ONE Gas posts second quarter results
TULSA — ONE Gas Inc. earned a net income of $25.3 million during the second quarter of 2020, it announced after markets closed Monday.
The company, which supplies natural gas to more than 2 million residential and commercial customers across Kansas, Oklahoma and Texas, stated those earnings shook out to 48 cents per share.
The company’s operating revenue during the quarter was $44.6 million.
The company posted a net income of $24.5 million, or 46 cents per share, on operating revenue of $46.9 million during the same quarter the previous year.
"During the second quarter, we remained focused on operating our systems safely and protecting our workforce and customers during this pandemic," said Pierce H. Norton II, ONE Gas’ CEO.
"We continued to see the positive impact from customer growth and new rates. Looking ahead, we are well positioned to execute on our proven strategy of modernizing our infrastructure and providing clean, reliable natural gas to our customers."
Also on Monday, ONE Gas reaffirmed its 2020 earnings guidance it had issued in January.
The company expects its annual net income will be between $186 million and $198 million, or between $3.44 and $3.68 per share.
Its capital expenditures plan, which includes asset removal costs, have been revised and are expected to range from $500 million to $525 million for 2020, up from $475 million. The increase is driven primarily by extension of service to new customers, officials said.
A quarterly dividend of 54 cents per share, or $2.16 on an annualized basis, was declared July 20, payable Sept. 1 to shareholders of record at the close of business on Aug. 14.