ONEOK, Inc. has changed the name of its energy marketing segment to reflect a new direction for the unit. ONEOK Energy Marketing and Trading will henceforth be known as ONEOK Energy Services Co., it was announced Friday.
“The review of our business led us to refocus our emphasis on the physical purchase and sale of natural gas, primarily during periods of peak demand,” said Chris Skoog, president of ONEOK Energy Services. “We want to grow our wholesale and retail marketing businesses while de-emphasizing both gas options trading and unhedged pipeline arbitrage. While trading activity will continue to be a part of what we do, we expect it to be a smaller portion of our operating income.”
The earnings guidance of $2.18 to $2.24 per diluted share of common stock for 2004 previously provided reflects this new approach.”The new name more clearly differentiates our organization within the industry, as well as in the eyes of our customers, suppliers and investors,” Skoog said.
“Our business remains focused on providing reliable natural gas deliveries and tailored services that meet our customers’ needs. And, our employees have done an excellent job of maintaining the company’s image and reputation while meeting their commitments. In fact, these efforts have led us to the number one ranking of large natural gas marketers in the United States as reflected in the most recent Mastio survey,” Skoog concluded. ONEOK led the list of major marketers in Mastio & Co.’s customer satisfaction survey for 2003 (see Daily GPI, Feb. 3).
In reporting second quarter results in early August, David Kyle, ONEOK’s chairman, said the marketing unit had recently added three new LDC customers and two new large industrial customers.
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