ONE Gas Business Summary

ONE Gas, Inc. (OGS) operates as a 100% regulated natural gas distribution utility, generating revenue through rate-regulated service fees and delivery charges to approximately 2.3 million customers. While the company operates as a single reportable business segment, it is managed through three primary divisions: Oklahoma Natural Gas, the state’s largest distributor with an 89% market share; Kansas Gas Service, the largest in Kansas with a 71% market share; and Texas Gas Service, the third-largest in Texas. As a pure-play utility, OGS focuses on system reliability and safety, leveraging performance-based rate change (PBRC) mechanisms to ensure timely cost recovery and stable returns. Its primary direct competitors include Atmos Energy (ATO), Spire Inc. (SR), and NiSource (NI). Relative to these peers, ONE Gas is positioned as a low-risk, mid-cap utility with a concentrated geographic footprint in the central United States and a high percentage of revenue derived from fixed-charge recovery. The company was established as a standalone entity in 2014 following its spin-off from ONEOK, Inc., initially led by founding CEO Pierce H. Norton II. The current leadership team is headed by Robert S. "Sid" McAnnally, who has served as President and CEO since 2021 and previously held executive roles at Energen Corporation. Christopher P. Sighinolfi serves as Senior Vice President and Chief Financial Officer, bringing a background in corporate development and energy investment banking from Jefferies. Effective March 1, 2026, Curtis L. Dinan, a veteran executive who has been with the company since its inception, will transition from Senior Vice President and COO to the role of President and COO, while Mark Bender serves as Chief Information Officer. The company is backed by major institutional investors, including BlackRock, Vanguard, and State Street, and its board features notable figures such as Deborah A.P. Hersman, former Chair of the National Transportation Safety Board.