(Date of report) | |||||
(Date of earliest event reported) | October 30, 2023 |
(State or other jurisdiction | (Commission | (IRS Employer | ||||||||||||
of incorporation) | File Number) | Identification No.) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||||||||
The information disclosed in Items 2.02 and 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. | ||||||||
Item 2.02 | Results of Operations and Financial Condition | |||||||
On October 30, 2023, we announced our results of operations for the quarter ended September 30, 2023. The news release is furnished as Exhibit 99.1 and incorporated by reference herein. | ||||||||
Item 7.01 | Regulation FD Disclosure | |||||||
On October 30, 2023, we announced our results of operations for the quarter ended September 30, 2023, narrowed our 2023 earnings guidance and announced that our board of directors declared a cash dividend of 65 cents per share of common stock. The news release is furnished as Exhibit 99.1 and is incorporated by reference herein. | ||||||||
Item 8.01 | Other Events | |||||||
On October 30, 2023, our board of directors declared a cash dividend of 65 cents per share of common stock, payable December 1, 2023, to shareholders of record at the close of business on November 15, 2023. | ||||||||
Item 9.01 | Financial Statements and Exhibits | |||||||
(d) | Exhibits | |||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
ONE Gas, Inc. | |||||||||||
Date: | October 30, 2023 | By: | /s/ Caron A. Lawhorn | ||||||||
Caron A. Lawhorn Senior Vice President and Chief Financial Officer |
October 30, 2023 | Analyst Contact: | Erin Dailey 918-947-7411 | |||||||||
Media Contact: | Leah Harper 918-947-7123 |
September 30, 2023 | |||||||||||
Maturity | Shares Sold | Net Proceeds Available (in thousands) | Forward Price | ||||||||
At-the-Market Equity Program | |||||||||||
December 29, 2023 | 289,403 | $ | 21,839 | $ | 75.46 | ||||||
December 31, 2024 | 926,465 | 74,143 | $ | 80.03 | |||||||
Total At-the-Market Equity Program | 1,215,868 | 95,982 | $ | 78.94 | |||||||
Equity Forward Agreements | |||||||||||
December 29, 2023 | 1,400,000 | 107,382 | $ | 76.70 | |||||||
December 31, 2024 | 600,000 | 46,021 | $ | 76.70 | |||||||
December 31, 2024 | 1,200,000 | 88,581 | $ | 73.82 | |||||||
December 31, 2024 | 180,000 | 13,279 | $ | 73.77 | |||||||
Total Equity Forward Agreement | 3,380,000 | 255,263 | $ | 75.52 | |||||||
Total forward sale agreements | 4,595,868 | $ | 351,245 | $ | 76.43 |
ONE Gas, Inc. | ||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
(Thousands of dollars, except per share amounts) | ||||||||||||||||||||||||||
Total revenues | $ | 335,816 | $ | 359,363 | $ | 1,766,073 | $ | 1,759,797 | ||||||||||||||||||
Cost of natural gas | 70,910 | 126,197 | 866,950 | 954,394 | ||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Operations and maintenance | 121,623 | 113,832 | 366,921 | 339,506 | ||||||||||||||||||||||
Depreciation and amortization | 68,435 | 55,234 | 207,246 | 167,414 | ||||||||||||||||||||||
General taxes | 17,645 | 17,048 | 54,501 | 52,105 | ||||||||||||||||||||||
Total operating expenses | 207,703 | 186,114 | 628,668 | 559,025 | ||||||||||||||||||||||
Operating income | 57,203 | 47,052 | 270,455 | 246,378 | ||||||||||||||||||||||
Other income (expense), net | 55 | 793 | 4,810 | (7,335) | ||||||||||||||||||||||
Interest expense, net | (27,961) | (19,551) | (85,561) | (51,466) | ||||||||||||||||||||||
Income before income taxes | 29,297 | 28,294 | 189,704 | 187,577 | ||||||||||||||||||||||
Income taxes | (4,108) | (4,593) | (29,205) | (32,867) | ||||||||||||||||||||||
Net income | $ | 25,189 | $ | 23,701 | $ | 160,499 | $ | 154,710 | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||
Basic | $ | 0.45 | $ | 0.44 | $ | 2.89 | $ | 2.86 | ||||||||||||||||||
Diluted | $ | 0.45 | $ | 0.44 | $ | 2.87 | $ | 2.85 | ||||||||||||||||||
Average shares (thousands) | ||||||||||||||||||||||||||
Basic | 55,624 | 54,310 | 55,576 | 54,164 | ||||||||||||||||||||||
Diluted | 55,975 | 54,482 | 55,897 | 54,282 | ||||||||||||||||||||||
Dividends declared per share of stock | $ | 0.65 | $ | 0.62 | $ | 1.95 | $ | 1.86 | ||||||||||||||||||
ONE Gas, Inc. | ||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||
September 30, | December 31, | |||||||||||||
(Unaudited) | 2023 | 2022 | ||||||||||||
Assets | (Thousands of dollars) | |||||||||||||
Property, plant and equipment | ||||||||||||||
Property, plant and equipment | $ | 8,284,972 | $ | 7,834,557 | ||||||||||
Accumulated depreciation and amortization | 2,299,294 | 2,205,717 | ||||||||||||
Net property, plant and equipment | 5,985,678 | 5,628,840 | ||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | 9,192 | 9,681 | ||||||||||||
Restricted cash and cash equivalents | 8,846 | 8,446 | ||||||||||||
Total cash, cash equivalents and restricted cash and cash equivalents | 18,038 | 18,127 | ||||||||||||
Accounts receivable, net | 177,467 | 553,834 | ||||||||||||
Materials and supplies | 74,918 | 70,873 | ||||||||||||
Natural gas in storage | 204,407 | 269,205 | ||||||||||||
Regulatory assets | 64,161 | 275,572 | ||||||||||||
Other current assets | 25,374 | 29,997 | ||||||||||||
Total current assets | 564,365 | 1,217,608 | ||||||||||||
Goodwill and other assets | ||||||||||||||
Regulatory assets | 302,164 | 330,831 | ||||||||||||
Securitized intangible asset, net | 302,081 | 323,838 | ||||||||||||
Goodwill | 157,953 | 157,953 | ||||||||||||
Other assets | 120,206 | 117,326 | ||||||||||||
Total goodwill and other assets | 882,404 | 929,948 | ||||||||||||
Total assets | $ | 7,432,447 | $ | 7,776,396 | ||||||||||
ONE Gas, Inc. | ||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(Continued) | ||||||||||||||
September 30, | December 31, | |||||||||||||
(Unaudited) | 2023 | 2022 | ||||||||||||
Equity and Liabilities | (Thousands of dollars) | |||||||||||||
Equity and long-term debt | ||||||||||||||
Common stock, $0.01 par value: authorized 250,000,000 shares; issued and outstanding 55,450,481 shares at September 30, 2023; issued and outstanding 55,349,954 shares at December 31, 2022 | $ | 555 | $ | 553 | ||||||||||
Paid-in capital | 1,943,536 | 1,932,714 | ||||||||||||
Retained earnings | 703,361 | 651,863 | ||||||||||||
Accumulated other comprehensive loss | (705) | (704) | ||||||||||||
Total equity | 2,646,747 | 2,584,426 | ||||||||||||
Other long-term debt, excluding current maturities, net of issuance costs | 1,580,552 | 2,352,400 | ||||||||||||
Securitized utility tariff bonds, excluding current maturities, net of issuance costs | 282,049 | 309,343 | ||||||||||||
Total long-term debt, excluding current maturities, net of issuance costs | 1,862,601 | 2,661,743 | ||||||||||||
Total equity and long-term debt | 4,509,348 | 5,246,169 | ||||||||||||
Current liabilities | ||||||||||||||
Current maturities of other long-term debt | 772,911 | 12 | ||||||||||||
Current maturities of securitized utility tariff bonds | 27,514 | 20,716 | ||||||||||||
Notes payable | 326,950 | 552,000 | ||||||||||||
Accounts payable | 168,648 | 360,493 | ||||||||||||
Accrued taxes other than income | 67,527 | 78,352 | ||||||||||||
Regulatory liabilities | 62,807 | 47,867 | ||||||||||||
Customer deposits | 66,993 | 57,854 | ||||||||||||
Other current liabilities | 78,348 | 72,125 | ||||||||||||
Total current liabilities | 1,571,698 | 1,189,419 | ||||||||||||
Deferred credits and other liabilities | ||||||||||||||
Deferred income taxes | 733,206 | 698,456 | ||||||||||||
Regulatory liabilities | 509,435 | 529,441 | ||||||||||||
Employee benefit obligations | 19,642 | 19,587 | ||||||||||||
Other deferred credits | 89,118 | 93,324 | ||||||||||||
Total deferred credits and other liabilities | 1,351,401 | 1,340,808 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Total liabilities and equity | $ | 7,432,447 | $ | 7,776,396 |
ONE Gas, Inc. | ||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
Nine Months Ended | ||||||||||||||
September 30, | ||||||||||||||
(Unaudited) | 2023 | 2022 | ||||||||||||
(Thousands of dollars) | ||||||||||||||
Operating activities | ||||||||||||||
Net income | $ | 160,499 | $ | 154,710 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 207,246 | 167,414 | ||||||||||||
Deferred income taxes | 14,733 | (21,498) | ||||||||||||
Share-based compensation expense | 9,259 | 8,286 | ||||||||||||
Provision for doubtful accounts | 7,164 | 3,885 | ||||||||||||
Proceeds from government securitization of winter weather event costs | 197,366 | 1,330,582 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable | 369,203 | 149,533 | ||||||||||||
Materials and supplies | (4,045) | (12,074) | ||||||||||||
Natural gas in storage | 64,798 | (163,731) | ||||||||||||
Asset removal costs | (48,779) | (34,386) | ||||||||||||
Accounts payable | (189,663) | (84,404) | ||||||||||||
Accrued taxes other than income | (10,825) | 6,352 | ||||||||||||
Customer deposits | 9,139 | (449) | ||||||||||||
Regulatory assets and liabilities - current | 17,884 | 16,324 | ||||||||||||
Regulatory assets and liabilities - noncurrent | 28,667 | 60,650 | ||||||||||||
Other assets and liabilities - current | 7,656 | (23,051) | ||||||||||||
Other assets and liabilities - noncurrent | 2,222 | (2,317) | ||||||||||||
Cash provided by operating activities | 842,524 | 1,555,826 | ||||||||||||
Investing activities | ||||||||||||||
Capital expenditures | (490,338) | (412,519) | ||||||||||||
Other investing expenditures | (3,194) | (2,419) | ||||||||||||
Other investing receipts | 4,121 | 2,695 | ||||||||||||
Cash used in investing activities | (489,411) | (412,243) | ||||||||||||
Financing activities | ||||||||||||||
Repayments of notes payable, net | (225,050) | (70,600) | ||||||||||||
Issuance of other long-term debt, net of discounts | — | 297,591 | ||||||||||||
Long-term debt financing costs | — | (2,695) | ||||||||||||
Issuance of common stock | 3,176 | 37,104 | ||||||||||||
Repayment of other long-term debt | — | (1,300,000) | ||||||||||||
Repayment of securitized utility tariff bonds | (20,716) | — | ||||||||||||
Dividends paid | (108,049) | (100,386) | ||||||||||||
Tax withholdings related to net share settlements of stock compensation | (2,563) | (3,083) | ||||||||||||
Cash used in financing activities | (353,202) | (1,142,069) | ||||||||||||
Change in cash, cash equivalents, restricted cash and restricted cash equivalents | (89) | 1,514 | ||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 18,127 | 8,852 | ||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ | 18,038 | $ | 10,366 | ||||||||||
Supplemental cash flow information: | ||||||||||||||
Cash paid for interest, net of amounts capitalized | $ | 78,798 | $ | 67,659 | ||||||||||
Cash paid for income taxes, net | $ | 17,051 | $ | 56,000 |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(Thousands of dollars) | |||||||||||
Restricted cash and cash equivalents | $ | 8,846 | $ | 8,446 | |||||||
Accounts receivable | 3,539 | 4,862 | |||||||||
Securitized intangible asset, net | 302,081 | 323,838 | |||||||||
Current maturities of securitized utility tariff bonds | 27,514 | 20,716 | |||||||||
Accounts payable | 318 | 3,204 | |||||||||
Accrued interest | 2,882 | 2,202 | |||||||||
Securitized utility tariff bonds, excluding current maturities, net of $5.7 million of discounts and issuance costs | 282,049 | 309,343 | |||||||||
Equity | 1,703 | 1,681 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, 2023 | ||||||||||||||
(Thousands of dollars) | ||||||||||||||
Operating revenues | $ | 12,014 | $ | 35,754 | ||||||||||
Operating expense | (113) | (332) | ||||||||||||
Amortization expense | (7,489) | (21,758) | ||||||||||||
Interest income | 259 | 560 | ||||||||||||
Interest expense | (4,548) | (14,101) | ||||||||||||
Income before income taxes | $ | 123 | $ | 123 |
ONE Gas, Inc. | |||||||||||||||||||||||||||||||||||
INFORMATION AT A GLANCE | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||||||||||||||
Natural gas sales | $ | 286.0 | $ | 322.9 | $ | 1,606.0 | $ | 1,643.1 | |||||||||||||||||||||||||||
Transportation revenues | $ | 29.6 | $ | 28.0 | 97.6 | 92.8 | |||||||||||||||||||||||||||||
Securitization customer charges | $ | 12.0 | $ | 0.0 | $ | 35.8 | $ | 0.0 | |||||||||||||||||||||||||||
Other revenues | $ | 8.2 | $ | 8.5 | $ | 26.7 | $ | 23.9 | |||||||||||||||||||||||||||
Total revenues | $ | 335.8 | $ | 359.4 | $ | 1,766.1 | $ | 1,759.8 | |||||||||||||||||||||||||||
Cost of natural gas | $ | 70.9 | $ | 126.2 | $ | 867.0 | $ | 954.4 | |||||||||||||||||||||||||||
Operating costs | $ | 139.3 | $ | 130.9 | $ | 421.4 | $ | 391.6 | |||||||||||||||||||||||||||
Depreciation and amortization | $ | 68.4 | $ | 55.2 | $ | 207.2 | $ | 167.4 | |||||||||||||||||||||||||||
Operating income | $ | 57.2 | $ | 47.1 | $ | 270.5 | $ | 246.4 | |||||||||||||||||||||||||||
Net income | $ | 25.2 | $ | 23.7 | $ | 160.5 | $ | 154.7 | |||||||||||||||||||||||||||
Capital expenditures and asset removal costs | $ | 184.3 | $ | 174.9 | $ | 539.1 | $ | 446.9 | |||||||||||||||||||||||||||
Volumes (Bcf) | |||||||||||||||||||||||||||||||||||
Natural gas sales | |||||||||||||||||||||||||||||||||||
Residential | 8.6 | 7.5 | 76.0 | 81.9 | |||||||||||||||||||||||||||||||
Commercial and industrial | 4.1 | 4.3 | 28.0 | 29.8 | |||||||||||||||||||||||||||||||
Other | 0.2 | 0.1 | 1.7 | 1.8 | |||||||||||||||||||||||||||||||
Total sales volumes delivered | 12.9 | 11.9 | 105.7 | 113.5 | |||||||||||||||||||||||||||||||
Transportation | 51.3 | 50.7 | 169.1 | 171.2 | |||||||||||||||||||||||||||||||
Total volumes delivered | 64.2 | 62.6 | 274.8 | 284.7 | |||||||||||||||||||||||||||||||
Average number of customers (in thousands) | |||||||||||||||||||||||||||||||||||
Residential | 2,076 | 2,068 | 2,088 | 2,079 | |||||||||||||||||||||||||||||||
Commercial and industrial | 160 | 161 | 163 | 163 | |||||||||||||||||||||||||||||||
Other | 3 | 3 | 3 | 3 | |||||||||||||||||||||||||||||||
Transportation | 12 | 12 | 12 | 12 | |||||||||||||||||||||||||||||||
Total customers | 2,251 | 2,244 | 2,266 | 2,257 | |||||||||||||||||||||||||||||||
Heating Degree Days | |||||||||||||||||||||||||||||||||||
Actual degree days | 1 | 14 | 5,466 | 6,348 | |||||||||||||||||||||||||||||||
Normal degree days | 56 | 54 | 5,960 | 5,978 | |||||||||||||||||||||||||||||||
Percent colder (warmer) than normal weather | * | * | (8.3) | % | 6.2 | % | |||||||||||||||||||||||||||||
Statistics by State | |||||||||||||||||||||||||||||||||||
Oklahoma | |||||||||||||||||||||||||||||||||||
Average number of customers (in thousands) | 912 | 907 | 918 | 913 | |||||||||||||||||||||||||||||||
Actual degree days | 0 | 0 | 1,953 | 2,204 | |||||||||||||||||||||||||||||||
Normal degree days | 8 | 8 | 2,028 | 2,028 | |||||||||||||||||||||||||||||||
Percent colder (warmer) than normal weather | * | * | (3.7) | % | 8.7 | % | |||||||||||||||||||||||||||||
Kansas | |||||||||||||||||||||||||||||||||||
Average number of customers (in thousands) | 641 | 643 | 649 | 649 | |||||||||||||||||||||||||||||||
Actual degree days | 1 | 14 | 2,568 | 2,945 | |||||||||||||||||||||||||||||||
Normal degree days | 46 | 46 | 2,900 | 2,901 | |||||||||||||||||||||||||||||||
Percent colder (warmer) than normal weather | * | * | (11.4) | % | 1.5 | % | |||||||||||||||||||||||||||||
Texas | |||||||||||||||||||||||||||||||||||
Average number of customers (in thousands) | 698 | 694 | 699 | 695 | |||||||||||||||||||||||||||||||
Actual degree days | 0 | 0 | 945 | 1,199 | |||||||||||||||||||||||||||||||
Normal degree days | 2 | 0 | 1,032 | 1,049 | |||||||||||||||||||||||||||||||
Percent colder (warmer) than normal weather | * | * | (8.4) | % | 14.3 | % | |||||||||||||||||||||||||||||
*Not meaningful |
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DEI 8-K Notes |
Oct. 30, 2023 |
---|---|
Document Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Oct. 30, 2023 |
Entity Registrant Name | ONE Gas, Inc. |
Entity Central Index Key | 0001587732 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Entity Incorporation, State or Country Code | OK |
Entity File Number | 001-36108 |
Entity Tax Identification Number | 46-3561936 |
Entity Address, Postal Zip Code | 74103 |
City Area Code | (918) |
Local Phone Number | 947-7000 |
Trading Symbol | OGS |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Address, Address Line One | 15 East Fifth Street |
Entity Address, City or Town | Tulsa |
Entity Address, State or Province | OK |
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