ONE Gas, Inc.

Good day and welcome to the One Gas fourth quarter and year-end 2025 earnings conference call and webcast. Today's conference is being recorded. At this time, I would like to turn the conference over to Erin Daly. Please go ahead, Ms. Daly.

Good morning, and thank you for joining us to discuss our fourth quarter and year-end financial results. This call is being webcast live, and a replay will be made available later today. After our prepared remarks, we are happy to take your questions. A reminder that statements made during this call that might include One Gas expectations or predictions should be considered forward-looking statements and are covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, and the Securities and Exchange Act of 1934, each as amended. Actual results could differ materially from those projected in any forward-looking statement. For a discussion of factors that could cause actual results to differ, please refer to our SEC filings. This call will include financial results and guidance with respect to adjusted net income and adjusted net income per share, which are non-GAAP financial measures as defined by the SEC. A reconciliation of the company's GAAP net income and GAAP earnings per share to adjusted net income, and adjusted net income per share is available in the appendix to the earnings release we issued yesterday. Joining me on the call this morning are Sid McAnally, Chief Executive Officer, Chris Dignolfi, Chief Financial Officer, and Curtis Dynan, Chief Operating Officer. And now I'll turn the call over to Sid.

Thanks Erin, and good morning everyone. I began our call today by recognizing our coworkers across the company. for their dedication to serving our 2.3 million customers during winter storm Fern. This storm was the first multi-day sub-freezing event we've experienced since winter storm Uri in 2021. On the peak day of the storm, we delivered over 3 billion cubic feet of gas to our customers with no supply disruptions. This performance is a testament to the work completed after Uri, including the Austin system reinforcement which boosted our available winter peak capacity by approximately 25%. Our post-URI investments also included a focus on gas supply. We increased our storage capacity to over 60 BCF, implemented strategic reinforcements across our system, and diversified our gas supply, all enhancing reliability and reducing the impact of price fluctuation on our customers. As a result, across our service territory, Over 80% of the gas supply needed during the storm was shielded from temporary price increases. Our full year 2025 financial results were also strong. In August, based on a solid first half performance and the expected impact of Texas House Bill 4384, we raised the midpoint of our EPS guidance to $4.37. We finished the year fully in line with that midsummer expectation. This marks our 12th consecutive year of meeting or surpassing the midpoint of our initial EPS guidance. Finally, to ensure that the financial impact of the Texas legislation is appropriately reflected in our disclosures, we've introduced a non-GAAP adjustment to our net income and earnings per share. This update adds clarity to our disclosures and helps better illustrate the earnings that our regulator allows. I'll ask Chris to discuss the details.