ONE Gas is a stand-alone, 100 percent regulated natural gas utility and one of the largest natural gas utilities in the United States, serving as the largest natural gas distributor in Oklahoma and Kansas, and the third-largest in Texas. The company's existing assets have close proximity to significant natural gas reserves and transportation infrastructure, resulting in lower transportation, storage and commodity costs that provide competitive advantage over peers.
Cyborg Score Rationale
ONE Gas is a well-established, 100% regulated utility with stable cash flows, predictable earnings, and significant market positions in three key states. However, as a mature utility operating in a regulated environment, growth is constrained to customer additions and rate case outcomes, limiting upside potential.
Top Insights
100% regulated business model provides earnings stability and predictable cost recovery mechanisms through rate-setting authorities
Large customer base of 2.3 million across three states reduces concentration risk and provides geographic diversification
Strategic asset positioning near major reserves and infrastructure hubs creates cost advantages in commodity and logistics
Mature market dynamics and regulatory constraints limit organic growth, requiring focus on customer additions and infrastructure investment
Named Competitors
Southwest Gas — Natural gas distribution utility in Southwest US
Spire Inc. — Natural gas utility serving Missouri, Alabama and Mississippi
Atmos Energy — Natural gas distribution utility across central US
Recent Developments
(Feb 2014) ONE Gas officially separated from parent company ONEOK as a stand-alone entity
(Dec 2023) Company operated 44,800 miles of natural gas distribution and transmission pipelines with 58.1 Bcf of contracted storage capacity
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