8-KOther EventsExhibits & Filings

ONEOK INC /NEW/ 8-K Report, Corporate Update (Dec 5, 2005)

Filed December 5, 2005For Securities:OKE

Summary

This 8-K filing from ONEOK, Inc. (OKE), dated December 5, 2005, announces a significant credit being issued to over 800,000 customers of its division, Oklahoma Natural Gas Company. The credit, totaling approximately $6.9 million, will appear on December gas bills, with each residential customer receiving $8.40. This action stems from Oklahoma Natural Gas Company's fulfillment of commitments made in 2002. These commitments involved modifying gas purchasing practices to reduce reliance on certain high-demand supply contracts and associated fees. The company also enhanced its strategy by increasing the use of stored natural gas and securing more fixed-price contracts well in advance of winter demand. To date, these initiatives have resulted in nearly $34 million in cumulative savings for customers, reflecting a reduction in gas costs and other credits since 2002.

Key Highlights

  • 1ONEOK, Inc.'s division, Oklahoma Natural Gas Company, is issuing a credit to customers.
  • 2Over 800,000 customers will receive a credit on their December gas bills.
  • 3The total credit amount is $6,937,327.
  • 4Each residential customer will receive a credit of $8.40.
  • 5The credit is a result of fulfilling 2002 commitments to modify gas purchasing practices.
  • 6Initiatives included reducing reliance on certain high-demand supply contracts and associated fees.
  • 7Total customer savings from these initiatives since 2002 have reached nearly $34 million.

Frequently Asked Questions

Customers are receiving a credit as part of Oklahoma Natural Gas Company's fulfillment of commitments made in 2002. These commitments aimed to modify gas purchasing practices, reduce reliance on certain supply contracts used during high demand periods, and decrease associated fees.

The total amount being distributed to customers is $6,937,327.

Since 2002, customers have realized cumulative savings of nearly $34 million through these gas cost expense reductions and other credits.

The company modified its gas purchasing practices, reduced reliance on certain high-demand supply contracts and their fees, expanded its use of natural gas from storage, and increased the volume of gas purchased through fixed-price contracts months in advance of winter consumption.