debt_leverage_profile
1.05x Total Debt / Equity (Elevated leverage)
High
SEC-XBRL
interest_rate_sensitivity
A 200bps rate increase raises annual interest expense ~$40-60M given ~$3.5B long-term debt; fixed-rate mix (~70%) provides partial buffer but refinancing risk elevated at maturity.
Inferred
Agent_Inference
geopolitical_supply_exposure
High intensity; European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
Permian Basin pipeline interconnects and Mid-Continent gathering hubs; disruption at either choke point constrains Oklahoma/Kansas/Texas natural gas delivery.
Inferred
Agent_Inference
international_expansion_readiness
null
Inferred
Agent_Inference
geographic_footprint
ONE Gas operates exclusively in Oklahoma, Kansas, and Texas; zero international revenue exposure; no sovereign currency devaluation risk applicable.
Inferred
Agent_Inference
commodity_exposure_profile
High intensity; commodities: Natural Gas, Coal, Uranium, Crude Oil, Copper (grid), Lithium (storage); geopolitical: European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
Pipeline interconnect agreements with major interstate carriers (e.g., Southern Natural Gas, ANR) are operationally non-substitutable short-term; no single vendor exceeds 30% of cost.
Inferred
Agent_Inference
business_model_type_primary
Regulated natural gas distribution utility; cloud infrastructure termination would disrupt billing/CIS systems but not core gas delivery operations; minimal 30-day existential risk.
Inferred
Agent_Inference
business_model_type_secondary
Regulated utility with tariff-based cost recovery; secondary IT/customer-service functions cloud-dependent but not revenue-critical; recovery feasible within 60-90 days.
Inferred
Agent_Inference
switching_cost_profile
Minimal API coupling risk; core SCADA and billing systems are on-premise or utility-grade platforms; no strategic third-party API dependencies driving revenue.
Inferred
Agent_Inference
howey_test_risk_index
Fails Howey Test; revenue derives from regulated tariff-based gas distribution, not investment contracts; negligible securities classification risk.
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Primarily subject to CPUC/state PUC data rules; limited GDPR exposure (no EU operations); CCPA applicable to California customers but ONE Gas has no California presence—minimal exposure.
Inferred
Agent_Inference
antitrust_exposure_flag
Low; operates as state-regulated monopoly franchise with rate-setting oversight by OCC, KCC, and RRC; monopoly status is legally sanctioned, not competitively contested.
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FERC, NERC, EPA, NRC, State PUCs, DOE; Rate-case lag and clean-energy mandates compress returns on regulated asset base.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~95% recurring via regulated tariff rates under multi-year rate cases; minimal transactional revenue; weather normalization adjustments provide revenue stability mechanisms.
Inferred
Agent_Inference
monetization_vector
Volumetric tariff charges plus fixed customer charges; residential and commercial distribution fees set by state regulators; gas cost pass-through is revenue-neutral.
Inferred
Agent_Inference
pricing_architecture
Prices set by regulatory rate cases every 3-5 years; PBRC mechanisms allow annual adjustments; stress scenario (cost spike) mostly passed through, limiting margin compression.
Inferred
Agent_Inference
pricing_power_rating
Moderate; pricing constrained by regulators but ROE targets (~9-10%) are generally achieved; inflation pass-through via purchased gas adjustment clauses provides structural protection.
Inferred
Agent_Inference
target_gross_margin_bracket
35.9% Gross Margin (Moderate (20-40%))
High
SEC-XBRL
churn_vulnerability_index
Negligible free-rider risk; captive franchise territory customers; churn limited to service disconnections (~2-3% annually); no competitive bypass threat for residential segment.
Inferred
Agent_Inference
headcount_cost_structure
Revenue growth is largely headcount-sublinear; customer additions require proportional field/service staff but back-office and regulatory functions scale efficiently; O&M costs ~40% labor.
Inferred
Agent_Inference
marginal_cost_of_growth
Marginal cost of new customer addition dominated by capital (mains extension ~$1,500-3,000/customer); incremental operating cost per customer low; infrastructure investment drives growth, not headcount.
Inferred
Agent_Inference
franchise_compliance_risk
null
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale (unrealistic given franchise territory limits), per-customer capital cost declines moderately via density; current ~900K customers; growth constrained to ~1-2% annually by geography.
Inferred
Agent_Inference
network_effect_present
No meaningful network effects; value does not increase with more users; pipeline infrastructure is a natural monopoly asset, not a platform with cross-side or same-side network dynamics.
Inferred
Agent_Inference
asset_efficiency_ratio
3.6% Return on Assets (Excellent)
High
SEC-XBRL
recession_resistance_tier
Tier 1 recession-resistant; natural gas heating is essential utility; volumetric declines in recession offset by fixed customer charges; regulated ROE provides floor on earnings.
Inferred
Agent_Inference
customer_segment_primary
Residential customers (~75% of customer count, ~40% of margin); geographically concentrated in Oklahoma, Kansas, Texas; no single customer exceeds 1% of revenue.
Inferred
Agent_Inference
customer_segment_secondary
Commercial and industrial customers (~25% of count, ~35% of margin); large industrial accounts (fertilizer, manufacturing) represent modest concentration risk in Oklahoma/Kansas markets.
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.34 (HIL — ~34% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
27.4% CapEx / Revenue (High-CapEx Infrastructure)
High
SEC-XBRL
sec_cik
0001587732
High
SEC-EDGAR
ticker
OGS
High
SEC-EDGAR