TULSA — ONEOK Inc. managed to prosper during the last year while many of its industry peers struggled.
CEO John W. Gibson said officials at the diversified energy company understand supply and demand, so they have been able to develop ways to connect the two.
Gibson said that has allowed ONEOK, and subsidiary ONEOK Partners LP, to continue to grow, even during the challenging economic times plaguing the oil and natural gas industry.
"In 2009, our natural gas distribution segment, which includes our three natural gas utilities, essentially closed the performance gap between actual and allowed returns as it again improved year-over-year earnings,” Gibson said.
"This was achieved largely through innovative rate designs that provided more timely and appropriate returns, while mitigating risks.”
ONEOK is the parent company of Oklahoma Natural Gas, Texas Gas Service and Kansas Gas Service, making it one of the largest natural gas distributors in the United States. It serves more than 2 million customers in those states.
Gibson said ONEOK also is taking steps to reduce the earnings volatility and working capital requirements of its energy services segment without affecting customer service.
"We are on track to realign contracted storage and transportation capacity with the needs of our premium-services customers — primarily utilities — while improving our financial results,” he said.