ONE Gas Inc (OGS) 2025 Q2 法說會逐字稿

Good day, and welcome to the ONE Gas second-quarter earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Chris Sighinolfi.

大家好，歡迎參加 ONE Gas 第二季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給 Chris Sighinolfi。

Please go ahead, Mr. Sighinolfi.

請繼續，Sighinolfi 先生。

Thank you, Elliot. Good morning, everyone, and thank you for joining us on our second quarter 2025 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. 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 provisions 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.

謝謝你，艾略特。大家早安，感謝您參加我們的 2025 年第二季財報電話會議。本次電話會議正在進行網路直播，今天稍後將提供重播。在我們準備好發言之後，我們很樂意回答您的問題。本次電話會議中可能包含 ONE Gas 預期或預測的陳述應被視為前瞻性陳述，並受 1995 年《私人證券訴訟改革法》、《1933 年證券法》和 1934 年《證券交易法》及其修訂版的安全港條款的保護。

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 me on the call this morning are Sid McAnnally, President and Chief Executive Officer; and Curtis Dinan, Senior Vice President and Chief Operating Officer. Now I'll turn the call over to Sid.

實際結果可能與任何前瞻性陳述中的預測有重大差異。有關可能導致實際結果不同的因素的討論，請參閱我們的 SEC 文件。今天早上與我一起參加電話會議的還有總裁兼執行長 Sid McAnnally 和高級副總裁兼營運長 Curtis Dinan。現在我將把電話轉給 Sid。

Thanks, Chris, and good morning, everyone. We're glad to be with you to discuss our second quarter results. Our strong performance this quarter reflects the consistent execution of our regulatory strategy, disciplined cost management and increased customer demand. Net income for the quarter was $32 million or $0.53 per diluted share, driven by new rates and an expanding customer base.

謝謝，克里斯，大家早安。我們很高興與您討論我們的第二季業績。我們本季的強勁表現反映了我們監管策略的持續執行、嚴格的成本管理和不斷增長的客戶需求。受新利率和不斷擴大的客戶群推動，本季淨收入為 3,200 萬美元，即每股 0.53 美元。

Given our results through the first half of the year, we are raising our full year 2025 financial guidance. We now expect net income between $261 million and $267 million, and earnings per diluted share between $4.32 and $4.42. This revised outlook reflects robust growth and the positive impact of Texas House Bill 4384, which was enacted earlier this summer and supports recovery of system investments in Texas.

鑑於我們今年上半年的業績，我們將提高 2025 年全年財務預期。我們目前預期淨利在2.61億美元至2.67億美元之間，每股攤薄收益在4.32美元至4.42美元之間。這項調整後的預期反映了強勁的成長勢頭，以及德州眾議院第4384號法案的正面影響。該法案於今年夏初頒布，旨在支持德州電力系統投資的復甦。

Our 2025 equity needs, along with a portion of those expected in 2026, have been met through completed equity raises. Chris will elaborate more in a moment. We now have more than $226 million in expected proceeds secured under forward agreements and are well positioned to support our capital plan.

我們 2025 年的股權需求以及 2026 年預計的部分股權需求已透過完成股權融資而滿足。克里斯稍後會詳細說明。目前，我們已根據遠期協議獲得了超過 2.26 億美元的預期收益，並已做好充分準備來支持我們的資本計劃。

We also continued to make progress on key regulatory matters during the quarter. Curtis will speak to those in more detail. We appreciate the constructive engagement with regulators and stakeholders across our jurisdictions. Now I'll turn it back over to Chris for the financial details. Chris?

本季度，我們在關鍵監管事宜上也持續取得進展。柯蒂斯將會更詳細地談論這些問題。我們感謝與我們轄區內的監理機關和利害關係人的建設性接觸。現在我將把財務細節交還給克里斯。克里斯？

Thanks, Sid. As Sid mentioned, we have increased our 2025 financial guidance. Strong year-to-date performance combined with the estimated impact of Texas House Bill 4384, which was signed by Governor Abbott on June 20, supports our updated full year outlook. We now expect net income between $261 million and $267 million, and diluted EPS between $4.32 and $4.42, both 2.5% above the respective midpoints of our initial guidance ranges. We continue to project capital expenditures of approximately $750 million this year.

謝謝，席德。正如 Sid 所提到的，我們已經提高了 2025 年的財務指引。今年迄今為止的強勁表現，加上州長阿博特於 6 月 20 日簽署的德克薩斯州眾議院第 4384 號法案的預計影響，支持了我們更新的全年展望。我們現在預計淨收入在 2.61 億美元至 2.67 億美元之間，稀釋每股收益在 4.32 美元至 4.42 美元之間，均比我們最初指導範圍的中點高出 2.5%。我們繼續預計今年的資本支出約為 7.5 億美元。

Net income for the second quarter was $32 million or $0.53 per diluted share compared with $27.2 million or $0.48 in the same period last year. Second quarter revenues reflect an increase of approximately $21.1 million from new rates and $1.5 million from continued customer growth. Our operating and maintenance expenses increased by 7.5% year-over-year in the second quarter, broadly in line with our expectations.

第二季淨收入為 3,200 萬美元，即每股 0.53 美元，去年同期為 2,720 萬美元，即每股 0.48 美元。第二季營收因新費率而增加約 2,110 萬美元，因客戶持續成長而增加 150 萬美元。我們第二季的營運和維護費用年增7.5%，基本上符合我們的預期。

The increase primarily reflects higher labor-related expenses and the timing of other expenses. We continue to expect full year O&M growth consistent with our guided 4% CAGR. Excluding amounts related to KGSS-I, interest expense in the second quarter was $1.3 million lower than the same 2024 period, primarily due to a lower weighted average interest rate on outstanding commercial paper balances.

這一增長主要反映了勞動力相關費用的增加以及其他費用的時間性。我們繼續預計全年 O&M 成長將與我們預期的 4% 複合年增長率保持一致。不包括與 KGSS-I 相關的金額，第二季的利息支出比 2024 年同期低 130 萬美元，主要原因是未償還商業票據餘額的加權平均利率較低。

This is the first quarter we have seen a sequential decline in interest expense since 2021. Our conservative approach to modeling commercial paper rates amid macroeconomic uncertainty over the past few years has served us well. As a reminder, we do not have any interest rate cuts in our 2025 plan. In May, we executed a forward sale covering 2.5 million shares of common stock at a net price of approximately $78.5 per share to be settled by the end of 2026.

這是自 2021 年以來，利息支出首次出現連續下降。過去幾年，在宏觀經濟不確定的情況下，我們採用保守的方法對商業票據利率進行建模，取得了良好的效果。提醒一下，我們的 2025 年計畫中沒有任何降息內容。5 月份，我們進行了一筆遠期出售，涉及 250 萬股普通股，淨價約為每股 78.5 美元，將於 2026 年底結算。

With this transaction, we now have forward sale agreements covering a total of 2.9 million shares. Had these been settled at quarter end, we would have received net proceeds of approximately $226 million. As Sid noted, these transactions fully satisfy our 2025 equity needs and partially cover our anticipated 2026 requirements. In aggregate, existing forwards represent roughly 40% of our articulated 5-year equity need.

透過此交易，我們現在擁有總計 290 萬股的遠期銷售協議。如果這些問題在季度末得到解決，我們將獲得約 2.26 億美元的淨收益。正如 Sid 所指出的，這些交易完全滿足了我們 2025 年的股權需求，並部分滿足了我們預期 2026 年的需求。整體而言，現有遠期債券約占我們明確規定的 5 年期股權需求的 40%。

We'll continue to evaluate market conditions and remain opportunistic where it makes sense to support our capital plan. On Monday, the ONE Gas Board of Directors declared a dividend of $0.67 per share, unchanged from the previous quarter. And now Curtis, I'll turn things to you.

我們將繼續評估市場狀況，並在有意義的地方抓住機會支持我們的資本計劃。週一，ONE Gas 董事會宣布派發每股 0.67 美元的股息，與上一季持平。現在，柯蒂斯，我將把事情交給你。

Thank you, Chris, and good morning, everyone. I'll start with an update on our regulatory activities. The Oklahoma Corporation Commission recently approved a $41.1 million revenue increase pursuant to the performance-based rate change application that was filed in February, with new rates effective in June.

謝謝你，克里斯，大家早安。我先介紹一下我們的監管活動的最新情況。俄克拉荷馬州公司委員會最近根據 2 月提交的基於績效的費率變更申請批准了 4,110 萬美元的收入增加，新費率將於 6 月生效。

Texas Gas Service filed a rate case in June that covers all customers across our Texas service areas. The filing requests a $41.1 million rate increase and proposes consolidating these service areas into a single jurisdiction. The filing was submitted to the cities, including Austin and El Paso, and to the Railroad Commission for the unincorporated areas.

德州天然氣服務公司於 6 月提起了一項費率訴訟，該訴訟涵蓋了我們德州服務區內的所有客戶。該文件要求增加 4,110 萬美元的費率，並提議將這些服務區域合併為一個管轄區。該文件已提交給奧斯汀和埃爾帕索等城市以及非建制地區的鐵路委員會。

It is based on a 10.4% return on equity and a 59.9% common equity ratio. If approved, new rates would take effect in the first quarter of 2026. In June, we also implemented rates for Gas Reliability Infrastructure Program filings, resulting in a $15.4 million increase for the Central Gulf service area and an $8.2 million increase for the West North service area. We also submitted a GRIP filing in the Rio Grande Valley service area in April, requesting a $3.2 million increase to take effect in September.

它基於 10.4% 的股本回報率和 59.9% 的普通股權益比率。如果獲得批准，新稅率將於 2026 年第一季生效。6 月份，我們還實施了天然氣可靠性基礎設施計畫備案費率，導致中部海灣服務區費率增加 1,540 萬美元，西北服務區費率增加 820 萬美元。我們也於 4 月在裡奧格蘭德河谷服務區提交了一份 GRIP 文件，要求增加 320 萬美元，並於 9 月生效。

Finally, the Kansas Corporation Commission approved a $7.2 million increase under the Gas System Reliability Surcharge statute, with new rates taking effect this month. As we continue investing in system safety and reliability to meet the growing demand for natural gas, we remain focused on keeping customer costs manageable.

最後，堪薩斯州公司委員會批准根據《天然氣系統可靠性附加費法》增加 720 萬美元，新費率將於本月生效。在我們繼續投資系統安全性和可靠性以滿足日益增長的天然氣需求的同時，我們仍然致力於保持客戶成本可控。

Affordability is a key consideration in our planning and implementation of rate mechanisms, and we will continue working with regulators and stakeholders to balance system needs with customer impact. Turning to operations. The second quarter brought unusually wet conditions across our service territories.

可負擔性是我們規劃和實施費率機制的關鍵考慮因素，我們將繼續與監管機構和利害關係人合作，以平衡系統需求和客戶影響。轉向營運。第二季度，我們的服務區域出現了異常潮濕的天氣。

Oklahoma recorded its wettest April on record, and many areas in Oklahoma and Kansas saw record rainfall. Despite persistent storms and localized flooding, our teams closely monitored flood-prone locations, and we did not experience any material service outages. The severe flooding in Central Texas over the 4th of July holiday did not directly impact our service areas or any of our coworkers.

俄克拉荷馬州經歷了有史以來最潮濕的四月，俄克拉荷馬州和堪薩斯州的許多地區也出現了創紀錄的降雨量。儘管暴風雨持續不斷，局部地區發生洪澇災害，我們的團隊仍密切監視洪水易發地區，並且沒有遇到任何重大服務中斷。7 月 4 日假期期間德州中部發生的嚴重洪災並未直接影響我們的服務區域或任何同事。

Our thoughts remain with the communities affected by this devastating event. Amid these challenging conditions, we continue to execute on our capital program, completing $190 million in capital projects this quarter, relatively in line with the same period last year. Progress continues on the Austin system reinforcement project, our largest capital investment since our separation from ONEOK in 2014.

我們始終牽掛著遭受這場災難性事件影響的社區。在這些充滿挑戰的條件下，我們繼續執行我們的資本計劃，本季完成了 1.9 億美元的資本項目，與去年同期基本持平。奧斯汀系統加固項目持續取得進展，這是我們自 2014 年脫離 ONEOK 以來最大的資本投資。

This project will introduce a new source of supply and expand system capacity to support growing demand in the Austin area. To date, we've installed more than 43,000 feet of pipe and remain on track to have the project in service during the fourth quarter of this year. Regarding growth, we installed nearly 11,400 new meters through the first half of the year as new housing developments continue to expand across our service areas.

該項目將引入新的供應源並擴大系統容量以支援奧斯汀地區日益增長的需求。到目前為止，我們已經安裝了超過 43,000 英尺的管道，並預計在今年第四季投入使用。至於成長，隨著新住宅開發案在我們服務區域內的不斷擴展，我們在今年上半年安裝了近 11,400 個新電錶。

The second quarter sustained the momentum we saw in the first, with both quarters delivering more than a 9% year-over-year increase in new customer additions. Growth remains strongest in the major metropolitan areas across our territory. We continue to field the inquiries and pursue opportunities to meet the growing needs of data centers, advanced manufacturing and utility scale generation.

第二季延續了第一季的勢頭，兩季的新客戶數量較去年同期成長均超過 9%。我們領土內各大都會地區的成長依然最為強勁。我們將繼續處理諮詢並尋求機會，以滿足資料中心、先進製造和公用事業規模發電日益增長的需求。

Our approach is deliberate and grounded in identifying projects that enhance system resiliency, position us for additional growth and align with customer needs. These efforts focus on scalable opportunities in growing areas where natural gas infrastructure can deliver long-term value. We are encouraged by the momentum we are seeing, and look forward to building on that progress in the second half of the year.

我們的方法是經過深思熟慮的，並致力於確定能夠增強系統彈性、為我們帶來額外成長並滿足客戶需求的項目。這些努力主要集中在天然氣基礎設施能夠帶來長期價值的成長地區的可擴展機會。我們對所看到的勢頭感到鼓舞，並期待在今年下半年繼續取得進展。

And now I'll turn it over to Sid for closing remarks.

現在我將把時間交給 Sid 做結束語。

Thanks, Curtis. We are pleased with our performance in the first half of the year. We delivered strong operational and financial results, raised our full year guidance, advanced regulatory efforts across all jurisdictions and strengthened our capital position. As we look to the remainder of the year, we remain focused on disciplined execution and long-term growth across our business.

謝謝，柯蒂斯。我們對上半年的表現感到滿意。我們取得了強勁的營運和財務業績，提高了全年業績預期，推進了所有司法管轄區的監管力度，並增強了我們的資本狀況。展望今年剩餘時間，我們將繼續專注於業務的嚴格執行和長期成長。

I want to express my appreciation to our coworkers across the company. Their commitment to safety, service and reliability enables us to meet our mission and deliver the benefits of natural gas to the customers and communities that we serve. Operator, we're now ready for questions.

我想向公司全體同事表示感謝。他們對安全、服務和可靠性的承諾使我們能夠完成我們的使命，並為我們服務的客戶和社區帶來天然氣的好處。接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Oh, hey thanks, good morning.

哦，嘿，謝謝，早安。

Good morning, David.

早安，大衛。

I was wondering, on House Bill 4384, could you elaborate a bit on how that impacts the financials? Like how much could that reduce lag or improve earned ROE? And is the EPS impact that you're reflecting here for 2025, is that a full run rate annual level that we should think about?

我想知道，關於眾議院第 4384 號法案，您能否詳細說明一下它對財務的影響？例如，這能在多大程度上減少滯後或提高已獲 ROE？您在這裡反映的 2025 年每股盈餘影響是我們應該考慮的完整運行年水準嗎？

Hi David, it's Chris. Perhaps some background will be helpful in addressing your question. In 2011, the Railroad Commission adopted rule 8.209 of the Texas Administrative Code, which allowed natural gas utilities in the state to defer depreciation and ad valorem tax and to accrue a carrying charge on qualifying safety-related capital expenditures until their next filing.

你好，大衛，我是克里斯。也許一些背景知識將有助於解答您的問題。2011 年，鐵路委員會通過了《德州行政法規》第 8.209 條，該法規允許該州的天然氣公用事業公司推遲折舊和從價稅，並在符合條件的安全相關資本支出上提列附帶費用，直至下次申報。

As you can see in our investor materials, we are planning to spend just over $300 million in Texas this year, and roughly 25% of this amount qualified for the accounting treatment under 8.209. The deferrals and accruals associated with 8.209 result in roughly $4 million to $5 million of annual pretax earnings.

正如您在我們的投資者資料中看到的，我們計劃今年在德克薩斯州的支出略高於3億美元，其中約25%符合8.209號法案的會計處理。與8.209號法案相關的遞延和應計項目將帶來約400萬至500萬美元的年度稅前收益。

House Bill 4384 extends those deferrals and accruals of 8.209 to all of our capital expenditures in Texas. It was signed into law on the 20th of June, and the RRC is now engaged in drafting procedural rules around it, a process that it has until next spring to complete.

眾議院第 4384 號法案將 8,209 的延期和應計費用擴大到我們在德州的所有資本支出。該法案於 6 月 20 日簽署成為法律，RRC 目前正在起草相關程序規則，該流程必須在明年春天之前完成。

Cool, okay, got it, thanks. So the -- let me see, it sounded like the $4 million to $5 million that will go up based on just the expanded deferrals across your entire CapEx outlook. And I guess -- it sounds like that's -- it's a continuing benefit.

太棒了，好的，明白了，謝謝。所以 — — 讓我看看，聽起來這就像是基於整個資本支出前景中擴大的延期而增加的 400 萬到 500 萬美元。我想——聽起來這就像——這是一種持續的好處。

I guess how do you think of that in the context of your longer-term earnings growth targets as well? Are there milestones that you would watch for there as you clarify -- or as they clarify the process before you were to address the longer-term outlook?

我想，您如何從長期獲利成長目標的角度來看待這個問題？當您澄清或澄清您在解決長期前景之前的流程時，您是否會關注其中的里程碑？

I think that's right. So again, when we did our guidance update last December, this house bill, the implications of it were not contemplated because it wasn't in existence at that point. So it's additive to the plan we communicated last December.

我認為那是對的。因此，當我們在去年 12 月更新指導意見時，我們並沒有考慮到這項眾議院法案的影響，因為當時它還不存在。因此，它是對我們去年 12 月傳達的計劃的補充。

As you think about -- to your point, the process is no different than simply taking the applicable capital that was covered by 8.209 and expanding the capital applicable to that treatment to all of our capital activities in Texas.

正如您所想的——就您的觀點而言，這個過程與簡單地採用 8.209 所涵蓋的適用資本並將適用於該處理的資本擴展到我們在德克薩斯州的所有資本活動沒有什麼不同。

Yes. Got it. And just a quick clarification to the 2025 increase here. Is that applying this to half the year? I guess, post the signing of this bill into law?

是的。知道了。這裡只是對 2025 年的成長做個簡單說明。這適用於半年嗎？我猜，是在該法案簽署成為法律之後？

Yes, that would be correct.

是的，確實如此。

Okay, understood. I'll leave it there, thanks so much.

好的，明白了。我會把它留在那裡，非常感謝。

Thank you, David.

謝謝你，大衛。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑富瑞集團。

Hi, good morning, team, thank you.

嗨，早上好，團隊，謝謝。

Good morning, Paul.

早安，保羅。

To continue off the last question -- I don't want to steal the thunder from your traditional cycle update later this year, but I know you typically use the prior year as the base for the long-term growth rate. Any thoughts or initial impressions you can share on the comfort in using the increased growth rate?

繼續最後一個問題——我不想搶你今年晚些時候的傳統週期更新的風頭，但我知道你通常使用前一年作為長期增長率的基礎。能分享一下對於使用增加的成長率的舒適度有什麼想法或初步印象嗎？

I know you have the guidance at the high end of four to six off of '24. Just any initial thoughts you can share would be helpful.

我知道您給的指導最高數字是 24 年的 4 到 6 倍。只要您分享任何初步想法都會有所幫助。

Hi Paul, it's Chris again. Yes, we -- if you -- I know you've followed us for a while, so you understand. Our process is rather mechanical and metronomic. We just roll forward. And so we intend to use 2025, the updated midpoint of guidance should it remain the same at that point, as a base point for the new five-year range, consistent with how we've always done it since the separation from ONEOK 11 years ago.

嗨，保羅，我又是克里斯。是的，我們——如果你——我知道你已經關注我們有一段時間了，所以你明白。我們的流程相當機械且有節奏。我們只是向前滾動。因此，我們打算以 2025 年（如果那時指導方針保持不變，則更新後的中點）作為新的五年範圍的基點，這與我們 11 年前與 ONEOK 分離以來一直做的方式一致。

Okay. Great. That's what I thought there. And just -- does this change the capital plans for Texas? I know that's -- if I have it right, your fastest growing jurisdiction with the reduced lag.

好的。偉大的。我當時就是這麼想的。這會改變德州的首都計畫嗎？我知道——如果我沒理解錯的話，這是你們管轄範圍內成長最快的地區，而且滯後現像也減少了。

Just any thoughts you can share on the overall capital plan, whether from the favorable bill enactment or local trends that you're seeing like some of the things you mentioned in Austin.

您可以分享一些關於整體資本計劃的想法，無論是從有利的法案頒布還是您所看到的當地趨勢，例如您在奧斯汀提到的一些事情。

Paul, it's Sid. Thanks for that question. As you know from following the company, we have an intentional process to go through both on the system integrity side and on the growth side. And so we remain committed to that. You shouldn't expect to see any change in our approach on either of those.

保羅，我是席德。謝謝你的提問。正如您從關注公司的過程中所了解到的，我們在系統完整性方面和成長方面都有一個有意的過程。因此我們將繼續致力於此。您不應該期望看到我們對這兩者的態度發生任何改變。

System integrity will respond to the needs of each state in our jurisdiction based on the needs. We've been true to that since then in 2014, and will remain true to that going forward. On the commercial side, we do continue to see substantial growth in our Texas jurisdictions.

系統完整性將根據需要回應我們管轄範圍內每個州的需求。自 2014 年起，我們就一直堅持這項原則，並且將繼續堅持下去。在商業方面，我們確實繼續看到德克薩斯州管轄範圍內的大幅增長。

So you can expect that growth trajectory to follow the activity that's well known in Texas, but we won't make significant swings or changes because of that. We will respond to the opportunities that develop as we see communities continuing to develop, not just in the Austin area but across the state.

因此，你可以預期成長軌跡將遵循德州眾所周知的活動，但我們不會因此做出重大的波動或改變。隨著我們看到社區的不斷發展，不僅在奧斯汀地區，而且在整個州，我們也會抓住機會。

So we like the plan that we have. We plan to execute it. As you heard, our first half results have demonstrated an increase in growth beyond what we projected. So we think that all sets up really well for the second half. Curtis, would you add anything?

所以我們喜歡我們現有的計劃。我們計劃執行它。正如您所聽到的，我們的上半年業績顯示成長超出了我們的預期。因此我們認為下半年一切都準備就緒。柯蒂斯，你還有什麼要補充嗎？

I would just add a little bit of color or context to that Sid, from the growth that we've been seeing coming into the states, both Oklahoma and Texas and to some extent, Kansas, have seen net positive in migration over the past few years. As an example, in Oklahoma City and Tulsa, we've seen an average of plus 7% in migration, a lot of job creation over that period.

我只是想為 Sid 添加一點色彩或背景，從我們看到的美國移民的增長來看，俄克拉荷馬州和德克薩斯州，以及某種程度上堪薩斯州，在過去幾年中都出現了淨正增長。例如，在俄克拉荷馬城和塔爾薩，我們看到移民人數平均增加了 7%，在此期間創造了大量就業機會。

And the same thing is true in Austin and El Paso. So those would be the bigger drivers that would have an impact on where capital gets spent, not on the integrity spend, which, again, is 70% of our capital typically each year.

奧斯汀和埃爾帕索的情況也是一樣。因此，這些將是影響資本支出方向的更大驅動因素，而不是誠信支出，誠信支出通常占我們每年資本的 70%。

And Paul, the only thing I'd add in closing is that Curtis has spoke to the progress that we've made on the Austin system reinforcement project. So when you think about system integrity, it's not just replacement programs, it's also building new infrastructure to serve these growing areas.

保羅，最後我唯一要補充的是，柯蒂斯談到了我們在奧斯汀系統加強計畫上的進展。因此，當您考慮系統完整性時，它不僅僅是替換程序，還包括建立新的基礎設施來服務這些不斷發展的地區。

And so that's what generated the project that Curtis referenced, that we've had some progress on the construction, and we'll keep you up to date as that project comes into completion.

這就是柯蒂斯提到的項目的產生，我們在建設方面取得了一些進展，我們會在項目完工後向您通報最新情況。

Understood. Excellent. Thank you. I know it's not around the corner, but I think this might be our most exciting December breakfast yet. So looking forward to the good thing.

明白了。出色的。謝謝。我知道這還沒有到來，但我認為這可能是我們迄今為止最令人興奮的十二月早餐。所以期待好事發生。

We'll look forward to that. Thanks so much.

我們對此充滿期待。非常感謝。

Christopher Jeffrey, Mizuho Securities.

瑞穗證券的克里斯多福·傑弗裡。

Hi everyone, congratulations on the strong update. Maybe just to switch to the Texas rate case. Just to ask a similar question as far as where and how that was anticipated within the long-term guidance? And maybe just if you could touch on consolidation in terms of any benefits besides regulatory simplicity, but anything that might be incremental to the guide?

大家好，恭喜強勢更新。也許只是轉向德克薩斯州的利率案例。只是想問一個類似的問題，在長期指導中這是在哪裡以及如何預期的？也許您能談談整合除了監管簡化之外的任何好處嗎？但任何可能對指南有所補充的東西呢？

Yes. Chris, this is Curtis. And in the five-year guidance we had, we were contemplating a consolidation case in Texas. You'll recall from the remarks I made at the beginning, we did all of our normal GRIP capital filings in the early part of the year. So this filing is more about catching up O&M expenses from the inflationary periods and then a consolidation of those jurisdictions.

是的。克里斯，這是柯蒂斯。在我們制定的五年指導方針中，我們正在考慮在德克薩斯州進行合併案。您會記得我在一開始所說的，我們在今年年初完成了所有正常的 GRIP 資本申報。因此，此次申請更多的是為了彌補通貨膨脹時期的營運和維護費用，然後整合這些管轄範圍。

This has been an effort of the company since the early 2000s when we acquired Texas to consolidate the different service areas. I think we had 18 at one point. And the benefit of that consolidation is the efficiency that happens in the process, there's less frequency of times that you need to go file rate cases.

自 21 世紀初我們收購德州以來，公司一直致力於整合不同的服務領域。我認為我們一度有 18 個。合併的好處是流程效率的提高，您需要提交費率案件的次數會減少。

And ultimately, that produces the savings for the customer because it reduces all the administrative costs of going through that process. So it's good in that respect, and then it equalizes what's happening in the state across a larger customer base. So it diminishes the impact of things that may happen in one service territory from time to time and reduces or mitigates how that impact may be felt by those individual customers.

最終，這為客戶節省了成本，因為它減少了整個流程的所有管理成本。因此，從這個方面來說這是件好事，而且它還能平衡整個州在更大客戶群中發生的情況。因此，它減少了某個服務區域內可能不時發生的事情的影響，並減少或減輕了個別客戶可能感受到的影響。

So again, the biggest part is the efficiency of it. It's fewer filings, it's lower cost, and we think that has been a positive that we've seen in the period as we've been going from 18 to 3 and hopefully, to a statewide rate mechanism at the completion of this.

所以，最重要的部分是它的效率。申請數量更少，成本更低，我們認為這是我們在此期間看到的積極變化，因為我們已經從 18 個減少到 3 個，並希望在完成這項工作後實現全州範圍的稅率機制。

Great, thank you, Curtis. And then maybe just any updates as far as potential for ONE Gas to participate in power load growth data center opportunities that have kind of been discussed in the past? And maybe to the prior points of additional CapEx opportunities in Texas. Anything kind of interrelated to that?

太好了，謝謝你，柯蒂斯。那麼，關於 ONE Gas 參與電力負載成長資料中心機會的可能性，過去曾討論過，您有什麼更新嗎？或許這與德州先前提出的額外資本支出機會有關。有什麼與此相關嗎？

Yes. Chris, there are a number of those that we're pursuing. I would say the number of inbound calls that we're getting is quite significant, and we have a fairly stringent process that we go through to strain out the ones that we think have the most potential or most fit with what our strategic objectives are.

是的。克里斯，我們正在追求其中的許多目標。我想說，我們接到的來電數量相當多，我們有一個相當嚴格的流程來篩選出我們認為最有潛力或最符合我們策略目標的電話。

And as I said in the comments, what we're trying to do is identify projects that further help enhance our system resiliency. So like an Austin system reinforcement project that's bringing much needed supply into that area. If you have the opportunity to combine a new commercial opportunity with reinforcing your system or focusing on system integrity, focusing on other long-term growth or whatever customer needs are, we're trying to pair several of those things together to use that as a project because we think that in the long run, it's the best opportunity for our customers.

正如我在評論中所說，我們正在嘗試做的是確定能夠進一步幫助增強我們係統彈性的項目。因此，奧斯汀系統增強計畫為該地區帶來了急需的供應。如果您有機會將新的商業機會與加強系統或關注系統完整性、關注其他長期增長或任何客戶需求相結合，我們會嘗試將其中幾項結合在一起，將其作為一個項目，因為我們認為從長遠來看，這是對我們的客戶最好的機會。

And from an affordability standpoint, that's a really good use of our capital dollars, rather than doing each of those things individually and in a discrete fashion that may lead to higher capital cost. So it's not just in Texas that we're seeing that. We're seeing it in Oklahoma and we're seeing it in Kansas also. And it's data center load, it's advanced manufacturing.

從可負擔性的角度來看，這確實很好地利用了我們的資本，而不是單獨地、離散地做每件事，這可能會導致更高的資本成本。因此，我們看到的這種情況並不只發生在德克薩斯州。我們在俄克拉荷馬州看到了這種情況，在堪薩斯州也看到了這種情況。這是資料中心負載，是先進製造業。

There's a project that I think is getting pretty close for us that's both advanced manufacturing combined with the data center. And there's, of course, some electric scale generation that we're in various stages of discussions with. So all of those things are positive. And as I said, we're trying to marry those with other types of projects that we have on the drawing board and marry those so we're as efficient as we can be with the capital that gets deployed. Does that get to your question, Chris?

我認為有一個項目對我們來說已經非常接近了，它是先進製造與資料中心的結合。當然，我們正在就一些電力規模發電進行不同階段的討論。所以所有這些事情都是正面的。正如我所說，我們正試圖將這些項目與我們計劃中的其他類型的項目結合起來，以便我們盡可能有效地利用所部署的資本。這回答了你的問題嗎，克里斯？

Yes, absolutely, Curtis. Could I ask quickly on that potential opportunity, whether -- which state that's in as far as the manufacturing one you mentioned?

是的，絕對是，柯蒂斯。我能否快速詢問這個潛在的機會，就您提到的製造業而言，它是在哪個州？

We'll be ready, hopefully, in the very near future to talk more about it.

希望在不久的將來我們就能就此進行更多討論。

Okay, I appreciate it. Thanks everyone for the help.

好的，我很感激。謝謝大家的幫忙。

You bet. Thanks for the questions.

當然。謝謝你的提問。

Selman Akyol, Stifel.

塞爾曼·阿克約爾（Selman Akyol），Stifel。

Thank you. Good morning, all, Congrats on a good quarter and update. I just want to follow up on the last questions there. Is this something that you'll see manifest in 2026? We've heard that the regulatory models are ahead of sort of behind-the-meter kind of projects out there. And so it sounds like it's coming sooner than later?

謝謝。大家早安，恭喜本季取得良好進展並取得新進展。我只是想繼續回答最後一個問題。這是您會在 2026 年看到的事情嗎？我們聽說監管模式領先現有的電錶後專案。聽起來這很快就會實現吧？

Selman, there's both. There are some that I think are more immediate that it's not a large capital project or a lot of capital dollars to serve those companies because one of the benefits of being involved in the economic development that our states are doing is we're much earlier in the process when these companies are going through their site selection process.

塞爾曼，兩者都有。我認為，有些問題更為緊迫，即為這些公司提供服務不需要大型資本項目或大量資本，因為參與我們各州經濟發展的一個好處是，在這些公司進行選址過程時，我們可以更早參與其中。

And so they may have an eye in a certain area, but they want natural gas service. If it's a customer that needs to be very quick to market and that particular area that they first look at is going to be longer or a more expensive project to get to, but we can serve them in this other location much quicker, we can steer them in those directions and help get them in service much sooner than that other project. So there's different types of those discussions happening.

因此，他們可能會關注某個地區，但他們想要天然氣服務。如果客戶需要快速進入市場，而他們首先考慮的特定區域需要更長的時間或更昂貴的專案才能到達，但我們可以在另一個地方更快地為他們提供服務，我們可以引導他們朝著這些方向發展，並幫助他們比其他專案更快地投入服務。因此，存在不同類型的討論。

Sometimes again, it's in an area of the system we have a lot of capacity and we can serve them very quickly. Other projects, it's a little bit further away. There's more assets that have to be built to serve them, and so it's going to take a little bit longer. So I'm optimistic both in the near term with some of the projects that are there, but I see a long runway of opportunities developing also.

有時，在系統的某個區域，我們擁有很大的容量，可以非常快速地為他們提供服務。其他項目，距離稍微遠一點。需要建造更多的資產來為他們服務，因此這將需要更長的時間。因此，我對一些現有的計畫在短期內的發展持樂觀態度，但我也看到了長期的發展機會。

Selman, this is Sid. Just in addition to Curtis' answer, and you followed the company for a long time so you know this well. We've got organic opportunities across the footprint that gives us the ability to evaluate these projects in a different way than if we didn't have that level of growth. So we can bring a discretionary view to projects.

塞爾曼，這是席德。除了柯蒂斯的回答之外，你已經關注該公司很久了，所以你很清楚這一點。我們在整個業務範圍內都擁有有機機會，這使我們能夠以不同於沒有這種成長水平的方式評估這些項目。因此我們可以對項目採取謹慎的看法。

And to Curtis' point, look at how they support our strategic plan in the long run in terms of the system build-out and areas that we want to expand into. So the cone that Curtis and his team have developed is pretty robust and allows us to be very thoughtful about which projects we engage in and be quick to sideline other projects, which is a much more efficient way to go about this marketplace.

對於柯蒂斯的觀點，看看他們如何在系統建設和我們想要擴展的領域方面長期支持我們的戰略計劃。因此，柯蒂斯和他的團隊開發的錐體非常強大，使我們能夠非常慎重地考慮我們參與的項目，並迅速擱置其他項目，這是在這個市場上更有效的方式。

All right, thank you for that additional detail.

好的，感謝您提供的額外詳細資訊。

That concludes the question-and-answer session. I would now like to hand back to the ONE Gas team for closing remarks.

問答環節到此結束。現在我想把發言權交還給 ONE Gas 團隊，請他們做最後發言。

Thank you, Elliot, and again, to everyone for their interest in ONE Gas. Our quiet period for the third quarter starts when we close our books in early October and extends until we release earnings on November 3. We'll provide details about the conference call at a later date. Have a wonderful day.

謝謝艾略特，再次感謝大家對 ONE Gas 的關注。我們的第三季靜默期從 10 月初結帳時開始，一直延續到 11 月 3 日發布收益。我們將稍後提供有關電話會議的詳細資訊。祝您有美好的一天。

This concludes the ONE Gas second quarter earnings conference call. You may now disconnect.

ONE Gas 第二季財報電話會議到此結束。您現在可以斷開連線。