ONE Gas posts third-quarter results

TULSA — ONE Gas, Inc. reported after markets closed on Monday that it earned $16.3 million in net income during the third quarter, compared to $18.8 million during the same time a year ago.

Officials said the company’s third-quarter operating income was $36.2, compared to $45.1 million in 2017 and said its net margin decreased $1.3 million in the same quarterly year-over-year comparison, to about $187 million.

They said the deferral of $6 million in potential refund obligations associated with the Tax Cuts and Jobs Act of 2017 pulled its net margin lower, but also said a $3.8 million increase from new rates in Texas and Kansas and a $1 million increase attributable to system growth in Oklahoma and Texas offset most of that reduction.

The company reported it sold 7.5 billion cubic feet of natural gas to residential customers in the third quarter of 2018, down 3 percent compared to the same quarter a year ago, and said total natural gas sales volumes also declined slightly, using the same comparison.

Officials also said ONE Gas spent $103.5 million in the third quarter of 2018 to improve its natural gas distribution systems, compared to $94.4 million during the thirdquarter of 2017.

“We continue to execute our strategy of investing in our natural gas distribution systems (to improve) safety, integrity and reliability,” said Pierce H. Norton II, ONE Gas’ president and chief executive officer.

“Our solid third quarter is reflective of these investments.”

ONE Gas provides natural gas distribution services to more than 2 million customers in Oklahoma, Kansas and Texas. ONE Gas’ shares, traded on the New York Stock Exchange under the ticker OGS, ended up nearly $1 Monday, closing at $81.23 a share.