TULSA — 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
TULSA — 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.”
TULSA — 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.”
Blueknight Energy Partners LP
Blueknight Energy Partners LP posted net income of $3.9 million for the first quarter. The midstream partnership earned $6 million in the same quarter of last year. “Our first quarter 2014 results are in line with our expectations and revenues increased from the first quarter of 2013 in spite of the downward pressure on Cushing storage rates,” CEO Mark Hurley said. “We expect cash flow to increase as we progress through 2014 from the recently completed southern Oklahoma Arbuckle pipeline system and the first phases of the west Texas Pecos River pipeline and the connectivity optimization project at the Cushing terminal.” Blueknight’s first-quarter distribution of 13 cents a share is up 10.6 percent over the same period of last year.
TULSA — Syntroleum Corp. posted a net loss of $6.5 million, or 65 cents a share, for the first quarter, the synthetic fuel maker reported Tuesday. The company lost $11 million, or $1.15 a share, in the same period of last year. Syntroleum has agreed to sell the bulk of its assets to Iowa-based Renewable Energy Group Inc., but its shareholders must approve the deal at a June 3 meeting. Syntroleum shareholders will receive 0.3809 shares of Renewable Energy Group stock for each share they own if they approve the deal.
Magellan Midstream Partners LP
TULSA — Magellan Midstream Partners LP on Tuesday reported a record profit of $242.6 million, or $1.07 a unit, for the first quarter. That is nearly double Magellan’s net income from the first quarter of last year, when it earned $113 million, or 50 cents a unit. “Magellan kicked off 2014 with exceptional strength, generating record quarterly financial results due to strong performance from all aspects of our business, including fee-based transportation and terminal assets and commodity-related activities,” CEO Michael Mears said. “Further, we continue to build the framework for Magellan's future growth, achieving significant progress on crude oil projects currently under construction and launching new projects for critical energy infrastructure that will sustain our growth trajectory.”
From Staff Reports