ONE Gas, Inc. Files 8-K Report

TL;DR

ONE Gas filed an 8-K on 3/1/24 covering financials and other events.

AI Summary

On March 1, 2024, ONE Gas, Inc. filed an 8-K report. The filing primarily concerns financial statements and exhibits, along with a Regulation FD disclosure and other events. The company, incorporated in Oklahoma, is involved in natural gas distribution.

Why It Matters

This filing provides important updates and disclosures for ONE Gas, Inc. investors and stakeholders regarding the company's financial status and other material events.

Risk Assessment

Risk Level: low — This is a routine filing of financial statements and disclosures, not indicating any immediate adverse events.

Key Numbers

• 001-36108 — SEC File Number (Identifies the company's filing with the SEC.)
• 46-3561936 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• ONE Gas, Inc. (company) — Registrant
• Oklahoma (location) — State of incorporation
• March 1, 2024 (date) — Report date

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share OGS New York Stock Exchange
• $58 million — e KCC to increase its net base rates by $58 million. Since its last base rate case finalize
• $600 million — 9, Kansas Gas Service has invested over $600 million in its natural gas distribution system.
• $297 million — urcharge (GSRS), existing rates include $297 million of the $600 million. Kansas Gas Servi
• $35 million — ansas Gas Service is already recovering $35 million from customers through the GSRS, result
• $93 million — ulting in a total base rate increase of $93 million. Kansas Gas Service's request also pr
• $6.71 — ial bill will increase by approximately $6.71 for customers who typically use less na
• $9.48 — who typically use less natural gas and $9.48 for those who use more natural gas. T
• $1.4 b — . The filing represents a rate base of $1.4 billion, compared with $1.3 billion inclu
• $1.3 billion — ate base of $1.4 billion, compared with $1.3 billion included in existing base rates plus pr

Filing Documents

• ogs-20240301.htm (8-K) — 31KB
• ogs-2024kgsratecasenr.htm (EX-99.1) — 13KB
• logoletterheada98a.jpg (GRAPHIC) — 16KB
• 0001587732-24-000020.txt ( ) — 215KB
• ogs-20240301.xsd (EX-101.SCH) — 2KB
• ogs-20240301_def.xml (EX-101.DEF) — 14KB
• ogs-20240301_lab.xml (EX-101.LAB) — 27KB
• ogs-20240301_pre.xml (EX-101.PRE) — 15KB
• ogs-20240301_htm.xml (XML) — 3KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On March 1, 2024, ONE Gas, Inc. (NYSE: OGS) announced that its Kansas Gas Service division filed a request with the Kansas Corporation Commission (KCC) for an increase in its rates to recover the investments made to maintain a safe, reliable, and environmentally responsible natural gas distribution system across Kansas. A copy of the news release is attached as Exhibit 99.1 and is incorporated herein by reference. The information disclosed in Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.

01 Other Events

Item 8.01 Other Events ONE Gas, Inc. announced today that its Kansas Gas Service division filed a request with the KCC to increase its net base rates by $58 million. Since its last base rate case finalized in February 2019, Kansas Gas Service has invested over $600 million in its natural gas distribution system. Through the Gas System Reliability Surcharge (GSRS), existing rates include $297 million of the $600 million. Kansas Gas Service's request, if approved, represents a net rate increase of $58 million. Kansas Gas Service is already recovering $35 million from customers through the GSRS, resulting in a total base rate increase of $93 million. Kansas Gas Service's request also proposes new residential rate options that align with the energy used and give customers more control of their bills. If approved, the average monthly residential bill will increase by approximately $6.71 for customers who typically use less natural gas and $9.48 for those who use more natural gas. The company's filing also includes a proposed annual performance-based rate adjustment mechanism that would review rates annually to address investments and changes in operating expenses necessary to maintain safe and reliable service. The filing is based on a 10.25 percent return on equity and a 59.6 percent common equity ratio. The filing represents a rate base of $1.4 billion, compared with $1.3 billion included in existing base rates plus previously approved GSRS-eligible investments. The portion of the bill associated with the cost of gas, which represented 52 percent of the average residential bill in 2023, is not impacted by this filing. The cost of gas continues to be passed through to customers with no markup. In accordance with Kansas law, the KCC has 240 days to consider Kansas Gas Service's filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Description 99.1 News release issued by ONE Gas, Inc. dated March 1, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 3 SIGNATURE Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. ONE Gas, Inc. Date: March 1, 2024 By: /s/ Christopher P. Sighinolfi Christopher P. Sighinolfi Senior Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR