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ONE Gas(OGS) - 2019 Q2 - Quarterly Report
2019-07-30 20:19
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2019. OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________. Commission file number 001-36108 ONE Gas, Inc. (Exact name of registrant as specified in its charter) Oklahoma 46-3561936 15 East Fifth Street ...
ONE Gas(OGS) - 2019 Q2 - Earnings Call Transcript
2019-07-30 19:23
Financial Data and Key Metrics Changes - Net income for Q2 2019 was $24.5 million or $0.46 per diluted share, compared to $20.4 million or $0.39 per diluted share for the same period last year, reflecting an increase in profitability [6] - Operating costs decreased to $116.1 million from $117.6 million in the same period last year, primarily due to a decrease in employee-related costs [7] - Cash provided by operating activities was approximately $240 million through June 2019, impacted by tax reform [8] - Updated 2019 earnings per share guidance is now in the range of $3.39 to $3.57, up from the previous range of $3.27 to $3.57 [11] Business Line Data and Key Metrics Changes - The company experienced lower sales volumes net of weather normalization in Kansas, but residential customer growth was noted in Oklahoma and Texas [6] - In Oklahoma, base rates were lowered by $11.3 million, and in Kansas, $16.6 million was refinanced for over-collection of taxes [9] Market Data and Key Metrics Changes - Authorized rate base as of June 30 was approximately $3.38 billion, with an estimated average rate base projected at $3.61 billion, distributed as 42% in Oklahoma, 29% in Kansas, and 29% in Texas [12][13] Company Strategy and Development Direction - The company aims to maintain a competitive advantage by focusing on safe operations and managing expenses, with a targeted annual dividend increase of 7% to 9% between 2018 and 2023 [10][21] - The company is also looking for opportunities to improve processes and efficiencies, particularly through technology advancements [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the overall performance to date has been positive, leading to an increase in the midpoint of earnings per share guidance [18] - The company expects to return excess accumulated deferred income taxes to customers, which will help stabilize cash flows moving forward [9][25] Other Important Information - The Board of Directors declared a dividend of $0.50 per share, consistent with the previous quarter [10] - The company ended the quarter with approximately $406 million of capacity under its commercial paper program and does not anticipate any equity or capital market needs in 2019 [14] Q&A Session Summary Question: Should we look at the clean operating cash performance of the business net of all Tax Cuts and Jobs Act impacts commencing in the second half of next year? - Curtis Dinan confirmed that this is the right way to look at it, as the impacts will be fully recognized after the upcoming approvals [25] Question: How should we calibrate our model for the environment regarding uses of cash going into year-end? - Curtis Dinan acknowledged the fluctuations in cash flow and indicated that the company is in a consistent cadence for addressing accumulated deferred income taxes [27] Question: Can you provide more color on the movement in other income related to employee benefit plans? - Caron Lawhorn explained that the guidance reflects a flat market, and fluctuations in plan assets are offsetting operating expenses [30] Question: What is the expectation for O&M growth beyond 2019? - Curtis Dinan indicated a general guidance of a 2% to 3% annual increase in O&M expenses, which aligns with the recent increase [33] Question: Was ONE Gas impacted by flooding in Oklahoma? - Sid McAnnally stated that while there was significant flooding, it did not have a material impact on the company's system or O&M, although some additional overtime costs were incurred [35]
ONE Gas (OGS) Presents At AGA Financial Forum 2019 - Slideshow
2019-05-22 17:54
AMERICAN GAS ASSOCIATION FINANCIAL FORUM Fort Lauderdale, Florida | May 21-22, 2019 Forward-Looking Statements Statements contained in this presentation that include company expectations or predictions should be considered forward-looking statements that are covered by the safe harbor provisions of the Securities Act of 1933 and the Securities and Exchange Act of 1934. It is important to note that the actual results could differ materially from those projected in such forward-looking statements. For additio ...
ONE Gas(OGS) - 2019 Q1 - Quarterly Report
2019-04-30 20:16
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q X Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2019. OR ___ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________. Commission file number 001-36108 ONE Gas, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorp ...
ONE Gas(OGS) - 2019 Q1 - Earnings Call Transcript
2019-04-30 19:40
Financial Data and Key Metrics Changes - Net income for Q1 2019 was $93.7 million or $1.76 per diluted share, compared to $90.8 million or $1.72 per diluted share for the same period last year, reflecting an increase in both net income and earnings per share [6]. Business Line Data and Key Metrics Changes - The first quarter results were positively impacted by new rates in Kansas and higher sales volumes, indicating growth in the company's operational performance [6]. Market Data and Key Metrics Changes - Specific market data and metrics were not detailed in the provided content, thus this section is not applicable. Company Strategy and Development Direction and Industry Competition - The management team, including the CFO and CEO, is focused on leveraging new rates and increasing sales volumes to enhance financial performance, although specific strategic initiatives were not discussed in the provided content [6]. Management's Comments on Operating Environment and Future Outlook - Management's comments regarding the operating environment and future outlook were not explicitly detailed in the provided content, thus this section is not applicable. Other Important Information - The call included a reminder that forward-looking statements are covered by Safe Harbor provisions, indicating the company's awareness of potential risks and uncertainties in its projections [3]. Q&A Session All Questions and Answers - The content does not provide specific questions and answers from the Q&A session, thus this section is not applicable.
ONE Gas(OGS) - 2018 Q4 - Annual Report
2019-02-20 21:34
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018. OR __ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. Commission file number 001-36108 ONE Gas, Inc. (Exact name of registrant as specified in its charter) Oklahoma 46-3561936 (State or other jurisdic ...