8 counties get faster Internet
KINGFISHER — Pioneer Cellular has launched the ability for access to speedier wireless service for customers in eight central and western Oklahoma counties. The expanded 4G coverage is available in Kingfisher, Okarche, Hennessey, Thomas, Watonga, and in southern and eastern Garfield County. Pioneer said additional coverage will be available within a few weeks in Enid, Weatherford, Clinton and on Interstate 40 from Oklahoma City to Clinton. Pioneer is a participant in the Verizon Wireless LTE in Rural America program, which is aimed at constructing and launching a 4G LTE network in rural areas of western and southern Oklahoma over the next 10 months. When completed, Pioneer's network will cover more than 260,000 people in 21 counties, the company said.
Osage plans new drilling effort
Osage Exploration and Development Inc. and its partners have secured a $10 million credit line with Apollo Investment Corp. to develop its acreage in Logan County. Osage is preparing an aggressive drilling schedule for this year and next year with partners Slawson Exploration and U.S. Energy Development Corp. “With the capital from the Apollo facility and the capital from a separate $2.5 million transaction announced last week, we believe that our entire Nemaha Ridge Horizontal Mississippian drilling project has been financed,” CEO Kim Bradford said. “Our momentum is clearly building as we continue to associate ourselves with the best in the business.”
TULSA — Warmer winter weather cut into earnings for ONEOK Inc. as the natural gas distributor announced a first-quarter profit of $122.9 million. ONEOK, the parent company of Oklahoma Natural Gas, said that was lower than net income of $130.1 million for the first quarter of 2011. Earnings per diluted share were $1.16, compared to $1.19 in the year-earlier quarter. John W. Gibson, ONEOK chairman and CEO, said the company's ONEOK Partners unit posted strong results from favorable natural-gas liquids prices. Gibson said warmer than normal weather in Oklahoma and Kansas affected customer demand at its gas distribution segment.
ONEOK PARTNERS LP
TULSA — ONEOK Partners LP said earnings rose 58 percent in the first quarter, boosted by higher volumes and the startup of a new processing plant. The partnership, which is partly owned by ONEOK Inc., had first quarter net income of $238.8 million, or 91 cents per unit, compared to $150.9 million, or 58 cents per unit, in the first quarter of 2011.
TULSA — Unit Corp. on Tuesday reported a $10 million increase in net earnings for the first quarter. Unit earned $52.4 million, or $1.09 a share, for the quarter, up from $41 million, or 86 cents a share, for the same period of 2011. The company's contract drilling segment accounted for 42 percent of its first quarter revenues of $332.4 million, with oil and natural gas exploration accounting for another 40 percent. The remainder came from Unit's midstream business. “Our first quarter 2012 operating results were solid,” CEO Larry Pinkston said. “We are optimistic about 2012, and our balance sheet is well positioned to take advantage of growth opportunities that may arise in all three of our business segments during the year.”
From staff reports