
		March 31,		December 31,
	Interest Rate	2026		2025
		(Thousands of dollars)
Senior Notes due:
April 2029	5.100%	$	550,000	$	550,000
May 2030	2.000%	300,000		300,000
September 2032	4.250%	300,000		300,000
February 2044	4.658%	600,000		600,000
November 2048	4.500%	400,000		400,000
Total Senior Notes		2,150,000		2,150,000
Unsecured Term Loan (a)	4.480%	250,000		250,000
KGSS-I Securitized Utility Tariff Bonds	5.486%	242,496		257,852
Unamortized discounts, net of premiums, on long-term debt (b)		(3,883)		(3,830)
Debt issuance costs (b)		(18,298)		(18,955)
Other	8.000%	1,207		1,211
Total long-term debt, net		2,621,522		2,636,278
Less: current maturities of KGSS-I securitized utility tariff bonds, net		31,404		30,566
Less: current maturities of other long-term debt, net		249,798		249,674
Noncurrent portion of long-term debt, net		$	2,340,320	$	2,356,038

(a) Bears interest at a variable rate based on Term SOFR, initially set using the 6-month Term SOFR at closing. The interest rate resets at months six and twelve, each based on the prevailing 6-month Term SOFR and the 1-month Term SOFR, respectively.

(b) Includes issuance costs and discounts for the KGSS-I Securitized Utility Tariff Bonds of $4.1 million and $4.3 million, at March 31, 2026 and December 31, 2025, respectively.

Senior Notes - The indenture governing our Senior Notes includes an event of default upon the acceleration of other indebtedness of $100 million or more. Such events of default would entitle the trustee or the holders of 25 percent in aggregate principal amount of the outstanding Senior Notes to declare those Senior Notes immediately due and payable in full.

Depending on the series, we may redeem our Senior Notes at par, plus accrued and unpaid interest to the redemption date, starting one month, three months, or six months before their maturity dates. Prior to these dates, we may redeem these Senior Notes, in whole or in part, at a redemption price equal to the principal amount, plus accrued and unpaid interest and a make-whole premium. The redemption price will never be less than 100 percent of the principal amount of the respective Senior Note plus accrued and unpaid interest to the redemption date. Senior Notes are senior unsecured obligations, ranking equally in right of payment with all of our existing and future unsecured senior indebtedness.

Unsecured Term Loan - In August 2025, we entered into a 13-month unsecured term loan agreement totaling $250 million. The loan bears interest at a variable rate based on Term SOFR, initially set using the 6-month Term SOFR at closing, plus a 90 bps spread as specified in the agreement. The interest rate resets automatically at months six and twelve, each based on the prevailing 6-month Term SOFR plus a spread of 90 bps, and 1-month Term SOFR plus a spread of 90 bps, respectively, until the term loan matures in September 2026. Interest is payable quarterly, and the loan includes customary covenants and default provisions. Proceeds of the term loan will be available for working capital, capital expenditures, acquisitions, mergers, and other general corporate purposes.

On February 11, 2026, the variable interest rate on our unsecured term loan reset for the new six‑month interest period to 6‑month Term SOFR of 3.58 percent plus a 90 bps spread, resulting in a 4.48 percent all‑in interest rate, a decrease from the prior rate of 4.96 percent.

Securitized Utility Tariff Bonds - The KGSS-I Securitized Utility Tariff Bonds are governed by an indenture between KGSS-I and the indenture trustee. The indenture contains certain covenants that restrict KGSS-I’s ability to sell, transfer, convey, exchange, or otherwise dispose of its assets. KGSS-I’s assets cannot be used to settle ONE Gas’ obligations and the holders of the Securitized Utility Tariff Bonds have no recourse against ONE Gas. See Note 14 for additional discussion of the Kansas securitization transaction.