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ONE Gas’s Hidden 3 GW Load Pipeline Could Reshape Its Growth Story! 

One Gas, Inc. reported first quarter 2026 results that reflected a 6% year-over-year increase in adjusted earnings per share, reaching $2.11 compared to $1.99 in the prior year period. This growth was achieved despite an unusually warm winter—25% warmer than the previous year—across its service territories in Kansas, Oklahoma, and Texas. The company attributed its financial resilience in part to disciplined execution of long-term plans, regulatory progress, operational efficiencies, and customer demand support. Notably, a 20% increase in storage capacity since Winter Storm Uri helped mitigate exposure to price volatility during a brief cold spell in January, saving customers an estimated $98 million compared to spot market purchases. Revenues rose by approximately $27 million, primarily from rate increases and the effects of Texas House Bill 4384, while depreciation, amortization, and interest expense declined by 6% and 9%, respectively.