Tulsa’s ONE Gas, Inc. is reporting third quarter 2018 net income of $16.3 million or 31 cents a share, a drop from the $18.8 million and 36-share earnings reported a year ago.

Year-to-date 2018 net income is $127.5 million or $2.41 per diluted share which is better compared to a year ago when the net income was $115.9 million and per share earnings were $2.19.

The board or directors also declared a quarterly dividend of 46 cents a share or $1.84 on an annualized basis. It will be payable Dec. 3 to shareholders of record at the close of business on Nov. 13, 2018.

“We continue to execute our strategy of investing in our natural gas distribution systems targeted toward safety, integrity and reliability,” said Pierce H. Norton II, president and chief executive officer. “Our solid third quarter is reflective of these investments.”

ONE Gas reported operating income of $36.2 million in the third quarter 2018, compared with $45.1 million in the third quarter 2017.

The company blamed several things for the drop in operating income including:

•             A $6.0 million decrease related to the deferral of potential refund obligations associated with the Tax Cuts and Jobs Act of 2017 and related rate adjustments; offset by

•             A $3.8 million increase from new rates in Texas and Kansas; and

•             A $1.0 million increase attributed to net residential customer growth in Oklahoma and Texas.

Capital expenditures for the nine-month 2018 period were $279.3 million, compared with $249.1 million for the same period last year, due primarily to increased system integrity activities and extending service to new areas.

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