(Date of report) | July 8, 2015 |
(Date of earliest event reported) | July 8, 2015 |
Oklahoma | 001-36108 | 46-3561936 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) | ||
Item 7.01 | Regulation FD Disclosure | |
On July 8, 2015, ONE Gas, Inc. (NYSE: OGS) announced that its Oklahoma Natural Gas division filed a request with the Oklahoma Corporation Commission (OCC) for an increase in base rates, reflecting system investments and operating costs necessary to maintain the safety and reliability of its natural gas distribution system. A copy of the news release is attached as Exhibit 99.1 and is incorporated herein by reference. The information disclosed in this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing. | ||
Item 8.01 | Other Events | |
ONE Gas, Inc. (NYSE: OGS) announced today that its Oklahoma Natural Gas division filed a request with the OCC for an increase in base rates, reflecting system investments and operating costs necessary to maintain the safety and reliability of its natural gas distribution system. Oklahoma Natural Gas’ request, if approved, represents an increase of $50.4 million in base rates and is based on a 10.5 percent return on equity, unchanged from the previous general rate case in 2009. This filing requests the continuation, with certain modifications, of the Performance Based Rate Change plan (PBRC) that was established in 2009. Additionally, the common equity ratio requested is 60.5 percent based on ONE Gas’ actual equity ratio as of December 31, 2014, with debt costs of 3.95 percent. The proposed rate increase would result in a typical residential customer paying $4.98 per month more for the utility’s natural gas delivery service. The filing represents a rate base of approximately $1.2 billion, compared with $980 million included in the PBRC filing in 2014. The change in rate base includes capital expenditures of $155 million. In accordance with Oklahoma law, the OCC has 180 days to consider Oklahoma Natural Gas’ proposed rate changes. The company’s last general rate request filing in Oklahoma was in June 2009 with new rates approved in December 2009. In 2012 and 2014, Oklahoma Natural Gas received approval for new rates under the PBRC mechanism. | ||
Item 9.01 | Financial Statements and Exhibits | |
(d) | Exhibits | |
Exhibit Number | Description | |
99.1 | News release issued by ONE Gas, Inc. dated July 8, 2015. | |
ONE Gas, Inc. | |||
Date: | July 8, 2015 | By: | /s/ Curtis L. Dinan |
Curtis L. Dinan Senior Vice President, Chief Financial Officer and Treasurer | |||
Exhibit Number | Description | |
99.1 | News release issued by ONE Gas, Inc. dated July 8, 2015. | |