Earnings Increase at Oneok: Income From the Company's Energy Services Segment Nearly Doubles.
Posted on: Wednesday, 3 May 2006, 18:00 CDT
By Russell Ray, Tulsa World, Okla.
May 3--Oneok Inc. reported a 20 percent increase in first-quarter earnings Tuesday.
Operating income was higher in three of the company's five business segments, and revenue rose 45 percent to $3.9 billion.
Net income totaled $129.5 million, or $1.17 a share, up from $107.7 million, or 97 cents a share, in the first quarter of 2005.
"Our Energy Services segment turned in an outstanding performance," said Oneok Chairman and CEO David Kyle.
Operating income from that segment nearly doubled, totaling $93.3 million.
The quarterly results include income from three segments - gathering and processing, natural gas liquids, and pipelines and storage - that were recently sold to Northern Border Partners LP. However, income from those segments will still be included in Oneok's consolidated results.
"With our completion of the transactions with Northern Border Partners and TransCanada in early April, we have established a strong foundation for future growth," Kyle said. "As the general partners and a 45.7 percent owner of the partnership, our interests are clearly aligned with the partnership."
The company's natural gas liquids business recorded operating income of $17.1 million for the quarter, up from $4.8 million in the same quarter last year.
Income from pipelines and storage totaled $27.7 million, up from $14.2 million.
Income from the company's gas distribution business fell to $76.9 million from $80.6 million. Volumes, the company said, were down 7 percent because of warmer weather.
Gathering and processing generated operating income of $32.5 million, down slightly from $33 million.
Shares of Oneok rose 17 cents Tuesday to close at $32.86 on the New York Stock Exchange.
Oneok is one of the nation's leading natural gas distributors, serving more than 2 million customers in Oklahoma, Kansas and Texas. It is the parent of Oklahoma Natural Gas Co., the state's largest gas utility.
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Russell Ray 581-8380 russell.ray@tulsaworld.com
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Copyright (c) 2006, Tulsa World, Okla.
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NYSE:OKE, NYSE:NBP, NYSE:TRP,
Source: Tulsa World
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