ONE Gas, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with net income rising to $264.2 million, or $4.37 per diluted share, compared to $222.9 million, or $3.91 per diluted share, in 2024. Total revenues reached $2.43 billion, marking a 17% increase from $2.08 billion in the previous year. This growth was primarily driven by a substantial rise in natural gas sales, which increased by 18% to $2.20 billion, attributed to new rates and customer growth across its service areas in Oklahoma, Kansas, and Texas.
The company experienced notable operational changes, including an increase in average customer counts to approximately 2.3 million, reflecting a net addition of 23,000 new customers in both 2025 and 2024. Additionally, the total volumes of natural gas delivered rose to 374.3 million cubic feet, up from 364.2 million cubic feet in 2024. The increase in customer base and sales volumes contributed to a 15% rise in operating income, which reached $457.4 million, compared to $399 million in the prior year.
Strategically, ONE Gas has focused on infrastructure development, announcing a $120 million investment in a new pipeline project aimed at enhancing energy reliability in southeast Oklahoma. This initiative is expected to deliver over 100 billion cubic feet of natural gas annually and is projected for completion by the third quarter of 2028. The company also amended its credit agreement, increasing its capacity to $1.5 billion and extending the term to October 2030, which will support its ongoing capital investments and operational needs.
In terms of workforce, ONE Gas employed approximately 4,000 individuals as of February 1, 2026, with a commitment to fostering an inclusive and engaged work environment. The company has implemented various safety measures, achieving a Total Recordable Incident Rate (TRIR) of 1.27, which is competitive within the industry. The focus on safety and employee engagement is part of the company's broader strategy to ensure operational excellence and reliability in service delivery.
Looking ahead, ONE Gas anticipates continued growth driven by customer demand and strategic investments in infrastructure. The company remains committed to maintaining its regulatory frameworks, which allow for the recovery of costs and investments through customer rates. However, it acknowledges potential risks, including regulatory changes, economic conditions, and competition from alternative energy sources, which could impact future performance. The company plans to continue leveraging its strong market position in the natural gas distribution sector while navigating these challenges.
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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