-- advances in technology, including technologies that increase efficiency
or that improve electricity's competitive position relative to natural
gas;
-- population growth rates and changes in the demographic patterns of the
markets we serve in Oklahoma, Kansas and Texas, and economic conditions
in these areas;
-- acts of nature and naturally occurring disasters;
-- political unrest and the potential effects of threatened or actual
terrorism and war;
-- the sufficiency of insurance coverage to cover losses;
-- the effects of our strategies to reduce tax payments;
-- changes in accounting standards;
-- changes in corporate governance standards;
-- existence of material weaknesses in our internal controls;
-- our ability to comply with all covenants in our indentures and the ONE
Gas Credit Agreement, a violation of which, if not cured in a timely
manner, could trigger a default of our obligations;
-- our ability to attract and retain talented employees, management and
directors, and shortage of skilled-labor;
-- unexpected increases in the costs of providing health care benefits,
along with pension and postemployment health care benefits, as well as
declines in the discount rates on, declines in the market value of the
debt and equity securities of, and increases in funding requirements for,
our defined benefit plans; and
-- our ability to successfully complete merger, acquisition or divestiture
plans, regulatory or other limitations imposed as a result of a merger,
acquisition or divestiture, and the success of the business following a
merger, acquisition or divestiture.
These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in Part 1, Item 1A, Risk Factors, in our Annual Report. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
APPENDIX
---------------------------------------------------------------------------------------------------------
ONE Gas, Inc.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
September 30, June 30,
(Unaudited) 2024 2023 2024 2023
-------------- ------------------- ------------------- ---------------------- ----------------------
(Thousands of dollars, except per share amounts)
Total revenues $ 340,398 $ 335,816 $ 1,452,855 $ 1,766,073
Cost of natural
gas 59,632 70,910 514,593 866,950
Operating
expenses
Operations and
maintenance 130,743 121,623 385,258 366,921
Depreciation
and
amortization 72,126 68,435 221,247 207,246
General taxes 18,448 17,645 57,023 54,501
--------------- ------------------- ------------------- ---------------------- ----------------------
Total operating
expenses 221,317 207,703 663,528 628,668
--------------- ------------------- ------------------- ---------------------- ----------------------
Operating
income 59,449 57,203 274,734 270,455
--------------- ------------------- ------------------- ---------------------- ----------------------
Other income,
net 2,982 55 7,322 4,810
Interest
expense, net (39,148) (27,961) (107,475) (85,561)
--------------- ------------------- ------------------- ---------------------- ----------------------
Income before
income taxes 23,283 29,297 174,581 189,704
--------------- ------------------- ------------------- ---------------------- ----------------------
Income taxes (4,015) (4,108) (28,753) (29,205)
--------------- ------------------- ------------------- ---------------------- ----------------------
Net income $ 19,268 $ 25,189 $ 145,828 $ 160,499
=============== =================== =================== ====================== ======================
Earnings per
share
Basic $ 0.34 $ 0.45 $ 2.57 $ 2.89
Diluted $ 0.34 $ 0.45 $ 2.56 $ 2.87
=============== =================== =================== ====================== ======================
Average shares
(thousands)
Basic 56,825 55,624 56,768 55,576
Diluted 57,093 55,975 56,906 55,897
=============== =================== =================== ====================== ======================
Dividends
declared per
share of
stock $ 0.66 $ 0.65 $ 1.98 $ 1.95
=============== =================== =================== ====================== ======================
APPENDIX
----------------------------------------------------------------------------
ONE Gas, Inc.
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
(Unaudited) 2024 2023
------------------------------------ ------------------ ------------------
Assets (Thousands of dollars)
Property, plant and equipment
Property, plant and equipment $ 8,937,502 $ 8,468,967
Accumulated depreciation and
amortization 2,432,659 2,333,755
------------------------------------ ------------------ ------------------
Net property, plant and equipment 6,504,843 6,135,212
------------------------------------ ------------------ ------------------
Current assets
Cash and cash equivalents 18,797 18,835
Restricted cash and cash
equivalents 9,961 20,552
------------------------------------ ------------------ ------------------
Total cash, cash equivalents and
restricted cash and cash
equivalents 28,758 39,387
Accounts receivable, net 176,248 347,864
Materials and supplies 94,392 77,649
Natural gas in storage 180,795 187,097
Regulatory assets 130,854 75,308
Other current assets 79,455 37,899
------------------------------------ ------------------ ------------------
Total current assets 690,502 765,204
------------------------------------ ------------------ ------------------
Goodwill and other assets
Regulatory assets 269,925 287,906
Securitized intangible asset, net 272,510 293,619
Goodwill 157,953 157,953
Other assets 143,692 131,100
------------------------------------ ------------------ ------------------
Total goodwill and other assets 844,080 870,578
------------------------------------ ------------------ ------------------
Total assets $ 8,039,425 $ 7,770,994
==================================== ================== ==================
APPENDIX
----------------------------------------------------------------------------
ONE Gas, Inc.
CONSOLIDATED BALANCE SHEETS
(Continued)
September 30, December 31,
(Unaudited) 2024 2023
---------------------------- ---------------------- ----------------------
Equity and Liabilities (Thousands of dollars)
Equity and long-term debt
Common stock, $0.01 par
value: authorized
250,000,000 shares;
issued and outstanding
55,655,255 shares at
September 30, 2024;
issued and outstanding
56,545,924 shares at
December 31, 2023 $ 567 $ 565
Paid-in capital 2,042,568 2,028,755
(MORE TO FOLLOW) Dow Jones Newswires
November 04, 2024 16:15 ET (21:15 GMT)
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