Tuesday, July 30, 2013

ONEOK 2Q13 Earnings Release

Press release:
ONEOK today announced second-quarter 2013 net income attributable to ONEOK of $0.9 million, or zero cents per diluted share, which includes a non-cash, after-tax charge of $71.0 million, or 34 cents per diluted share, in the energy services segment.  In the second quarter 2012, net income attributable to ONEOK was $61.0 million, or 29 cents per diluted share.
Excluding the impact of the non-cash charge in the energy services segment, second-quarter 2013 results increased compared with the same period last year.
The improved second-quarter 2013 results reflect significantly higher natural gas volumes gathered and processed, and natural gas liquids (NGL) gathered as a result of completed growth projects in the ONEOK Partners segment, and new rates and the benefit of colder than normal weather in the natural gas distribution segment.
Other items of interest:
  • ONEOK Partners placing in service in the second quarter the following projects:
  • The 600-mile Bakken NGL Pipeline that has a current capacity to transport 60,000 barrels per day (bpd) of unfractionated NGLs in the Williston Basin to ONEOK Partners' 50 percent-owned Overland Pass Pipeline;
  • The 100-million cubic feet per day (MMcf/d) Stateline II natural gas processing facility in western Williams County, N.D.;
  • An ethane header pipeline that creates a new point of interconnection between the partnership's Mont Belvieu, Texas, NGL fractionation and storage assets, and several petrochemical customers; and
  • A significant portion of the Divide County, N.D., natural gas gathering system; the remaining portion is expected to be completed in the second half 2013.

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