ONE Gas, Inc. (NYSE:OGS) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET

Company Participants

Brandon Lohse - Director, IR

Sid McAnnally - President and CEO

Caron Lawhorn - SVP and CFO

Curtis Dinan - SVP and COO

Conference Call Participants

Paul Zimbardo - Bank of America

Operator

Good day, and welcome to the ONE Gas 2022 Fourth Quarter and Year End Earnings Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Brandon Lohse. Please go ahead, sir.

Brandon Lohse

Good morning, and thank you for joining us on our fourth quarter and year end 2022 earnings conference call. This call is being webcast live and a replay will be made available later today. After our prepared remarks, we'll be happy to take your questions. Reminder that statements made during this call that might include ONE Gas expectations or predictions should be considered forward looking statements and are covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933 and a Securities and Exchange Act of 1934 each is amended. Actual results could differ materially from those projected in any forward looking statements. For discussion of factors that could cause actual results to differ, please refer to our SEC filings.

Joining us on the call this morning are Sid McAnnally, President and Chief Executive Officer; Caron Lawhorn, Senior Vice President and Chief Financial Officer; and Curtis Dinan, Senior Vice President and Chief Operating Officer.

And now I'll turn the call over to Sid.

Sid McAnnally

Thanks, Brandon. And good morning, everyone. Our fourth quarter and full year results reflect consistent performance against the guidance we communicated at the beginning of last year. Despite a range of geopolitical and monetary policy factors, which sharply altered the macro economic landscape during the year, our team's delivered earnings and capital executions squarely in line with our original plans. To put this achievement in context in 2014, our first year as a standalone entity, we deployed a total of $262 million in core capital, with just $47 million to support growth initiatives.

Last year, we spent $657 million approximately 2.5 times our first year total, with $197 million dedicated to expansion initiatives, a quadrupling of our growth investment compared to that initial year. We began 2023 and with our approach unchanged, being prudent in managing the present and remaining consistent in our commitment to the long term execution of our core businesses and growth strategies.