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4-Traders Homepage  >  Equities  >  Nyse  >  ONEOK, Inc.    OKE

Delayed Quote. Delayed  - 05/06 10:01:52 pm
39.77 USD   +2.08%
05/04 ONEOK INC. : ONEOK Partners report increases in 1Q earnings
05/04 Earnings for May 4, 2016
05/03 ONEOK : misses Street 1Q forecasts
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ONEOK Inc. :, ONEOK Partners report increases in 1Q earnings

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05/04/2016 | 06:56pm CEST

Tulsa-based ONEOK Inc. and the company's master limited partnership, ONEOK Partners, both reported on Tuesday first-quarter earnings that far exceeded the companies' first-quarter results a year ago.

Net income for general partner ONEOK Inc. came in at $83.4 million for the first quarter, up roughly 37 percent compared to the $60.8 million earned during the first three months of 2015.

ONEOK Partners, which owns one of the top natural gas liquids systems in the nation, reported first-quarter earnings of $253.5 million, up 74 percent compared to the MLP's net income of $145.6 million in the first quarter of 2015.

Terry K. Spencer, who is president and CEO of both ONEOK and ONEOK Partners, said in a statement Tuesday that ONEOK's first-quarter financial results benefited from ONEOK Partners' uniquely positioned, integrated network of natural gas and NGL assets.

During the first quarter, 2016 distributions declared from the partnership to ONEOK increased nearly 17 percent year over year, Spencer said. The increase was driven by ONEOK's increased ownership in ONEOK Partners.

"The partnership's natural gas gathering and processing segment's volume growth continued in the first quarter, due primarily to completed growth projects in the Williston Basin, which also drove increased NGL volumes from the region, and the natural gas pipelines segment continues to deliver consistent fee-based earnings," Spencer said.

"In addition, we anticipate significant ethane recovery to begin in early 2017, as demand for exports increases and new petrochemical facilities begin to come online near market hubs where the partnership is well-positioned to serve this growing demand without additional infrastructure or capital investments required."

ONEOK Inc. (NYSE: OKE)

1Q 20161Q 2015Percent changeOperating income$311.4 M$196.5 M58.5 percentNet income$83.4 M$60.8 M37.2 percentNet per share$0.40$0.2937.9 percent

ONEOK Partners (NYSE: OKS)

1Q 20161Q 2015Percent changeOperating income$318.2 M$196.9 M61.6 percentNet income$253,5 M$145.6 M74.1 percentNet per unit$0.52$0.21147.6 percent

© Copyright (c) 2016 Tulsa World. World Publishing Co., source Newspapers

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