Oklahoma business briefs for Nov. 8

Oklahoma business briefs for Nov. 8
Modified: November 7, 2012 at 9:25 pm •  Published: November 8, 2012

Williams gets OK to grow pipeline

Williams Partners LP has received approval from the Federal Energy Regulatory Commission to expand its Transco natural gas pipeline to serve growing markets in the Northeast, the partnership announced Wednesday. The expansion will provide an additional 250,000 dekatherms of incremental natural gas transportation capacity by November 2013. The $341 million Northeast Supply Link project will expand lines in Pennsylvania and New Jersey.

EARNINGS

POSTROCK ENERGY CORP.

PostRock Energy Corp. posted a net loss of $28 million, or $1.58 a share, for the third quarter, the company reported Wednesday. PostRock earned $4.6 million, or 28 cents a share, during the same period of 2011. The just-completed quarter included a $4.3 million impairment charge because of lower natural gas prices. “With natural gas prices at levels unprofitable for new development, we are focused on oil projects on our existing leasehold, retiring debt and reducing our cost structure,” CEO Terry W. Carter said. He said the company restructured its Oklahoma City office in an effort to save about $3 million a year.

OGE ENERGY CORP.

OGE Energy Corp., the holding company for Oklahoma Gas and Electric Co. and pipeline company Enogex, reported higher third-quarter earnings Wednesday. OGE Energy posted net income of $185.5 million, or $1.87 per diluted share, for the third quarter. That compared with net income of $178.7 million, or $1.80 per diluted share, in the year-earlier quarter. The holding company's operating revenue fell to $1.1 billion, down from $1.2 billion in the third quarter of 2011. OGE Energy said an increase in revenues at OG&E came from investments, transmission projects and customer growth, which was partially offset by milder weather compared to last year. Enogex had higher revenue from increased processing volumes and gathering revenues from system expansion projects. “We remain focused on cost performance, executing on our transmission projects at the utility and growing our footprint at the midstream business,” said Pete Delaney, OGE Energy chairman, president and CEO. “We are making progress in each of these areas that are key to our long-term growth.”

From staff reports