Newspaper article THE JOURNAL RECORD

'Hold Tight and Wait and See' Position Taken by Standard & Poor's on Oneok

Newspaper article THE JOURNAL RECORD

'Hold Tight and Wait and See' Position Taken by Standard & Poor's on Oneok

Article excerpt

Standard & Poor's Corp., the New York bond-rating service, is not planning to place Tulsa-based ONEOK Inc. on CreditWatch after the recent 63 percent reduction in damages requested by Forest Oil Corp. in a take-or-pay lawsuit.

At the start of a June 20 pre-trial conference in Caddo County District Court, Denver-based Forest Oil dropped $107.6 million of $171 million in damages it sought from a ONEOK division, Oklahoma Natural Gas Co.

"It's a positive development in one take-or-pay lawsuit," said William Ingrassia, the S&P analyst charged with reviewing the ONEOK stock. "There's a host of other take-or-pay lawsuits out there (against ONEOK)," and Standard & Poor's has decided to "hold tight and wait and see," Ingrassia said. . .

- A $6,000 grant to fund a master's graduate fellowship in petroleum engineering was awarded to the University of Oklahoma by the Amoco Foundation. . .

- A 25-minute videotape of the Ekofisk field platform jack-up performed last July and August in the Norwegian sector of the North Sea is the program planned for the next meeting of the Oklahoma City Association of Petroleum Lease & Title Analysts.

Phillips Petroleum Co. decided to lift the production and accomodation platforms on the Ekofisk Field by 20 feet to counteract the subsidence of the seabed below the platforms.

The meeting will be at 11:30 a.m. July 19 at the Beacon Club, 32nd floor of the First National Center, 120 N. Robinson Ave. in Oklahoma City. The luncheon costs $12 for members and $15 for non-members. Further information is available from Madge Hall at Beard Oil Co. . .

- J.M. Graves was named coordinator of The Energy Advocates speaking group.

- Rex R. Cook was named general manager for the U.S. operations of Ledeen Flow Control Systems Inc., based in Ponca City. Ledeen manufactures and distributes valve actuators.

- J.D. Scott, chairman of the board and chief executive officer of Oklahoma Natural Gas Co., has been nominated to serve a second two-year term on the American Gas Association board of directors.

- R. Scott Nickel was promoted to director of central administration on the human resources and services staff of Phillips Petroleum Co. of Bartlesville.

- Mark Repasky joined Panda Resources Inc. of Tulsa as vice president of project development, responsible for development of exploration, natural gas gathering and asset acquisition.

- Sally Roberts, a graduate of Putnam City West High School, has been awarded a Recognizing Excellence and Achievement scholarship sponsored by Chevron Corp. The awards will provide her $1,500 annually for four years of undergraduate study.

Roberts is the daughter of Sharon L. Houk, a technical assistant in the production department of Chevron's Oklahoma City Division. …

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