ONE Gas (OGS) risk factors, FY2025 10-K

ONE Gas's FY2025 10-K, filed Feb 19, 2026, lists 15 risk factors in 3 groups. Against the prior year's 15: 1 substantially reworded.

Risk factors listed
153 groups
New this year
0vs 15 last year
Dropped
0since the prior 10-K
Substantially reworded
1of those kept
Section length
4k wordsItem 1A

What the changes say

  • No new or dropped risks were disclosed.
  • Risk 2 retains the same exposure to third-party natural gas supply, pipeline transportation, and storage disruptions.

What changed since the prior 10-K

Reworded

  • 20% rewrittenOPERATIONAL RISKS

    The unavailability of adequate natural gas pipeline transportation and storage capacity or a decrease in natural gas supply may decrease and impair our ability to meet customers’ natural gas requirements, and our financial condition may be adversely affected

    No substantive change; the risk still covers third-party gas supply, pipeline transportation, and storage disruptions from operational, regulatory, weather, or security events.

    Was: The availability of adequate natural gas pipeline transportation and storage capacity and natural gas supply may decrease and impair our ability to meet customers’ natural gas requirements and our financial condition may be adversely affected

All 15 risk factors

Headings as the filing states them, in filing order.

OPERATIONAL RISKS

  1. 01Our business is subject to operational hazards and unforeseen interruptions that could materially and adversely affect our business and for which we may not be insured adequately
  2. 02We may be unable to attract and retain management and professional and technical employees, or we may experience workforce disruptions due to strikes or work stoppages by our unionized employees, which could adversely impact our operations, earnings, and cash flows
  3. 03The unavailability of adequate natural gas pipeline transportation and storage capacity or a decrease in natural gas supply may decrease and impair our ability to meet customers’ natural gas requirements, and our financial condition may be adversely affected20% rewritten
  4. 04Our business increasingly relies on technology, the failure of which may adversely affect our financial results and cash flows
  5. 05The occurrence of cyber breaches or physical security attacks on our business, or those of third parties, may disrupt or adversely affect our operations or result in the loss or misuse of confidential and proprietary information
  6. 06We are subject to various risks associated with climate change which could increase our operating costs or restrict our opportunities in new or existing markets, adversely affecting our financial results, growth, cash flows, and results of operations

REGULATORY AND LEGISLATIVE RISKS

  1. 07We are subject to the federal, state, and local regulation of the safety of our systems and operations, including pipeline safety, system integrity, and the safety of our employees and facilities that may require significant expenditures or, in the case of noncompliance, substantial fines or penalties
  2. 08We are subject to federal, state, and local laws, rules, and regulations that could impact our ability to earn a reasonable rate of return on our invested capital and to fully recover our invested capital, operating costs, and natural gas costs
  3. 09We are subject to environmental regulations and legislation, including those intended to address climate change, which could increase our operating costs, adversely affecting our financial results, growth, cash flows, and results of operations
  4. 10We are subject to federal, state, and local laws, rules and regulations that could affect our operations and financial results

FINANCIAL, ECONOMIC, AND MARKET RISKS

  1. 11Unfavorable economic and market conditions could adversely affect our financial condition, earnings, cash flows, and limit our future growth
  2. 12Our business activities are concentrated in three states
  3. 13The inability to access capital or significant increases in the cost of capital could adversely affect our results of operations, cash flows, and financial condition
  4. 14Our financing arrangements subject us to various restrictions that could limit our operating flexibility, earnings, and cash flows
  5. 15We may pursue acquisitions, divestitures, and other strategic opportunities which, if not successful, may adversely impact our results of operations, cash flows, and financial condition

Other ONE Gas 10-Ks

  • FY2024 10-K risk factors
    15 risks

    ONE Gas faces heavy operational risks in natural gas distribution across Oklahoma, Kansas, and Texas. Regulatory oversight by agencies like OCC, KCC, RRC, and PHMSA heavily dictates returns and compliance costs. Cyber threats, workforce strikes, and financing costs are core operational concerns.

    Filed Feb 20, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.