2025 FINANCIAL GUIDANCE

ONE Gas (the "Company") expects 2025 net income to be in the range of $254 million to $261 million, with earnings per diluted share of $4.20 to $4.32. The midpoints of 2025 guidance are net income of $257 million and earnings per diluted share of $4.26.

The Company's 2025 earnings guidance includes the benefit of new rates and customer growth, partially offset by higher operating expenses, including employee-related and contractor costs, depreciation expense from capital investments, and interest expense.

Capital investments, including asset removal costs, are expected to be approximately $750 million in 2025, primarily targeted for system integrity and replacement projects. Capital investments for extensions to new customers are expected to be approximately $180 million, largely due to continued growth opportunities in Texas and Oklahoma. The anticipated average rate base for 2025 is $5.8 billion.

The Company has outstanding forward sale agreements covering approximately 3.6 million shares of its common stock at an average price of approximately $77 per share. Had all forward shares been settled at the end of the third quarter, net proceeds would have been approximately $275 million. The Company expects to settle approximately $245 million of its outstanding equity under forward sale agreements at year-end 2024 and roll forward approximately $30 million to settlement in 2025.