With a third quarter net income of $18.8 million, Tulsa-based ONE Gas Inc. declared a quarterly dividend of 42 cents a share.
The net income compared to $12.7 million in the third quarter 2016.
“Our solid third-quarter results were primarily supported by new rates from pipeline system integrity investments in Kansas and Texas and lower operating costs,” said Pierce H. Norton II, president and chief executive officer. “I would like to thank our employees for their continued focus and commitment to serving our customers safely and reliably while efficiently managing expenses.”
Operating income for the third quarter totaled $40.8 million compared with $30.9 million in the 2016 third quarter. Operating costs for the quarter came to $109.1 million, down from the $112.7 million spent in the third quarter of last year.
The company stated that its net margin grew by more than $8 million due to a $5.7 million increase in new rates in Kansas and Texas plus a $1 million increase caused by residential customer growth in Oklahoma and Texas.