ONE Gas, Inc. reported significant financial growth in its latest quarterly results, with total revenues reaching $423.7 million for the three months ended June 30, 2025, compared to $354.1 million in the same period last year, marking a 19.6% increase. For the first half of 2025, revenues totaled $1.36 billion, up from $1.11 billion in the prior year, reflecting a 22.1% increase. The company's net income also saw a rise, with $32.0 million, or $0.53 per diluted share, for the second quarter, compared to $27.2 million, or $0.48 per diluted share, in the previous year. For the six months, net income was $151.5 million, or $2.51 per diluted share, compared to $126.6 million, or $2.23 per diluted share, in 2024.
The increase in revenue and profitability can be attributed to several factors, including higher natural gas sales, which rose to $364.2 million in the second quarter from $298.4 million a year earlier, and increased transportation revenues. The company also benefited from new rates implemented across its service areas, contributing an additional $21.1 million to operating income for the quarter. Operating income for the second quarter was $71.9 million, up from $69.3 million in the same period last year.
In terms of operational developments, ONE Gas expanded its customer base, serving approximately 2.3 million customers across Oklahoma, Kansas, and Texas. The average number of customers increased by 18, with approximately 5,800 new connections made in the second quarter alone. The company also reported a total of 67.6 million cubic feet (MMcf) of natural gas delivered during the quarter, slightly down from 68.2 MMcf in the previous year, indicating stable demand despite fluctuations in weather conditions.
Strategically, ONE Gas has been active in the capital markets, entering into a forward sale agreement for 2.5 million shares of common stock in May 2025, with plans for settlement by December 31, 2026. The company also declared a dividend of $0.67 per share in August 2025, reflecting its commitment to returning value to shareholders. Looking ahead, ONE Gas anticipates continued growth driven by infrastructure investments and regulatory initiatives, including new rate cases filed in Texas and Kansas, which are expected to enhance revenue streams in the coming quarters. The company maintains a strong liquidity position, with a total debt-to-capital ratio of 50.7% as of June 30, 2025, and compliance with all covenants under its credit agreement.
About ONE Gas, Inc.
One Gas, Inc. is a regulated natural gas distribution utility serving approximately 2.3 million customers across Oklahoma, Kansas, and Texas. It provides safe, reliable, and affordable energy through its three divisions, focusing on infrastructure safety, operational efficiency, and customer service. The company emphasizes safety, technology, and regulatory compliance to maintain its core value of delivering natural gas as a foundational energy source.
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