One Gas

To deliver natural gas for a better tomorrow by being the leading provider of safe, reliable, and sustainable energy.

One Gas SWOT Analysis

Updated: October 6, 2025 • 2025-Q4 Analysis

How to Use This Analysis

This analysis for One Gas was created using Alignment.io™ methodology - a proven strategic planning system trusted in over 75,000 strategic planning projects. We've designed it as a helpful companion for your team's strategic process, leveraging leading AI models to analyze publicly available data.

While this represents what AI sees from public data, you know your company's true reality. That's why we recommend using Alignment.io and The System of Alignment™ to conduct your strategic planning—using these AI-generated insights as inspiration and reference points to blend with your team's invaluable knowledge.

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This One Gas SWOT analysis reveals a classic regulated utility narrative: a stable, monopolistic entity facing a long-term existential threat. Its core strengths lie in its constructive regulatory relationships and financial stability, which fuel consistent rate base and dividend growth. However, this strength is mirrored by a critical weakness—complete dependence on favorable regulatory outcomes and the future of a single commodity. The primary challenge is to leverage its stable position to navigate the immense external threats of electrification and adverse policy shifts. The strategic imperative is clear: modernize the core business for maximum safety and reliability while aggressively pursuing sustainability initiatives like RNG to create a compelling narrative for the long-term viability of natural gas infrastructure. The company's future depends on proving it is part of the solution, not the problem.

Atmos Energy Spire Inc. Southwest Gas Holdings Local Electric Utilities Renewable Energy Providers

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To deliver natural gas for a better tomorrow by being the leading provider of safe, reliable, and sustainable energy.

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Strengths

REGULATORY: Constructive relationships enable consistent CapEx recovery.
FINANCIALS: Strong balance sheet with investment-grade credit ratings.
GROWTH: Consistent 1.1% customer growth (2023) in core territories.
OPERATIONS: Top-quartile safety record per American Gas Association.
DIVIDEND: History of reliable dividend growth, attracting investors.

Weaknesses

DEPENDENCE: Revenue is 100% tied to regulatory outcomes in 3 states.
AGING: Significant portion of infrastructure requires modernization.
GEOGRAPHY: Operations are concentrated in regions prone to tornadoes.
INNOVATION: Slower to pilot and adopt new tech vs. larger utilities.
DEBT: Rising interest rates increase cost of capital for projects.

Opportunities

CAPEX: Plan to invest $725M in 2024, driving 8.5% rate base growth.
RNG: Growing market for Renewable Natural Gas provides a green path.
INDUSTRIAL: Strong economic development in TX/OK drives new demand.
EFFICIENCY: Tech adoption can lower O&M costs and improve margins.
ACQUISITION: Potential to acquire smaller municipal gas systems.

Threats

ELECTRIFICATION: Public/political pressure to phase out natural gas.
REGULATORY: Risk of lag and disallowance in rate case proceedings.
CYBERSECURITY: Increasing threats to critical energy infrastructure.
COMMODITY: Price spikes can lead to customer affordability issues.
CLIMATE: Extreme weather events strain system reliability and safety.

Key Priorities

INFRASTRUCTURE: Accelerate capital investment in system modernization.
REGULATORY: Proactively manage state regulatory relationships for growth.
SUSTAINABILITY: Integrate RNG and other green tech to future-proof.
RISK: Mitigate the external threats of electrification and cyber attacks.

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One Gas OKR

Updated: October 6, 2025 • 2025-Q4 Analysis

The One Gas OKR plan is a masterclass in focus for a regulated utility. It wisely translates strategic imperatives into measurable actions. The objectives—MODERNIZE, SECURE, FORTIFY, and GROW—are concise, powerful, and directly address the core tensions identified in the SWOT. The key results are specific, balancing offensive moves (RNG, hydrogen pilots) with essential defensive actions (cybersecurity, policy engagement). This plan provides exceptional clarity, aligning the entire organization on what matters most: strengthening the core business, preparing for the future of energy, and protecting against existential threats. It's a pragmatic yet forward-looking blueprint for creating durable value in a sector undergoing profound transformation.

Atmos Energy Spire Inc. Southwest Gas Holdings Local Electric Utilities Renewable Energy Providers

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To deliver natural gas for a better tomorrow by being the leading provider of safe, reliable, and sustainable energy.

MODERNIZE GRID

Build the safest, most reliable energy grid in America.

REPLACE: Achieve 105% of our annual target for replacing at-risk cast iron and bare steel distribution lines.
INVEST: Deploy a record $750 million in integrity management and system modernization capital expenditures.
UPTIME: Reduce third-party damage incidents by 15% through enhanced public awareness and predictive analytics.
LEAKS: Decrease methane emissions from our system by 10% by accelerating leak detection and repair programs.

SECURE FUTURE

Lead the transition to a sustainable energy future.

RNG: Secure 3 new Renewable Natural Gas (RNG) interconnection agreements to diversify our sustainable gas supply.
POLICY: Achieve constructive outcomes in all 2025 rate cases, securing support for our green-tech investments.
HYDROGEN: Launch our first hydrogen blending pilot program in a controlled environment to test system compatibility.
NARRATIVE: Increase positive sentiment on sustainability topics by 20% via a targeted public affairs campaign.

FORTIFY DEFENSES

Protect our critical infrastructure from all threats.

CYBER: Reduce critical cybersecurity vulnerabilities by 50% by implementing an advanced threat detection platform.
RESPONSE: Achieve a 95% success rate in simulated cyber-physical attack response drills across all divisions.
POLICY: Neutralize 3 local policy initiatives aimed at banning natural gas through proactive engagement.
TRAINING: Certify 100% of critical operations staff in advanced cybersecurity and incident response protocols.

DRIVE GROWTH

Be the indispensable partner for economic growth.

RATE BASE: Grow our year-end rate base by over 8% through disciplined and timely execution of our CapEx plan.
INDUSTRIAL: Secure 5 new large-scale industrial customers by showcasing our reliability and cost advantages.
O&M: Implement AI-driven route optimization to reduce fleet O&M costs by 5% without impacting service levels.
RETURNS: Achieve an earned Return on Equity (ROE) that is within 50 basis points of our allowed regulatory rate.

METRICS

Rate Base Growth: Achieve 8.0-9.0% growth
Earned ROE vs. Allowed ROE: < 50 bps spread
O&M Expense per Customer: Maintain flat YoY

VALUES

Safety
Ethics
Inclusion & Diversity
Service
Value

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One Gas Retrospective

AI-Powered Insights

Claude

Gemini

GPT

One Gas Q1 2024 10-Q Report
One Gas 2023 10-K Annual Report
One Gas Investor Relations Website & Presentations (June 2024)
American Gas Association (AGA) Industry Reports
Public statements and press releases from onegas.com

Atmos Energy Spire Inc. Southwest Gas Holdings Local Electric Utilities Renewable Energy Providers

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To deliver natural gas for a better tomorrow by being the leading provider of safe, reliable, and sustainable energy.

Toggle Theme

What Went Well

CAPEX: Executed record $725M capital investment plan effectively.
GROWTH: Maintained steady 1.1% customer growth, adding 25,000 users.
RATES: Received constructive rate outcomes in Kansas and Texas.
O&M: Kept operating cost increases below the rate of inflation.
SAFETY: Continued top-quartile safety performance across operations.

Not So Well

WEATHER: Warmer-than-normal winter weather reduced residential volumes.
INTEREST: Higher interest expense impacted net income growth slightly.
LAG: Regulatory lag continues to be a minor drag on earned returns.
MARGINS: O&M expenses, while controlled, still pressured margins.
VOLUMES: Commercial volumes saw a slight decrease year-over-year.

Learnings

DECOUPLING: Weather normalization/decoupling mechanisms are critical.
RESILIENCE: System performed well during isolated extreme weather events.
COSTS: Inflationary pressures require continuous efficiency focus.
REGULATORY: Proactive communication with commissions is non-negotiable.
DEMAND: Industrial customer growth is a key offset to weather impacts.

Action Items

FILINGS: Prepare next round of rate cases with robust cost evidence.
EFFICIENCY: Identify new technology-driven O&M savings opportunities.
INVESTOR: Clearly communicate long-term value of CapEx plan.
COMMERCIAL: Target high-growth industrial sectors for expansion.
SUPPLY: Continue to diversify natural gas procurement strategies.

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Organization	SWOT Analysis	OKR Plan	Top 6	Retrospective

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One Gas Market

AI-Powered Insights

Claude

Gemini

GPT

One Gas Q1 2024 10-Q Report
One Gas 2023 10-K Annual Report
One Gas Investor Relations Website & Presentations (June 2024)
American Gas Association (AGA) Industry Reports
Public statements and press releases from onegas.com

Founded: Spun off from ONEOK in 2014.
Market Share: Monopoly provider in its service territories.
Customer Base: 2.3 million residential, commercial, industrial customers.
Category:
Natural Gas Utility
SIC Code: 4924 Natural Gas Distribution
NAICS Code: 221210 Natural Gas Distribution
Location: Tulsa, Oklahoma
Zip Code: 74119
Congressional District: OK-1 TULSA
Employees: 3700

Competitors

Atmos Energy View Analysis

Spire Inc. Request Analysis

Southwest Gas Holdings Request Analysis

Local Electric Utilities Request Analysis

Renewable Energy Providers Request Analysis

Products & Services

No products or services data available

Distribution Channels

Direct via regulated pipeline infrastructure

One Gas Business Model Analysis

AI-Powered Insights

Claude

Gemini

GPT

One Gas Q1 2024 10-Q Report
One Gas 2023 10-K Annual Report
One Gas Investor Relations Website & Presentations (June 2024)
American Gas Association (AGA) Industry Reports
Public statements and press releases from onegas.com

Problem

Need for reliable and affordable energy
Demand for cleaner fossil fuel option
Safe energy delivery is paramount

Solution

Regulated natural gas distribution
Pipeline safety and integrity programs
24/7 customer service and emergency response

Key Metrics

Rate base growth; Earned ROE
Customer growth; O&M per customer
Safety metrics (e.g., DART rate)

Unique

Exclusive service rights in franchise areas
100% regulated utility focus ensures stability
Deep operational expertise in its region

Advantage

Regulatory compact (monopoly for service)
High barrier to entry (infrastructure)
Established trust with communities served

Channels

Direct utility service connection
Website and customer service centers

Customer Segments

Residential homeowners and renters
Commercial businesses (restaurants, offices)
Industrial users and power generators

Costs

Capital expenditures for infrastructure
Operations and maintenance (O&M) expense
Cost of natural gas (pass-through)

One Gas Product Market Fit Analysis

Updated: October 6, 2025

One Gas provides communities in America's heartland with the safest, most reliable, and affordable natural gas. By modernizing essential infrastructure, the company ensures uninterrupted energy for homes and businesses, driving economic stability and a better tomorrow. It's the dependable energy partner, delivering value and peace of mind through a proven commitment to operational excellence and public safety.

SAFETY: We ensure the well-being of our communities and employees.

RELIABILITY: You can count on us for uninterrupted energy service.

AFFORDABILITY: We provide a cost-effective energy solution.

Before State

Unreliable, costly energy sources
Limited options for heating/cooking
Concerns over energy source safety

After State

Affordable, consistent energy supply
Efficient operations for homes/business
Safe, reliable, and cleaner energy source

Negative Impacts

Higher and more volatile utility bills
Inefficient home and business operations
Increased carbon footprint vs. natural gas

Positive Outcomes

Lower monthly energy expenses for users
Enhanced community economic development
Reduced regional environmental impact

Key Metrics

Customer Retention Rate

>99% (Captive)

Net Promoter Score (NPS)

Est. +30 to +40

User Growth Rate

1.1% annually (2023)

Customer Feedback/Reviews

Regulated utility

Repeat Purchase Rates

N/A (Continuous service)

Requirements

Modern, well-maintained infrastructure
Proactive safety and integrity programs
Constructive regulatory relationships

Why One Gas

Systematic capital investment plans
Advanced leak detection technologies
Transparent communication with regulators

One Gas Competitive Advantage

100% regulated business provides stability
Decades of operational expertise built
Geographic focus in gas-rich region

Proof Points

Top-quartile safety performance (AGA)
Consistent 1.1% customer growth in 2023
Achieved 38% reduction in GHG emissions

One Gas Market Positioning

AI-Powered Insights

Claude

Gemini

GPT

One Gas Q1 2024 10-Q Report
One Gas 2023 10-K Annual Report
One Gas Investor Relations Website & Presentations (June 2024)
American Gas Association (AGA) Industry Reports
Public statements and press releases from onegas.com

Strategic pillars derived from our vision-focused SWOT analysis

RELIABILITY

Modernize infrastructure for near-zero downtime.

SUSTAINABILITY

Integrate RNG & hydrogen; reduce GHG emissions.

GROWTH

Achieve top-quartile rate base growth via CapEx.

REGULATORY

Secure constructive outcomes for system investment.

What You Do

Safely deliver clean, reliable natural gas.

Target Market

Homes and businesses in OK, KS, and TX.

Differentiation

100% regulated utility for stable returns
Focused operations in a contiguous region

Revenue Streams

Regulated rates on gas delivery
Approved return on capital investments

One Gas Operations and Technology

AI-Powered Insights

Claude

Gemini

GPT

One Gas Q1 2024 10-Q Report
One Gas 2023 10-K Annual Report
One Gas Investor Relations Website & Presentations (June 2024)
American Gas Association (AGA) Industry Reports
Public statements and press releases from onegas.com

Company Operations

Organizational Structure: Functional hierarchy with state-level operations.
Supply Chain: Diverse gas suppliers via interstate pipelines.
Tech Patents: Focus on operational tech, not patents.
Website: https://www.onegas.com/

Top Clients

Board Members

One Gas Competitive Forces

Threat of New Entry

LOW: The massive capital investment for infrastructure and the regulatory hurdles required to establish a new gas utility make new entry nearly impossible.

Supplier Power

MODERATE: Numerous gas producers exist, but supply is dependent on interstate pipeline capacity, which can be constrained, giving pipelines leverage.

Buyer Power

LOW: Residential and small commercial customers have no negotiating power. Large industrial users can negotiate rates but have limited alternatives.

Threat of Substitution

HIGH: Electrification, driven by policy and technology (heat pumps, solar), is the primary long-term substitution threat to natural gas usage.

Competitive Rivalry

LOW: As a regulated utility, One Gas operates as a natural monopoly within its defined service territories with no direct competitors.

Analysis of AI Strategy

Updated: October 6, 2025 • 2025-Q4 Analysis

The One Gas AI SWOT analysis highlights a significant opportunity to transform its operational core. The company possesses a wealth of untapped operational data, its greatest strength, which can fuel predictive maintenance and efficiency models. However, this is constrained by internal weaknesses in talent, legacy systems, and a risk-averse culture. The strategic path forward is not speculative R&D, but the targeted application of proven AI. The priorities must be de-risking the business through AI-driven predictive maintenance and enhanced cybersecurity, while capturing clear ROI by optimizing field operations. Building a foundational, unified data platform is the critical first step to unlock these capabilities. For One Gas, AI is not about disruption; it's about fortification, ensuring the continued safety, reliability, and efficiency of its essential service in an increasingly complex environment.

Atmos Energy Spire Inc. Southwest Gas Holdings Local Electric Utilities Renewable Energy Providers

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To deliver natural gas for a better tomorrow by being the leading provider of safe, reliable, and sustainable energy.

Strengths

DATA: Vast operational data from meters and sensors for AI models.
ASSETS: Physical infrastructure is a testbed for predictive AI maint.
CAPITAL: Financial capacity to invest in proven AI technologies.
PROCESS: Standardized workflows can be optimized with AI automation.
SAFETY: Strong safety culture provides clear goals for AI risk models.

Weaknesses

TALENT: Lack of in-house AI/ML expertise and data science capability.
SYSTEMS: Legacy IT and OT systems may hinder AI integration efforts.
DATA: Siloed data across different operational systems and departments.
CULTURE: Risk-averse utility culture may resist AI-driven changes.
ROI: Difficulty in creating clear business cases for speculative AI.

Opportunities

PREDICTIVE: AI for predictive maintenance on pipelines, reducing failure.
ROUTING: Optimize field service dispatch and routes for O&M savings.
FORECASTING: Improve gas demand forecasting for better supply planning.
SECURITY: AI-powered threat detection for enhanced cybersecurity.
AUTOMATION: Use GenAI to streamline regulatory filings and reporting.

Threats

SECURITY: AI systems themselves present new vectors for cyber attack.
BIAS: Biased AI models could lead to inequitable infrastructure spend.
RELIANCE: Over-reliance on flawed AI could lead to safety incidents.
COST: High cost of implementation and specialized talent for AI tech.
COMPETITION: Other utilities could gain efficiency advantages with AI.

Key Priorities

MAINTENANCE: Implement predictive AI for asset integrity and safety.
EFFICIENCY: Use AI to optimize field operations and reduce O&M costs.
SECURITY: Deploy AI-based cybersecurity for critical infrastructure.
DATA: Build a unified data platform to enable future AI initiatives.

Create professional SWOT analyses in minutes with our AI template. Get insights that drive real results.

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One Gas Financial Performance

AI-Powered Insights

Claude

Gemini

GPT

One Gas Q1 2024 10-Q Report
One Gas 2023 10-K Annual Report
One Gas Investor Relations Website & Presentations (June 2024)
American Gas Association (AGA) Industry Reports
Public statements and press releases from onegas.com

Profit: $240.2 million (Net Income, TTM Q1 2024)

Market Cap: $3.95 billion (June 2024)

Stock Performance

Annual Report: Available on the investor relations website.

Debt: $4.5 billion (Long-term debt, Q1 2024)

ROI Impact: Rate base growth drives allowed return on equity.

SWOT Index

Composite strategic assessment with 10-year outlook

/ 100

Legacy Incumbent

ICM Index

STRATEGIC ADVISOR ASSESSMENT

One Gas scores as a solid 'Legacy Incumbent'. Its ambition is constrained to its category, and achievability is high but capped by its regulated model. The SWOT is balanced, with significant regulatory opportunities offset by the existential threat of electrification. The OKRs are strong but incremental. The low growth multiplier reflects a mature, low-growth industry where survival and stability, not exponential expansion, are the primary goals. Levers are focused on execution within this framework.

SWOT Factors

Upside: 69.3 Risk: 70.7

OKR Impact

AI Leverage

Top 3 Strategic Levers

Accelerate infrastructure modernization to enhance safety/returns.

Secure favorable regulatory treatment for sustainability CapEx.

Neutralize anti-gas policy threats through proactive engagement.

AI Disclosure

This report was created using the Alignment Method—our proprietary process for guiding AI to reveal how it interprets your business and industry. These insights are for informational purposes only and do not constitute financial, legal, tax, or investment advice.

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