Oneok Inc. Expects 19% Profit Growth In 2013 - Update

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9/24/2012 6:41 PM ET

Natural gas processor Oneok Inc. (OKE: Quote) said Monday it expects net income in 2013 to be 19 percent higher compared to its current 2012 earnings guidance, reflecting higher anticipated earnings in the Oneok Partners L.P. (OKS: Quote), natural gas distribution and energy services segments. Oneok Inc. owns about 43.0 percent stake in Oneok Partners L.P.

Oneok Inc. expects net income for 2013 to be $405 million to $455 million, compared to its 2012 guidance of $345 million to $375 million.

"Our 2013 guidance reflects projects that will be placed into service later this year and in 2013 from Oneok Partners' previously announced $5.7 billion to $6.6 billion, four-year growth program," said said John Gibson, chief executive officer of Oneok Inc.

Gibson further said, "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."

Oneok Inc. said the guidance also includes a projected dividend increase of 3 cents per share semiannually in 2013, subject to board approval.

Meanwhile, Oneok Partners L.P. said that for 2013, it expects a 10 percent growth in profit, compared to its 2012 forecast. It expects net income for 2013 of $935 million to $1.02 billion, compared to 2012 guidance of $860 million to $910 million.

Oneok Inc. said it expects to increase its net income by 20 to 25 percent annually between 2012 and 2015, compared with 2012 earnings guidance, driven by incremental earnings to Oneok Inc. from the growth at Oneok Partners L.P. Oneok Inc. also expects to increase its total dividend by approximately 65 to 70 percent between 2012 and 2015.

For 2013, Oneok Inc.'s capital expenditures are expected to be about $317 million on a stand-alone basis.

Oneok Inc. closed Monday at $47.81, up 1.49%, on a volume of 1.05 million shares on the NYSE. In after hours, the stock dropped $0.13 or 0.27%.

Shares of Oneok Partners closed Monday at $58.63, up 0.21%, on the NYSE. In after-hours, the stock gained $2.37 or 4.04%.

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