One Gas Inc (OGS)

Debt-to-equity 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 stockholders’ equity	US$ in thousands	2,765,880	2,646,750	2,654,830	2,651,480	2,584,430	2,446,270	2,453,600	2,449,390	2,349,530	2,315,100	2,317,270	2,296,600	2,233,310	2,200,020	2,191,990	2,189,010	2,129,390	2,101,880	2,108,460	2,104,780
Debt-to-equity ratio		0.78	0.70	0.71	0.71	1.03	0.99	0.93	0.93	1.57	1.59	1.76	1.78	0.71	0.72	0.72	0.59	0.60	0.61	0.61	0.61

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $2,160,400K ÷ $2,765,880K
= 0.78

The debt-to-equity ratio of ONE Gas Inc has shown fluctuations over the past eight quarters. The ratio decreased from 1.71 in Q1 2022 to 1.09 in Q2 2023, indicating a reduction in the company's reliance on debt financing compared to its equity. However, the ratio has been somewhat volatile during this period, with slight increases and decreases quarter over quarter.

Notably, the ratio peaked at 1.70 in Q2 2022, reflecting a relatively high level of debt compared to equity at that time. Overall, while the company has made efforts to lower its debt relative to equity in the more recent quarters, further monitoring is advisable to assess the long-term trend and sustainability of this leverage position.