ONE Gas, Inc. recorded improved second quarter earnings according to a release this week by the company.
Second quarter 2023 net income was $32.7 million, or $0.58 per diluted share, compared with $32.1 million, or $0.59 per
diluted share, in the second quarter 2022.
Year-to-date 2023 net income was $135.3 million, or $2.42 per diluted share, compared with $131.0 million, or $2.42 per
diluted share, in the same period last year.
ONE Gas reported operating income of $64.0 million in the second quarter 2023, compared with $58.6 million in the second
quarter 2022, which primarily reflects:
• an increase of $14.1 million from new rates; and
• an increase of $1.1 million in residential sales due primarily to net customer growth in Oklahoma and Texas.
For the three months ended June 30, 2023, other income, net, increased $6.2 million compared with the same period last year,
due primarily to a $5.9 million increase in the market value of investments associated with nonqualified employee benefit plans.
Net income for the three months ended June 30, 2023, includes an increase in interest expense of $11.2 million, including
$4.7 million in interest expense related to the Kansas securitization.
Interest expense also increased primarily due to a higher weighted average interest rate on commercial paper borrowings and the issuance of $300 million of 4.25% senior notes in August
“We enter the second half of the year focused on safety and capital plan execution,” said Robert S. McAnnally, president and
chief executive officer. “Our team continues to meet the needs of our growing customer base while managing costs and prioritizing
personal and system safety.”
While the world focuses more and more on climate change and warmer weather, actual heating degree days across ONE Gas’s services areas were 593 in the second quarter, 11.1% warmer than normal and 6.6% warmer than a yeear ago.