ONE Gas expects 4Q momentum to carry well into 2022

  • February 24, 2022

(PRNewsfoto/ONE Gas, Inc.)

 

Fourth quarter and full year 2021 financial results for ONE Gas were stronger in comparison as the Tulsa-based firm announced diluted earnings per share of $1.12 for the quarter and $3.85 for the year.

Did earnings “skyrocket”? No, but they definitely grew both for the quarter and the full year. Fourth quarter 2021 net income was $60.5 million or $1.12 per diluted share, up from $58.3 million and $1.09 in the fourth quarter 2020.

For the entire year, net income rose to $206.4 million or $3.85 a share compared with $196.4 million and $3.68 a share one year earlier. Cap-Ex for the year totaled $544.3 million, up from $512.2 million spent in 2020.

“We closed 2021 on a positive note and look forward to carrying this momentum into 2022,” said Robert S. McAnnally, president and chief executive officer. “Looking ahead, we are well-positioned to execute the five-year plan set out in our guidance.

Robert S. McAnnally named president and chief executive officer of ONE Gas, Inc.

“We closed 2021 on a positive note and look forward to carrying this momentum into 2022,” said Robert S. McAnnally, president and chief executive officer. “Looking ahead, we are well-positioned to execute the five-year plan set out in our guidance.”

ONE Gas reported operating income of $87.0 million in the fourth quarter 2021, compared with $85.0 million in the fourth quarter 2020, which primarily reflects:

  • A $9.5 million increase from new rates, primarily in Oklahoma and Texas;
  • A $5.6 million decrease in bad debt expense; and
  • A $1.8 million increase attributed primarily to net residential customer growth.

Full year 2021 operating income was $310.3 million, compared with $303.5 million in 2020, which primarily reflects:

  • A $32.0 million increase from new rates;
  • An $8.5 million increase attributed primarily to net residential customer growth;
  • A $6.3 million decrease in bad debt expense; and
  • A $2.0 million decrease in COVID-19 related expenses.

The company ended the fourth quarter 2021 with $8.8 million of cash and cash equivalents, $494.0 million of commercial paper outstanding and $998.8 million of remaining credit available under its $1 billion credit facility.

 

click here for ONE Gas release

Jerry Bohnen