Disclaimer
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ONE Gas Inc. (“OGS”) has no control over the External Site, any data or other content contained therein or any additional linked websites. The link to the External Site is provided for convenience purposes only.
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If in any jurisdiction, any part of this disclaimer is held to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent and the remaining disclaimer shall otherwise remain in full force and effect.
Please note the information presented is deemed representative at the time of its original filing with the Securities and Exchange Commission. Reclassifications in historical information may occur due to recently issued accounting standard codification updates for reporting purposes under the accounting principles generally accepted in the United States of America (GAAP).
Non-GAAP Information
ONE Gas has disclosed net margin, which is considered a non-GAAP financial metric used to measure the company's financial performance. Net margin is comprised of total revenues less cost of natural gas. Cost of natural gas includes commodity purchases, fuel, storage, transportation and other gas purchase costs recovered through our cost of natural gas regulatory mechanisms and does not include an allocation of general operating costs or depreciation and amortization. In addition, these regulatory mechanisms provide a method of recovering natural gas costs on an ongoing basis without a profit. Therefore, although our revenues will fluctuate with the cost of natural gas that we pass through to our customers, net margin is not affected by fluctuations in the cost of natural gas. Accordingly, we routinely use net margin in the analysis of our financial performance. We believe that net margin provides investors a more relevant and useful measure to analyze our financial performance as a 100% regulated natural gas utility than total revenues because the change in the cost of natural gas from period to period does not impact our operating income. A reconciliation of net margin to the most directly comparable GAAP measure is included in this website. ONE Gas and Virtua also take no responsibility for third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data.
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1 As of December 31, 2020
2 Fixed percentage as a percent of total revenues less cost of natural gas.
3 Equity capitalization based on long-term debt, as of December 31, 2020.
*Includes corporate employees
Note: Approximate totals, as of Dec. 31, 2020.