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- **EPS Beat**: Narrowed 2025 guidance to $4.34-$4.40, up 12% YoY
- **Project Success**: Austin System Reinforcement completed 3 months early, under budget
- **Cost Control**: 13% reduction in excavation damages through in-sourcing
- **Growth Pipeline**: 1.5 GW of utility-scale projects in development
- **Regulatory Tailwind**: Texas HB 4384 provides $4-5M annual benefit

**CEO Summary Section**
- ONE Gas reported third-quarter net income of $26.5 million, up 38% year-over-year, driven by new rates and customer growth. 
- The Austin System Reinforcement project was completed ahead of schedule and under budget, boosting winter peak capacity by 25%.
- 2025 EPS guidance narrowed to $4.34-$4.40, reflecting strong operational execution.

**CFO Financial Commentary**
- 2025 capital expenditures of $750 million are on track, with $575 million spent year-to-date.
- Interest expense decreased $3.4 million YoY due to lower rates on commercial paper.
- Balance sheet remains strong with 19% CFO to debt ratio, and $1.5 billion revolving credit facility extended to 2030.

**COO Operations Update**
- Line locating in-sourcing reduced excavation damages 13% YoY despite 8% higher ticket volume.
- 1.5 GW of utility-scale generation projects in advanced stages of customer decision-making.
- New RNG supply agreements provide cost savings passed through to customers.

**Q&A Highlights**
- 4-6% long-term EPS growth rate is structural, supported by regulatory tailwinds.
- Texas HB 4384 provides $4-5 million annual operating income benefit.
- 2026 capital spending may accelerate to support large-scale projects.

ONE Gas, Inc. (OGS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

OGS

OGS fundamentals

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