ONE Gas (OGS) Guidance summary

Opening remarks and agenda

• Conference call introduced with leadership present, focusing on long-term value, customer demand, and system safety, with reminders about forward-looking statements and safe harbor provisions.

• Strategic plan emphasizes growth opportunities and investments in system reinforcements.

Guidance on key objectives

• 2025 net income projected at $254M–$261M, with EPS of $4.20–$4.32, assuming 60.5M shares outstanding; midpoints are $257M and $4.26.

• Capital investments for 2025 set at $750M, with $180M for customer growth/extensions, mainly in Texas and Oklahoma; average 2025 rate base expected at $5.8B.

• Five-year capital investments planned at $4B, with $750–$850M annually, supporting 7%–9% annual rate base growth.

• Long-term EPS CAGR maintained at 4%–6%, net income CAGR at 7%–9%, both expected at the high end through 2029.

• Dividend growth projected at 1%–2% annually, targeting a 55%–65% payout ratio.

Market trends and strategic opportunities

• Economic development, new housing, and manufacturing projects in key markets drive durable growth and system expansion.

• Developer permitting activity is rebounding as economic conditions ease, supporting future demand.

• Service territory includes cities ranked highly for job markets and desirability, supporting long-term customer growth.

• Balanced growth across Oklahoma City, Austin, El Paso, and other key markets, supported by energy choice legislation.