ONE Gas Inc · Q1 2023 earnings

Briefing

ONE Gas reported first quarter earnings, affirmed its 2023 financial guidance, and declared its quarterly dividend.

ONE Gas announced its first quarter financial results with a net income of $102.6 million, or $1.84 per diluted share, compared to $98.9 million, or $1.83 per diluted share, in the first quarter of 2022. The company affirmed its 2023 financial guidance.

• First quarter 2023 net income was $102.6 million, or $1.84 per diluted share, compared with $98.9 million, or $1.83 per diluted share, in the first quarter 2022.
• In March 2023, the Company executed a forward sale agreement for 2.0 million shares of its common stock, with settlement by Dec. 29, 2023, for 1.4 million shares and by Dec. 31, 2024, for the remaining shares.
• Actual heating degree days across the Company's service areas were 4,872 in the first quarter 2023, 7.0% warmer than normal weather and 14.5% warmer than the same period last year.
• The board of directors declared a quarterly dividend of $0.65 per share, or $2.60 per share on an annualized basis, payable on June 2, 2023, to shareholders of record at the close of business on May 17, 2023.

Headline financials

Revenue & EPS history

ONE Gas affirmed its financial guidance issued on Nov. 30, 2022, with 2023 net income and earnings per share expected to be in the range of $224 million to $238 million, and $4.02 to $4.26 per diluted share. Capital expenditures, including asset removal costs, are expected to be approximately $675 million in 2023.