We advised the forward counterparties on the offering

Davis Polk acted as special product counsel to the forward counterparties in connection with ONE Gas, Inc.’s SEC-registered at-the-market offering program. Pursuant to the terms of the program, ONE Gas may issue, offer and/or sell, including sales made pursuant to forward sales agreements, shares of its common stock, par value $0.01 per share, with an aggregate offering price of up to $225 million.

ONE Gas provides natural gas distribution services to approximately 2.3 million customers. It is the largest natural gas distributor in Oklahoma and Kansas and the third largest in Texas, in terms of customers. ONE Gas primarily serves residential, commercial and transportation customers in all three states. Its shares are listed on the NYSE under the symbol “OGS.”

The Davis Polk equity derivatives team included partner Mark J. DiFiore and associates Richard Stockton Bullitt and Jessica Carter. All members of the Davis Polk team are based in the New York office.

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