Why Invest

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Key Investment Considerations

Focused business strategy

  • 100% regulated natural gas distribution utility
  • Authorized rate base of approximately $3.8 billion1

Constructive regulatory environment

  • Multiple risk- and lag-mitigation mechanisms and riders
  • 72% fixed charges2

Significant scale

  • One of the largest publicly traded natural gas distribution companies
  • 2.2 million customers
  • Largest in Kansas and Oklahoma; 3rd largest in Texas

Conservative financial profile

  • Equity capitalization of 59%3
  • Investment-grade credit ratings
  • Stable earnings and cash flow
  • Competitive dividend payout

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.

At-a-glance

Kansas Oklahoma Texas Total
Average Number of Customers 645,000 895,000 680,000 2,220,000
Number of Employees 1,000 1,100 900 3,700*
Distribution – Miles 11,600 19,000 10,600 41,200
Transmission – Miles 1,500 700 300 2,500
High Density Cities Kansas City, Topeka, Wichita Oklahoma City, Tulsa Austin, El Paso 7 cities make up the majority of customers
Percentage of Customers in Metropolitan Areas 60% 83% 78% 73%
Market Share - Customers Served 72% 88% 13%

*Includes corporate employees

Note: Approximate totals, as of Dec. 31, 2020.