ONE Gas reported net income of $128.7 million, or $2.04 per diluted share, up from $119.4 million, or $1.98 per share, in Q1 2025. Adjusted net income rose to $133.4 million, or $2.11 per diluted share, driven by a $27.3 million boost from new rates, partially offset by higher employee and service costs and a $8.9 million decline in volumes net of weather normalization. Operating income increased to $189.6 million, and net interest expense fell by $3.0 million due to lower commercial paper rates and regulatory changes, while capital expenditures were $169.6 million.

The board approved a quarterly dividend of $0.68 per share, payable June 2 to shareholders of record May 18, representing a $2.72 annualized yield. In February, the company launched an at-the-market equity distribution agreement to issue up to $225 million of common stock, enhancing liquidity for strategic investments.

Kansas’ amendment to the Gas System Reliability Surcharge statute will allow broader recovery of utility plant investments and raise the residential surcharge cap to $1.35 from $0.80 effective July 1. Texas Gas Service filed for a $36.9 million revenue increase under its reliability infrastructure program, while Oklahoma Natural Gas requested a $28.7 million base rate increase, $2.6 million in efficiency incentives and a $14.4 million EDIT credit, with a hearing set for June 11.

ONE Gas reaffirmed its 2026 outlook, expecting net income of $294 million to $302 million ($4.65–$4.77 per share) and adjusted net income of $306 million to $314 million ($4.83–$4.95 per share). The company maintained its target of 7–9% long-term net income growth, 5–7% per-share growth, and plans approximately $800 million in capital investments, including $230 million for new customer extensions.