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ONE Gas increases quarterly dividend
TULSA — ONE Gas Inc. is increasing its quarterly dividend by 4 cents to 46 cents per share.
The company also announced it estimates that its 2018 net income will be in the range of $156 million to $168 million, or $2.96 to $3.20 per diluted share. ONE Gas expects to achieve a 7.3 percent return on equity during the year, assuming an average rate base of $3.4 billion.
It said it expects to spend $375 million in 2018, with 70 percent of that involving projects targeting system integrity and replacement projects.
ONE Gas provides natural gas distribution services to more than 2 million customers in Oklahoma, Kansas and Texas.
SemGroup Corp. unloads $350M in shares
TULSA — SemGroup Corp. announced this week that its selling $350 million in high-interest shares to several investment funds.
The company said the shares were sold for $1,000 each and will be convertible by the holders into SemGroup common stock after 18 months, or by SemGroup after three years.
Involved investors included funds managed by Warburg Pincus, CIBC Atlantic Trust and Tortoise Capital Advisors, LLC. As part of the sale, Warburg will appoint Managing Director John Rowan as a nonvoting member of SemGroup’s board.
“We are very pleased with this transaction and to have these leading firms invest in SemGroup,” said SemGroup President and CEO Carlin Conner. “We have made significant progress in our capital raise efforts during the past two months to meet our 2018 capital needs.”
A news release about the sale said it will close at the end of January. Net proceeds are expected to be about $343 million and will be used to repay amounts the company’s previously borrowed under its revolving credit, to fund some of its 2018 capital needs and for other general purposes.
Jericho Oil swaps acres with Staghorn
TULSA — Jericho Oil Corp. will swap a portion of undeveloped acreage it has in Blaine and Major Counties with a Canadian producer.
Jericho officials said its acreage swap with Staghorn STACK LLC will allow it to grow its acreage position in areas close to its existing wells, allow it to drill strategic formations and strategically grow its production and potential reserves.
“With a new year and oil prices at our back, we are excited about our growing STACK position and to be participating in our first horizontal STACK well (with Staghorn STACK) targeting the prolific Meramec formation,” said Brian Williamson, Jericho Oil’s CEO.
“Our acreage swap agreement ensures Jericho receives critical data for future operated drilling activities, and participation in the drilling of proximate horizontal wells to our footprint with a proven best-in-class STACK operator. We look forward to updating our shareholders on future growth opportunities as 2018 unfolds,” he said.
PSO is named Customer Champion
TULSA — Public Service Co. of Oklahoma has been named a 2017 Residential Customer Champion by Market Strategies International.
PSO said it earned the recognition through a study that surveyed nearly 60,000 customers from the nation’s 128 largest utilities.
In a news release, Market Strategies noted that those named Customer Champions rate higher than industry peers because they are well managed.
“The bottom line is that Customer Champions are superior at profitably managing their customer operations and marketing efforts,” said Chris Oberle, a senior vice president at Market Strategies International. “These utilities also lead on industry innovation and building the new energy economy.”
Love’s plans more locations in 2018
Love’s Travel Stops is continuing its expansion into 2018.
Love’s plans to open more than 40 new locations in 2018, saying the new stores will add thousands of new truck parking spaces, will expand on-site truck and tire care services and will bring three additional hotels to Love’s hospitality division.
“We diligently listen to our customers’ needs and are dedicated to meeting them and improving professional drivers’ quality of life,” said Frank Love, co-CEO of Love’s.
“Our customers will also have increased access to reliable maintenance services because we are adding light mechanical offerings to select Speedco locations to help them get back on the road faster.”
OG&E recognized for assistance efforts
Oklahoma Gas and Electric Co. has been recognized for its mutual assistance efforts after Hurricanes Harvey and Irma.
The Edison Electric Institute presented OG&E earlier this month with its “Emergency Assistance Award” recognizing outstanding work the utility conducted as it assisted utilities that were impacted by Hurricane Harvey in August and Hurricane Irma the following month.
Company officials said the award is OG&E’s 12th since 1999.
“On behalf of everyone at OG&E, I am honored to accept this award,” said Sean Trauschke, OGE Energy Corp. chairman and CEO. “Our employees work hard every day to serve our customers and are always ready and willing to go the extra mile to get the lights back on whenever or wherever it’s needed. This award recognizes that dedication.”