ONE Gas announces general counsel succession as McCormick retires

TULSA - ONE Gas, Inc. (NYSE:OGS), a $4.36 billion market cap utility company with an attractive 3.73% dividend yield, announced Tuesday that Joseph L. McCormick will retire as senior vice president, general counsel and assistant corporate secretary, effective October 1, 2025. Regina L. Gregory has been elected by the company’s Board of Directors to succeed McCormick in the role. According to InvestingPro data, ONE Gas has maintained a strong track record of raising its dividend for 11 consecutive years.

McCormick has served with the company for over 20 years, including time as associate general counsel at ONEOK Inc. before ONE Gas became a standalone public company.

"Joe is a highly respected leader at our company and across our industry," said Chief Executive Officer Robert S. McAnnally in the press release statement.

Gregory will join ONE Gas as a senior advisor to the CEO on July 16, working with McCormick during a transition period before assuming her new position in October. She most recently served as executive vice president, general counsel and corporate secretary at Targa Resources Corp.

Her previous experience includes senior leadership positions at various energy companies and legal practice at Jones Day and Norton Rose Fulbright. Gregory was admitted to the Oklahoma Bar in 1999 and the Texas Bar in 1996, and holds a Juris Doctor from the University of Oklahoma.

ONE Gas is a regulated natural gas utility serving more than 2.3 million customers across Kansas, Oklahoma and Texas. The company generated $2.26 billion in revenue over the last twelve months, with a healthy EBITDA of $738.4 million. InvestingPro analysis indicates the company is currently trading near its Fair Value, with analysts forecasting continued profitability for the year ahead.

In other recent news, ONE Gas Inc. reported strong first-quarter 2025 financial results, with earnings per share (EPS) of $1.98, surpassing the expected $1.85. The company’s revenue reached $935.2 million, exceeding the anticipated $811.2 million, driven by new rate implementations and colder weather in its service areas. In addition to these financial achievements, ONE Gas announced a public offering of 2.5 million shares of common stock, with J.P. Morgan Securities LLC acting as the sole underwriter. This offering includes a forward sale agreement with JPMorgan Chase Bank, allowing for potential future capital raising.

Analysts at Stifel raised their price target for ONE Gas to $76 from $74, acknowledging the company’s effective cost management and growth initiatives, while maintaining a Hold rating. The recent shareholder meeting saw the election of all nominated directors and the ratification of PricewaterhouseCoopers LLP as the independent auditor for the fiscal year ending December 31, 2025. Additionally, shareholders approved the compensation of the company’s executive officers. These developments highlight ONE Gas’s strategic focus on financial stability and growth within its service areas.

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