ONEOK Partners benefiting from investments

ONEOK Partners LP expects earnings and distribution to the partnership's unit holders to rise, thanks to more than $3 billion in infrastructure investments.

 
BY JAY F. MARKS | Published: November 14, 2010    Comment on this article Leave a comment

TULSA — ONEOK Partners LP is enjoying the fruits of a $2 billion capital investment program that was completed at the end of 2009.

The partnership, whose principal owner is ONEOK Inc., significantly expanded its natural gas and natural gas liquids businesses with that investment.

photo - ONEOK Partners LP's Grasslands natural gas processing facility in North Dakota.
ONEOK Partners LP's Grasslands natural gas processing facility in North Dakota.

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CEO John W. Gibson said 2010 was the first year that all of those projects contributed earnings.

"During the first 10 months of 2010, we announced an additional $1.4 billion of projects at ONEOK Partners that will be completed over the next three years,” he said. "These projects, located primarily in the Bakken Shale in the Williston Basin, enable us to continue to meet needs of producers and customers, and deliver attractive returns to investors.”

Officials with the master limited partnership expect those investments to boost earnings and distribution.

"We recently announced that ONEOK Partners expects to grow its earnings before interest, taxes, depreciation and amortization by 14 to 18 percent over the next three years, resulting in a 1 cent-per-quarter distribution increase to unit holders in 2011 and 5 to 10 percent annual distribution growth in 2012 and 2013,” Gibson said.

He said ONEOK Partners likely will continue to grow through acquisitions and internal growth projects.

Officials are committed to generating consistent and sustainable earnings through growth, Gibson said.




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