ONE Gas, Inc. (NYSE:OGS) Q2 2024 Results Conference Call August 6, 2024 11:00 AM ET

Company Participants

Erin Dailey - Investor Relations
Sid McAnnally - President & Chief Executive Officer
Chris Sighinolfi - Senior Vice President & Chief Financial Officer
Curtis Dinan - Senior Vice President & Chief Operating Officer

Conference Call Participants

Julian Smith - Jefferies
Paul Fremont - Ladenburg
David Arcaro - Morgan Stanley

Operator

Good day, and welcome to the ONE Gas 2024 Second Quarter Earnings Conference Call and Webcast. Today’s conference is being recorded.

At this time, I would like to turn the conference over to Erin Dailey. Please go ahead, Ms. Dailey.

Erin Dailey

Good morning, and thank you for joining us on our Second Quarter 2024 Earnings Conference Call. This call is being webcast live, and a replay will be available later today. After our prepared remarks, we are happy to take your questions.

A 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 provision of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933 and the Securities and Exchange Act of 1934, each as amended. Actual results could differ materially from those projected in any forward-looking statements. For a 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; Chris Sighinolfi, 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, Erin, and good morning, everyone. We're happy to be with you today to share our second quarter results. Our performance through the first half of the year is consistent with our financial plans and the expectations we shared when we issued guidance last November.

We entered the second half of the year with positive momentum and constructive regulatory activity in all of our jurisdictions. Curtis will speak to the latest activity, a unanimous settlement agreement in the Kansas Gas Service full rate case. We continue to fulfill our commitment to deliver affordable and reliable natural gas to our customers, while effectively managing the business.

One example of our focus on execution is our line locating project. When we updated our 5-year outlook in November 2022, we projected an average O&M increase of 5% over the 5-year guidance period, due primarily to wage increases and investments we were making to bring certain services like line locating in-house in those locations where there was an opportunity for efficiencies.