<SEC-DOCUMENT>0001193125-26-344900.txt : 20260811
<SEC-HEADER>0001193125-26-344900.hdr.sgml : 20260811
<ACCEPTANCE-DATETIME>20260811164728
ACCESSION NUMBER:		0001193125-26-344900
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260811
DATE AS OF CHANGE:		20260811

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONE Gas, Inc.
		CENTRAL INDEX KEY:			0001587732
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				463561936
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-293655
		FILM NUMBER:		261264074

	BUSINESS ADDRESS:	
		STREET 1:		15 EAST FIFTH STREET
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103
		BUSINESS PHONE:		918-947-7000

	MAIL ADDRESS:	
		STREET 1:		15 EAST FIFTH STREET
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONE Gas, Inc.
		CENTRAL INDEX KEY:			0001587732
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				463561936
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		15 EAST FIFTH STREET
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103
		BUSINESS PHONE:		918-947-7000

	MAIL ADDRESS:	
		STREET 1:		15 EAST FIFTH STREET
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103
</SEC-HEADER>
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<TYPE>FWP
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-293655</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Pricing Term Sheet </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ONE
GAS, INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Pricing Term Sheet </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ONE Gas, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Ratings*:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A3 (stable) / <FONT STYLE="white-space:nowrap">A-</FONT> (stable) (Moody&#8217;s / S&amp;P)</TD></TR>
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<TD VALIGN="top"><B>Legal Format:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEC Registered</TD></TR>
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<TD VALIGN="top"><B>Pricing Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">August&nbsp;11, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TD VALIGN="top"><B>Settlement Date**:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">August&nbsp;13, 2026 (T+2)</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Security Type:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.45% Senior Notes due 2036 (the &#8220;Notes&#8221;)</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Size:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$375,000,000</TD></TR>
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<TD VALIGN="top"><B>Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;1, 2036</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Benchmark Treasury:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">4.375% due May&nbsp;15, 2036</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Benchmark Treasury Yield:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">4.692%</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Spread to Benchmark Treasury:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">+80 basis points</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Yield to Maturity:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.492%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Price to the Public:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">99.675% of principal amount</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Coupon Rate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.45%</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Semi-annually in arrears on March&nbsp;1 and September&nbsp;1, commencing March&nbsp;1, 2027</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prior to June&nbsp;1, 2036 (which is the date that is three months prior to the maturity date of the Notes (the &#8220;Par Call
Date&#8221;)), redeemable, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1)(a) the sum of the present
values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a <FONT STYLE="white-space:nowrap">360-day</FONT> year
consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months) at the Treasury Rate applicable to the Notes +15 bps less (b)&nbsp;interest accrued and unpaid thereon to the redemption date; and (2) 100% of the principal amount of the
Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">On or after the Par Call Date, redeemable, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount
of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.</P></TD></TR>
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<TD VALIGN="top"><B>CUSIP / ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">68235P AP3 / US68235PAP36</TD></TR>
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<TD VALIGN="top"><B>Minimum Denomination:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$2,000 and integral multiples of $1,000 in excess thereof</TD></TR>
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<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BofA Securities, Inc. <BR>RBC Capital Markets, LLC <BR>Truist Securities, Inc.</TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mizuho Securities
USA LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Bancorp Investments, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BOK Financial
Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fifth Third Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Huntington
Securities, Inc.</P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Note: A securities rating is not a recommendation to buy, sell or hold securities and may be revised or
withdrawn at any time. </B></P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>**</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We expect to deliver the Notes against payment for the Notes on or about August&nbsp;13, 2026, which will be
the second business day following the date of the pricing of the Notes. Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle
in one business day, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes on the date of pricing will be required, by virtue of the fact that the Notes initially will settle in T+2, to specify
alternative settlement arrangements to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes on the date of pricing should consult their own advisors. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on
the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it from BofA Securities, Inc. by calling toll-free at (800) <FONT
STYLE="white-space:nowrap">294-1322</FONT> or by email at dg.prospectus_requests@bofa.com, RBC Capital Markets, LLC by calling toll-free at (866) <FONT STYLE="white-space:nowrap">375-6829</FONT> or Truist Securities, Inc. by calling toll-free at
(800) <FONT STYLE="white-space:nowrap">685-4786.</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pricing Term Sheet dated August&nbsp;11, 2026 to the Preliminary Prospectus Supplement
dated August&nbsp;11, 2026, and the accompanying Prospectus dated February&nbsp;23, 2026 (together, the &#8220;Preliminary Prospectus&#8221;) of ONE Gas, Inc. The information in this Pricing Term Sheet supplements the Preliminary Prospectus and
supersedes the information in the Preliminary Prospectus to the extent it is inconsistent with the information in the Preliminary Prospectus. This Pricing Term Sheet is qualified in its entirety by reference to the Preliminary Prospectus. Financial
information presented in the Preliminary Prospectus is deemed to have changed to the extent affected by the changes described herein. This Pricing Term Sheet should be read together with the Preliminary Prospectus, including the documents
incorporated by reference therein, before making a decision in connection with an investment in the securities. Capitalized terms used in this Pricing Term Sheet but not defined have the meanings given them in the Preliminary Prospectus. </B></P>
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