
- Materiality
- high
Operational and safety incidents
Distribution utilities face physical hazards, service interruptions, and potential environmental or liability claims.
- Scope
- Pipeline and distribution network
- Materiality
- high
Cybersecurity and critical infrastructure threats
Attacks on IT/OT systems could disrupt operations, expose data, and trigger regulatory or legal costs.
- Scope
- Information systems and utility operations
- Materiality
- high
Energy substitution and competition
Electricity and other energy sources compete with natural gas for new equipment installations and customer choice.
- Scope
- Residential and small commercial markets
- Materiality
- high
Unbilled revenue estimation
Affects accounts receivable and revenue timing
Regulated pass-through gas costs
Inflates top line without equivalent operating margin impact
Weather normalization and usage estimates
Quarterly revenue comparability and earnings volatility
Securitization accounting
Separates recovery of extraordinary costs from normal utility rates
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: 29/04/2026