logo
Share SHARE
FONT-SIZE Plus   Neg

Oneok Q4 Profit Rises

Diversified energy company Oneok Inc. (OKE) 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) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
RELATED NEWS
Trade OKE now with 
Follow RTT