Chaparral reports reserves
Chaparral Energy Inc. on Monday reported total proved reserves of 158.5 million barrels of oil equivalent as of Dec. 31. The Oklahoma City-based oil and natural gas producer also provided 2014 guidance, saying it expects to spend $625 million to $650 million in 2014 with an expected production of 10.4 million to 10.8 million barrels of oil equivalent.
TULSA — ONEOK Inc. on Monday reported net income of $90.7 million, or 43 cents a share, for the fourth quarter. That is down from $111.5 million, or 53 cents a share, from the same period of last year. However, ONEOK’s most recent quarter included more than $22 million in after-tax charges associated with the end of its energy service segment and the separation of its natural gas distribution business into ONE Gas Inc. “We continue to benefit from higher volumes of natural gas and NGLs (natural gas liquids) from completed capital-growth projects in our ONEOK Partners segment,” CEO Terry K. Spencer said. “This volume growth partially offsets the impact of significantly narrower NGL location price differentials, ethane rejection and lower NGL product prices in the ONEOK Partners segment, and one-time charges related to our energy services segment wind down and the separation of our natural gas distribution business into ONE Gas.”