ONE Gas, Inc. reported a significant increase in financial performance for the first quarter of 2025, with total revenues reaching $935.2 million, up from $758.3 million in the same period last year. This represents a 23.4% increase year-over-year, driven primarily by a rise in natural gas sales, which amounted to $870.4 million compared to $694.1 million in the prior year. The company's net income also saw a notable increase, rising to $119.4 million, or $1.98 per diluted share, from $99.3 million, or $1.75 per diluted share, in the first quarter of 2024.
The increase in revenue and profitability can be attributed to several factors, including a $51.9 million rise in revenue from new rates and a $2.3 million increase in residential sales due to customer growth in Oklahoma and Texas. However, these gains were partially offset by higher operating costs, including a $5.1 million increase in depreciation and amortization expenses and a $4.7 million rise in ad valorem taxes. The company also experienced a decrease of $6.5 million due to weather normalization mechanisms, despite colder weather conditions that increased demand.
Operationally, ONE Gas serves approximately 2.3 million customers across Oklahoma, Kansas, and Texas, with a slight increase in customer count from 2.29 million to 2.30 million. The company reported that it connected approximately 5,600 new customers during the first quarter of 2025, contributing to its overall growth. Additionally, total volumes delivered increased to 144.6 million cubic feet, up from 133.9 million cubic feet in the previous year, reflecting higher demand driven by colder weather.
Looking ahead, ONE Gas has outlined its strategic initiatives, including ongoing regulatory activities aimed at securing rate increases in various service areas. The company has filed for a $41.5 million base rate revenue increase in Oklahoma and additional increases in Kansas and Texas. Furthermore, ONE Gas plans to maintain its capital expenditures at approximately $750 million for 2025, focusing on infrastructure improvements and system integrity. The company remains committed to its dividend policy, having declared a dividend of $0.67 per share for shareholders of record as of May 19, 2025, payable on June 3, 2025. Overall, ONE Gas anticipates continued growth and stability in its operations, supported by its regulatory mechanisms and customer base expansion.
About ONE Gas, Inc.
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