ONE Gas reported net income of $95.6 million, or $1.79 per diluted share in the first quarter, compared to $91.7 million, or $1.72 per diluted share, in the first quarter of the previous year.
The Tulsa company's board of directors declared a quarterly dividend of $0.58 per share, or $2.32 per share on an annualized basis, payable on June 1 payable to shareholders of record at the close of business on May 17.
Actual heating degree days across the company's service areas were 5,600 in the first quarter of 2021. That was 7% colder than normal and 19% colder than the same period last year.
"Since we first reported on the operational and financial impact of (the winter storm) February, we have worked collaboratively with our regulators and legislators to minimize the financial impact to our customers," Pierce H. Norton II, president and chief executive officer, said in a statement.
"We are pleased that legislation has been passed and signed by the governors in Kansas and Oklahoma, and is being considered in Texas, to allow securitization as a means to finance the extraordinary costs associated with the storm. Our customers will benefit from the lower cost to issue securitized debt relative to other alternatives."
"Despite this focus on the storm, ONE Gas has not lost sight of our environmental, social and governance initiatives. We know natural gas will serve a critical role as the nation transforms to a cleaner energy future, with many types of energy resources working together to provide a secure, reliable and affordable energy delivery system. We are committed to continuing to reduce emissions from our direct and indirect operations through existing best practices and new technologies."