Energy companies report quarterly earnings

Oklahoma companies report earnings
Oklahoman Modified: May 7, 2014 at 10:00 pm •  Published: May 6, 2014
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EARNINGS

ONEOK Inc.

ONEOK Inc. on Tuesday reported a dip in net income to $93.5 million, or 45 cents a share, for the first quarter. The company earned $112.5 million, or 54 cents a share, in the same period of last year. “As the pure-play general partner of ONEOK Partners, our first-quarter 2014 results benefited from completed capital-growth projects that increased natural gas volumes in the partnership’s natural gas gathering and processing segment; wider natural gas liquids location and product price differentials in the partnership’s natural gas liquids segment; and increased natural gas transportation and storage revenues due to park-and-loan services in the partnership’s natural gas pipelines segment,” CEO Terry K. Spencer said.

ONEOK Partners LP

ONEOK Partners LP posted net income of $265.4 million, or 81 cents a unit, for the first quarter, the partnership reported Tuesday. That is up from $156.6 million, or 42 cents a unit, in the same period of last year because of higher natural gas volumes and wider price differentials on natural gas liquids, primarily due to weather-related demand for propane. CEO Terry K. Spencer said ONEOK Partners last month completed about $1 billion in infrastructure projects, which are part of a $6 billion growth program. “We continue to develop additional capital-growth projects in and adjacent to our current operating footprint and have increased our total backlog of unannounced growth projects to a range of $3 billion to $4 billion,” Spencer said. “These potential projects, along with our completed and current projects, are expected to further increase natural gas and natural gas liquids volumes and contracted capacity on our systems, and create long-term value for our unit holders through increased earnings and distributions.”

WPX Energy

WPX Energy on Tuesday reported net income of $18 million, or 9 cents a share, for the first quarter. The company posted a net loss of $116 million, or 58 cents a share, in the same period of 2013. WPX’s total production dipped slightly from the first quarter of last year to 1.2 million cubic feet of natural gas equivalent, but the company was able to boost its domestic oil production almost 40 percent. “Our overall business performed well during the first quarter, uplifted by our natural gas portfolio and the growth in our oil volumes,” interim CEO Jim Bender said. “We’re leveraged toward natural gas, with 79 percent of our total production volumes coming from gas and 76 percent of our year-end 2013 domestic proved reserves coming from gas. Aggressive investments in our oil portfolio also are driving improved results. Domestic oil volumes increased nearly 40 percent and total oil revenues increased 26 percent.”