Diversified energy company Oneok Inc. (OKE: Quote) Monday reported a 38 percent increase in profit for the fourth quarter, as its principal subsidiary ONEOK Partners posted stronger operating results.
Oklahoma-based Oneok's fourth-quarter net income was $115.0 million or $1.09 per share, compared to $83.1 million or $0.76 per share unit on a split-adjusted basis last year. On average, nine analysts polled by Thomson Reuters expected earnings of $1.06 per share. Analysts' estimates typically exclude special items.
Revenues for the quarter rose to $4.07 billion from $3.28 billion last year period.
Analysts expected revenues of $5.17 billion for the quarter.
Chief Executive John Gibson said, "Our ONEOK Partners segment turned in another exceptional quarter, as continued strong natural gas liquids price differentials and higher natural gas liquids and natural gas volume growth resulted in increased fourth-quarter results."
"Our natural gas distribution segment delivered solid results for the fourth quarter, while our energy services segment continues to face a challenging market," Gibson said.
The group's principal subsidiary Oneok Partners L.P.'s (OKS: Quote) net income for the quarter was $298.6 million or $1.26 per unit, compared to $142.3 million or $0.54 per unit on a split-adjusted basis for the fourth quarter 2010. Analysts expected earnings of $1.09 per unit for the quarter.
Oneok Partners engages in gathering, processing, ractionating, transporting, storing, and marketing natural gas and natural gas liquids.
ONEOK also increased its 2012 net income guidance to the range of $360 million to $410 million, compared to the previous range of $355 million to $400 million. The updated guidance reflects higher expected earnings in the ONEOK Partners segment offset partially by lower expected earnings in the energy services segment.
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by RTT Staff Writer
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