ONE Gas(US:OGS)2025-05-05 20:23Financial Performance - First quarter 2025 net income was $119.4 million, or $1.98 per diluted share, compared to $99.3 million, or $1.75 per diluted share in Q1 2024, representing a 20.5% increase in net income [2]. - Operating income for Q1 2025 was $180.5 million, up from $145.9 million in Q1 2024, reflecting a 23.6% increase [3]. - Total revenues for Q1 2025 were $935.2 million, compared to $758.3 million in Q1 2024, indicating a 23.3% year-over-year growth [20]. - Net income for the same period rose to $119.4 million, compared to $99.3 million in the prior year, reflecting a year-over-year increase of about 20.4% [33]. - Operating income for the three months ended March 31, 2025, was $180.5 million, up from $145.9 million, marking an increase of about 23.7% [33]. - Natural gas sales reached $870.4 million, an increase from $694.1 million, indicating a growth of approximately 25.4% [33]. Dividends and Guidance - The board declared a quarterly dividend of $0.67 per share, an increase from $0.66 per share in the previous year, with an annualized dividend of $2.68 [2]. - The company expects to achieve the upper half of its 2025 financial guidance, projecting net income between $254 million and $261 million, and earnings per diluted share of $4.20 to $4.32 [8]. Capital Expenditures and Investments - Capital expenditures for Q1 2025 were $177.7 million, slightly down from $179.4 million in the same period last year, focusing on system integrity and service extension [4]. - Capital investments for 2025 are anticipated to be approximately $750 million, primarily for system integrity and replacement projects [9]. - Capital expenditures and asset removal costs totaled $177.7 million for the first quarter of 2025, slightly down from $179.4 million in the same period last year [33]. Customer Growth and Weather Impact - The average number of residential customers increased to 2,125,000, compared to 2,110,000 in the prior year, reflecting a growth of approximately 0.7% [33]. - The company reported a 5% colder than normal weather impact on operating income, which was mitigated by regulatory weather normalization mechanisms [2]. Assets and Equity - Total current assets decreased to $756.2 million as of March 31, 2025, down from $929.9 million at the end of 2024, a decline of about 18.6% [24]. - Total assets decreased to $8,327.2 million as of March 31, 2025, compared to $8,425.6 million at the end of 2024, a reduction of approximately 1.2% [24]. - Total equity increased to $3,185.0 million as of March 31, 2025, up from $3,104.5 million at the end of 2024, representing a growth of about 2.6% [24]. Regulatory Filings - Kansas Gas Service has requested a $7.2 million increase related to its Gas System Reliability Surcharge, with a decision expected by August 2025 [5]. - Oklahoma Natural Gas filed for a $41.5 million increase in its Performance-Based Rate Change application, reflecting net customer growth in Oklahoma and Texas [6]. Cash Flow - Cash provided by operating activities for the three months ended March 31, 2025, was $277.5 million, significantly higher than $108.3 million in the same period last year [26].