ONE Gas Inc (NYSE: OGS) is a regulated natural gas distribution company that delivers natural gas to residential, commercial, and industrial customers. It makes money by charging state-regulated rates for the transportation and delivery of natural gas through its distribution network, with allowed returns set by utility commissions in the states where it operates. The company is listed on the NYSE and is headquartered in Texas, based on its 10-K filing dated 2026-02-19. As a regulated utility, its revenue is largely determined by rate cases and tariff structures approved by state regulators rather than by commodity prices or market competition. The business is capital-intensive by nature, requiring ongoing investment in pipeline infrastructure and system integrity. ONE Gas operates as a pure-play natural gas distributor, meaning its earnings are tied directly to the regulatory framework governing its service territories.

Revenue model

Regulated utility tariff revenue: charges approved by state utility commissions for natural gas distribution and transportation services to residential, commercial, and industrial customers.

Products and services

Natural gas distribution and transportation services delivered through regulated local distribution company (LDC) operations.

Customers and end markets

Residential, commercial, and industrial natural gas end users served within regulated service territories.

Value-chain role

Last-mile regulated natural gas distributor; operates between interstate pipeline transmission systems and end-use customers.

Geographic exposure

United States; listed on NYSE; headquartered in Texas per 10-K filed 2026-02-19.

Source: SEC 10-K, filed 2026-02-19

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