Defray

It may work well for other independents to set up joint venture (JV) agreements to help defray the costs of drilling natural gas prospects, but don’t look for Range Resources Corp. to take that step anytime soon, CEO John Pinkerton said Wednesday.

It may work well for other independents to set up joint venture (JV) agreements to help defray the costs of drilling natural gas prospects, but don’t look for Range Resources Corp. to take that step anytime soon, CEO John Pinkerton said Wednesday.

The Oklahoma Corporation Commission (OCC) has approved an order that helps defray higher summer electricity costs with more than $2.7 million in fuel cost credits for Oklahoma Gas and Electric Co. (OG&E) ratepayers. The customer credit amounts to 0.000138 cents per kilowatt hour or an average of 13.8 cents per month for the average residential electricity user’s bill. The customer credit is part of a stipulated agreement worked out between the OCC public utility division staff, OG&E, the state attorney general and Oklahoma Industrial Energy Consumers that applies to cost recovery for gas transportation savings that result from competitive bidding. Each OG&E customer will start seeing the credit with the July billing cycle and continue to receive it until amended by the company at the direction of the Commission.