BOK FINANCIAL CORP.
TULSA — Bank of Oklahoma parent company BOK Financial Corp. reported a net income of $75.7 million, or $1.10 per share for the third quarter, down from $87.4 million, or $1.27 per share, for the same period a year ago as the company dealt with the effects of higher interest rates that sank mortgage banking revenues. “This quarter proved to be challenging as uncertainty over government policies continued to drive higher long-term interest rates,” Stan Lybarger, BOK president and CEO, said in a statement. Mortgage banking revenue declined 36 percent for the quarter due to a combination of narrowed gain on sale margins and lower production volumes. Outstanding loans were $12.4 billion at the end of September, a decrease of $91 million compared to the prior quarter. Growth in commercial real estate and consumer loan balances was offset by a decrease in outstanding commercial loan balances.
WILLIAMS PARTNERS LP
TULSA — Williams Partners LP said Wednesday it recorded a third-quarter net income of $279 million, or 52 cents a unit, compared to $290 million, or 38 cents a unit one year ago. Distributable cash flow from the partnership's operations increased 20 percent over the year. Williams Partners' fee-based revenue grew by $61 million, offsetting the $49 million drop in natural gas liquids earnings. The partnership attributed the decreased quarterly profit to the Geismar olefins plant, which has been offline since June and is expected to return to service in April. “We remain committed to safe operations as we continue our steadfast execution on a portfolio of primarily fee-based projects, including further expansions of our well-positioned Transco natural gas pipeline to serve the growing markets for low-cost natural gas all along the Eastern Seaboard and the southeast United States.”
WILLIAMS COS. INC.
TULSA — Williams Cos. Inc. on Wednesday announced a third-quarter net income of $141 million, or 20 cents a share, down from $155 million, or 25 cents a share. Adjusted income from continuing items was $130 million, or 19 cents a share, down from $161 million, or 25 cents a share in the year-ago period. The adjusted earnings beat analyst expectations by 4 cents per share. “Williams performed well in the third quarter,” CEO Alan Armstrong said. “Growth in Williams Partners' fee-based business, along with our continued focus on cost control, more than offset the decline in NGL (natural gas liquids) margins. However, the downtime at the Geismar plant negatively impacted our results.”
From Staff Reports