ONE Gas, Inc. (OGS) 2026 Q1 法說會逐字稿

Good day, and welcome to the ONE Gas first-quarter earnings conference call and webcast. Today's conference is being recorded.

各位好，歡迎參加 ONE Gas 第一季財報電話會議與網路直播。今天的會議將被錄音。

At this time, I would like to turn the conference over to Erin Dailey. Please go ahead, Ms. Dailey.

此刻，我想將會議交給 Erin Dailey。Dailey 女士，請開始。

Thank you, Regina. Good morning, everyone, and thank you for joining us on our first-quarter 2026 earnings conference call. This call is being webcast live, and a replay will be made available later today. After our prepared remarks, we are happy to take your questions.

謝謝你，Regina。各位早安，感謝各位參加我們 2026 年第一季財報電話會議。本次會議正在進行即時網路直播，稍晚今天也將提供重播。在我們的準備發言之後，我們很樂意回答各位的提問。

A reminder that 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 34, each as amended. Actual results could differ materially from those projected in any forward-looking statement.

提醒各位，本次電話會議中所作、可能包含 ONE Gas 之預期或預測的陳述，應視為前瞻性陳述，並受 1995 年《私人證券訴訟改革法》、1933 年《證券法》以及經修訂之 1934 年《證券交易法》的安全港條款所保障。實際結果可能與任何前瞻性陳述所預測者有重大差異。

For a discussion of factors that could cause actual results to differ, please refer to our SEC filings.

關於可能導致實際結果出現差異之因素的討論，請參閱我們向 SEC 提交的文件。

This call will include financial results and guidance with respect to adjusted net income and adjusted net income per share, which are non-GAAP financial measures as defined by the SEC. A reconciliation of the company's GAAP net income and GAAP earnings per share to adjusted net income and adjusted net income per share, along with additional disclosures required by Regulation G, are available in the earnings release we issued yesterday.

本次電話會議將包含有關調整後淨利與調整後每股淨利的財務結果與指引；依 SEC 定義，這些屬於非 GAAP 財務衡量指標。公司 GAAP 淨利與 GAAP 每股盈餘與調整後淨利及調整後每股淨利之調節表，以及《G 規則》所要求的其他揭露，均載於我們昨日發布的財報新聞稿中。

Joining us this morning are Sid McAnally, Chief Executive Officer; Chris Sighinolfi, Senior Vice President and Chief Financial Officer; and Curtis Dinan, President and Chief Operating Officer.

今天早上與會者包括：執行長 Sid McAnally；資深副總裁兼財務長 Chris Sighinolfi；以及總裁兼營運長 Curtis Dinan。

And now, I'll turn the call over to Sid.

現在，我把電話交給 Sid。

Thanks, Erin, and good morning, everyone. We're glad to be with you to discuss our first-quarter results and to affirm our guidance. We delivered strong results in the first quarter, with adjusted EPS growing 6% year over year, despite one of the warmest winters in the history of our service territory, 25% warmer than the first quarter last year.

謝謝你，Erin，各位早安。我們很高興與各位一同討論第一季業績並重申我們的指引。第一季我們交出強勁成果，調整後 EPS 年增 6%，儘管我們服務區域經歷了史上最溫暖的冬季之一，較去年第一季溫暖 25%。

Our performance reflects disciplined execution of our long-term plan, advancing our regulatory strategy, driving operational efficiencies, and supporting growing customer needs. We continue to meet our growth targets while maintaining a strong focus on customer affordability, which was particularly important during a volatile winter.

我們的表現反映了對長期計畫的紀律性執行：推進法規策略、提升營運效率，並支援不斷成長的客戶需求。我們在維持對客戶可負擔性的高度關注下，持續達成成長目標，而在多變的冬季期間，這點尤其重要。

While conditions were historically warm across Kansas, Oklahoma, and Texas, we did experience Winter Storm Fern in January, a brief isolated cold event that temporarily drove higher gas prices across our service territory.

雖然堪薩斯州、奧克拉荷馬州與德州整體氣候異常溫暖，但我們在 1 月仍遭遇冬季風暴 Fern——一次短暫且局部的寒冷事件，暫時推升了我們服務區域的天然氣價格。

Our 20% increase in storage capacity since Winter Storm Yuri allowed us to shield customers from price volatility and save $98 million relative to purchasing gas at spot prices. Ultimately, this performance reflects the same focus that guides our business every day: safe, reliable, and affordable service to our customers and long-term value creation for our investors. Safety remains a priority for our company.

自冬季風暴 Yuri 以來，我們的儲氣容量增加 20%，使我們得以保護客戶免受價格波動影響，並相較於以現貨價格購氣節省了 9,800 萬美元。最終，這項表現反映了每天引導我們業務的同一個重點：為客戶提供安全、可靠且可負擔的服務，並為投資人創造長期價值。安全仍是本公司的首要任務。

Our strong performance in 2025, especially in the areas of workplace safety and safe driving, continues to place ONE Gas among the safest natural gas utilities in the nation. The Safety Achievement Award is given each year by the American Gas Association to companies who experience the fewest number of serious injuries when compared to peers.

我們在 2025 年的強勁表現，特別是在職場安全與安全駕駛方面，持續使 ONE Gas 名列全美最安全的天然氣公用事業公司之列。美國天然氣協會（AGA）每年頒發「安全成就獎」給在同業比較下嚴重傷害事件最少的公司。

Last month, AGA named ONE Gas as the winner of this award for 2025, the ninth consecutive year ONE Gas has received the Safety Achievement Award. We're grateful for the commitment and dedication of our entire workforce to operating safely as we serve our customers and support our coworkers.

上個月，AGA 宣布 ONE Gas 為 2025 年該獎項得主，這也是 ONE Gas 連續第九年獲得安全成就獎。我們感謝全體員工在服務客戶並支持同仁的同時，對安全營運所展現的承諾與投入。

Now, I'll ask Chris to discuss the details of our financial performance and regulatory activities. Chris.

接下來我請 Chris 說明我們財務表現與法規活動的細節。Chris。

Thanks, Sid, and good morning, everyone. As Sid noted, we delivered strong first-quarter financial performance, demonstrating the resilience of our business model during a historically warm winter. This was largely due to new rates taking effect and the impact of Texas House Bill 4384.

謝謝你，Sid，各位早安。如 Sid 所提，我們第一季財務表現強勁，展現了在歷史性溫暖冬季下我們商業模式的韌性。這主要歸因於新費率生效，以及德州眾議院法案 4384 的影響。

We are affirming our financial guidance, which includes adjusted net income of $306 million to $314 million, and adjusted earnings per diluted share of $4.83 to $4.95. Adjusted net income for the first quarter was $133.4 million, or $2.11 per diluted share, compared with $120.1 million, or $1.99, in the same period last year. First quarter revenues reflect an increase of approximately $27 million from new rates.

我們重申財務指引：調整後淨利為 3.06 億至 3.14 億美元，稀釋後每股調整後盈餘為 4.83 至 4.95 美元。第一季調整後淨利為 1.334 億美元，或稀釋後每股 2.11 美元；去年同期為 1.201 億美元，或每股 1.99 美元。第一季營收反映新費率帶來約 2,700 萬美元的增加。

Depreciation and amortization expense was down 6% year over year, and interest expense was down 9%. Texas and Oklahoma experienced their warmest winters since 1895, when regional temperature tracking began. Kansas had its second warmest winter in that period and its warmest of the past 34 years.

折舊與攤銷費用年減 6%，利息費用年減 9%。德州與奧克拉荷馬州經歷自 1895 年開始進行區域溫度追蹤以來最溫暖的冬季。堪薩斯州在該期間為第二溫暖的冬季，且為過去 34 年來最溫暖的一次。

While we have effective weather normalization mechanisms that tempered the earnings impact, we were not completely insulated. Along with earnings impact, cash flows were affected as we monetized less gas and storage than we would have under normal conditions.

雖然我們具備有效的天候正常化機制以緩和對盈餘的影響，但並非完全隔離。除了盈餘影響外，由於在非正常條件下我們變現（銷售）之天然氣與儲氣量較少，現金流也受到影響。

Higher spring storage balances mean we will inject less this refill season. We expect the storage-related cash flow impact to normalize as we move through the remainder of the year.

春季較高的儲氣結餘意味著在本次回補季我們將減少注入量。我們預期隨著今年剩餘期間的推進，與儲氣相關的現金流影響將回歸正常。

First-quarter O&M expenses increased approximately 8.6% year over year, compared with 1.9% year-over-year growth in the prior-year period. The increase was primarily driven by employee-related costs. We also experienced elevated line locating activity. In particular, more fiber installations led to an increase in line locating tickets.

第一季營運與維護（O&M）費用年增約 8.6%，相較於去年同期的年增 1.9%。增加主要由員工相關成本所帶動。我們也經歷了較高的管線定位作業量；尤其是更多光纖鋪設導致管線定位工單增加。

Quarterly O&M naturally fluctuates due to the timing and the nature of our operations, and we continue to expect compound annual O&M expense growth of 3% to 4% over our five-year plan. Other income net decreased by $2.6 million compared with the same period last year, in part due to decreases in the market value of investments associated with our non-qualified deferred compensation plan.

由於營運時點與性質的關係，季度 O&M 自然會波動；我們仍預期在五年計畫期間，O&M 費用的複合年成長率為 3% 至 4%。其他收益淨額較去年同期減少 260 萬美元，部分原因是與我們非合格遞延補償計畫相關投資的市值下降。

Excluding amounts related to KGSS-I, interest expense was $3 million lower year over year in the first quarter, due in part to the impact of Texas House Bill 4384 and 2025 Federal Reserve rate cuts. A reminder that our 2026 guidance did not assume any rate reductions.

若排除與 KGSS-I 相關的金額，第一季利息費用較去年同期減少 300 萬美元，部分歸因於德州眾議院法案 4384 的影響以及 2025 年聯準會降息。提醒各位，我們的 2026 年指引並未假設任何降息。

Turning to liquidity, during the first quarter, we executed forward sale agreements under our at-the-market equity program for approximately 237,000 shares of common stock. We also have roughly 269,000 shares remaining to be issued under a forward sale agreement executed in May of last year.

談到流動性，第一季我們在市場隨售（ATM）股權計畫下執行遠期出售協議，涉及約 237,000 股普通股。我們也仍有約 269,000 股，尚待依去年 5 月簽署的遠期出售協議發行。

Had all shares under forward sale agreement been fully settled as of March 31, net proceeds would have totaled approximately $41.5 million. We will continue to be opportunistic about issuing equity as we meet our remaining needs.

若截至 3 月 31 日遠期出售協議項下所有股份均已完全交割，淨募集款將合計約 4,150 萬美元。隨著我們滿足剩餘資金需求，我們將持續把握適當時機發行股權。

Our balance sheet remains strong. Our adjusted CFO-to-debt ratio was 19.1% for 2025, supporting our A-minus credit rating and stable outlook from S&P, and our A3 rating and stable outlook from Moody's. Our financial plan supports similar performance going forward. Yesterday, the ONE Gas Board of Directors declared a dividend of $0.68 per share, unchanged from the previous quarter.

我們的資產負債表仍然穩健。2025 年我們調整後的 CFO 對負債比率為 19.1%，支撐 S&P 給予我們 A- 信用評等與穩定展望，以及穆迪（Moody's）給予我們 A3 評等與穩定展望。我們的財務計畫支持未來維持類似表現。昨日，ONE Gas 董事會宣告每股股利 0.68 美元，與前一季持平。

I'll now turn to our regulatory activities. Oklahoma Natural Gas filed its annual performance-based rate change application in February, seeking a $28.7 million adjustment, with rates expected to go into effect in late June.

接著談我們的法規活動。奧克拉荷馬天然氣公司（Oklahoma Natural Gas）於 2 月提交年度績效型費率變更申請，尋求調整 2,870 萬美元，預期費率將於 6 月下旬生效。

In March, Texas Gas Service made its Gas Reliability Infrastructure Program filing for all Texas customers, seeking a $36.9 million revenue increase that is expected to take effect in July. Kansas Gas Service has not yet made a 2026 gas system reliability surcharge filing. The GSRS was amended by statute effective July 1, 2026.

3 月，Texas Gas Service 就所有德州客戶提交其「天然氣可靠性基礎建設計畫」（Gas Reliability Infrastructure Program）申報，尋求增加 3,690 萬美元營收，預期於 7 月生效。Kansas Gas Service 尚未提交 2026 年天然氣系統可靠性附加費（GSRS）申報。GSRS 已依法律修訂，並將於 2026 年 7 月 1 日生效。

The amendment expands the qualifying infrastructure investments eligible for recovery to include all state-specific utility plant investments. It also increases the maximum monthly residential surcharge to $1.35 from $0.80. Filings can be done once per calendar year, and we expect to make ours in the third quarter.

該修正案擴大可符合回收資格的基礎設施投資範圍，納入所有州別特定的公用事業廠房投資。同時也將每月住宅附加費上限由 0.80 美元提高至 1.35 美元。申報每個曆年可進行一次，我們預期將在第三季提出申報。

As a reminder, we do not have any full rate cases planned until we file the Oklahoma rate case in 2027 as required by tariff.

提醒一下，除依費率表規定須於 2027 年提出奧克拉荷馬州費率案件外，我們在此之前沒有規劃任何全面費率案件。

And now, Curtis, I'll turn things over to you.

接下來，Curtis，我把時間交給你。

Thank you, Chris, and good morning, everyone. I'll start with an update on growth and capital deployment. We completed $170 million worth of capital projects this quarter, relatively in line with the same period last year.

謝謝你，Chris，各位早安。我先就成長與資本部署提供最新進展。本季我們完成了約 1.70 億美元的資本專案，與去年同期大致相當。

We are on schedule with final system design and acquiring right-of-way for the Western Farmers Project that was announced late last year. This project, which includes the construction of a 43-mile, 24-inch pipeline in southern Oklahoma, is on track to be in service in 2028.

我們正按計畫完成去年底宣布的 Western Farmers 專案之最終系統設計並取得用地通行權。該專案包含在奧克拉荷馬州南部興建一條 43 英里、24 吋的管線，預計於 2028 年投入營運。

Our teams have also completed construction of the 1.6-mile, 12-inch pipeline serving the advanced manufacturing facility near El Paso. Commissioning of the pipeline and final installation of the meter set are on schedule to be in service early in the third quarter, meeting our customers' needs.

我們的團隊也已完成為埃爾帕索附近先進製造設施服務的 1.6 英里、12 吋管線之施工。管線試運轉與計量表組的最終安裝均按進度進行，預計於第三季初投入使用，以滿足客戶需求。

This project required multiple complex crossings, including five irrigation canals, and was executed in close coordination with local authorities and other stakeholders to ensure safe, timely, and successful completion. We continue to see steady residential customer growth, even with slower new housing starts due to macroeconomic conditions.

此專案需要多項複雜穿越工程，包括 5 條灌溉渠道，並與地方主管機關及其他利害關係人密切協調，以確保安全、準時且成功完工。即使在總體經濟因素導致新屋開工放緩的情況下，我們仍持續看到住宅客戶穩定成長。

Through April, we've installed over 6,300 new meters, with Oklahoma City and El Paso showing the strongest growth year to date. Across the board, our major metropolitan areas are adding customers at a healthy rate.

截至 4 月，我們已安裝超過 6,300 具新表，其中奧克拉荷馬市與埃爾帕索年初至今成長最強。整體而言，我們主要都會區的客戶增加速度維持在健康水準。

We are advancing opportunities to serve additional large load customers across our footprint. Our active discussions included a range of prospects such as large manufacturing facilities, data centers, and grid-connected utility generation. We have six projects in late-stage discussion that in aggregate could support approximately 3 gigawatts of generation and up to 1 BCF per day of demand across Kansas, Oklahoma, and Texas.

我們正推進在服務版圖內為更多大型負載客戶提供服務的機會。我們的積極洽談對象涵蓋大型製造設施、資料中心，以及併網的公用事業發電。我們有 6 個專案已進入後期洽談階段，合計可支撐約 3 吉瓦的發電量，並在堪薩斯、奧克拉荷馬與德州帶來最高每日 10 億立方英尺（1 BCF/日）的需求。

We recently signed a transportation agreement for one of these projects to supply 20 million cubic feet of natural gas per day to an Oklahoma data center. This is another example of how we are leveraging our existing system to support economic growth that benefits all of our customers. We will update our growth forecast as final agreements are executed.

我們近期已就其中一個專案簽署運輸協議，將每日向奧克拉荷馬州一座資料中心供應 2,000 萬立方英尺的天然氣。這再次展現我們如何運用既有系統來支持經濟成長，並讓所有客戶受益。我們將在最終協議簽署完成後更新成長預測。

Turning to O&M, our coworkers continue to drive improvements in workforce efficiency and safety. First-quarter line locating activity increased approximately 8.5% year over year, while damages declined 2%. This highlights the operational benefits of bringing certain work in-house. Building on that progress, we plan to begin insourcing the Watch and Protect function in Oklahoma this year.

接著談 O&M（營運與維護），我們的同仁持續推動人力效率與安全的改善。第一季管線定位作業量年增約 8.5%，而損害事件下降 2%。這凸顯將部分工作內部化所帶來的營運效益。在此進展基礎上，我們計畫今年在奧克拉荷馬州開始將 Watch and Protect 職能內部化。

We will be deploying our personnel at excavation sites near transmission and critical high-pressure distribution pipelines to support safe digging practices. This initiative further enhances public safety and system integrity while supporting more proactive management of O&M expenses.

我們將在靠近輸氣管線及關鍵高壓配氣管線的開挖工地部署人員，以支持安全開挖作業。此項措施可進一步提升公共安全與系統完整性，同時更主動地管理 O&M 費用。

We are also using AI technology to drive efficiency. One process improvement initiative has already generated more than 12,000 hours of annualized labor savings. By automating certain tasks, AI allows employees to focus on higher-value work while improving consistency, accuracy, and reliability.

我們也運用 AI 技術提升效率。其中一項流程改善計畫已帶來超過 12,000 小時的年化人力節省。透過自動化部分工作，AI 讓員工能專注於更高價值的任務，同時提升一致性、準確性與可靠性。

These efficiencies are not one-time gains. They are embedded in our daily operations and supported by a stable and growing technology platform.

這些效率提升並非一次性成果，而是已嵌入我們的日常營運，並由穩定且持續成長的技術平台所支撐。

Our investment in automation reflects a deliberate, data-driven approach to cost management and operational excellence while maintaining the safety, affordability, and service quality our customers expect.

我們對自動化的投資，反映出在維持客戶所期待的安全性、可負擔性與服務品質之同時，以審慎且數據驅動的方式進行成本管理與營運卓越。

Operator, we're now ready for questions.

接線員，我們現在準備開始提問。

(Operator Instructions) Richard Sunderland, Truist Securities.

（接線員指示）Truist Securities 的 Richard Sunderland。

Hey, good morning and thanks for the time today. I realize there are a lot of moving pieces with 2026, but I wanted to start there. You called out the weather, line locates, and the Kansas GSRS filing timing. I guess a shift around that last one in consideration, the new legislation.

嗨，早安，謝謝今天撥冗。我知道 2026 年有很多變動因素，但我想先從那裡談起。你提到了天氣、管線定位，以及堪薩斯 GSRS 申報時點。我想最後一項在新法案的考量下可能會有所調整。

How does this kind of aggregate in terms of line of sight to 2026? I guess is the weather putting you in a hole that you have to overcome? I'm just curious about the moving pieces here and how you see them stacking up.

這些因素加總起來，對 2026 年的可見度（line of sight）影響如何？天氣是否讓你們處於需要彌補的劣勢？我只是好奇這些變動因素你們怎麼看、以及你們認為它們會如何疊加影響。

Hey, Rich, it's Chris. Yeah, you're right, I noted in my prepared remarks that weather normalization mechanisms, while effective, didn't fully mitigate the impact of the warmth that we experienced in the first quarter. There are both structural things that will be recognized later in the year that derive from that weather, and there are discretionary decisions that we'll make around managing that.

嗨，Rich，我是 Chris。是的，你說得對，我在事先準備的發言中提到，天氣正常化機制雖然有效，但並未完全抵消我們第一季所經歷偏暖的影響。這其中既有結構性因素會在今年稍晚反映出來（源自該天氣影響），也有我們在管理上會做出的裁量性決策。

So if you look at the structural, for example, in Kansas, we have capacity release of some of the pipeline capacity that we maintain, in part due to how warm it was. We didn't need it in the moment, and we don't need it in terms of storage refill. We can sell that capacity. We share that capacity release with customers.

如果看結構性因素，例如在堪薩斯州，我們會釋出部分我們所保留的管線容量，部分原因是天氣太暖。我們當下不需要那些容量，就儲氣回補而言也不需要，因此可以出售該容量。我們會與客戶分享這些容量釋出的收益。

You'd have to look back a decade or more to find a weather dynamic that rivals this and where you'd see that similar type of structural delayed benefit, but that's part of what is present in the back half of the year.

你可能得回顧十年以上，才會找到可與這次相提並論的天氣動態，並看到類似這種結構性、延後顯現的效益；但這正是今年下半年會出現的一部分因素。

And then also, if you recall, Rich, last year, we accelerated some O&M projects into 2025 that had originally been planned in 2026. That affords us some flexibility and optionality as we think about managing 2026.

另外，Rich，如果你還記得，去年我們把原本規劃在 2026 年的一些 O&M 專案加速到 2025 年執行。這讓我們在思考如何管理 2026 年時，擁有一些彈性與選擇權。

We've contemplated a sleeve of projects that we could pull forward from '27 into '26. We formally assumed we would do them. They're not time-sensitive. There's not a safety-related or integrity component to them. So we can defer those projects and create somatic capacity in that way.

我們也評估過一組可以從 2027 年提前到 2026 年的專案。我們在正式假設中把它們納入會執行，但它們並不具時間敏感性，也沒有與安全或完整性相關的要件。因此我們可以延後這些專案，藉此創造一些容量空間。

Rich, this is Sid. You also mentioned Curtis's reference to the Watch and Protect program. You'll recall that we've had great success in sourcing line locating and seeing an improvement, not only in performance, but significant savings.

Rich，我是 Sid。你也提到 Curtis 對 Watch and Protect 計畫的說明。你會記得，我們在管線定位工作內部化方面非常成功，不僅績效改善，也帶來顯著節省。

We are running that same play with Watch and Protect, and so it may feel counterintuitive to speak to the plan that we have to address the impact of weather. But I think it's important to continue those programs that we know are accretive both in the short-term and the long-term. They're investments that have a meaningful return.

我們正以同樣的方式推動 Watch and Protect，所以談到我們因應天氣影響的計畫時，可能聽起來有點反直覺。但我認為持續推動這些我們已知在短期與長期都具增益（accretive）的計畫很重要。這些投資有實質回報。

And so we'll continue to make those, but we wanted to be very clear and open with the support for our guidance because we have confidence in the plan and our ability to execute that over the course of the year.

因此我們會持續投入；同時，我們也希望就我們指引的支撐因素保持非常清楚且透明，因為我們對這套計畫以及在今年內執行到位的能力有信心。

No, that's all very clear. Thanks for running through those. And then turning to the large load commentary sounds like a lot of exciting activity there. The six projects referenced in late-stage discussion, are those all incremental to your current capital plan and then any kind of order of magnitude on the capital opportunity across those six projects?

不，這些都很清楚。謝謝你們逐一說明。接著談大型負載的評論，聽起來那邊有很多令人振奮的活動。你提到的 6 個後期洽談專案，是否都屬於你們目前資本計畫之外的增量？另外，這 6 個專案的資本機會大概有沒有一個量級可供參考？

Yeah, Rich, this is Curtis. When we talk about late stage, that means we're literally talking about final contract terms and final needs of our customers, final design, final understandings of where they will be sourcing the gas supply from, because these are transport customers, they're not gas sales customers, so --

是的，Rich，我是 Curtis。我們所說的後期階段，意思是我們真的在談最終合約條款、客戶的最終需求、最終設計，以及他們將從哪裡取得天然氣供應的最終共識，因為這些是運輸客戶，不是售氣客戶，所以——

In terms of the scale of those projects, I gave a sense of the magnitude overall. The one that we have announced that gives you a little bit of context, that's the largest one that we've ever announced. That's the Western Farmers Project that we talked about at the end of last year.

就這些專案的規模而言，我已提供整體量級的概念。我們已宣布的那個專案可以給你一些背景脈絡，那是我們迄今宣布過最大的一個，也就是我們在去年底談到的 Western Farmers 專案。

So other projects are more like the one that I mentioned in my prepared remarks that we've just signed that contract. It's not a large capital investment, but it's a meaningful contribution to our operations where we make that investment. It is very immediate accretive because it's not a large project to put into service. So that one would be maybe on the smaller scale of some of them that we're talking about.

因此，其他專案更像是我在事先準備的發言中提到的那個——我們剛剛簽署了那份合約。這不是一項大型資本投資，但在我們進行投資的地方，對我們的營運是有意義的貢獻。由於不是需要投入大量資本、也不是需要很大的專案才能投入使用，因此它能非常迅速地帶來增益。所以，這個專案可能算是我們所談到的一些專案中規模較小的那一類。

There was another part of Rich's question. Capital plan.

Rich 的問題還有另一個部分：資本計畫。

The capital plan. So the way we think about that, Rich, or the way we give the guidance is. In our five-year plan, in the earlier parts of the earlier years of the five-year plan, those projects and those growth dollars are pretty specifically identified in what they're going to.

資本計畫。Rich，我們對此的思考方式，或我們提供指引的方式是：在我們的五年計畫中，五年計畫較早期、較前幾年的那些專案與成長資金，通常都相當明確地界定了將投入到哪些項目。

Projects in the latter part of the year are, there's several different options of those that will ultimately get commercialized, and so we think of those as filling in the bucket ultimately. Is there the opportunity that those buckets may overrun with additional projects?

而在較後期的年度，專案則有幾種不同選項，最終會有部分被商業化，因此我們把它們視為最終用來填滿「資金桶」的來源。那麼，是否有機會因為額外專案而讓這些桶超出原先規劃？

Yes, that's a possibility. We'll just have to continue to see when customers decide to move forward with the projects and what the timing of that might be versus what we've assumed. And as that happens, we'll continue to update what that growth profile looks like.

是的，這是有可能的。我們只能持續觀察客戶何時決定推進專案，以及其時程相較於我們假設的情況會如何。隨著這些情況發生，我們也會持續更新成長輪廓會呈現什麼樣子。

Great. Thanks for the time, Terry, there. Thanks.

很好。謝謝你撥時間，Terry。謝謝。

(Operator Instructions) Paul Zimbardo, Jefferies.

（接線員指示）Jefferies 的 Paul Zimbardo。

Hi, good morning, team.

各位早安。

Good morning, Paul.

早安，Paul。

Oh, thank you for the time. And just to follow-up on the prior question, could you quantify what that weather plus kind of the storage? Excess capacity just in terms of like an EPS impact from all those kinds of abnormal weather items in the quarter and also if you had the number that benefit from that House Bill 4384 in the quarter as well.

謝謝撥冗。延續前一個問題，能否量化天氣因素加上儲存／超額容量的影響？也就是說，本季所有這類異常天氣項目對 EPS 的影響大概是多少？另外，如果你們也有本季來自德州眾議院法案 4384 的受益數字，也請一併提供。

Paul, I don't. I'd have to follow-up with you. I mean, we broke out specifically for the Texas House Bill, the non-GAAP, the equity return component, but in terms of how much it impacted interest expense and depreciation, I don't have that offhand. But if you're looking for sort of a total, hey, how much should this impact you, I think that's something we could probably work to provide.

Paul，我目前沒有。我得再跟你後續補充。我是說，我們已針對德州眾議院法案在非 GAAP 的部分，特別拆出了權益報酬（equity return）組成；但就其對利息費用與折舊的影響有多少，我手邊沒有現成數字。不過如果你要的是一個總體的——也就是「這整體應該影響你們多少」——我想我們應該可以努力提供。

In terms of the weather impacts, we have weather norm that doesn't fully reflect in the quarter what happened. There's somewhat of a delay there, in terms of the capacity release benefits that are coming. It's in the couple million-dollar territory.

就天氣影響而言，我們有天氣常態（weather norm）機制，但它在本季並未完全反映實際發生的情況；其中存在一些時滯。至於即將到來的容量釋出（capacity release）效益，大約是在數百萬美元的範圍。

Okay. Great. Now that's helpful. And then also just to pop on the large load side, so like that 20 MCF project, it sounds like there could be some of those. And I think you said it's decently accretive. I don't want to put words in your mouth, but just is there a way to kind of frame what that benefit could be either to shareholders and/or customers from executing on some of those capital-light opportunities?

好的，很好。這很有幫助。另外再談大型負載端，例如那個 20 MCF 的專案，聽起來可能還會有一些類似的機會。我想你也提到它的增益性不錯。我不想替你下結論，但是否有方式可以框架一下，執行這些輕資本（capital-light）機會，對股東和／或客戶可能帶來的效益？

Paul, this is Curtis, and we have not quantified that project. Probably the easiest way is if you look at what our tariff is, and I've given you what the volumes are, but we've not made a specific comment about what the total of that would be.

Paul，我是 Curtis。我們尚未量化那個專案。也許最簡單的方式是看我們的費率表（tariff），而我也已提供你流量（volumes），但我們尚未就其總額做出具體評論。

And typically, we wouldn't on any individual projects like that, but we will include it as part of our overall guidance as we update it.

而且通常我們也不會對這類單一專案逐一評論；不過在我們更新整體指引時，會把它納入其中。

Okay, understand. And then just the last really quick, is there anything on the weather normalization, like lessons learned, things that you'd recommend proposing? I know this is a really extreme mild period. I don't know if there's any kind of refinements that you're looking to advocate for.

好的，了解。最後一個很快的問題：關於天氣常態化（weather normalization），有沒有任何經驗教訓、或你們會建議提出的事項？我知道這是一段非常極端的偏暖期間。不確定你們是否在考慮倡議任何調整或精進。

Paul, this is Sid. If you look at the way that our weather norm mechanisms have worked across the service territory. On balance, they've been very effective in achieving the goal, which is protecting all of the participants to make sure that everyone is incentive to continue to focus on reliable and affordable gas service.

Paul，我是 Sid。若你看我們在服務區域內天氣常態機制的運作方式，整體而言，它們在達成目標上非常有效；也就是保護所有參與者，確保每個人都有誘因持續專注於可靠且可負擔的天然氣服務。

And so there are some extraordinary situations I think about this winter, and we covered it a bit in the prepared remarks, where you have essentially no meaningful winter and then one spike that is really significant in the amount of gas that was used and the requirements on the system, and then back down to no winter.

因此，我認為像今年冬天這樣的情況屬於一些非比尋常的狀況；我們在事先準備的發言中也稍有提及：基本上等於沒有真正的冬季，然後出現一次非常顯著的尖峰——用氣量與系統需求都大幅上升——接著又回到沒有冬季。

So it really was an extraordinary first quarter from that standpoint. We don't have any concerns about the weather mechanism going forward. Chris just spoke to the capacity release. That's a pretty elegant solution that the Kansas Commission put in place to incent the company to be prepared, so we know that if we're oversupplied, then there's a capacity release option that's available.

所以從這個角度看，第一季確實非常特殊。我們對未來的天氣機制沒有疑慮。Chris 剛提到容量釋出；那是堪薩斯州委員會設計的一個相當精巧的解決方案，用以激勵公司做好準備，因此我們知道若供給過剩，就有可用的容量釋出選項。

It supports good service to our customers, and it is all wrapped around affordability, which takes me back to your previous question. The way that we are treating data centers and large load opportunities not only is pursuing those opportunities, but as we've said in the past, has two other components.

它支持我們為客戶提供良好服務，而且一切都圍繞在可負擔性（affordability）之上，這也回到你前一個問題。我們對資料中心與大型負載機會的處理方式，不僅是追求這些機會；正如我們過去所說，還包含另外兩個面向。

The first component is what's the impact to our customers and how do we de-risk our participation in those projects. To ensure that our customers aren't exposed in a way that we don't think is appropriate, and we successfully have done that and we continue to do that.

第一個面向是：對我們的客戶有何影響？以及我們如何降低參與這些專案的風險？以確保客戶不會以我們認為不適當的方式承擔曝險；我們已成功做到，並且會持續這麼做。

The other is, how does it fit with the long-term strategy that we have for our own system? So we're thoughtful about these opportunities when they come up. Does it forward the plan that we have already to build a system that's designed to serve our customers and provide economic development opportunities across our service territory?

另一個面向是：它如何契合我們對自身系統的長期策略？因此當這些機會出現時，我們會審慎評估：它是否推進我們既有的計畫——打造一個旨在服務客戶、並在整個服務區域提供經濟發展機會的系統？

Or is it essentially an alley with a dead end that doesn't have that kind of knock-on growth potential? We're very focused on what's the long-term potential and how does it support our long-term growth profile.

或者它本質上只是通往死胡同的一條小巷，沒有那種連帶的成長潛力？我們非常聚焦於長期潛力是什麼，以及它如何支持我們的長期成長輪廓。

So kind of a long answer, but I think you have to understand that we're constantly looking at not weather norm in isolation, not large load in isolation, not pulling projects forward or pushing them back. We're trying to maintain flexibility so we can operate the company in a way that allows us to respond to whatever the event may be, in this case, weather.

所以回答有點長，但我想你必須理解：我們並不是孤立地看天氣常態機制，也不是孤立地看大型負載，也不是單純把專案往前拉或往後推。我們試圖維持彈性，讓我們能以一種方式經營公司，得以回應任何可能發生的事件——在這個案例中是天氣。

But do it in a way that doesn't interrupt our long-term vision for how we support growth for the company and long-term returns for our investors.

但同時要以不打斷我們長期願景的方式來做，也就是我們如何支持公司的成長，以及為投資人帶來長期報酬。

Thank you. I appreciate the long answer. Thank you very much, team.

謝謝。我很感謝這個長回答。非常謝謝各位。

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

問答環節到此結束。接下來我想把時間交回 ONE Gas 團隊做結語。

Thank you all again for your interest in ONE Gas. We look forward to seeing many of you at the AGA Financial Forum in a few weeks. Our quiet period for the second quarter starts when we close our books in early July and extends until we release earnings on August 4. We'll provide details about the conference call at a later date.

再次感謝各位對 ONE Gas 的關注。我們期待在幾週後的 AGA Financial Forum 與各位中的許多人見面。我們第二季的靜默期將在 7 月初結帳時開始，並持續至 8 月 4 日發布財報為止。我們會在稍後提供電話會議的相關細節。

Have a great day.

祝各位有美好的一天。

This concludes the ONE Gas first-quarter earnings conference call and webcast. You may now disconnect.

ONE Gas 第一季財報電話會議與網路直播到此結束。您現在可以斷線。