TULSA, Okla., Aug. 1, 2022 /PRNewswire/ — ONE Gas, Inc. (NYSE: OGS) right this moment introduced its second quarter 2022 monetary outcomes and reaffirmed its 2022 monetary steerage.
SECOND QUARTER 2022 FINANCIAL RESULTS & HIGHLIGHTS
- Second quarter 2022 web revenue was $32.1 million, or $0.59 per diluted share, in contrast with $30.1 million, or $0.56 per diluted share, within the second quarter 2021;
- Year thus far 2022 web revenue was $131.0 million, or $2.42 per diluted share, in contrast with $125.7 million, or $2.35 per diluted share, in the identical interval final yr;
- Actual heating diploma days throughout the Company’s service areas had been 635 within the second quarter 2022, 6% hotter than regular and 15% hotter in contrast with the identical interval final yr;
- The Company executed ahead sale agreements for 591,736 shares of frequent inventory below its at-the-market fairness program; had shares been settled as of June 30, 2022, it will have generated web proceeds of roughly $48.3 million; and
- A quarterly dividend of $0.62 per share, or $2.48 per share on an annualized foundation, was declared on July 18, 2022, payable on Sept. 1, 2022, to shareholders of report on the shut of enterprise on Aug. 15, 2022.
“Customer growth and continued economic development activity across our service area contributed to our second quarter financial results. Our capital program remains on track for the year, including system expansions to meet growing customer demand and planned system integrity investments,” mentioned Robert S. McAnnally, president and chief government officer. “We also released our 2022 ESG report which includes new disclosures, updates on our programs to support customers and employees and our progress toward a cleaner energy future.”
SECOND QUARTER 2022 FINANCIAL PERFORMANCE
ONE Gas reported working revenue of $58.6Â million within the second quarter 2022, in contrast with $51.1 million within the second quarter 2021, which primarily displays:
- a rise of $14.4 million from new charges; and
- a rise of $1.5 million in residential gross sales as a result of web buyer development in Oklahoma and Texas.
These will increase had been offset partially by:
- a rise of $5.8 million in outdoors service prices; and
- a rise of $0.7 million in employee-related prices, which displays $3.3 million of upper labor and worker profit prices, offset partially by a $2.7 million lower in bills related to the change in our nonqualified worker profit plan liabilities.
For the second quarter 2022, different expense, web, elevated $4.4 million in contrast with the identical interval final yr, due primarily to a $6.5 million lower out there worth of investments related to nonqualified worker profit plans, offset partially by a lower of $2.4 million in web periodic profit value apart from service value.
Income tax expense features a credit score for amortization of the regulatory legal responsibility related to extra amassed deferred revenue taxes (EDIT) of $3.0Â million and $2.6Â million for the three-month intervals ended June 30, 2022, and 2021, respectively.
Capital expenditures and asset removing prices had been $149.1 million for the second quarter 2022 in contrast with $129.4 million in the identical interval final yr. The enhance was due primarily to expenditures for system integrity and extension of service to new areas.Â
YEAR TO DATE 2022 FINANCIAL PERFORMANCE
Operating revenue for the six-month 2022 interval was $199.3Â million, in contrast with $181.4Â million in 2021, which primarily displays:
- a rise of $29.5 million from new charges;
- a rise of $4.1 million in residential gross sales as a result of web buyer development in Oklahoma and Texas;
- a lower of $3.0 million in dangerous debt expense; and
- a rise of $1.2 million in late cost, reconnect and assortment charges.
These will increase had been offset partially by:
- a rise of $9.5 million in outdoors service prices;
- a rise of $9.1 million in depreciation expense as a result of further capital expenditures being positioned in service; and
- a rise of $2.9 million in employee-related prices, which displays $5.4 million of upper labor and worker profit prices, offset partially by a $2.5 million lower in bills related to the change in our nonqualified worker profit plan liabilities.
For the six-month 2022 interval, different expense, web, elevated $8.2 million in contrast with the identical interval final yr, due primarily to a $10.0 million lower out there worth of investments related to nonqualified worker profit plans, offset partially by a lower of $2.6 million in web periodic profit value apart from service value.
Income tax expense features a credit score for amortization of the regulatory legal responsibility related to EDIT of $10.9 million and $10.7 million for the six-month intervals ended June 30, 2022, and 2021, respectively.
Capital expenditures and asset removing prices had been $272.0 million for the six-month 2022 interval in contrast with $238.4 million in the identical interval final yr. The enhance was due primarily to expenditures for system integrity and extension of service to new areas.
REGULATORY ACTIVITIES UPDATE
Securitization
The Company continues to make progress in its efforts to make the most of securitization as a way to finance extraordinary prices related to the February 2021 Winter Storm Uri. The following updates replicate the latest securitization exercise in Oklahoma, Kansas and Texas.
The Oklahoma Development Finance Authority (ODFA) obtained a listening to earlier than the Oklahoma Supreme Court and on May 24, 2022, the courtroom validated the proposed bond issuance. On July 15, 2022, the ODFA started the advertising course of for the bonds that are anticipated to be issued and proceeds obtained within the third quarter of 2022. At June 30, 2022, Oklahoma Natural Gas has deferred roughly $1.3 billion in extraordinary prices attributable to Winter Storm Uri.
On July 14, 2022, Kansas Gas Service, the Kansas Corporation Commission (KCC) Staff and the Citizens’ Utility Ratepayer Board reached a settlement settlement for the issuance of a financing order permitting securitized utility tariff bonds to be issued within the quantity of roughly $328 million plus issuance charges. The settlement gives for the issuance of bonds with a scheduled closing maturity of between 7 and 10 years. The closing quantity to be securitized can be supplied within the closing Issuance Advice Letter. The KCC has till Sept. 27, 2022, to evaluate the appliance and challenge a financing order if it deems the issuance of securitized bonds to be applicable. If the KCC approves the financing order, the Company can start the method to challenge the securitized bonds.
The Texas Public Finance Authority has begun the method to challenge securitized bonds, that are anticipated to be issued within the fourth quarter of 2022. At June 30, 2022, Texas Gas Service has deferred roughly $246.7 million in extraordinary prices related to Winter Storm Uri, together with $48.5 million attributable to the West Texas service space which is being recovered by means of a separate surcharge over a three-year interval that began in January 2022.
Other Regulatory Updates
In March 2022, Oklahoma Natural Gas filed its first annual Performance-Based Rate Change (PBRC) software following the overall charge case that was permitted in November 2021. The submitting is for a calendar 2021 take a look at yr and features a requested base charge enhance of $19.7 million, an vitality effectivity program incentive of $2.3 million and an estimated $9.1 million credit score related to EDIT. On May 27, 2022, the Public Utility Division (PUD) of the Oklahoma Corporation Commission (OCC) filed responsive testimony supporting a rise of $19.6 million. On May 31, 2022, the Office of the Attorney General filed an announcement supporting PUD’s place. Pursuant to its tariff, Oklahoma Natural Gas positioned new charges into impact on July 13, 2022, reflecting a base charge income enhance of $19.6 million. These charges are topic to refund till permitted by the OCC. A listening to is predicted to be scheduled in September 2022.
In February 2022, Texas Gas Service made Gas Reliability Infrastructure Program (GRIP) filings for all clients within the Central-Gulf Service Area, requesting a $9.1 million enhance to be efficient in June 2022. All municipalities, and the Railroad Commission of Texas (RRC), permitted the brand new charges or allowed them to take impact with no motion.
In March 2022, Texas Gas Service made GRIP filings for all clients within the West Texas service space, requesting a $5.0 million enhance to be efficient in July 2022. On June 23, 2022, the town of El Paso denied the requested enhance and assessed charges related to its evaluate of the submitting. Texas Gas Service appealed the town’s motion to the RRC. All different municipalities, and the RRC, permitted the brand new charges or allowed them to take impact with no motion. Texas Gas Service carried out the brand new charges in July 2022, pending the end result of the enchantment.
In April 2022, Texas Gas Service made its annual Cost-of-Service Adjustment filings for the integrated space of the Rio Grande Valley service space. In July 2022, the municipalities permitted a rise of $2.5 million, and new charges will change into efficient in August 2022.
In June 2022, Texas Gas Service filed a charge case searching for to consolidate its West Texas, North Texas and Borger/Skellytown service areas right into a single West-North service space and requesting a charge enhance of $13.0 million. If permitted, new charges are anticipated to take impact in early 2023.
2022 FINANCIAL GUIDANCE
ONE Gas reaffirmed its monetary steerage issued on Jan. 18, 2022, with 2022 web revenue and earnings per share anticipated to be within the vary of $215 million to $227 million, and $3.96 to $4.20 per diluted share. Capital expenditures, together with asset removing prices, are anticipated to be roughly $650 million for 2022.
EARNINGS CONFERENCE CALL AND WEBCAST
The ONE Gas government administration group will conduct a convention name on Tuesday, Aug. 2, 2022, at 11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time). The name additionally can be carried stay on the ONE Gas web site.
To take part within the phone convention name, dial 888-394-8218, passcode 2645252, or go online to www.onegas.com/investors and choose Events and Presentations.
If you might be unable to take part within the convention name or the webcast, a replay can be out there on the ONE Gas web site, www.onegas.com, for 30 days. A recording can be out there by cellphone for seven days. The playback name could also be accessed at 888-203-1112, passcode 2645252.
———————————————————————————————————————
ONE Gas, Inc. (NYSE: OGS) is a 100% regulated pure gasoline utility, and trades on the New York Stock Exchange below the image “OGS.” ONE Gas is included within the S&P MidCap 400 Index and is likely one of the largest pure gasoline utilities in the United States.
Headquartered in Tulsa, Oklahoma, ONE Gas gives a dependable and inexpensive vitality option to greater than 2.3 million clients in Kansas, Oklahoma and Texas. Its divisions embrace Kansas Gas Service, the most important pure gasoline distributor in Kansas; Oklahoma Natural Gas, the most important in Oklahoma; and Texas Gas Service, the third largest in Texas, by way of clients.
For extra information and the most recent news about ONE Gas, go to onegas.com and observe its social channels: @ONEGas, Facebook, LinkedIn and YouTube.
Some of the statements contained and integrated on this news launch are forward-looking statements inside the which means of Section 27A of the Securities Act and Section 21E of the Exchange Act. The forward-looking statements relate to our anticipated monetary efficiency, liquidity, administration’s plans and goals for our future operations, our enterprise prospects, the end result of regulatory and authorized proceedings, market circumstances and different issues. We make these forward-looking statements in reliance on the protected harbor protections supplied below the Private Securities Litigation Reform Act of 1995. The following dialogue is meant to determine necessary components that would trigger future outcomes to vary materially from these set forth within the forward-looking statements.
Forward-looking statements embrace the gadgets recognized within the previous paragraph, the information regarding potential or assumed future outcomes of our operations and different statements contained or integrated on this news launch recognized by phrases reminiscent of “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “should,” “goal,” “forecast,” “guidance,” “could,” “may,” “continue,” “might,” “potential,” “scheduled,” “likely,” and different phrases and phrases of comparable which means.
One mustn’t place undue reliance on forward-looking statements, that are relevant solely as of the date of this news launch.  Known and unknown dangers, uncertainties and different components might trigger our precise outcomes, efficiency or achievements to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by forward-looking statements. Those components might have an effect on our operations, markets, merchandise, companies and costs. In addition to any assumptions and different components referred to particularly in reference to the forward-looking statements, components that would trigger our precise outcomes to vary materially from these contemplated in any forward-looking assertion embrace, amongst others, the next:
- our capacity to get well prices (together with working prices and elevated commodity prices associated to Winter Storm Uri in February 2021), revenue taxes and quantities equal to the price of property, plant and tools, regulatory belongings and our allowed charge of return in our regulated charges or different restoration mechanisms;
- cyber-attacks, which, in keeping with consultants, have elevated in quantity and class for the reason that starting of the COVID-19 pandemic, or breaches of know-how methods that would disrupt our operations or outcome within the loss or publicity of confidential or delicate buyer, worker or Company information; additional, elevated distant working preparations on account of the pandemic have required enhancements and modifications to our IT infrastructure (e.g. Internet, Virtual Private Network, distant collaboration methods, and many others.), and any failures of the applied sciences, together with third-party service suppliers, that facilitate working remotely may restrict our capacity to conduct unusual operations or expose us to elevated threat or impact of an assault;
- our capacity to handle our operations and upkeep prices;
- the focus of our operations in Kansas, Oklahoma, and Texas;
- modifications in regulation of pure gasoline distribution companies, significantly these in Oklahoma, Kansas and Texas;
- the financial local weather and, significantly, its impact on the pure gasoline necessities of our residential and business clients;
- the size and severity of a pandemic or different well being disaster, such because the outbreak of COVID-19, together with the impression to our operations, clients, contractors, distributors and workers, the effectiveness of vaccine campaigns (together with the COVID-19 vaccine marketing campaign) on our workforce and clients and the impact of different measures or mandates that worldwide, federal, state and native governments, companies, regulation enforcement and/or well being authorities implement to deal with the pandemic or different well being disaster, which may (as with COVID-19) precipitate or exacerbate a number of of the above-mentioned and/or different dangers, and considerably disrupt or stop us from working our enterprise within the unusual course for an prolonged interval;
- competitors from various types of vitality, together with, however not restricted to, electrical energy, solar energy, wind energy, geothermal vitality and biofuels;
- adversarial climate circumstances and variations in climate, together with seasonal results on demand and/or provide, the incidence of extreme storms within the territories during which we function, and local weather change, and the associated results on provide, demand, and prices;
- indebtedness may make us extra weak to common adversarial financial and trade circumstances, restrict our capacity to borrow further funds and/or place us at aggressive drawback in contrast with opponents;
- our capacity to safe dependable, competitively priced and versatile pure gasoline transportation and provide, together with selections by pure gasoline producers to scale back manufacturing or shut-in producing pure gasoline wells and expiration of current provide and transportation and storage preparations that aren’t changed with contracts with comparable phrases and pricing;
- our capacity to finish needed or fascinating growth or infrastructure improvement tasks, which can delay or stop us from serving our clients or increasing our enterprise;
- operational and mechanical hazards or interruptions;
- adversarial labor relations;
- the effectiveness of our methods to scale back earnings lag, income safety methods and threat mitigation methods, which can be affected by dangers past our management reminiscent of commodity worth volatility, counterparty efficiency or creditworthiness and rate of interest threat;
- the capital-intensive nature of our enterprise, and the provision of and entry to, basically, funds to fulfill our debt obligations previous to or after they change into due and to fund our operations and capital expenditures, both by means of (i) money readily available, (ii) working money move, or (iii) entry to the capital markets and different sources of liquidity;
- our capacity to acquire capital on commercially cheap phrases, or on phrases acceptable to us, or in any respect;
- limitations on our working flexibility, earnings and money flows as a result of restrictions in our financing preparations;
- cross-default provisions in our borrowing preparations, which can result in our incapability to fulfill all of our excellent obligations within the occasion of a default on our half;
- modifications within the monetary markets throughout the intervals coated by the forward-looking statements, significantly these affecting the provision of capital and our capacity to refinance current debt and fund investments and acquisitions to execute our enterprise technique;
- actions of score companies, together with the scores of debt, common company scores and modifications within the score companies’ scores standards;
- modifications in inflation and rates of interest;
- our capacity to get well the prices of pure gasoline bought for our clients, together with these associated to Winter Storm Uri and any associated financing required to assist our buy of pure gasoline provide, together with the securitized financings at present contemplated in every of our jurisdictions;
- impression of potential impairment prices;
- volatility and modifications in markets for pure gasoline and our capacity to safe further and adequate liquidity on cheap business phrases to cowl prices related to such volatility;
- potential lack of native distribution firm franchises or different adversarial results attributable to the actions of municipalities;
- cost and efficiency by counterparties and clients as contracted and when due, together with our counterparties sustaining unusual course phrases of provide and funds;
- modifications in current or the addition of latest environmental, security, tax and different legal guidelines to which we and our subsidiaries are topic, together with those who might require vital expenditures, vital will increase in working prices or, within the case of noncompliance, substantial fines or penalties;
- the effectiveness of our risk-management insurance policies and procedures, and workers violating our risk-management insurance policies;
- the uncertainty of estimates, together with accruals and prices of environmental remediation;
- advances in know-how, together with applied sciences that enhance effectivity or that enhance electrical energy’s aggressive place relative to pure gasoline;
- inhabitants development charges and modifications within the demographic patterns of the markets we serve, and financial circumstances in these areas’ housing markets;
- acts of nature and the potential results of threatened or precise terrorism and conflict, together with latest occasions in Europe;
- the sufficiency of insurance coverage protection to cowl losses;
- the consequences of our methods to scale back tax funds;
- the consequences of litigation and regulatory investigations, proceedings, together with our charge circumstances, or inquiries and the necessities of our regulators on account of the Tax Cuts and Jobs Act of 2017;
- modifications in accounting requirements;
- modifications in company governance requirements;
- existence of fabric weaknesses in our inside controls;
- our capacity to adjust to all covenants in our indentures and the ONE Gas Credit Agreement, a violation of which, if not cured in a well timed method, may set off a default of our obligations;
- our capacity to draw and retain proficient workers, administration and administrators, or a scarcity of expert labor;
- surprising will increase within the prices of offering well being care advantages, together with pension and postemployment well being care advantages, in addition to declines within the low cost charges on, declines out there worth of the debt and fairness securities of, and will increase in funding necessities for, our outlined profit plans; and
- our capacity to efficiently full merger, acquisition or divestiture plans, regulatory or different limitations imposed on account of a merger, acquisition or divestiture, and the success of the enterprise following a merger, acquisition or divestiture.
These components are usually not essentially all the necessary components that would trigger precise outcomes to vary materially from these expressed in any of our forward-looking statements. Other components may even have materials adversarial results on our future outcomes. These and different dangers are described in better element in Part 1, Item 1A, Risk Factors, in our Annual Report. All forward-looking statements attributable to us or individuals appearing on our behalf are expressly certified of their entirety by these components. Other than as required below securities legal guidelines, we undertake no obligation to replace publicly any forward-looking assertion whether or not on account of new information, subsequent occasions or change in circumstances, expectations or in any other case.
APPENDIX
ONE Gas, Inc. |
||||||||
CONSOLIDATED STATEMENTS OF INCOME |
||||||||
Three Months Ended |
Six Months Ended |
|||||||
June 30, |
June 30, |
|||||||
(Unaudited) |
2022 |
2021 |
2022 |
2021 |
||||
(Thousands of {dollars}, besides per share quantities) |
||||||||
Total revenues |
$Â Â Â Â Â Â 428,975 |
$Â Â Â Â Â 315,646 |
$Â Â 1,400,434 |
$Â Â Â Â Â Â 940,939 |
||||
Cost of pure gasoline |
188,251 |
93,701 |
828,197 |
407,770 |
||||
Operating bills |
||||||||
Operations and upkeep |
110,579 |
103,534 |
225,674 |
214,420 |
||||
Depreciation and amortization |
55,043 |
50,872 |
112,180 |
103,138 |
||||
General taxes |
16,533 |
16,437 |
35,057 |
34,164 |
||||
Total working bills |
182,155 |
170,843 |
372,911 |
351,722 |
||||
Operating revenue |
58,569 |
51,102 |
199,326 |
181,447 |
||||
Other revenue (expense), web |
(3,983) |
451 |
(8,128) |
46 |
||||
Interest expense, web |
(16,320) |
(14,996) |
(31,915) |
(30,436) |
||||
Income earlier than revenue taxes |
38,266 |
36,557 |
159,283 |
151,057 |
||||
Income taxes |
(6,191) |
(6,464) |
(28,274) |
(25,389) |
||||
Net revenue |
$Â Â Â Â Â Â Â Â 32,075 |
$Â Â Â Â Â Â Â 30,093 |
$Â Â Â Â Â 131,009 |
$Â Â Â Â Â Â 125,668 |
||||
Earnings per share |
||||||||
Basic |
$Â Â Â Â Â Â Â Â Â Â Â Â 0.59 |
$Â Â Â Â Â Â Â Â Â Â Â 0.56 |
$Â Â Â Â Â Â Â Â Â Â Â 2.42 |
$Â Â Â Â Â Â Â Â Â Â Â Â 2.35 |
||||
Diluted |
$Â Â Â Â Â Â Â Â Â Â Â Â 0.59 |
$Â Â Â Â Â Â Â Â Â Â Â 0.56 |
$Â Â Â Â Â Â Â Â Â Â Â 2.42 |
$Â Â Â Â Â Â Â Â Â Â Â Â 2.35 |
||||
Average shares (hundreds) |
||||||||
Basic |
54,262 |
53,466 |
54,092 |
53,419 |
||||
Diluted |
54,335 |
53,548 |
54,183 |
53,531 |
||||
Dividends declared per share of inventory |
$Â Â Â Â Â Â Â Â Â Â Â Â 0.62 |
$Â Â Â Â Â Â Â Â Â Â Â 0.58 |
$Â Â Â Â Â Â Â Â Â Â Â 1.24 |
$Â Â Â Â Â Â Â Â Â Â Â Â 1.16 |
ONE Gas, Inc. |
||||
CONSOLIDATED BALANCE SHEETS |
||||
June 30, |
December 31, |
|||
(Unaudited) |
2022 |
2021 |
||
Assets |
(Thousands of {dollars}) |
|||
Property, plant and tools |
||||
Property, plant and tools |
$Â Â Â Â Â Â 7,494,631 |
$Â Â Â Â Â Â 7,274,268 |
||
Accumulated depreciation and amortization |
2,137,601 |
2,083,433 |
||
   Net property, plant and tools |
5,357,030 |
5,190,835 |
||
Current belongings |
||||
Cash and money equivalents |
7,385 |
8,852 |
||
Accounts receivable, web |
242,671 |
341,756 |
||
Materials and provides |
62,819 |
54,892 |
||
Natural gasoline in storage |
198,306 |
179,646 |
||
Regulatory belongings |
1,609,763 |
1,611,676 |
||
Other present belongings |
27,929 |
27,742 |
||
   Total present belongings |
2,148,873 |
2,224,564 |
||
Goodwill and different belongings |
||||
Regulatory belongings |
637,021 |
724,862 |
||
Goodwill |
157,953 |
157,953 |
||
Other belongings |
110,535 |
103,906 |
||
   Total goodwill and different belongings |
905,509 |
986,721 |
||
   Total belongings |
$Â Â Â Â Â Â 8,411,412 |
$Â Â Â Â Â Â 8,402,120 |
||
ONE Gas, Inc. |
||||
CONSOLIDATED BALANCE SHEETS |
||||
(Continued) |
||||
June 30, |
December 31, |
|||
(Unaudited) |
2022 |
2021 |
||
Equity and Liabilities |
(Thousands of {dollars}) |
|||
Equity and long-term debt |
||||
Common inventory, $0.01 par worth: approved 250,000,000 shares; issued and excellent 54,137,217 shares at June 30, 2022; |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 541 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 536 |
||
Paid-in capital |
1,830,678 |
1,790,362 |
||
Retained earnings |
628,805 |
565,161 |
||
Accumulated different complete loss |
(6,428) |
(6,527) |
||
Total fairness |
2,453,596 |
2,349,532 |
||
Long-term debt, excluding present maturities and web of issuance prices of $12,038 and $12,418, |
2,283,865 |
3,683,378 |
||
   Total fairness and long-term debt |
4,737,461 |
6,032,910 |
||
Current liabilities |
||||
Current maturities of long-term debt |
1,400,011 |
11 |
||
Short-term debt |
490,100 |
494,000 |
||
Accounts payable |
186,425 |
258,554 |
||
Accrued taxes apart from revenue |
58,183 |
67,035 |
||
Regulatory liabilities |
33,755 |
8,090 |
||
Customer deposits |
60,277 |
62,454 |
||
Other present liabilities |
99,534 |
90,349 |
||
   Total present liabilities |
2,328,285 |
980,493 |
||
Deferred credit and different liabilities |
||||
Deferred revenue taxes |
690,751 |
695,284 |
||
Regulatory liabilities |
538,717 |
552,928 |
||
Employee profit obligations |
25,131 |
35,226 |
||
Other deferred credit |
91,067 |
105,279 |
||
   Total deferred credit and different liabilities |
1,345,666 |
1,388,717 |
||
Commitments and contingencies |
||||
   Total liabilities and fairness |
$Â Â Â Â Â Â 8,411,412 |
$Â Â Â Â Â Â 8,402,120 |
ONE Gas, Inc. |
||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||
Six Months Ended |
||||
June 30, |
||||
(Unaudited) |
2022 |
2021 |
||
(Thousands of {dollars}) |
||||
Operating actions |
||||
Net revenue |
$Â Â Â Â Â Â Â Â Â Â Â Â 131,009 |
$Â Â Â Â Â Â Â Â Â Â Â Â 125,668 |
||
Adjustments to reconcile web revenue to web money supplied by working actions: |
||||
 Depreciation and amortization |
112,180 |
103,138 |
||
 Deferred revenue taxes |
(18,780) |
24,954 |
||
 Share-based compensation expense |
5,699 |
5,679 |
||
 Provision for uncertain accounts |
2,511 |
5,496 |
||
 Changes in belongings and liabilities: |
||||
Accounts receivable |
100,955 |
126,842 |
||
Materials and provides |
(7,927) |
691 |
||
Natural gasoline in storage |
(18,660) |
8,198 |
||
Asset removing prices |
(20,919) |
(21,375) |
||
Accounts payable |
(92,887) |
13,519 |
||
Accrued taxes apart from revenue |
(8,852) |
(7,710) |
||
Customer deposits |
(2,177) |
(11,263) |
||
Regulatory belongings and liabilities – present |
43,697 |
13,579 |
||
Regulatory belongings and liabilities – noncurrent |
56,135 |
(1,931,332) |
||
Other belongings and liabilities – present |
8,234 |
(14,300) |
||
Other belongings and liabilities – noncurrent |
(3,541) |
(19,132) |
||
Cash supplied by (utilized in) working actions |
286,677 |
(1,577,348) |
||
Investing actions |
||||
Capital expenditures |
(251,060) |
(217,039) |
||
Other investing expenditures |
(1,332) |
(2,821) |
||
Other investing receipts |
891 |
716 |
||
Cash utilized in investing actions |
(251,501) |
(219,144) |
||
Financing actions |
||||
Borrowings (repayments) on short-term debt, web |
(3,900) |
(418,225) |
||
Issuance of debt, web of reductions |
— |
2,498,895 |
||
Long-term debt financing prices |
— |
(35,110) |
||
Issuance of frequent inventory |
37,104 |
18,122 |
||
Dividends paid |
(66,821) |
(61,785) |
||
Tax withholdings associated to web share settlements of inventory compensation |
(3,026) |
(4,328) |
||
Cash supplied by (utilized in) financing actions |
(36,643) |
1,997,569 |
||
Change in money and money equivalents |
(1,467) |
201,077 |
||
Cash and money equivalents at starting of interval |
8,852 |
7,993 |
||
Cash and money equivalents at finish of interval |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 7,385 |
$Â Â Â Â Â Â Â Â Â Â Â Â 209,070 |
ONE Gas, Inc. |
|||||||||||
INFORMATION AT A GLANCE |
|||||||||||
Three Months Ended |
Six Months Ended |
||||||||||
June 30, |
June 30, |
||||||||||
(Unaudited) |
2022 |
2021 |
2022 |
2021 |
|||||||
(Millions of {dollars}) |
|||||||||||
Natural gasoline gross sales |
$ |
393.2 |
$ |
282.6 |
$ |
1,320.2 |
$ |
865.4 |
|||
Transportation revenues |
$ |
28.0 |
$ |
26.3 |
$ |
64.8 |
$ |
62.5 |
|||
Other revenues |
$ |
7.8 |
$ |
6.7 |
$ |
15.4 |
$ |
13.0 |
|||
Total revenues |
$ |
429.0 |
$ |
315.6 |
$ |
1,400.4 |
$ |
940.9 |
|||
Cost of pure gasoline |
$ |
188.3 |
$ |
93.7 |
$ |
828.2 |
$ |
407.8 |
|||
Operating prices |
$ |
127.1 |
$ |
120.0 |
$ |
260.7 |
$ |
248.6 |
|||
Depreciation and amortization |
$ |
55.0 |
$ |
50.8 |
$ |
112.2 |
$ |
103.1 |
|||
Operating revenue |
$ |
58.6 |
$ |
51.1 |
$ |
199.3 |
$ |
181.4 |
|||
Net revenue |
$ |
32.1 |
$ |
30.1 |
131.0 |
125.7 |
|||||
Capital expenditures and asset removing prices |
$ |
149.1 |
$ |
129.4 |
$ |
272.0 |
$ |
238.4 |
|||
Volumes (Bcf) |
|||||||||||
Natural gasoline gross sales |
|||||||||||
Residential |
13.8 |
14.8 |
74.4 |
77.8 |
|||||||
Commercial and industrial |
6.2 |
5.6 |
25.6 |
24.1 |
|||||||
Other |
0.6 |
0.4 |
1.7 |
1.5 |
|||||||
Total gross sales volumes delivered |
20.5 |
20.8 |
101.7 |
103.4 |
|||||||
Transportation |
53.4 |
52.5 |
120.5 |
116.8 |
|||||||
Total volumes delivered |
73.9 |
73.3 |
222.1 |
220.2 |
|||||||
Average variety of clients (in hundreds) |
|||||||||||
Residential |
2,084 |
2,070 |
2,085 |
2,069 |
|||||||
Commercial and industrial |
163 |
161 |
164 |
162 |
|||||||
Other |
3 |
3 |
3 |
3 |
|||||||
Transportation |
12 |
12 |
12 |
12 |
|||||||
Total clients |
2,262 |
2,246 |
2,264 |
2,246 |
|||||||
Heating Degree Days |
|||||||||||
Actual diploma days |
635 |
751 |
6,334 |
6,351 |
|||||||
Normal diploma days |
672 |
635 |
5,924 |
5,871 |
|||||||
Percent colder (hotter) than regular climate |
(6)Â % |
18Â % |
7Â % |
8Â % |
|||||||
Statistics by State |
|||||||||||
 Oklahoma |
|||||||||||
 Average variety of clients (in hundreds) |
915 |
907 |
916 |
908 |
|||||||
 Actual diploma days |
219 |
274 |
2,204 |
2,319 |
|||||||
 Normal diploma days |
228 |
191 |
2,020 |
1,966 |
|||||||
 Percent colder (hotter) than regular climate |
(4)Â % |
43Â % |
9Â % |
18Â % |
|||||||
 Kansas |
|||||||||||
 Average variety of clients (in hundreds) |
650 |
649 |
652 |
650 |
|||||||
 Actual diploma days |
399 |
415 |
2,931 |
2,905 |
|||||||
 Normal diploma days |
394 |
394 |
2,855 |
2,855 |
|||||||
 Percent colder (hotter) than regular climate |
1Â % |
5Â % |
3Â % |
2Â % |
|||||||
 Texas |
|||||||||||
 Average variety of clients (in hundreds) |
697 |
690 |
696 |
688 |
|||||||
 Actual diploma days |
17 |
62 |
1,199 |
1,127 |
|||||||
 Normal diploma days |
50 |
50 |
1,049 |
1,050 |
|||||||
 Percent colder (hotter) than regular climate |
(66)Â % |
24Â % |
14Â % |
7Â % |
Analyst Contact: |
Brandon Lohse 918-947-7472 |
||
Media Contact: |
Leah Harper 918-947-7123 |
SOURCE ONE Gas, Inc.
story by The Texas Tribune Source link