Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Oneok Q4 Profit Rises

RELATED NEWS
Trade OKE now with 

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.

Register
To receive FREE breaking news email alerts for ONEOK Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
After recovering from an initial move to the downside, stocks have shown a lack of direction over the course of the trading day on Tuesday. The choppy trading comes on the heels of the notable pullback seen in the previous session. With lawmakers failing to address corporate tax reform before adjourning for the campaign season, the Treasury Department announced Monday that it is taking targeted action to reduce the tax benefits of corporate tax inversions. Eurozone business activity in September expanded at the slowest pace seen so far this year, adding pressure on the European Central Bank to provide more measures to stimulate the region. The composite output index of the purchasing managers' survey fell to a nine-month low of 52.3 in September from 52.5 in August, preliminary data from Markit Economics showed Tuesday.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.