Why Invest

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Key Investment Considerations

Focused business strategy

  • 100% regulated natural gas distribution utility
  • Authorized rate base of approximately $4.48 billion1

Constructive regulatory environment

  • Multiple risk- and lag-mitigation mechanisms and riders
  • 71% of fixed charges for revenue recovery.2

Significant scale

  • One of the largest publicly traded natural gas distribution companies
  • 2.3 million customers
  • Largest in Kansas and Oklahoma; 3rd largest in Texas

Conservative financial profile

  • Equity capitalization of 58%3
  • Investment-grade credit ratings
  • Stable earnings and cash flow
  • Competitive dividend payout

1 As of December 31, 2022

2 Based on 2022 revenues excluding the cost of natural gas recovery.

3 Equity capitalization based on long-term debt, excluding long-term debt associated with Winter Storm Uri, as of December 31, 2022.

At-a-glance

Kansas Oklahoma Texas Total
Average Number of Customers 648,000 913,000 695,000 2,256,000
Number of Employees


3,800
Distribution – Miles 11,700 19,400 11,000 42,100
Transmission – Miles 15,000 600 300 2,400
High Density Cities Kansas City, Topeka, Wichita Oklahoma City, Tulsa Austin, El Paso 7 cities make up the majority of customers
Market Share - Customers Served 72% 88% 13%

Note: Approximate totals, as of December 31, 2022.