ONE Gas, Inc. (OGS): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la distribución de energía, One Gas, Inc. (OGS) emerge como un jugador fundamental, navegando estratégicamente el complejo terreno de los servicios de gas natural en Oklahoma, Kansas y Texas. Al crear meticulosamente un lienzo de modelo comercial integral, la compañía demuestra un enfoque intrincado para ofrecer soluciones de energía confiables, eficientes y sostenibles. Desde una infraestructura sólida hasta estrategias innovadoras de participación del cliente, un gas revela un plan sofisticado que equilibra la destreza tecnológica, el cumplimiento regulatorio y el servicio centrado en el cliente, lo que lo convierte en un artista destacado en el sector de servicios públicos.

One Gas, Inc. (OGS) - Modelo de negocios: asociaciones clave

Empresas de servicios públicos locales y redes de distribución de energía

One Gas, Inc. opera a través de tres utilidades reguladas de distribución de gas natural que atienden a 2.2 millones de clientes en Oklahoma, Kansas y Texas a partir de 2023.

Territorio de servicio de servicios públicos	Estados cubiertos	Base de clientes
Gas natural de Oklahoma	Oklahoma	770,000 clientes
Servicio de gas de Kansas	Kansas	631,000 clientes
Servicio de gas de Texas	Texas	799,000 clientes

Contratistas de infraestructura y mantenimiento de tuberías

Un gas mantiene aproximadamente 39,000 millas de tuberías de distribución de gas natural en sus territorios de servicio.

• Los principales contratistas de mantenimiento de tuberías incluyen proveedores de servicios de infraestructura nacionales
• Inversión anual de mantenimiento de la tubería: $ 180-200 millones
• El cumplimiento de la seguridad y la integridad de la infraestructura son objetivos de asociación principal

Producción de gas natural y socios de suministro

Un gas adquiere gas natural de múltiples regiones de producción en los Estados Unidos.

Región de suministro de gas	Volumen anual	Costo estimado
Cuenca de Anadarko	35% de la oferta	$ 275 millones
Cuenca del permisa	25% de la oferta	$ 195 millones
Otras regiones	40% del suministro	$ 310 millones

Agencias reguladoras y organismos gubernamentales

Un gas colabora con múltiples comisiones regulatorias estatales para garantizar el cumplimiento y las aprobaciones de tarifas.

• Comisión de la Corporación de Oklahoma
• Comisión de Kansas Corporation
• Comisión ferroviaria de Texas

Proveedores de servicios de tecnología y software

Las asociaciones tecnológicas se centran en la gestión de infraestructura y las plataformas de servicio al cliente.

Área tecnológica	Proveedores clave	Inversión anual
Mapeo de SIG	Esri	$ 2.5 millones
Gestión de clientes	Oráculo	$ 3.1 millones
Monitoreo de red	Schneider Electric	$ 1.8 millones

One Gas, Inc. (OGS) - Modelo de negocio: actividades clave

Distribución y transmisión de gas natural

Un gas atiende a aproximadamente 2.2 millones de clientes en 300 comunidades en Kansas, Oklahoma y Texas. La red total de distribución de gas natural abarca 40,242 millas de infraestructura de tuberías.

Tipo de tubería	Millas	Presión de funcionamiento
Líneas de transmisión	5.672 millas	Alta presión (200-1,000 psi)
Líneas de distribución	34,570 millas	Baja presión (0.5-60 psi)

Mantenimiento de infraestructura y gestión de tuberías

Gasto anual de capital para mantenimiento de infraestructura: $ 287.4 millones en 2022.

• Programa de gestión de integridad de tuberías que cubre el 100% de la red
• Tecnologías avanzadas de detección de fugas
• Sistemas de control de corrosión integrales

Servicio al cliente y operaciones de facturación

Los centros de servicio al cliente manejan aproximadamente 1,8 millones de cuentas de clientes anualmente.

Canal de servicio	Interacciones anuales
Soporte telefónico	742,000 llamadas
Portal en línea	1,2 millones de interacciones digitales

Programas de eficiencia energética y seguridad

Inversión en programas de seguridad y eficiencia: $ 42.3 millones en 2022.

• Implementado 127 programas de capacitación en seguridad
• Realizó 3.456 inspecciones de mantenimiento preventivo

Cumplimiento regulatorio y monitoreo ambiental

Gasto de cumplimiento: $ 18.6 millones en 2022.

Área reguladora	Métricas de cumplimiento
Regulaciones de la EPA	Tasa de cumplimiento del 100%
Estándares ambientales estatales	Cero violaciones significativas

One Gas, Inc. (OGS) - Modelo de negocio: recursos clave

Extensa red de tuberías de gas natural

One Gas opera una infraestructura integral de distribución de gas natural que abarca 40,756 millas de tubería en tres estados al 31 de diciembre de 2022.

Estado	Millas de tubería	Territorios de servicio
Oklahoma	16,525 millas	Tulsa, Oklahoma City
Kansas	12,331 millas	Wichita, Topeka
Texas	11,900 millas	Área de Dallas-Fort Worth

Infraestructura tecnológica avanzada

Un gas invierte significativamente en capacidades tecnológicas, con $ 104.2 millones invertidos en tecnología e actualizaciones de infraestructura en 2022.

• Infraestructura de medición avanzada que cubre el 100% de los territorios de servicio
• Sistemas de monitoreo de tuberías en tiempo real
• Plataformas de planificación de recursos empresariales basados ​​en la nube

Fuerza laboral calificada y experiencia técnica

Al 31 de diciembre de 2022, un gas empleaba a 2.194 empleados a tiempo completo con habilidades especializadas en distribución y tecnología de gas natural.

Categoría de empleado	Número de empleados
Operaciones técnicas	1,042
Servicio al cliente	456
Gestión	696

Capacidades de capital financiero y de inversión

Recursos financieros al 31 de diciembre de 2022:

• Activos totales: $ 4.42 mil millones
• Equidad total: $ 2.01 mil millones
• Deuda a largo plazo: $ 1.38 mil millones
• Gastos de capital anuales: $ 362.4 millones

Territorios de servicio geográfico

Un gas atiende a aproximadamente 2.2 millones de clientes en Oklahoma, Kansas y Texas, con un área de servicio total que cubre 68,700 millas cuadradas.

Estado	Clientes atendidos	Área de servicio (millas SQ)
Oklahoma	836,000	26,500
Kansas	612,000	21,200
Texas	752,000	21,000

One Gas, Inc. (OGS) - Modelo de negocio: propuestas de valor

Suministro de gas natural confiable y consistente

A partir de 2024, un gas atiende a aproximadamente 2.2 millones de clientes en tres estados: Oklahoma, Kansas y Texas. La compañía opera 39,076 millas de tuberías de transmisión y distribución de gas natural.

Vía de Servício	Número de clientes	Millas de tubería
Oklahoma	822,000	14,532 millas
Kansas	567,000	11,324 millas
Texas	811,000	13,220 millas

Distribución de energía segura y eficiente

Un gas invirtió $ 369.3 millones en gastos de capital en 2023 para mantener y mejorar la infraestructura, asegurando una distribución de energía segura y eficiente.

• Tasa de cumplimiento de seguridad: 99.8%
• Cobertura anual de inspección de la tubería: 100%
• Tiempo de respuesta de emergencia: promedio de 30 minutos

Precios competitivos para clientes residenciales y comerciales

Tasas promedio de gas natural mensual en 2024:

Segmento de clientes	Tarifa mensual promedio
Residencial	$78.45
Comercial	$312.75

Iniciativas de conservación de energía y sostenibilidad

Un gas comprometió $ 42.5 millones a programas de sostenibilidad en 2023, centrándose en:

• Desarrollo de gas natural renovable
• Estrategias de reducción de emisiones de carbono
• Programas de eficiencia energética

Atención al cliente y servicio receptivo

Métricas de servicio al cliente para 2024:

Métrico	Actuación
Calificación de satisfacción del cliente	4.7/5
Tiempo de resolución de llamadas promedio	8.2 minutos
Tasa de adopción del servicio digital	68%

One Gas, Inc. (OGS) - Modelo de negocio: relaciones con los clientes

Gestión de cuentas personales

One GAS proporciona una gestión de cuentas personalizada a través de representantes dedicados de servicio al cliente. En 2023, la compañía administró aproximadamente 2.1 millones de cuentas de clientes de servicios públicos en tres estados: Kansas, Oklahoma y Texas.

Métrica de gestión de cuentas	2023 datos
Cuentas totales de clientes	2.1 millones
Estados atendidos	Kansas, Oklahoma, Texas
Tiempo de respuesta promedio de servicio al cliente	Menos de 3 minutos

Portales de clientes en línea y servicios digitales

One Gas ofrece plataformas digitales integrales para las interacciones del cliente.

• Descargas de aplicaciones móviles: 387,000 a partir del cuarto trimestre 2023
• Penetración de pago de facturas en línea: 68% del total de clientes
• Características de gestión de cuentas digitales: historial de facturas, seguimiento de uso, programación de pagos

Canales de atención al cliente 24/7

La compañía mantiene múltiples canales de atención al cliente con accesibilidad sólida.

Canal de soporte	Disponibilidad	Volumen de contacto anual (2023)
Soporte telefónico	24/7	1.2 millones de llamadas
Chat web	24/7	215,000 interacciones
Soporte por correo electrónico	24/7	98,000 correos electrónicos

Programas de participación comunitaria y educación

One Gas invierte en iniciativas centradas en la comunidad y educación en seguridad.

• Inversión comunitaria anual: $ 3.2 millones
• Programas de educación sobre seguridad: 127 presentaciones escolares en 2023
• Subvenciones comunitarias distribuidas: 42 organizaciones locales

Estrategias de facturación y comunicación transparentes

La compañía enfatiza las prácticas claras y transparentes de facturación y comunicación.

Métrica de transparencia de facturación	2023 rendimiento
Tasa de precisión de factura promedio	99.7%
Tiempo de resolución de disputas de facturación	Menos de 5 días hábiles
Canales de comunicación	Correo electrónico, SMS, correo físico, portal en línea

One Gas, Inc. (OGS) - Modelo de negocio: canales

Sitio web en línea y aplicaciones móviles

One Gas opera una plataforma digital integral en OneGas.com, que sirve a los clientes en Oklahoma, Kansas y Texas. A partir de 2023, el sitio web procesa aproximadamente 1.2 millones de pagos mensuales de facturas en línea y solicitudes de servicio.

Métricas de plataforma digital	Volumen anual
Pagos de facturas en línea	14,4 millones de transacciones
Descargas de aplicaciones móviles	387,000 usuarios activos

Centros de llamadas de servicio al cliente

One Gas mantiene tres centros de llamadas de servicio al cliente principales ubicados en Tulsa, Oklahoma; Wichita, Kansas; y Dallas, Texas.

• Volumen anual de llamadas: 2.1 millones de interacciones con el cliente
• Tiempo de resolución de llamadas promedio: 4.7 minutos
• Calificación de satisfacción del cliente: 88.3%

Centros de servicio físico local

La compañía opera 42 centros de servicios físicos en sus territorios operativos, proporcionando servicios de atención al cliente y servicios de servicios públicos en persona.

Distribución del centro de servicio	Número de ubicaciones
Oklahoma	18 centros
Kansas	12 centros
Texas	12 centros

Plataformas de facturación y pago digital

Un GAS admite múltiples canales de pago digital, incluidos portales en línea, aplicaciones móviles y sistemas de pago de terceros.

• Volumen de pago del portal en línea: 68% de las transacciones totales del cliente
• Porcentaje de pago de la aplicación móvil: 22% de las transacciones totales
• Plataformas de pago de terceros: 10% de las transacciones

Métodos de marketing directo y comunicación

La compañía utiliza estrategias de comunicación digitales y tradicionales específicas para involucrar a los clientes.

Canal de comunicación	Alcance anual
Marketing por correo electrónico	1.5 millones de clientes
Correo directo	890,000 hogares
Compromiso de las redes sociales	215,000 seguidores

One Gas, Inc. (OGS) - Modelo de negocio: segmentos de clientes

Consumidores de gas natural residencial

A partir de 2022, un gas sirve a aproximadamente 2.2 millones de clientes residenciales en tres estados: Oklahoma, Kansas y Texas.

Estado	Clientes residenciales	Consumo anual promedio
Oklahoma	722,000	834 Terms/Año
Kansas	618,000	792 Terms/Año
Texas	860,000	910 Terms/Año

Usuarios de energía comercial e industrial

Un gas atiende a aproximadamente 215,000 clientes comerciales e industriales en sus territorios de servicio.

• Consumo promedio de gas natural comercial anual: 6.500 Terms
• Los clientes industriales representan el 18% del volumen total de distribución de gas natural
• Ingresos comerciales e industriales totales en 2022: $ 387.4 millones

Entidades municipales y gubernamentales

One Gas brinda servicios de gas natural a más de 500 instalaciones municipales y gubernamentales en sus regiones de servicio.

Tipo de cliente	Número de clientes	Gasto anual de gas
Edificios municipales	342	$ 24.6 millones
Instalaciones gubernamentales	168	$ 15.3 millones

Empresas y operaciones agrícolas

Los clientes agrícolas representan el 5% de la base total de clientes de un gas, con aproximadamente 45,000 cuentas agrícolas.

• Consumo promedio anual de gas natural agrícola: 12,000 Terms
• Ingresos totales de los clientes agrícolas en 2022: $ 89.2 millones
• Sectores agrícolas primarios servidos: riego, secado de cultivos, operaciones de invernadero

Organizaciones de gestión de servicios públicos y de energía

Un gas colabora con 72 organizaciones de gestión de servicios públicos y energía en sus territorios de servicio.

Tipo de organización	Número de asociaciones	Ingresos colaborativos anuales
Empresas de gestión de energía	42	$ 67.5 millones
Socios de coordinación de servicios públicos	30	$ 53.2 millones

One Gas, Inc. (OGS) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de tuberías

Los costos anuales de mantenimiento de la tubería para One Gas, Inc. en 2023 totalizaron $ 89.4 millones. La compañía opera aproximadamente 40,700 millas de tuberías de distribución de gas natural en Texas, Oklahoma y Kansas.

Categoría de mantenimiento	Costo anual
Inspección de la tubería	$ 24.6 millones
Reparación y reemplazo	$ 42.3 millones
Prevención de corrosión	$ 22.5 millones

Gastos operativos y administrativos

Los gastos operativos totales para One Gas, Inc. en 2023 fueron de $ 472.1 millones.

• Operaciones de servicio al cliente: $ 43.2 millones
• Facturación y lectura del medidor: $ 31.7 millones
• Costos administrativos generales: $ 67.5 millones

Inversiones de tecnología y servicios digitales

La inversión tecnológica para 2023 alcanzó los $ 37.8 millones.

Área de inversión tecnológica	Gasto
Infraestructura digital	$ 18.6 millones
Ciberseguridad	$ 9.2 millones
Sistemas de gestión de clientes	$ 10.0 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 totalizaron $ 26.5 millones.

• Cumplimiento de seguridad: $ 12.3 millones
• Regulaciones ambientales: $ 8.7 millones
• Informes regulatorios federales y estatales: $ 5.5 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados en 2023 fueron de $ 203.6 millones.

Categoría de compensación	Costo anual
Salarios base	$ 156.7 millones
Beneficios	$ 32.4 millones
Capacitación y desarrollo	$ 14.5 millones

One Gas, Inc. (OGS) - Modelo de negocio: flujos de ingresos

Tarifas de distribución de gas natural residencial

En 2022, un gas reportó ingresos de distribución de gas natural residencial de $ 1.02 mil millones. El cliente residencial promedio pagó aproximadamente $ 652 anualmente por servicios de gas natural.

Categoría de ingresos residenciales	Monto ($)
Ingresos de distribución residencial total	1,020,000,000
Factura anual promedio de clientes	652

Cargos de servicio de energía comercial e industrial

Los clientes comerciales e industriales generaron $ 785 millones en ingresos por servicios para un gas en 2022.

Categoría de ingresos comerciales/industriales	Monto ($)
Ingresos totales de servicio de energía comercial	785,000,000

Transporte de energía e ingresos por transmisión

Los ingresos de transporte de energía totalizaron $ 412 millones para el año fiscal 2022.

Tarifas de conexión de servicio de servicios públicos

Un gas recolectado $ 43.2 millones en tarifas de conexión de servicio de servicios públicos durante 2022.

Incentivos del programa de eficiencia energética

Los ingresos del programa de eficiencia energética ascendieron a $ 18.5 millones en 2022.

Flujo de ingresos	Ingresos totales ($)
Distribución residencial	1,020,000,000
Servicios comerciales/industriales	785,000,000
Ingresos de transporte	412,000,000
Tarifas de conexión de servicio	43,200,000
Incentivos de eficiencia energética	18,500,000
Flujos de ingresos totales	2,278,700,000

ONE Gas, Inc. (OGS) - Canvas Business Model: Value Propositions

You're looking at the core promises ONE Gas, Inc. (OGS) makes to its customers and the market, which are heavily backed by capital deployment and operational performance as of late 2025. These aren't just marketing points; they are commitments funded by significant investment dollars.

The foundation of the value proposition is the reliable and safe delivery of natural gas. This isn't abstract; it's measurable. For instance, ONE Gas, Inc. has secured the 8th consecutive AGA safety award for maintaining the lowest rate of serious injury in its peer group. That kind of consistency in safety is a direct value proposition for every customer relying on the system.

Then there's the energy economics. You know that for many uses, especially heating, natural gas remains a powerful value driver. ONE Gas, Inc. is actively working to strengthen its roughly 3:1 affordability advantage over electricity as an energy source, a key selling point in its service territories across Kansas, Oklahoma, and Texas. This competitive pricing helps secure long-term demand.

To ensure this reliability and affordability for the future, the company is pouring capital into its infrastructure. For 2025 alone, ONE Gas, Inc. estimated capital investments, including asset removal costs, to be approximately $750 million, with a significant portion targeted directly at system integrity and replacement projects. To give you context on the scale of this commitment, they replaced over 450 miles of transmission, main, and service lines just in 2024. Looking ahead, the plan for 2026 is even larger, with approximately $800 million budgeted for capital investment.

This investment in system health goes hand-in-hand with supporting growth. The value proposition here is enabling new development. For 2025, capital investments specifically earmarked for extensions to new customers were projected to be around $180 million, driven by opportunities in Texas and Oklahoma. This supports the ongoing expansion of service to the approximately 2.3 million customers the utility serves. The growth momentum is real; as of April 30, 2025, the company recorded approximately 24,000 new meter sets on a trailing twelve-month basis.

Here's a quick snapshot of the key financial and operational metrics underpinning these value propositions:

Value Proposition Metric	2025 Projection/Actual (as of late 2025)	Comparative/Historical Data
System Integrity & Replacement Capex	Approximately $750 million in 2025	$800 million planned for 2026
Service Extension Capex	Approximately $180 million in 2025	450 miles of pipeline replaced in 2024
Customer Base Size	Approximately 2.3 million customers	24,000 new meter sets (TTM as of April 30, 2025)
Affordability Advantage	Strengthening roughly 3:1 over electricity	8th consecutive AGA safety award

You can see the focus is dual: maintaining the existing, safe system while actively building out capacity for new demand. The regulated nature of the business means that these capital expenditures are generally recoverable through the rate base, which itself is projected to see average annual growth of 7% to 9% through 2029. This regulatory framework helps ensure the company can fund these value-delivering investments.

The concrete ways ONE Gas, Inc. delivers on its promises include:

• Achieving the 8th consecutive AGA safety award.
• Targeting $750 million in 2025 capital for system integrity.
• Investing $180 million in 2025 for service extensions.
• Serving approximately 2.3 million customers across three states.

Finance: draft 13-week cash view by Friday.

ONE Gas, Inc. (OGS) - Canvas Business Model: Customer Relationships

You're running a regulated utility, so your customer relationship is fundamentally different from a competitive business; it's about mandated service and regulatory compliance. That's the reality for ONE Gas, Inc. (OGS).

Regulated service agreements with minimal direct competition

ONE Gas, Inc. operates as a 100-percent regulated natural gas utility, which means the relationship is defined by service territory exclusivity rather than market share battles. The company serves more than 2.3 million customers across Kansas, Oklahoma, and Texas. This translates to market dominance in key areas: the largest gas distributor in Kansas and Oklahoma, and the third largest in Texas by customer count. The stability of this relationship is underpinned by the regulated structure, which allows for cost recovery through approved rates.

The scale of the customer base and the nature of the service mean customer interaction is constant, even if the competitive pressure is low. Here's a snapshot of the operational scale:

Metric	Value	Context/Source Year
Total Customers Served	More than 2.3 million	Late 2025
Average Rate Base Projection	$6.3 billion	2026 Projection
New Meter Sets (TTM)	~24,000	As of August 31, 2025

Dedicated customer service centers for billing and outage support

The day-to-day relationship hinges on reliable service delivery, especially during emergencies. While specific call center statistics aren't public in the same way as financial guidance, the operational focus is clear: maintaining service quality across its divisions-Kansas Gas Service, Oklahoma Natural Gas, and Texas Gas Service. The company's commitment to system integrity, with planned capital investments of approximately $800 million in 2026, directly supports the reliability customers expect for billing and outage support.

Public and regulatory engagement for rate case transparency

Transparency with regulators and the public is key to maintaining the regulated agreement. ONE Gas, Inc. actively engages in rate case filings to ensure timely recovery of capital investments, which supports growth and system safety. You see this engagement through several filings in 2025:

• Oklahoma Natural Gas filed for a $41.5 million adjustment in February 2025.
• Kansas Gas Service secured a $7.2 million increase approved in July 2025.
• Texas Gas Service had GRIP filings approved in May 2025, totaling $23.6 million ($15.4 million + $8.2 million).
• A partial settlement in the Texas rate case on November 19, 2025, resulted in a $15 million revenue increase.
• Texas Gas Service also filed a larger rate case in June 2025 requesting a $41.1 million revenue increase.

The next full rate case is scheduled for Oklahoma in 2027. This cadence of filings is how the company manages the customer relationship within the regulatory framework.

Community giving and corporate responsibility programs

Beyond the meter, ONE Gas, Inc. manages its relationship through corporate citizenship. The latest reported figures show a strong commitment to the communities it serves:

• Community giving totaled $3.3 million in 2024.
• Employees, retirees, and families contributed over 10,000 volunteer hours in 2024.
• The company has achieved an 8th consecutive year of American Gas Association safety recognition.

On the environmental side, which impacts community perception, ONE Gas reduced Scope 1 emissions by 51%, keeping it on track for its 2035 goal of a 55% reduction. That's a tangible commitment to the local environment.

Finance: draft 13-week cash view by Friday.

ONE Gas, Inc. (OGS) - Canvas Business Model: Channels

You're looking at how ONE Gas, Inc. (OGS) physically and digitally connects with the people who need their natural gas service. For a regulated utility, the channel strategy is all about reliable infrastructure and accessible customer touchpoints. It's a mix of old-school pipes and wires and modern digital tools.

The core of the channel is the physical delivery system, which directly serves over 2.3 million customers across three distinct, regulated utility divisions. This scale means the field service teams are constantly active, managing maintenance, new installations, and, critically, emergency response across vast territories in Kansas, Oklahoma, and Texas. The company is actively investing in this physical channel; for 2025, capital investments for extensions to new customers are estimated to be approximately $180 million, supporting the growth you see in their service area.

The growth in the customer base is measurable, too. As of the Trailing Twelve Months (TTM) ending August 31, 2025, ONE Gas, Inc. added approximately 24,000 new meter sets, showing the physical channel is expanding to meet demand driven by manufacturing projects and general economic development in their key markets.

Here's a quick look at how those customers are segmented across the regulated utility channels:

Utility Division Channel	Primary State(s)	Market Position (by Customer Count)	Market Share
Oklahoma Natural Gas	Oklahoma	Largest Distributor	89%
Kansas Gas Service	Kansas	Largest Distributor	71%
Texas Gas Service	Texas	Third Largest Distributor	13%

Beyond the physical pipes, the digital channels are essential for customer interaction and efficiency. While I don't have the exact active user count for late 2025, the focus on digital self-service is clear, especially given the operational context. The company is driving customers toward its online portals and mobile apps for routine tasks.

These digital channels are used for:

• Processing billing payments.
• Managing service requests and inquiries.
• Accessing account information.

The field service teams represent the final, crucial channel for direct interaction. These teams are the boots on the ground, responsible for system integrity projects-they replaced over 450 miles of transmission, main, and service lines in 2024 alone-along with all new installations and critical emergency response across the service territory. This physical presence is backed by the overall 2025 capital investment estimate of approximately $750 million, much of which flows into maintaining and extending these service channels.

The success of these channels directly impacts the financial results you're tracking; for instance, year-to-date 2025 net income reached $177.9 million, and the narrowed 2025 diluted EPS guidance sits between $4.34 to $4.40, reflecting the stability derived from these regulated service delivery methods. Finance: draft 13-week cash view by Friday.

ONE Gas, Inc. (OGS) - Canvas Business Model: Customer Segments

ONE Gas, Inc. provides natural gas distribution services to approximately 2.3 million customers across its service territories in Kansas, Oklahoma, and Texas.

The customer base is segmented into several distinct groups, with residential customers representing the largest segment by count.

The company's largest natural gas distribution markets, which host a significant portion of these residential customers, are concentrated in major metro areas:

• Oklahoma City and Tulsa, Oklahoma
• Kansas City, Wichita, and Topeka, Kansas
• Austin and El Paso, Texas

The company also serves commercial and industrial businesses that depend on a reliable gas supply for their operations. Furthermore, ONE Gas, Inc. supports wholesale and transportation customers, which is evidenced by the 2024 delivered volumes: 221,032 MMcf was delivered in transportation volumes, compared to 143,164 MMcf in sales volumes for that year.

Growth in the customer base is an ongoing focus, with 23,000 new customer connections added in the 2024 fiscal year. For the first quarter of 2025, the company reported approximately 5,600 new connections. The growth in residential sales in the second quarter of 2025 was due primarily to net customer growth in Oklahoma and Texas.

The geographic concentration of the customer base within the operating divisions highlights market penetration:

Division	Primary State(s)	Market Share (Customer Count)
Oklahoma Natural Gas	Oklahoma	Serves 89% of natural gas distribution customers in Oklahoma
Kansas Gas Service	Kansas	Serves 71% of natural gas distribution customers in Kansas
Texas Gas Service	Texas	Serves 13% of natural gas distribution customers in Texas

The high-growth markets, specifically Oklahoma City, Tulsa, Austin, and El Paso, are key areas for capital investment targeted at extending service to new customers, with capital investments for extensions expected to be approximately $180 million for 2025.

ONE Gas, Inc. (OGS) - Canvas Business Model: Cost Structure

You're looking at the core costs that fuel ONE Gas, Inc. (OGS)'s regulated utility operations as of late 2025. For a capital-intensive business like this, the cost structure is dominated by maintaining and expanding the physical network that delivers natural gas to its customers.

High capital expenditures (CapEx) for system integrity and replacement represent a massive, non-negotiable cost. This spending is crucial for safety, reliability, and meeting regulatory requirements. The company has a clear, multi-year plan backing this up. For the full year 2025, ONE Gas, Inc. (OGS) still expects capital expenditures and asset removal costs to be approximately $750 million. This is slightly lower than the $762.1 million spent in the full year 2024. For the first nine months of 2025, the actual spend on capital expenditures and asset removal costs reached $575.4 million.

The cost structure is also heavily influenced by ongoing operating expenses, which cover the day-to-day running of the business. For the third quarter of 2025, total operating expenses were reported at $237.1 million. A significant portion of this relates to the workforce and local taxation.

Here's a breakdown of key operating cost movements year-to-date through September 30, 2025, compared to the prior year:

• Increase in employee-related costs: $12.8 million.
• Increase in ad valorem taxes: $13.8 million.

To give you a sense of the scale, for the full year 2024, the increase in employee-related costs was $22.9 million, and the increase in ad valorem taxes was $6.9 million.

Depreciation and amortization expense directly reflects the massive capital investments made over time. This non-cash charge is a significant cost component. For the nine months ended September 30, 2025, the increase in depreciation and amortization expense was $16.8 million, primarily driven by additional capital investment. Just for the third quarter of 2025, this expense increased by $4.8 million compared to Q3 2024.

Finally, servicing the debt used to fund this infrastructure is a major cash outflow. Interest expense on debt financing is a predictable, though variable, cost. For the third quarter of 2025, ONE Gas, Inc. (OGS) incurred net interest expenses of $35.4 million. As of September 30, 2025, the total long-term debt (excluding current maturities) stood at $2.36 billion, down from $2.39 billion at the end of 2024. The company anticipates total net long-term financing needs of approximately $1.5 billion for the period 2025 through 2029.

You can see the relative scale of some of these costs based on the latest reported quarter and year-to-date figures:

Cost Component	Period	Amount (USD)
Capital Expenditures (YTD)	Nine Months Ended Sept 30, 2025	$575.4 million
Capital Expenditures (Full Year Projection)	2025	$750 million
Total Operating Expenses	Q3 2025	$237.1 million
Depreciation & Amortization Expense (Increase YTD)	Nine Months Ended Sept 30, 2025	$16.8 million
Net Interest Expense	Q3 2025	$35.4 million
Total Long-Term Debt (Excl. Current Maturities)	As of Sept 30, 2025	$2.36 billion

Finance: draft 13-week cash view by Friday.

ONE Gas, Inc. (OGS) - Canvas Business Model: Revenue Streams

The revenue generation for ONE Gas, Inc. is fundamentally tied to its status as a regulated natural gas distribution utility, which means its pricing structure is not set purely by market forces but by regulatory approval. This forms the bedrock of its revenue streams.

The primary source is Regulated base rates and tariffs approved by state commissions across its operating territories in Oklahoma, Kansas, and Texas. This regulated structure, coupled with more than 92% of its customer base being residential, offers strong visibility into future earnings.

A significant driver of recent financial performance has been the successful implementation of rate adjustments. Revenue from new rates provided an increase of approximately $92.2 million year-to-date for the nine months ended September 30, 2025, when looking at operating income. This year-to-date figure is composed of several regulatory actions across the service territories.

ONE Gas, Inc. utilizes specific regulatory mechanisms to ensure the timely recovery of its capital investments and support ongoing growth. These include:

• Performance-Based Rate Change (PBRC) mechanism in Oklahoma.
• Gas System Reliability Surcharge (GSRS) in Kansas.
• Gas Reliability Infrastructure Program (GRIP) in Texas.

Specifically regarding regulatory filings in 2025, you can see the magnitude of these rate-based revenue adjustments:

Regulatory Action/Filing Entity	Request/Approved Amount (Annual Revenue Increase)	Status/Effective Period
Oklahoma Natural Gas (PBRC filing)	Requested $41.5 million base rate increase plus incentives.	Filed February 2025.
Kansas Gas Service (GSRS)	Approved $7.2 million increase.	Approved July 2025, effective August 2025.
Texas Gas Service (Rate Case)	Requested $41.1 million revenue increase.	Partial settlement reached for $15 million increase.

Sales revenue is also generated from customer activity, particularly in its key growth areas. The company expected capital investments for extensions to new customers, supporting this growth, to be approximately $180 million in 2025. The impact of this customer growth is visible in the year-to-date operating income figures. For the nine months ended September 30, 2025, residential sales revenue, due primarily to net customer growth in Oklahoma and Texas, contributed an additional $5.3 million to operating income. The third quarter alone saw an increase of $1.4 million from this same driver.

To give you a snapshot of the top-line revenue figures reflecting these streams as of late 2025:

Metric	Amount
Q3 2025 Revenue	$379.1 million
Revenue (TTM) as of Q3 2025	$2.37 Billion USD
Year-over-Year Revenue Growth (TTM)	15.06%

You should note that while the year-to-date operating income increase from new rates was $92.2 million, the third-quarter operating income increase from new rates specifically was $19.2 million. This shows the staggered impact of regulatory approvals throughout the year.