ONE Gas, Inc. 8-K

What Happened

• ONE Gas, Inc. filed a Form 8-K (signed Dec 19, 2025) reporting that on December 17, 2025 it increased the size of its unsecured commercial paper program to permit issuance of commercial paper notes in an aggregate principal amount not to exceed $1.50 billion at any time outstanding (previously $1.35 billion). The other terms and conditions of the program remain as previously described and the form of the Commercial Paper Dealer Agreement is incorporated by reference.

Key Details

• Increased commercial paper capacity: $1.50 billion (up from $1.35 billion).
• Effective date of increase: December 17, 2025.
• The notes are unsecured, short-term commercial paper and have not been and will not be registered under the Securities Act.
• Program terms and the Commercial Paper Dealer Agreement remain as previously disclosed (incorporated by reference to the company’s prior 2014 8-K).

Why It Matters

• This change raises ONE Gas’s short-term borrowing capacity and therefore its potential liquidity available for working capital, seasonal needs, capital expenditures or other financing needs.
• Because the commercial paper is unsecured and unregistered, it does not create a registered equity or long-term debt security, but it does increase the company’s maximum short-term financial obligation exposure.
• Investors should note this is a financing capacity change (not an issuance disclosure of specific notes), and future issuance, timing and costs will depend on market conditions and the company’s funding needs.