ONE Gas, Inc.: directors' dealings · United States · SEC (Form 4)

About ONE Gas, Inc.

ONE Gas, Inc. (NYSE: OGS) is a U.S. regulated natural gas utility headquartered in Tulsa, Oklahoma, United States. The company provides natural gas distribution services to roughly 2.3 million customers across Kansas, Oklahoma, and Texas, making it one of the larger natural gas utilities in the United States. For investors, the name sits squarely in the defensive utility bucket: earnings visibility is supported by regulated rate structures, and cash-flow generation is anchored by essential-service demand rather than discretionary consumption. ([onegas.com](https://www.onegas.com/about-one-gas/default.aspx?utm_source=openai)) ONE Gas became an independent publicly traded company in 2014 following its separation from ONEOK. Its heritage goes back to Oklahoma Natural Gas Company, founded in 1906, giving the business more than a century of operating history in the region. Today, the company operates through three principal divisions: Kansas Gas Service, Oklahoma Natural Gas, and Texas Gas Service. Kansas Gas Service is the largest natural gas distributor in Kansas, Oklahoma Natural Gas is the largest in Oklahoma, and Texas Gas Service is the third-largest in Texas by customer count. That combination of scale and local market leadership is a key element of the company’s competitive moat. ([onegas.com](https://www.onegas.com/news/press-release-details/2014/ONE-Gas-Announces-Second-quarter-2014-Financial-Results-Affirms-2014-Financial-Guidance/default.aspx?utm_source=openai)) From a competitive and operating standpoint, ONE Gas is concentrated in attractive, utility-style service territories where population growth, residential demand, and ongoing infrastructure needs support steady capital deployment. The company serves residential, commercial, industrial, transportation, and wholesale customers, with major markets including Oklahoma City and Tulsa in Oklahoma, Kansas City, Wichita, and Topeka in Kansas, and Austin and El Paso in Texas. Because its business is regulated in three states, growth is tied to constructive rate cases, surcharge mechanisms, and infrastructure recovery programs rather than commodity exposure. ([onegas.com](https://www.onegas.com/about-one-gas/default.aspx?utm_source=openai)) Recent news has been centered on earnings execution, rate recovery, and capital allocation. In February 2026, ONE Gas reported full-year 2025 results and issued 2026 guidance that incorporated non-GAAP adjustments tied to a regulatory mechanism intended to reduce regulatory lag. In May 2026, the company affirmed its 2026 outlook, and in February 2026 it announced an at-the-market equity distribution agreement allowing it to issue shares with an aggregate offering price of up to $225 million. Throughout 2025 and 2026, management also highlighted rate-case activity in Kansas, Oklahoma, and Texas, as well as ongoing dividend increases, reinforcing the company’s appeal to income-oriented investors. ([investor.onegas.com](https://investor.onegas.com/news/press-release-details/2026/ONE-Gas-Announces-Fourth-Quarter-and-Full-Year-2025-Financial-Results-Releases-Non-GAAP-Adjusted-Financial-Guidance/default.aspx?utm_source=openai)) Overall, ONE Gas is a mature, regulated U.S. utility with a long operating history, a strong regional footprint, and a straightforward investment profile: stable regulated distribution revenues, disciplined infrastructure spending, and dividend-led shareholder returns. ([onegas.com](https://www.onegas.com/about-one-gas/default.aspx?utm_source=openai))