One Gas sees FY24 EPS $3.70-$4.00, consensus $4.19

The company’s 2024 earnings guidance includes the benefit of new rates and customer growth, offset by higher operating expenses, including employee-related and contractor costs, depreciation expense from capital investments, and interest expense due to higher interest rates. It also assumes normal weather. Capital investments, including asset removal costs, are expected to be approximately $750M in 2024, primarily targeted for system integrity and replacement projects. Capital investments for extensions to new customers are expected to be approximately $170M, primarily as a result of continued growth opportunities in Texas and Oklahoma. The anticipated average rate base for 2024 is $5.55B, calculated consistent with utility ratemaking in each jurisdiction. “As we look to 2024, we remain focused on executing our business strategy, anchored by system reinforcements and a continued expansion of core capabilities to meet growing customer demand,” said Robert McAnnally, president and CEO. “While rapidly altered macroeconomic conditions momentarily accentuate the lag inherent in our 100% regulated model, our focus remains on long-term value creation as we provide service to a region that is growing and values the integral role natural gas will play well into the future.”