ONE Gas Inc. published the transcript of its fourth quarter and year-end 2025 earnings conference call and webcast. Company attendees included Erin Dailey (Director, Investor Relations and Sustainability), Robert McAnnally (President and CEO), Christopher Sighinolfi (CFO and SVP) and Curtis Dinan (COO and SVP). Analysts on the call included Gabriel Moreen (Mizuho), Paul Zimbardo (Jefferies) and David Arcaro (Morgan Stanley). Management highlighted operational performance during Winter Storm Fern, noting peak-day deliveries of more than 3 Bcf with no supply disruptions, supported by post-Uri investments. McAnnally said, “On the peak day of the storm, we delivered over 3 billion cubic feet of gas to our customers with no supply disruptions,” and cited the Austin system reinforcement that “boosted our available winter peak capacity by approximately 25%.” The company reported 2025 net income of $264 million, or $4.37 per diluted share, and capital expenditures of $760 million. ONE Gas also introduced non-GAAP “adjusted” earnings metrics to reflect Texas regulatory accounting effects amplified by Texas House Bill 4384; Sighinolfi said the changes “offer a comprehensive view of our performance within the Texas regulatory model and better reflect the returns allowed by our regulator.” For 2026, ONE Gas guided to adjusted EPS of $4.83 to $4.95 and reiterated long-term adjusted EPS growth of 5% to 7%, with an implied 2030 adjusted EPS midpoint of roughly $6. Regulatory updates included a final Texas rate case order approving a $14.4 million revenue increase, a 9.8% ROE and a 59.9% equity ratio, plus consolidation of the remaining Texas jurisdictions into a single statewide division. The company also discussed growth projects, including a roughly $120 million pipeline to deliver over 100 Bcf annually to Western Farmers Electric Cooperative in southeastern Oklahoma, and noted continued customer growth of about 23,000 new residential customers per year. McAnnally also announced an executive change: “Curtis will take on an expanded role as President and Chief Operating Officer.” The full transcript can be accessed through the link below.
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