ONEOK reports better earnings
BY Staff Reports
Tuesday, October 30, 2012
Tulsa natural gas distributors ONEOk Partners LP and parent company ONEOK Inc. each reported increased earnings for the third quarter of 2012 from growth in their natural gas gathering and processing operations.
ONEOK Inc. had an 8.1 percent increase in third quarter profits, bringing in net earnings of $65.2 million, or 31 cents a share, compared with $60.3 million, or 28 cents a share, during the third quarter of 2011. Business unit ONEOK Partners LP increased earnings by 10.8 percent to $232.8 million, but earnings per share dropped 7.1 percent to 76 cents.
ONEOK chairman and CEO John W. Gibson attributed the higher earnings results to higher volumes of natural gas moving through the properties of the companies.
“Our natural gas liquids segment continued to benefit from higher natural gas liquids volumes gathered and fractionated, offset partially by narrower (natural gas liquids) price differentials and less transportation capacity available for optimization,” Gibson said in a statement Tuesday.
