ONE Gas
ONE Gas is a 100% regulated natural gas distribution utility serving over 2.3 million residential, commercial, industrial, transportation, and wholesale customers across Kansas, Oklahoma, and Texas through three state divisions operating 45,400 miles of pipeline.
- Company typePublic
- Founded2014
- HeadquartersTulsa, United States
- Headcount1,001–5,000
- GTM typeB2C
- OfferingServices
What ONE Gas does
ONE Gas, Inc. (NYSE: OGS) is a 100% regulated natural gas distribution utility that serves approximately 2.3 million residential, commercial, industrial, transportation, and wholesale customers across Kansas, Oklahoma, and Texas through three state-based operating divisions: Kansas Gas Service (72% Kansas market share, ~653,000 customers, 13,400 miles of pipeline), Oklahoma Natural Gas (89% Oklahoma market share, ~931,000 customers, 20,400 miles of pipeline, founded 1906), and Texas Gas Service (13% Texas market share, ~711,000 customers, 11,600 miles of pipeline). The company operates 45,400 miles of distribution and transmission mains combined with 60.8 Bcf of storage capacity, supported by an authorized rate base of $5.81 billion (as of December 31, 2025) expected to grow to an average of $6.3 billion in 2026.
The company's core product is regulated natural gas distribution, delivered through owned pipeline infrastructure within state-granted exclusive service territories. Pricing is set by state utility commissions via base rate cases and surcharge mechanisms (GSRS in Kansas, PBRC in Oklahoma, GRIP in Texas), with weather normalization riders that insulate approximately 70% of fixed charges from temperature and volume volatility. Cost of natural gas is recovered through pass-through regulatory mechanisms and does not affect operating income, so reported revenue scales with commodity prices while net margin reflects regulated rate base returns. ONE Gas also offers a Direct Stock Purchase and Dividend Reinvestment Plan for shareholders.
ONE Gas was created in February 2014 when ONEOK, Inc. spun off its natural gas distribution business; it trades on the NYSE (added a dual listing on NYSE Texas in November 2025) and is included in the S&P MidCap 400 Index. Growth is driven by a $4.3 billion five-year capital plan through 2030, customer additions in housing and commercial developments, and the pursuit of large-load industrial and data center demand. The company has achieved 12 consecutive years of dividend increases and reports 2026 EPS guidance of $4.65-$4.77 GAAP / $4.83-$4.95 adjusted, supported by constructive regulatory frameworks across all three states.
ONE Gas firmographics
Firmographics- Name
- ONE Gas
- Legal name
- ONE Gas, Inc.
- Website
- https://onegas.com
- Company type
- Public
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- ONE Gas is a 100% regulated natural gas distribution utility serving over 2.3 million residential, commercial, industrial, transportation, and wholesale customers across Kansas, Oklahoma, and Texas through three state divisions operating 45,400 miles of pipeline.
- Ownership category
- akta.pro rank
ONE Gas industry classification
Industry- Product category
- Natural Gas Distribution Utilities
- NAICS
- Natural Gas Distribution (22121), Natural Gas Distribution (2212), Pipeline Transportation of Natural Gas (4862)
- SIC
- Natural Gas Distribution (4924), Natural Gas Transmisison & Distribution (4923)
- akta.pro primary industry
- Local Distribution Company (LDC) Natural Gas Distribution Utilities (TLAGADAA)
- akta.pro secondary industries
- Regulated Natural Gas Utility (LDC) Customer Acquisition & Switching (EUAAADAA), Gas Mains (Distribution Pipelines) (EUAJABAA), Residential Natural Gas Sales & Customer Growth (EUAAADAD)
Keywords
Where ONE Gas is headquartered
LocationHeadquarters
- HQ city
- Tulsa
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
ONE Gas business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Natural Gas Distribution Services: ONE Gas generates revenue primarily through regulated natural gas distribution services. The company charges customers for gas delivery through its pipeline network, with revenues derived from residential, commercial, industrial, transportation, and wholesale customers. Revenue includes natural gas sales (approximately $769.9 million in Q1 2026), transportation revenues (approximately $40.1 million), securitization customer charges, and other revenues. Cost of natural gas is passed through to customers through regulatory mechanisms and does not impact operating income.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Regulated natural gas distribution rates set by state utility commissions |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
ONE Gas product offering
Product offeringCore offering
ONE Gas is a 100% regulated natural gas distribution utility that delivers natural gas to approximately 2.3 million residential, commercial, industrial, transportation, and wholesale customers across Kansas, Oklahoma, and Texas. The company operates 45,400 miles of distribution mains and transmission pipelines with 60.8 Bcf of storage capacity through three divisions: Kansas Gas Service, Oklahoma Natural Gas, and Texas Gas Service. Revenue is generated through regulated distribution rates set by state utility commissions, with cost of natural gas passed through to customers without affecting operating income.
Product overview
ONE Gas is a 100% regulated natural gas utility company that operates as a single integrated business delivering natural gas distribution services. The company operates through three state-based divisions: Kansas Gas Service (the largest in Kansas), Oklahoma Natural Gas (the largest in Oklahoma), and Texas Gas Service (the third largest in Texas). Together these divisions serve approximately 2.3 million customers across the three states, operating over 45,400 miles of natural gas distribution and transmission pipelines. The company also offers a Direct Stock Purchase and Dividend Reinvestment Plan for shareholder investment services.
Differentiator
Problem solved
Functional benefit
Products and services
- Natural Gas Distribution Services Regulated natural gas distribution services including natural gas sales, transportation, and delivery to residential, commercial, industrial, transportation, and wholesale customers across Kansas, Oklahoma, and Texas.
- Kansas Gas Service The largest natural gas distributor in Kansas, serving approximately 653,000 customers with 13,400 miles of distribution mains and transmission pipelines, holding 72% market share in the state.
- Oklahoma Natural Gas The largest natural gas distributor in Oklahoma, serving approximately 931,000 customers with 20,400 miles of distribution mains and transmission pipelines, holding 89% market share.
- Texas Gas Service The third largest natural gas distributor in Texas in terms of customers, serving approximately 711,000 customers with 11,600 miles of distribution mains and transmission pipelines, holding 13% market share.
- Direct Stock Purchase and Dividend Reinvestment Plan
Quantifiable outcome
- Net income of $128.7 million in Q1 2026, up 7.8% year-over-year
- +6 more outcomes
Companies that use ONE Gas
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles4 records
ONE Gas technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
ONE Gas partnerships and signals
Strategic signalScale indicators12 records
Recent moves8 records
Expansion highlights5 records
ONE Gas competitors and assessment
Company assessmentDirect peers
- Northwest Natural Gas Company: Northwest Natural Holding operates NW Natural, a regulated natural gas distribution utility serving Oregon, Washington, and Idaho. Comparable LDC utility with residential customer concentration and weather-sensitive demand patterns.
- Atmos Energy Corporation: Atmos Energy is one of the largest pure-play natural gas distribution utilities in the U.S., serving Texas and other states. Direct comparable with similar rate base growth, regulatory mechanisms, and gas-only business model.
- Southwest Gas Holdings: Southwest Gas Holdings operates natural gas distribution utilities serving Arizona, Nevada, and California. Direct comparable LDC utility with similar regulatory business model, weather-sensitive residential customer base, and rate base growth strategy.
- New Jersey Resources: New Jersey Resources operates New Jersey Natural Gas, a regulated LDC. Comparable regulated gas distribution utility with similar business model, though smaller scale and concentrated in one state.
- Spire Inc. Spire operates natural gas distribution utilities serving Missouri, Alabama, and Mississippi. Closely comparable regulated gas LDC with similar customer mix, weather normalization mechanisms, and infrastructure replacement capex profile.
- Chesapeake Utilities Corporation: Chesapeake Utilities operates regulated natural gas distribution utilities in Delaware, Maryland, Florida, and Ohio, plus natural gas transmission. Comparable smaller-scale LDC utility with similar regulatory and growth characteristics.
Broad incumbents
- National Grid plc: National Grid operates regulated natural gas and electric distribution networks in the U.S. (New York, Massachusetts) and U.K. Larger international utility with comparable gas distribution business model and rate-regulated returns.
- CenterPoint Energy: CenterPoint Energy operates both natural gas distribution and electric transmission/distribution businesses across multiple states including Texas, Louisiana, and Minnesota. Larger multi-utility peer with overlapping gas distribution operations in Texas.
- WGL Holdings / Washington Gas (AltaGas subsidiary): Washington Gas, now part of AltaGas, operates as a regulated natural gas distribution utility serving Virginia, Maryland, and D.C. Comparable LDC business with similar customer base and regulatory framework, though now part of a larger Canadian parent.
- Sempra: Sempra is a major utility holding company with natural gas distribution at SoCalGas and SDG&E electric operations. Larger broad-utility peer with significant gas distribution franchise in California serving as a reference point for valuation and growth.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
ONE Gas social profiles
Digital presenceONE Gas financial estimates
Financial estimateRevenue estimate
Valuation estimate
ONE Gas leadership team
Management profileNumber of profiles
Profiles8 records
ONE Gas subsidiaries and ownership
Company hierarchySubsidiaries3 records
ONE Gas funding detail
Funding detailFunding overview
Funding rounds5 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ONE Gas M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ONE Gas
What does ONE Gas do?
ONE Gas is a 100% regulated natural gas distribution utility that delivers natural gas to approximately 2.3 million residential, commercial, industrial, transportation, and wholesale customers across Kansas, Oklahoma, and Texas. The company operates 45,400 miles of distribution mains and transmission pipelines with 60.8 Bcf of storage capacity through three divisions: Kansas Gas Service, Oklahoma Natural Gas, and Texas Gas Service. Revenue is generated through regulated distribution rates set by state utility commissions, with cost of natural gas passed through to customers without affecting operating income.
Is ONE Gas a public or private company?
ONE Gas is a public company. It is classified as public and is currently operating.
When was ONE Gas founded?
ONE Gas was founded in 2014. It employs 1,001 to 5,000 people.
Where is ONE Gas based?
ONE Gas is headquartered in Tulsa, United States, in the North America region.
How does ONE Gas make money?
One revenue line is on record: natural Gas Distribution Services.
Who are ONE Gas's main competitors?
Direct peers on record are Northwest Natural Gas Company, Atmos Energy Corporation, Southwest Gas Holdings, New Jersey Resources, Spire Inc. and Chesapeake Utilities Corporation. Broad incumbents are National Grid plc, CenterPoint Energy, WGL Holdings / Washington Gas (AltaGas subsidiary) and Sempra.
Does ONE Gas have an API?
No public API is recorded for ONE Gas.
What industry is ONE Gas in?
ONE Gas's product category is Natural Gas Distribution Utilities. Its primary akta.pro industry code is TLAGADAA, Local Distribution Company (LDC) Natural Gas Distribution Utilities, with a secondary code of EUAAADAA, Regulated Natural Gas Utility (LDC) Customer Acquisition & Switching. Its NAICS code is 22121 and its SIC code is 4924.