One Gas Inc (OGS)

Debt-to-assets ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	2,160,400	1,862,600	1,876,210	1,875,570	2,661,740	2,429,050	2,283,860	2,283,620	3,683,380	3,683,140	4,082,830	4,082,660	1,582,430	1,582,190	1,581,930	1,286,190	1,286,060	1,285,940	1,285,810	1,285,590
Total assets	US$ in thousands	7,770,990	7,432,450	7,335,120	7,420,250	7,776,400	7,321,510	8,411,410	8,467,630	8,402,120	8,133,920	8,183,650	8,679,900	6,028,710	5,763,760	5,681,610	5,674,900	5,708,300	5,533,180	5,446,610	5,524,290
Debt-to-assets ratio		0.28	0.25	0.26	0.25	0.34	0.33	0.27	0.27	0.44	0.45	0.50	0.47	0.26	0.27	0.28	0.23	0.23	0.23	0.24	0.23

December 31, 2023 calculation

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

The debt-to-assets ratio of ONE Gas Inc has shown some fluctuations over the past eight quarters. The ratio has been steadily decreasing from Q4 2022 to Q1 2023, indicating a lower proportion of debt relative to the company's total assets during this period. However, from Q1 2023 to Q4 2023, the ratio remained relatively stable around the range of 0.39 to 0.40, suggesting that the company has maintained a consistent level of debt compared to its total assets.

Overall, the trend indicates that ONE Gas Inc has managed its debt levels effectively, as the ratio has generally been trending downwards or remained stable over the past eight quarters. This suggests a prudent approach to managing debt obligations relative to the company's asset base. However, it is important to continue monitoring this ratio to ensure that the company maintains a healthy balance between debt and assets in the long term.