One Gas, Inc. (OGS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la distribution d'énergie, One Gas, Inc. (OGS) émerge comme un acteur pivot, naviguant stratégiquement sur le terrain complexe des services de gaz naturel dans l'Oklahoma, le Kansas et le Texas. En fabriquant méticuleusement une toile complète du modèle commercial, la société démontre une approche complexe pour fournir des solutions énergétiques fiables, efficaces et durables. Des infrastructures robustes aux stratégies innovantes d'engagement client, un gaz révèle un plan sophistiqué qui équilibre les prouesses technologiques, la conformité réglementaire et le service centré sur le client, ce qui en fait un interprète remarquable dans le secteur des services publics.

One Gas, Inc. (OGS) - Modèle d'entreprise: partenariats clés

Les entreprises de services publics et les réseaux de distribution d'énergie

One Gas, Inc. exploite trois services publics de distribution de gaz naturel réglementé desservant 2,2 millions de clients dans l'Oklahoma, le Kansas et le Texas en 2023.

Territoire de service des services publics	États couverts	Clientèle
Gaz naturel de l'Oklahoma	Oklahoma	770 000 clients
Service de gaz du Kansas	Kansas	631 000 clients
Service de gaz du Texas	Texas	799 000 clients

Entrepreneurs d'infrastructure et de maintenance de pipeline

Un gaz conserve environ 39 000 miles de pipelines de distribution de gaz naturel à travers ses territoires de service.

• Les principaux entrepreneurs de maintenance de pipeline comprennent les fournisseurs de services d'infrastructure nationale
• Investissement annuel de maintenance des pipelines: 180 à 200 millions de dollars
• La conformité à la sécurité et l'intégrité des infrastructures sont les objectifs de partenariat principal

Production et partenaires d'approvisionnement du gaz naturel

Un gaz procède au gaz naturel de plusieurs régions de production aux États-Unis.

Région d'approvisionnement en gaz	Volume annuel	Coût estimé
Bassin d'Anadarko	35% de l'offre	275 millions de dollars
Bassin permien	25% de l'offre	195 millions de dollars
Autres régions	40% de l'offre	310 millions de dollars

Agences de réglementation et organismes gouvernementaux

Un gaz collabore avec plusieurs commissions réglementaires de l'État pour garantir la conformité et les approbations des taux.

• Oklahoma Corporation Commission
• Commission Kansas Corporation
• Texas Railroad Commission

Fournisseurs de services de technologie et de logiciel

Les partenariats technologiques se concentrent sur la gestion des infrastructures et les plateformes de service client.

Zone technologique	Fournisseurs clés	Investissement annuel
Cartographie SIG	Esri	2,5 millions de dollars
Gestion des clients	Oracle	3,1 millions de dollars
Surveillance du réseau	Schneider Electric	1,8 million de dollars

One Gas, Inc. (OGS) - Modèle d'entreprise: activités clés

Distribution et transmission du gaz naturel

Un gaz sert environ 2,2 millions de clients dans 300 communautés au Kansas, à l'Oklahoma et au Texas. Le réseau total de distribution de gaz naturels s'étend sur 40 242 miles d'infrastructure de pipeline.

Type de pipeline	Kilomètres	Pression de fonctionnement
Lignes de transmission	5 672 miles	Haute pression (200-1 000 psi)
Lignes de distribution	34 570 miles	Basse pression (0,5 à 60 psi)

Maintenance des infrastructures et gestion des pipelines

Dépenses en capital annuelles pour la maintenance des infrastructures: 287,4 millions de dollars en 2022.

• Programme de gestion de l'intégrité des pipelines couvrant 100% du réseau
• Technologies de détection de fuite avancées
• Systèmes de contrôle de la corrosion complets

Service client et opérations de facturation

Les centres de service à la clientèle gèrent environ 1,8 million de comptes clients par an.

Canal de service	Interactions annuelles
Support téléphonique	742 000 appels
Portail en ligne	1,2 million d'interactions numériques

Programmes d'efficacité énergétique et de sécurité

Investissement dans les programmes de sécurité et d'efficacité: 42,3 millions de dollars en 2022.

• Mis en œuvre 127 programmes de formation en sécurité
• Effectué 3 456 inspections de maintenance préventive

Conformité réglementaire et surveillance environnementale

Dépenses de conformité: 18,6 millions de dollars en 2022.

Zone de réglementation	Métriques de conformité
Règlements de l'EPA	Taux de conformité à 100%
Normes environnementales d'État	Zéro violations importantes

One Gas, Inc. (OGS) - Modèle d'entreprise: Ressources clés

Réseau de gazoducs naturel

Un gaz exploite une infrastructure de distribution de gaz naturel complète s'étendant sur 40 756 miles de pipeline dans trois États au 31 décembre 2022.

État	Pipeline miles	Territoires de service
Oklahoma	16 525 miles	Tulsa, Oklahoma City
Kansas	12 331 miles	Wichita, Topeka
Texas	11 900 miles	Zone de Dallas-Fort Worth

Infrastructure technologique avancée

Un gaz investit considérablement dans les capacités technologiques, avec 104,2 millions de dollars investis dans les mises à niveau technologiques et d'infrastructures en 2022.

• Infrastructure de mesure avancée couvrant 100% des territoires de service
• Systèmes de surveillance des pipelines en temps réel
• Plateformes de planification des ressources d'entreprise basées sur le cloud

L'expertise de main-d'œuvre qualifiée et technique

Au 31 décembre 2022, un gaz a utilisé 2 194 employés à temps plein ayant des compétences spécialisées en distribution et technologie du gaz naturel.

Catégorie des employés	Nombre d'employés
Opérations techniques	1,042
Service client	456
Gestion	696

Capacités de capital financier et d'investissement

Ressources financières au 31 décembre 2022:

• Total des actifs: 4,42 milliards de dollars
• Équité totale: 2,01 milliards de dollars
• Dette à long terme: 1,38 milliard de dollars
• Dépenses en capital annuelles: 362,4 millions de dollars

Territoires de services géographiques

Un gaz sert environ 2,2 millions de clients dans l'Oklahoma, le Kansas et le Texas, avec une zone de service totale couvrant 68 700 miles carrés.

État	Les clients servis	Zone de service (miles à carabas)
Oklahoma	836,000	26,500
Kansas	612,000	21,200
Texas	752,000	21,000

One Gas, Inc. (OGS) - Modèle d'entreprise: propositions de valeur

Alimentation fiable et cohérente en gaz naturel

En 2024, un gaz sert environ 2,2 millions de clients dans trois États: Oklahoma, Kansas et Texas. La société exploite 39 076 miles de pipelines de transmission et de distribution de gaz naturel.

Aire de service	Nombre de clients	Pipeline miles
Oklahoma	822,000	14 532 miles
Kansas	567,000	11 324 miles
Texas	811,000	13 220 miles

Distribution d'énergie sûre et efficace

Un gaz a investi 369,3 millions de dollars dans les dépenses en capital en 2023 pour maintenir et améliorer les infrastructures, assurant une distribution d'énergie sûre et efficace.

• Taux de conformité de la sécurité: 99,8%
• Couverture d'inspection annuelle du pipeline: 100%
• Temps de réponse d'urgence: moyenne 30 minutes

Prix ​​compétitifs pour les clients résidentiels et commerciaux

Taux de gaz naturel mensuel moyen en 2024:

Segment de clientèle	Taux mensuel moyen
Résidentiel	$78.45
Commercial	$312.75

Initiatives de conservation de l'énergie et de durabilité

Un gaz a engagé 42,5 millions de dollars dans les programmes de durabilité en 2023, en se concentrant sur:

• Développement du gaz naturel renouvelable
• Stratégies de réduction des émissions de carbone
• Programmes d'efficacité énergétique

Support client et service réactif

Métriques du service client pour 2024:

Métrique	Performance
Évaluation de satisfaction du client	4.7/5
Temps de résolution des appels moyens	8,2 minutes
Taux d'adoption des services numériques	68%

One Gas, Inc. (OGS) - Modèle d'entreprise: relations avec les clients

Gestion des comptes personnels

Un gaz fournit une gestion de compte personnalisée par le biais de représentants dédiés au service client. En 2023, la société a géré environ 2,1 millions de comptes clients utilitaires dans trois États: Kansas, Oklahoma et Texas.

Métrique de gestion du compte	2023 données
Comptes clients totaux	2,1 millions
États servis	Kansas, Oklahoma, Texas
Temps de réponse moyen du service client	Moins de 3 minutes

Portails de clients en ligne et services numériques

Un gaz propose des plateformes numériques complètes pour les interactions des clients.

• Téléchargements d'applications mobiles: 387 000 au T2 2023
• Pénétration du paiement des factures en ligne: 68% du total des clients
• Caractéristiques de gestion des comptes numériques: Historique des factures, suivi de l'utilisation, planification des paiements

Canaux de support client 24/7

La société maintient plusieurs canaux de support client avec une accessibilité robuste.

Canal de support	Disponibilité	Volume de contact annuel (2023)
Support téléphonique	24/7	1,2 million d'appels
Chat Web	24/7	215 000 interactions
Assistance par e-mail	24/7	98 000 e-mails

Engagement communautaire et programmes éducatifs

Un gaz investit dans des initiatives axées sur la communauté et une éducation à la sécurité.

• Investissement communautaire annuel: 3,2 millions de dollars
• Programmes d'éducation à la sécurité: 127 présentations scolaires en 2023
• Subventions communautaires distribuées: 42 organisations locales

Stratégies de facturation et de communication transparentes

La société met l'accent sur les pratiques de facturation et de communication claires et transparentes.

Métrique de transparence de facturation	Performance de 2023
Taux de précision moyen des factures	99.7%
Temps de règlement des différends de facturation	Moins de 5 jours ouvrables
Canaux de communication	E-mail, SMS, courrier physique, portail en ligne

One Gas, Inc. (OGS) - Modèle d'entreprise: canaux

Site Web en ligne et applications mobiles

One Gas exploite une plate-forme numérique complète sur Onegas.com, servant des clients en Oklahoma, au Kansas et au Texas. En 2023, le site Web traite environ 1,2 million de paiements mensuels de factures en ligne et de demandes de service.

Métriques de plate-forme numérique	Volume annuel
Paiements de factures en ligne	14,4 millions de transactions
Téléchargements d'applications mobiles	387 000 utilisateurs actifs

Centres d'appels de service client

Un gaz conserve trois principaux centres d'appels de service à la clientèle situés à Tulsa, Oklahoma; Wichita, Kansas; et Dallas, Texas.

• Volume d'appel annuel: 2,1 millions d'interactions client
• Temps de résolution moyenne des appels: 4,7 minutes
• Évaluation de satisfaction du client: 88,3%

Centres de services physiques locaux

L'entreprise exploite 42 centres de services physiques dans ses territoires opérationnels, fournissant un support client et des services publics en personne.

Distribution du centre de service	Nombre d'emplacements
Oklahoma	18 centres
Kansas	12 centres
Texas	12 centres

Plates-formes de facturation et de paiement numériques

Un gaz prend en charge plusieurs canaux de paiement numériques, y compris des portails en ligne, des applications mobiles et des systèmes de paiement tiers.

• Volume de paiement du portail en ligne: 68% du total des transactions clients
• Pourcentage de paiement de l'application mobile: 22% du total des transactions
• Plates-formes de paiement tierces: 10% des transactions

Méthodes de marketing et de communication directes

L'entreprise utilise des stratégies de communication numériques et traditionnelles ciblées pour engager les clients.

Canal de communication	Portée annuelle
E-mail marketing	1,5 million de clients
Publication de publication	890 000 ménages
Engagement des médias sociaux	215 000 abonnés

One Gas, Inc. (OGS) - Modèle d'entreprise: segments de clientèle

Consommateurs de gaz naturel résidentiel

En 2022, un gaz sert environ 2,2 millions de clients résidentiels dans trois États: l'Oklahoma, le Kansas et le Texas.

État	Clients résidentiels	Consommation annuelle moyenne
Oklahoma	722,000	834 therms / an
Kansas	618,000	792 Therms / An
Texas	860,000	910 Therms / An

Utilisateurs d'énergie commerciale et industrielle

Un gaz sert environ 215 000 clients commerciaux et industriels dans ses territoires de service.

• Consommation annuelle moyenne de gaz naturel commercial moyen: 6 500 therms
• Les clients industriels représentent 18% du volume total de la distribution du gaz naturel
• Revenus commerciaux et industriels totaux en 2022: 387,4 millions de dollars

Entités municipales et gouvernementales

Un gaz fournit des services de gaz naturel à plus de 500 installations municipales et gouvernementales dans ses régions de service.

Type de client	Nombre de clients	Dépenses de gaz annuelles
Bâtiments municipaux	342	24,6 millions de dollars
Installations gouvernementales	168	15,3 millions de dollars

Entreprises et opérations agricoles

Les clients agricoles représentent 5% de la clientèle totale d'un gaz, avec environ 45 000 comptes agricoles.

• Consommation annuelle moyenne de gaz naturel annuel: 12 000 therms
• Revenu total des clients agricoles en 2022: 89,2 millions de dollars
• Secteurs agricoles primaires servis: irrigation, séchage des cultures, opérations de serre

Organisations de gestion des services publics et de l'énergie

Un gaz collabore avec 72 organisations de gestion des services publics et de l'énergie dans ses territoires de service.

Type d'organisation	Nombre de partenariats	Revenus collaboratifs annuels
Entreprises de gestion de l'énergie	42	67,5 millions de dollars
Partenaires de coordination des services publics	30	53,2 millions de dollars

One Gas, Inc. (OGS) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures de pipeline

Les coûts annuels de maintenance des pipelines pour One Gas, Inc. en 2023 ont totalisé 89,4 millions de dollars. La société exploite environ 40 700 miles de pipelines de distribution de gaz naturel à travers le Texas, l'Oklahoma et le Kansas.

Catégorie de maintenance	Coût annuel
Inspection des pipelines	24,6 millions de dollars
Réparation et remplacement	42,3 millions de dollars
Prévention de la corrosion	22,5 millions de dollars

Frais opérationnels et administratifs

Les dépenses opérationnelles totales pour One Gas, Inc. en 2023 étaient de 472,1 millions de dollars.

• Opérations de service à la clientèle: 43,2 millions de dollars
• Facturation et lecture du compteur: 31,7 millions de dollars
• Coûts administratifs généraux: 67,5 millions de dollars

Investissements technologiques et de services numériques

L'investissement technologique pour 2023 a atteint 37,8 millions de dollars.

Zone d'investissement technologique	Dépense
Infrastructure numérique	18,6 millions de dollars
Cybersécurité	9,2 millions de dollars
Systèmes de gestion des clients	10,0 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 ont totalisé 26,5 millions de dollars.

• Conformité à la sécurité: 12,3 millions de dollars
• Règlements environnementaux: 8,7 millions de dollars
• Rapports réglementaires fédéraux et étatiques: 5,5 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés en 2023 étaient de 203,6 millions de dollars.

Catégorie de compensation	Coût annuel
Salaires de base	156,7 millions de dollars
Avantages	32,4 millions de dollars
Formation et développement	14,5 millions de dollars

One Gas, Inc. (OGS) - Modèle d'entreprise: Strots de revenus

Frais de distribution du gaz naturel résidentiel

En 2022, un gaz a rapporté des revenus de distribution de gaz naturel résidentiel de 1,02 milliard de dollars. Le client résidentiel moyen a payé environ 652 $ par an pour les services de gaz naturel.

Catégorie de revenus résidentiel	Montant ($)
Revenus de distribution résidentielle totale	1,020,000,000
Facture annuelle moyenne des clients	652

Frais de service d'énergie commerciale et industrielle

Les clients commerciaux et industriels ont généré 785 millions de dollars de revenus de service pour un gaz en 2022.

Catégorie de revenus commerciaux / industriels	Montant ($)
Revenus de services d'énergie commerciale totale	785,000,000

Revenus de transport d'énergie et de transmission

Les revenus du transport d'énergie ont totalisé 412 millions de dollars pour l'exercice 2022.

Frais de connexion du service des services publics

Un gaz collecté 43,2 millions de dollars dans les frais de connexion des services utilitaires en 2022.

Incitations du programme d'efficacité énergétique

Les revenus du programme d'efficacité énergétique équivalaient à 18,5 millions de dollars en 2022.

Flux de revenus	Revenu total ($)
Distribution résidentielle	1,020,000,000
Services commerciaux / industriels	785,000,000
Revenus de transport	412,000,000
Frais de connexion de service	43,200,000
Incitations à l'efficacité énergétique	18,500,000
Total des sources de revenus	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.