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.