Summary
ONEOK, Inc. (OKE) has filed an 8-K report on November 21, 2001, disclosing a significant regulatory dispute concerning its division, Oklahoma Natural Gas Company (ONG). ONG is challenging an order from the Oklahoma Corporation Commission (OCC) that prevents it from recovering $34.6 million in outstanding gas costs incurred during the previous winter. The company plans to appeal this order to the Oklahoma Supreme Court and has requested a postponement of the OCC's decision while the appeal is pending. ONEOK is currently evaluating the potential financial impact of this commission order on its overall earnings, which is a key concern for investors assessing the company's financial health and future profitability.
Key Highlights
- 1ONEOK's division, Oklahoma Natural Gas Company (ONG), is seeking to overturn an Oklahoma Corporation Commission (OCC) order.
- 2The OCC order denies ONG the right to collect $34.6 million in outstanding gas costs from customers.
- 3These unrecovered costs were incurred to serve customers during the previous winter season.
- 4ONG plans to appeal the OCC's decision to the Oklahoma Supreme Court.
- 5The company has requested the OCC to postpone the enforcement of its order pending the appeal.
- 6ONEOK is assessing the potential impact of this regulatory decision on its earnings.