ONE Gas Inc Dossier
Qualitative Analysis
Business overview
ONE Gas, Inc. (NYSE: OGS) is one of the largest 100-percent regulated natural gas utilities in the United States, headquartered in Tulsa, Oklahoma. The company operates as a pure-play natural gas distribution entity, serving over 2.3 million customers across three primary divisions: Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service. Its business model is entirely regulated, which provides highly predictable earnings, cash flows, and capital recovery mechanisms. ONE Gas focuses on safety, system reliability, and infrastructure modernization, expanding its rate base through disciplined capital investments in its core territories.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
A joint infrastructure initiative to construct a 43-mile, large-diameter natural gas pipeline connecting the Bennington Natural Gas Hub to Western Farmers Electric Cooperative's (WFEC) Hugo Plant near Fort Towson, Oklahoma.
Expected impact: Designed to deliver over 100 billion cubic feet of natural gas annually, supporting 400 megawatts of natural gas-fueled power generation by 2029 and enhancing regional grid reliability.
Continuous capital deployment focused on pipeline replacement, distribution and transmission integrity, and modernization of metering and regulator assets across Kansas, Oklahoma, and Texas.
Expected impact: Serves as the primary engine of rate base growth (targeted at 7% to 9% compound annual growth through 2030) while ensuring safety, compliance, and system reliability.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Secures a long-term customer for natural gas delivery to fuel power generation at the Hugo Plant, aligning with regional electricity demand growth.
Terms: ONE Gas will invest approximately $120 million of the estimated $150 million to $160 million total project cost to build and operate the pipeline.