Rochester, NY 6/26/2009 9:38:48 PM
After Hours Report - OKE - Oklahoma Natural Gas Applies for Rate Change - Sourced WhisperFromWallStreet.com
ONEOK, Inc.
After Hours Report - OKE - Oklahoma Natural Gas Applies for Rate Change - Sourced WhisperFromWallStreet.com
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ONEOK INC NEW,OKE
ONEOK, Inc. (NYSE: OKE) announced that its Oklahoma Natural Gas Company division today filed an application with the Oklahoma Corporation Commission seeking a $66.08 million increase in the utility's base rates. The company has not had a base rate adjustment since July 2005. In testimony prepared for the rate case, Oklahoma Natural Gas Company President Roger Mitchell pointed out that several expenses that now appear as separate line-item charges on customers' bills would be moved into base rates under this proposal, effectively reducing the requested rate increase to a net amount of $37.6 million. Mitchell explained that since the company's last increase in 2005, Oklahoma Natural has invested more than $162 million, or 27 percent, in its rate base. In addition, operating expenses, such as labor, operations and maintenance, have increased during that same period of time.
About
ONEOK, Inc. engages in the purchase, transportation, storage, and distribution of natural gas in the United States and Canada. It operates in three segments: ONEOK Partners, Distribution, and Energy Services. The ONEOK Partners segment engages in the gathering and processing of unprocessed natural gas, and fractionation of natural gas liquids (NGL) primarily in the Mid-Continent and Rocky Mountain regions covering Oklahoma, Kansas, Montana, North Dakota, and Wyoming.
Last Trade: 28.94
Day's Range: 28.94 - 29.33
52wk Range: 18.10 - 50.05
Volume: 38,239
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