Exhibit 99.1


logoletterheada95.jpg
April 29, 2019
 
Analyst Contact:
Brandon Lohse
918-947-7472
 
 
Media Contact:
Leah Harper
918-947-7123
ONE Gas Announces First-quarter 2019 Financial Results

Declares Second-quarter Dividend;
Affirms 2019 Financial Guidance

TULSA, Okla. - April 29, 2019 - ONE Gas, Inc. (NYSE: OGS) today announced its first-quarter 2019 financial results; declared its quarterly dividend; and affirmed its 2019 financial guidance.

Highlights include:

First-quarter 2019 net income was $93.7 million, or $1.76 per diluted share, compared with $90.8 million, or $1.72 per diluted share, in the first quarter 2018;
Actual heating degree days across the company's service areas were 5,831 in the first quarter 2019, 10% colder than normal and 11% colder than the same period last year; and
The board of directors declared a quarterly dividend of $0.50 per share, or $2.00 per share on an annualized basis, payable May 31, 2019, to shareholders of record at the close of business on May 15, 2019.

"Our first-quarter results were supported by new rates, colder weather and customer growth," said Pierce H. Norton II, president and chief executive officer. "We continue to focus on successful execution of our capital plan, which includes significant investments in safety and reliability, and on efficient operations."

FIRST-QUARTER 2019 FINANCIAL PERFORMANCE

ONE Gas reported operating income of $127.6 million in the first quarter 2019, compared with $130.3 million in the first quarter 2018.

Net margin, which is comprised of total revenues less cost of natural gas, increased by $7.9 million compared with first quarter 2018, which primarily reflects:

A $3.9 million increase from new rates primarily in Kansas;
A $3.3 million increase due to higher sales volumes, net of weather normalization, in Texas and Kansas; and
A $1.4 million increase attributed to net residential customer growth in Oklahoma and Texas; offset by


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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 2

A $0.9 million decrease due to a compressed natural gas excise tax credit that was enacted in February 2018.

First-quarter 2019 operating costs were $124.5 million, compared with $118.8 million in the first quarter 2018, which primarily reflects:

A $4.3 million increase in employee-related expenses; and
A $1.6 million increase in legal-related expenses.

First-quarter 2019 depreciation and amortization expense was $43.8 million, compared with $38.9 million in the first quarter 2018, due primarily to an increase in depreciation expense from capital investments placed in service, higher depreciation rates in Kansas and an increase in the amortization of the ad-valorem surcharge rider in Kansas.

First-quarter 2019 other income, net, increased $2.6 million compared with the same period last year, due primarily to change in earnings on investments associated with nonqualified employee benefit plans, which offset the increase in costs for the plans included in operating costs.

Interest expense increased $3.4 million compared with the same period last year, resulting primarily from the refinancing of the company's $300 million Senior Notes, at a 2.07% interest rate, due February 2019 with $400 million Senior Notes, at a 4.50% interest rate, due November 2048.

First-quarter 2019 income tax expense was $18.6 million, compared with $24.9 million in the first quarter 2018, due primarily to the amortization of the excess accumulated deferred income taxes credited to customers, which is offset in revenues.

Capital expenditures were $83.3 million for the first quarter 2019, compared with $86.6 million in the first quarter 2018, due primarily to the timing of cash expenditures for system integrity and extending service to new areas.

The company ended the first quarter 2019 with $19.6 million of cash and cash equivalents, $295.5 million of commercial paper outstanding and $698.8 of remaining credit available under its $700 million credit facility. The total debt-to-capitalization ratio at March 31, 2019, was 43%, and the ratio of long-term debt-to-capitalization was 38%.

Key Statistics: More detailed information is listed on page 12 in the tables.

Actual heating degree days across the company’s service areas were 5,831 in the first quarter 2019, 10% colder than normal and 11% colder than the same period last year;
Actual heating degree days in the Oklahoma service area were 2,077 in the first quarter 2019, 17% colder than normal and 11% colder than the same period last year;
Actual heating degree days in the Kansas service area were 2,751 in the first quarter 2019, 9% colder than normal and 11% colder than the same period last year;

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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 3

Actual heating degree days in the Texas service area were 1,003 in the first quarter 2019, relatively normal and 11% colder than the same period last year;
Residential natural gas sales volumes were 65.7 billion cubic feet (Bcf) in the first quarter 2019, up 8% compared with the same period last year;
Total natural gas sales volumes were 86.1 Bcf in the first quarter 2019, up 8% compared with the same period last year;
Natural gas transportation volumes were 65.6 Bcf in the first quarter 2019, up 1% compared with the same period last year; and
Total natural gas volumes delivered were 151.7 Bcf in the first quarter 2019, up 5% compared with the same period last year.

> View earnings tables
 
REGULATORY UPDATE

Oklahoma

In March 2019, Oklahoma Natural Gas filed its third annual Performance-Based Rate Change (PBRC) application following the general rate case that was approved in January 2016. The filing was based on a calendar test year of 2018 and includes two proposed customer credits. Oklahoma Natural Gas has proposed a PBRC credit of $15.4 million to be spread over a 12-month period and a credit of $12.7 million associated with excess accumulated deferred income taxes (ADIT).

As required, PBRC filings are made annually on or before March 15, until the next general rate case, which is required to be filed on or before June 30, 2021, based on a calendar 2020 test year.

Kansas

In February 2019, the Kansas Corporation Commission (KCC) issued an order that included a net base rate increase of $18.6 million. Kansas Gas Service was already recovering $2.9 million from customers through the GSRS, therefore, this order represents a total base rate increase of $21.5 million. The increase in base rates reflects an amortization credit for the refund of excess ADIT over a period in compliance with the tax normalization rules for the portions stipulated by the Internal Revenue Code of 1986, as amended, and five years for all other components of excess ADIT. In a separate order issued in February 2019, the KCC required Kansas Gas Service to refund the tax reform liability for the portion of its revenue representing the decrease in the federal corporate income tax rate in 2018 through the date new rates went into effect in February 2019. A refund of $16.6 million will be issued through a bill credit in the second quarter 2019.





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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 4

Texas

West Texas Service Area

In March 2019, Texas Gas Service made Gas Reliability Infrastructure Program (GRIP) filings for all customers in the West Texas service area requesting an increase of $4.1 million to be effective in July 2019.

Central Texas Service Area

In March 2019, Texas Gas Service made GRIP filings for all customers in the Central Texas service area requesting an increase of $5.5 million to be effective in July 2019.
    
2019 FINANCIAL GUIDANCE

ONE Gas affirmed its 2019 financial guidance, with net income expected to be in the range of $174 million to $190 million, or approximately $3.27 to $3.57 per diluted share.

Capital expenditures, including asset removal costs, are expected to be $450 million in 2019, with approximately 70% of these expenditures targeted for system integrity and replacement projects.

Rate base in 2019 is expected to average $3.6 billion, with 42% in Oklahoma, 29% in Kansas and 29% in Texas. ONE Gas expects to achieve an 8.3% return on equity in 2019, which is calculated consistent with utility ratemaking in each jurisdiction.

EARNINGS CONFERENCE CALL AND WEBCAST

The ONE Gas executive management team will conduct a conference call on Tuesday, April 30, 2019, at 11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time). The call also will be carried live on the ONE Gas website.

To participate in the telephone conference call, dial 800-458-4121, pass code 7833051, or log on to www.onegas.com.

If you are unable to participate in the conference call or the webcast, a replay will be available on the ONE Gas website, www.onegas.com, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 888-203-1112, pass code 7833051.

LINK TO EARNINGS TABLES

http://www.onegas.com/~/media/OGS/Earnings/2019/Q1_2019_OGS_9173ScSSthZwd0P9.pdf




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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 5

NON-GAAP INFORMATION

ONE Gas has disclosed net margin in this news release, which is considered a non-GAAP financial metric used to measure the company's financial performance. Net margin is comprised of total revenues less cost of natural gas. Cost of natural gas includes commodity purchases, fuel, storage, transportation and other gas purchase costs recovered through our cost of natural gas regulatory mechanisms, and does not include an allocation of general operating costs or depreciation and amortization. In addition, these regulatory mechanisms provide a method of recovering natural gas costs on an ongoing basis without a profit. Therefore, although our revenues will fluctuate with the cost of natural gas that we pass through to our customers, net margin is not affected by fluctuations in the cost of natural gas. Accordingly, we routinely use net margin in the analysis of our financial performance. We believe that net margin provides investors a more relevant and useful measure to analyze our financial performance as a 100% regulated natural gas utility than total revenues because the change in the cost of natural gas from period to period does not impact our operating income. A reconciliation of net margin to the most directly comparable GAAP measure is included as a table at the end of the earnings tables accompanying this release.

---------------------------------------------------------------------------------------------------------------------
ONE Gas, Inc. (NYSE: OGS) is a 100% regulated natural gas utility, and trades on the New York Stock Exchange under the symbol “OGS.” ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.

ONE Gas, headquartered in Tulsa, Oklahoma, provides natural gas distribution services to more than 2 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.

For more information, visit the website at www.onegas.com.

Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The forward-looking statements relate to our anticipated financial performance, liquidity, management’s plans and objectives for our future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should," "goal," "forecast," "guidance," "could," "may," "continue," "might," "potential," "scheduled," "likely," and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements, which are applicable only as of the date of this news release.  Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements.  Those factors may affect our operations, markets, products, services and prices.  In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:


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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 6

our ability to recover operating costs and amounts equivalent to income taxes, costs of property, plant and equipment and regulatory assets in our regulated rates;
our ability to manage our operations and maintenance costs;
changes in regulation of natural gas distribution services, particularly those in Oklahoma, Kansas and Texas;
the economic climate and, particularly, its effect on the natural gas requirements of our residential and
commercial industrial customers;
competition from alternative forms of energy, including, but not limited to, electricity, solar power, wind power, geothermal energy and biofuels;
conservation and energy storage efforts of our customers;
variations in weather, including seasonal effects on demand, the occurrence of storms and disasters, and climate change;
indebtedness could make us more vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantage compared with competitors;
our ability to secure reliable, competitively priced and flexible natural gas transportation and supply, including decisions by natural gas producers to reduce production or shut-in producing natural gas wells and expiration of existing supply and transportation and storage arrangements that are not replaced with contracts with similar terms and pricing;
the mechanical integrity of facilities operated;
operational hazards and unforeseen operational interruptions;
adverse labor relations;
the effectiveness of our strategies to reduce earnings lag, margin protection strategies and risk mitigation strategies, which may be affected by risks beyond our control such as commodity price volatility and counterparty creditworthiness;
our ability to generate sufficient cash flows to meet all our liquidity needs;
changes in the financial markets during the periods covered by the forward-looking statements, particularly those affecting the availability of capital and our ability to refinance existing debt and fund investments and acquisitions;
actions of rating agencies, including the ratings of debt, general corporate ratings and changes in the rating agencies’ ratings criteria;
changes in inflation and interest rates;
our ability to recover the costs of natural gas purchased for our customers;
impact of potential impairment charges;
volatility and changes in markets for natural gas;
possible loss of local distribution company franchises or other adverse effects caused by the actions of municipalities;
payment and performance by counterparties and customers as contracted and when due;
changes in existing or the addition of new environmental, safety, tax and other laws to which we and our subsidiaries are subject;
the uncertainty of estimates, including accruals and costs of environmental remediation;
advances in technology, including technologies that increase efficiency or that improve electricity’s competitive position relative to natural gas;
population growth rates and changes in the demographic patterns of the markets we serve;
acts of nature and the potential effects of threatened or actual terrorism and war;
cyber attacks or breaches of technology systems that could disrupt our operations or result in the loss or exposure of confidential or sensitive customer, employee or company information;
the sufficiency of insurance coverage to cover losses;
the effects of our strategies to reduce tax payments;
the effects of litigation and regulatory investigations, proceedings, including our rate cases, or inquiries and the requirements of our regulators as a result of the Tax Cuts and Jobs Act of 2017;
changes in accounting standards;
changes in corporate governance standards;
discovery of material weaknesses in our internal controls;
our ability to comply with all covenants in our indentures and the ONE Gas Credit Agreement, a violation of which, if not cured in a timely manner, could trigger a default of our obligations;
our ability to attract and retain talented employees, management and directors;
declines in the discount rates on, declines in the market value of the debt and equity securities of, and increases in funding requirements for, our defined benefit plans;

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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 7

the ability to successfully complete merger, acquisition or divestiture plans, regulatory or other limitations imposed as a result of a merger, acquisition or divestiture, and the success of the business following a merger, acquisition or divestiture;
the final resolutions or outcomes with respect to our contingent and other corporate liabilities related to the natural gas distribution business and any related actions for indemnification made pursuant to the Separation and Distribution Agreement with ONEOK, Inc.; and
the costs associated with increased regulation and enhanced disclosure and corporate governance requirements pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in Part 1, Item 1A, Risk Factors, in our Annual Report. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.

###

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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 8

ONE Gas, Inc.
 
 
 
 
CONSOLIDATED STATEMENTS OF INCOME
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
March 31,
(Unaudited)
 
2019
 
2018
 
(Thousands of dollars, except per share amounts)
 
 
 
 
 
Total revenues
 
$
661,000

 
$
638,464

 
 
 
 
 
Cost of natural gas
 
365,076

 
350,419

 
 
 
 
 
Operating expenses
 
 
 
 
Operations and maintenance
 
108,275

 
102,665

Depreciation and amortization
 
43,846

 
38,890

General taxes
 
16,184

 
16,200

Total operating expenses
 
168,305

 
157,755

Operating income
 
127,619

 
130,290

Other income (expense), net
 
429

 
(2,164
)
Interest expense, net
 
(15,786
)
 
(12,352
)
Income before income taxes
 
112,262

 
115,774

Income taxes
 
(18,602
)
 
(24,939
)
Net income
 
$
93,660

 
$
90,835

 
 
 
 
 
Earnings per share
 
 
 
 
Basic
 
$
1.77

 
$
1.73

Diluted
 
$
1.76

 
$
1.72

 
 
 
 
 
Average shares (thousands)
 
 
 
 
Basic
 
52,825

 
52,604

Diluted
 
53,206

 
52,897

Dividends declared per share of stock
 
$
0.50

 
$
0.46



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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 9

ONE Gas, Inc.
 
 
 
 
CONSOLIDATED BALANCE SHEETS
 
 
 
 
 
 
 
 
 
 
 
March 31,
 
December 31,
(Unaudited)
 
2019
 
2018
Assets
 
(Thousands of dollars)
Property, plant and equipment
 
 

 
 

Property, plant and equipment
 
$
6,148,394

 
$
6,073,143

Accumulated depreciation and amortization
 
1,816,480

 
1,789,431

Net property, plant and equipment
 
4,331,914

 
4,283,712

Current assets
 
 
 
 
Cash and cash equivalents
 
19,628

 
21,323

Accounts receivable, net
 
338,082

 
295,421

Materials and supplies
 
46,895

 
44,333

Natural gas in storage
 
51,475

 
107,295

Regulatory assets
 
38,760

 
54,420

Other current assets
 
21,430

 
20,495

Total current assets
 
516,270

 
543,287

Goodwill and other assets
 
 

 
 

Regulatory assets
 
429,518

 
437,479

Goodwill
 
157,953

 
157,953

Other assets
 
88,637

 
46,211

Total goodwill and other assets
 
676,108

 
641,643

Total assets
 
$
5,524,292

 
$
5,468,642

 
 
 
 
 
 
 
 
 
 



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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 10

ONE Gas, Inc.
 
 
 
 
CONSOLIDATED BALANCE SHEETS
 
 
 
 
(Continued)
 
 
 
 
 
 
March 31,
 
December 31,
(Unaudited)
 
2019
 
2018
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 52,686,634 shares at March 31, 2019;
    issued 52,598,005 and outstanding 52,564,902 shares at December 31, 2018
 
$
527

 
$
526

Paid-in capital
 
1,720,220

 
1,727,492

Retained earnings
 
389,177

 
320,869

Accumulated other comprehensive loss
 
(5,144
)
 
(4,086
)
Treasury stock, at cost: 33,103 shares at December 31, 2018
 

 
(2,145
)
   Total equity
 
2,104,780

 
2,042,656

Long-term debt, excluding current maturities, and net of issuance costs of $11,368 and $11,457, respectively
 
1,285,587

 
1,285,483

Total equity and long-term debt
 
3,390,367

 
3,328,139

Current liabilities
 
 
 
 
Notes payable
 
295,500

 
299,500

Accounts payable
 
119,629

 
174,510

Accrued taxes other than income
 
51,903

 
47,640

Regulatory liabilities
 
54,791

 
48,394

Customer deposits
 
62,401

 
61,183

Other current liabilities
 
73,967

 
67,664

Total current liabilities
 
658,191

 
698,891

Deferred credits and other liabilities
 
 

 
 

Deferred income taxes
 
666,438

 
652,426

Regulatory liabilities
 
511,743

 
520,866

Employee benefit obligations
 
173,296

 
178,720

Other deferred credits
 
124,257

 
89,600

Total deferred credits and other liabilities
 
1,475,734

 
1,441,612

Commitments and contingencies
 
 
 
 
Total liabilities and equity
 
$
5,524,292

 
$
5,468,642



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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 11

ONE Gas, Inc.
 
 
 
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
 
 
Three Months Ended
 
 
March 31,
(Unaudited)
 
2019
 
2018
 
 
(Thousands of dollars)
Operating activities
 
 
 
 
Net income
 
$
93,660

 
$
90,835

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
43,846

 
38,890

Deferred income taxes
 
4,828

 
24,077

Share-based compensation expense
 
1,954

 
1,945

Provision for doubtful accounts
 
2,263

 
2,722

Changes in assets and liabilities:
 
 
 
 

Accounts receivable
 
(44,924
)
 
(7,447
)
Materials and supplies
 
(2,562
)
 
4,610

Natural gas in storage
 
55,820

 
79,598

Asset removal costs
 
(11,169
)
 
(7,436
)
Accounts payable
 
(53,172
)
 
(56,409
)
Accrued taxes other than income
 
4,263

 
6,147

Customer deposits
 
1,218

 
1,050

Regulatory assets and liabilities
 
29,090

 
83,724

Other assets and liabilities
 
(2,824
)
 
(39,022
)
Cash provided by operating activities
 
122,291

 
223,284

Investing activities
 
 
 
 
Capital expenditures
 
(83,303
)
 
(86,599
)
Other
 
(3,040
)
 

Cash used in investing activities
 
(86,343
)
 
(86,599
)
Financing activities
 
 

 
 

Repayments of notes payable, net
 
(4,000
)
 
(74,608
)
Dividends paid
 
(26,343
)
 
(24,137
)
Tax withholdings related to net share settlements of stock compensation
 
(7,300
)
 
(7,817
)
Cash used in financing activities
 
(37,643
)
 
(106,562
)
Change in cash and cash equivalents
 
(1,695
)
 
30,123

Cash and cash equivalents at beginning of period
 
21,323

 
14,413

Cash and cash equivalents at end of period
 
$
19,628

 
$
44,536



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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 12

ONE Gas, Inc.
 
 
 
 
 
 
 
INFORMATION AT A GLANCE
 
 
 
 
 
 
Three Months Ended
 
 
 
March 31,
 
(Unaudited)
 
2019
 
2018
 
 
 
 
 
Financial (in millions)
 
 
 
 
 
 
 
Net margin
 
$
295.9

 
$
288.0

 
Operating costs
 
$
124.5

 
$
118.8

 
Depreciation and amortization
 
$
43.8

 
$
38.9

 
Operating income
 
$
127.6

 
$
130.3

 
Capital expenditures
 
$
83.3

 
$
86.6

 
Asset removal costs
 
$
11.1

 
$
7.4

 
 
 
 
 
 
 
 
 
Net margin on natural gas sales
 
$
253.5

 
$
245.6

 
Transportation revenues
 
$
35.0

 
$
33.5

 
Other revenues
 
$
7.4

 
$
8.9

 
 
 
 
 
 
 
 
 
Volumes (Bcf)
 
 
 
 
 
 
 
Natural gas sales
 
 
 
 
 
 
 
Residential
 
 
65.7

 
 
61.0

 
Commercial and industrial
 
 
19.3

 
 
18.0

 
Wholesale and public authority
 
 
1.1

 
 
0.9

 
Total sales volumes delivered
 
 
86.1

 
 
79.8

 
Transportation
 
 
65.6

 
 
64.9

 
Total volumes delivered
 
 
151.7

 
 
144.8

 
 
 
 
 
 
 
 
 
Average number of customers (in thousands)
 
 
 
 
 
 
 
Residential
 
 
2,027

 
 
2,016

 
Commercial and industrial
 
 
162

 
 
162

 
Wholesale and public authority
 
 
3

 
 
3

 
Transportation
 
 
12

 
 
12

 
Total customers
 
 
2,204

 
 
2,193

 
 
 
 
 
 
 
 
 
Heating Degree Days
 
 
 
 
 
 
 
Actual degree days
 
 
5,831

 
 
5,262

 
Normal degree days
 
 
5,309

 
 
5,311

 
Percent colder (warmer) than normal weather
 
 
9.8
 %


(0.9
)%
 
 
 
 
 
 
 
 
 
Statistics by State
 
 
 
 
 
 
 
Oklahoma
 
 
 
 
 
 
 
Average number of customers (in thousands)
 
 
889

 
 
883

 
Actual degree days
 
 
2,077

 
 
1,870

 
Normal degree days
 
 
1,775

 
 
1,775

 
Percent colder (warmer) than normal weather
 
 
17.0
 %


5.4
 %
 
 
 
 
 
 
 
 
 
Kansas
 
 
 
 
 
 
 
Average number of customers (in thousands)
 
 
647

 
 
647

 
Actual degree days
 
 
2,751

 
 
2,489

 
Normal degree days
 
 
2,528

 
 
2,528

 
Percent colder (warmer) than normal weather
 
 
8.8
 %


(1.5
)%
 
 
 
 
 
 
 
 
 
Texas
 
 
 
 
 
 
 
Average number of customers (in thousands)
 
 
668

 
 
663

 
Actual degree days
 
 
1,003

 
 
903

 
Normal degree days
 
 
1,006

 
 
1,008

 
Percent colder (warmer) than normal weather
 
 
(0.3
)%


(10.4
)%
 


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ONE Gas Announces First-quarter 2019 Financial Results
Declares Second-quarter Dividend; Affirms 2019 Financial Guidance

April 29, 2019

Page 13




RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
 
 
 
 
 
 
 
Reconciliation of total revenues to net margin (non-GAAP)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
March 31,
(Unaudited)
 
2019
 
2018
 
 
(Thousands of dollars)
Total revenues
 
$
661,000

 
$
638,464

Cost of natural gas
 
365,076

 
350,419

Net margin
 
$
295,924

 
$
288,045

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


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SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
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Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
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SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
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Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
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