Stand

The combination announced last week of Oneok Inc. and SouthwestGas Corp. would be the largest stand-alone gas distributor in theUnited States, with Columbia Energy in second place, and the fourthlargest when gas and electric combination utilities are considered.The combined company would have 2.6 million customers in fivestates and would capitalize on Southwest’s growth potential andOneok’s strong balance sheet.

Oneok Inc. and Southwest Gas Corp. agreed to a merger that wouldform the largest stand-alone gas distribution company in the UnitedStates, serving 2.6 million customers in five states. ColumbiaEnergy would be No. 2 to the combined Oneok and Southwest.

Lacking any impetus from fundamentals or a sedate futuresscreen, the vast majority of points settled down for a level ridein a quiet market Wednesday. The few increases of any size occurredin the Rockies and California and were attributed to supplyconstraints and continuing heavy air conditioning load.

The Texas Supreme Court let stand an appeals court decision thatreversed a $204 million damage award against a subsidiary ofMitchell Energy & Development Corp. in the 1996 “Bartlett” casein which plaintiffs alleged the company contaminated water wells inWise County, TX. “Friday’s announcement by the Texas Supreme Court,and recent decisions at the district court level, are significantvictories because these cases clearly establish the fact thatMitchell is not the cause of any water quality problems in NorthTexas,” said Tom Battle, Mitchell general counsel.