ONE Gas, Inc. is a regulated natural gas distribution utility headquartered in Tulsa, Oklahoma, serving approximately 2.3 million residential, commercial, and transportation customers across Oklahoma, Kansas, and Texas through three operating divisions. The company purchases natural gas through competitive processes and manages supply through contracted storage capacity, generating revenue through fixed delivery charges and variable commodity costs passed through to customers; fixed charges represent the majority of revenues in Oklahoma and Texas, while varying more significantly in Kansas. ONE Gas operates under state regulatory frameworks that establish authorized returns on equity and employ rate recovery mechanisms including weather normalization and purchased gas adjustments to manage operational costs and demand volatility.