Why Invest

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Key Investment Considerations

Focused business strategy

  • 100% regulated natural gas distribution utility
  • One of the largest publicly traded natural gas distribution companies

Constructive regulatory environment

  • Multiple risk- and lag-mitigation mechanisms and riders
  • 72% fixed charges1

Significant scale

  • 2.2 million customers
  • Largest in Kansas and Oklahoma; 3rd largest in Texas
  • Authorized base of approximately $3.53 billion2

Conservative financial profile

  • Equity capitalization of approximately 60 percent
  • Strong investment-grade credit ratings
  • Stable earnings and cash flow
  • Competitive dividend payout

1 Fixed percentage of total net margin on natural gas sales

2 As of December 31, 2019

At-a-glance

Kansas Oklahoma Texas Total
Average Number of Customers 639,956 883,985 669,985 2,193,926
Number of Employees 1,000 1,100 900 3,600*
Distribution – Miles 11,500 18,900 10,400 40,800
Transmission – Miles 1,500 700 300 2,500
High Density Cities Kansas City, Topeka, Wichita Oklahoma City, Tulsa Austin, El Paso 7 cities make up the majority of customers
Percentage of Customers in Metropolitan Areas 60% 82% 77% 73%
Market Share - Customers Served 72% 88% 13%

*Includes corporate employees

As of Dec. 31, 2019