Why Invest

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Key Investment Considerations

Focused business strategy

  • 100% regulated natural gas distribution utility
  • Authorized rate base of approximately $4.16 billion1

Constructive regulatory environment

  • Multiple risk- and lag-mitigation mechanisms and riders
  • 70% of fixed charges for revenue recovery.2

Significant scale

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

Conservative financial profile

  • Equity capitalization of 59.7%3
  • Investment-grade credit ratings
  • Stable earnings and cash flow
  • Competitive dividend payout

1 As of December 31, 2021

2 Based on 2021 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, 2021.

At-a-glance

Kansas Oklahoma Texas Total
Average Number of Customers 647,000 905,000 689,000 2,241,000
Number of Employees


3,600
Distribution – Miles 11,700 19,200 10,700 41,600
Transmission – Miles 1,500 600 300 2,400
High Density Cities Kansas City, Topeka, Wichita Oklahoma City, Tulsa Austin, El Paso 7 cities make up the majority of customers
Percentage of Customers in Metropolitan Areas 60% 83% 78% 74%
Market Share - Customers Served 72% 88% 13%

Note: Approximate totals, as of December 31, 2021.