ONE Gas, Inc. raised its 2026 adjusted earnings forecast for the second time after higher utility rates and customer growth lifted third-quarter income, even as employee and depreciation costs rose.
The U.S. natural gas utility now projects non-GAAP adjusted diluted earnings per share of $4.95 to $5.01 for the year, up from its previous range of $4.89 to $4.95. Both ends of the forecast increased by 6 cents. ONE Gas kept its capital investment estimate at about $800 million for 2026, including asset removal costs.
Third-quarter adjusted diluted earnings per share reached $0.53, compared with $0.47 a year earlier. GAAP diluted earnings per share rose to $0.49 from $0.44, while operating income climbed to $77.4 million from $65.4 million.
ONE Gas said new rates increased revenue by $13.5 million. Residential sales rose by $3.3 million, primarily reflecting customer growth in Oklahoma and Texas. Higher employee costs and depreciation partly offset those gains.
The company expects approximately $230 million of its planned investment to pay for extensions serving new customers. Chief Executive Officer Robert S. McAnnally said ONE Gas expects average customer bills in 2026 to remain flat compared with 2025. The company also said its financing plan for this year is complete.
On its Nov. 3 earnings call, management described eight projects in late-stage development. Together, they represent about three gigawatts of prospective power generation and potential gas demand of up to 1 billion cubic feet a day. The figures describe projects under development, rather than capacity or demand already in operation.
Management said greater use by larger customers could spread fixed system costs across more gas consumption. ONE Gas expects to provide its 2027 guidance and a longer-term outlook in early December.
