Oklahoma business earnings for Nov. 6

Oklahoma business earnings for Nov. 6
Published: November 6, 2013
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ONEOK Inc.

ONEOK Inc. on Tuesday announced net income of $62.4 million, or 30 cents a share, for the third quarter. That is down from $65.2 million, or 31 cents a share, after an after-tax charge of $10.4 million associated with the accelerated wind down of ONEOK's energy services segment. “Continued natural gas and natural gas liquids volume growth from recently completed ONEOK Partners growth projects and new rates in our natural gas distribution segment contributed to ONEOK's third-quarter results,” CEO John W. Gibson said. “Volume growth at the partnership was offset by significantly narrower NGL location price differentials, ethane rejection and lower NGL prices.”

ONEOK Partners LP

ONEOK Partners LP's net income dipped to $216.3 million, or 64 cents a unit, in the third quarter, the partnership announced Tuesday. ONEOK Partners earned $232.3 million, or 78 cents a unit, in the same period of last year. “Our natural gas gathering and processing, and natural gas liquids segments continued to benefit from volume growth in the third quarter due primarily to completed growth projects and increased well connections in the Williston Basin,” CEO John W. Gibson said. “We expect continued volume growth across our operations as we execute our $5.3 billion to $5.6 billion capital-growth program through 2015, which includes our recently announced acquisition of the Sage Creek natural gas processing plant and related investments in the NGL-rich area of the Powder River Basin.”

UNIT Corp.

Unit Corp. saw its net income drop to $34.2 million, or 70 cents a share, in the third quarter. That is down from $46.6 million, or 97 cents a share, in the same period of last year. Unit increased oil and natural gas production by 21 percent over the previous quarter. “Unit Corporation is continuing to progress on several strategic initiatives,” CEO Larry Pinkston said. “We have increased the number of operated drilling rigs drilling for our oil and natural gas segment in accordance with our previously stated plans, and we started our pad drilling program in the Granite Wash. ... Our midstream segment continues to see the benefit of its previous capital investments with rising volumes and cash flow growth.”

From Staff Reports