ONE Gas

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.

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

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

• Natural gas distribution
• Regulated utility services
• Pipeline infrastructure
• Residential gas supply
• Utility rate base

Headquarters

HQ city

Tulsa

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core 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

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct 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

• Xx.com/onegasinc
• Facebookfacebook.com/onegasincorporated
• LinkedInlinkedin.com/company/one-gas

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ONE Gas