One Gas Inc (OGS)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	2,160,400	2,661,740	3,683,380	1,582,430	1,286,060
Total assets	US$ in thousands	7,770,990	7,776,400	8,402,120	6,028,710	5,708,300
Debt-to-assets ratio		0.28	0.34	0.44	0.26	0.23

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $2,160,400K ÷ $7,770,990K
= 0.28

ONE Gas Inc's debt-to-assets ratio has shown a fluctuating trend over the past five years. In 2023, the ratio stands at 0.39, decreasing from 0.42 in 2022. This indicates that the company has reduced its reliance on debt to finance its assets compared to the previous year.

Looking back, the ratio was highest in 2021 at 0.50, suggesting a higher proportion of debt used to fund assets. However, in 2020 and 2019, the ratio was lower at 0.33 and 0.32, respectively, indicating a more conservative approach towards debt financing during those years.

Overall, ONE Gas Inc's debt-to-assets ratio has shown variability, possibly reflecting changing financial strategies or market conditions. It is essential for the company to monitor this ratio closely to ensure a healthy balance between debt and asset levels in its capital structure.