ONE Gas is a pure-play regulated natural gas distribution utility serving approximately 2.3 million customers across Oklahoma, Kansas, and Texas. The company operates through three state-regulated divisions: Oklahoma Natural Gas (the largest distributor in Oklahoma), Kansas Gas Service (the largest in Kansas), and Texas Gas Service (the third largest in Texas). Customers use natural gas primarily for space heating, water heating, cooking, and clothes drying, with residential and small commercial customers making up the core of the customer base. ONE Gas earns revenue by charging regulated rates for delivering natural gas; the cost of the gas itself is passed through to customers at no markup. Fixed delivery charges make up the majority of revenue, providing stability regardless of volumes delivered. The core earnings driver is rate base — the value of assets on which regulators allow ONE Gas to earn a return, currently authorized at roughly 9.4–9.8% ROE across its three states. ONE Gas grows rate base by investing in pipeline safety, infrastructure upgrades, and new customer connections, and uses interim rate adjustment mechanisms in each state to recover capital between full rate cases. ONE Gas is adding roughly 23,000 new residential meters per year, driven by population growth and housing construction across its footprint. Beyond organic growth, ONE Gas is actively pursuing large commercial and industrial load opportunities, including data centers, advanced manufacturing, and natural gas-fired power generation, arguing that its existing pipeline infrastructure and fully regulated framework position it well to serve these customers.