ONEOK Inc. (OKE: Quote) announced that it expects to increase its 2013 net income by 19%. Net income is expected to be in the range of $405 million to $455 million compared with its current 2012 guidance range of $345 million to $375 million, reflecting higher anticipated earnings in the ONEOK Partners, natural gas distribution and energy services segments.
The expected 2013 earnings growth will come from higher projected volumes, not from higher projected commodity prices or wider projected price differentials, in our ONEOK Partners segment," said John W. Gibson, chairman and chief executive officer of ONEOK.
Further, ONEOK expects to increase its net income by 20 to 25 percent annually between 2012 and 2015, compared with 2012 earnings guidance, driven primarily by incremental earnings to ONEOK from the growth at ONEOK Partners.
The company said that the 2013 guidance also includes a projected dividend increase of 3 cents per share semiannually in 2013, subject to ONEOK board approval.
Also, ONEOK's 2013 earnings guidance includes a projected 2-cent-per-unit-per-quarter increase in unitholder distributions declared from ONEOK Partners, subject to ONEOK Partners board approval, the company said.
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by RTT Staff Writer
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