Exhibit 99.1
[LOGO OF ONEOK] News
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January 3, 2003 Contact: Xxxxxx Xxxxxx
(000) 000-0000
ONEOK Completes Settlement Agreement on Southwest Gas Legal Issues
Tulsa, Oklahoma - ONEOK, Inc., (NYSE:OKE) announced today the Company has
completed a definitive settlement agreement on legal issues stemming from a
terminated ONEOK offer to acquire Southwest Gas Corp.
Under terms of the settlement, ONEOK will pay $5 million to Southern Union
Company. ONEOK and affiliated parties are released from any claims against them
brought by Southern Union related to Southwest Gas acquisition activities in
1999, which were the subject of such proceedings. An order dismissing the
lawsuits was signed by U.S. District Judge Xxxxxx Xxxxxx and filed of record
today.
Xxxxx Xxxx, chairman of the ONEOK board, president and chief executive
officer, said, "ONEOK is pleased to finally resolve all of the legal disputes
brought by Southern Union. This settlement agreement puts all these remaining
legal issues among the parties behind us as we head into the New Year."
Previously, ONEOK had settled with Southwest Gas Corp.
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ONEOK, Inc. is a diversified energy company involved primarily in oil and gas
production, natural gas processing, gathering, storage and transmission in the
mid-continent areas of the United States. The company's energy marketing and
trading operations provide service to customers in 28 states. The company is
also the largest natural gas distributor in Kansas and Oklahoma, operating as
Kansas Gas Service and Oklahoma Natural Gas Company, serving 1.4 million
customers. ONEOK is a Fortune 500 company.
For information about ONEOK, Inc. visit the Web site: xxx.xxxxx.xxx.
