Year-Ago Gains Shadow Earnings for Tulsa-Based Oneok, Oneok Partners

By Shottenkirk, Jerry | THE JOURNAL RECORD, August 2, 2007 | Go to article overview

Year-Ago Gains Shadow Earnings for Tulsa-Based Oneok, Oneok Partners


Shottenkirk, Jerry, THE JOURNAL RECORD


Large year-ago gains cut second-quarter earnings for both Oneok Inc. and Oneok Partners LP by more than 50 percent despite double- digit revenue growth.

While officials said higher operating costs and lower natural gas prices also impacted results, Oneok Inc. restated its earnings guidance for the year, while Oneok Partners raised its estimates.

"There's no way to sugarcoat it," said M. Jake Dollarhide, owner of Longbow Asset Management Co. of Tulsa. "It's not a good report for the psychology of this market. It's very possible it could trade down 2 or 3 percent in the morning."

But the analyst said most investors should recognize the impact of both year-ago gains and the lower energy margins.

"The partnership's assets are performing well, and we continue to see increased NGL volumes and favorable market conditions in the natural gas liquids businesses," said John W. Gibson, chief executive of Oneok Inc. and president and CEO of Oneok Partners.

* Oneok Inc. posted a profit of $35.2 million, or 31 cents per diluted share, for the three months ended June 30. That was down 54.7 percent from second-quarter 2006 results of $77.8 million, or 65 cents a share, when the natural gas giant recorded an after-tax gain of $32.3 million, or 27 cents, from the sale of a 20-percent interest in Northern Border Pipeline Co.

Factoring out that 2006 gain still left the Tulsa-based company facing a 22.6-percent drop in profits despite an 18.09-percent rise in revenue to $2.87 billion from $2.4 billion. Analysts surveyed by Zacks Investment Research of Chicago had forecast a 36-cent profit for the second quarter.

* Oneok Partners earnings fell 51.7 percent to $94.6 million, or 97 cents per unit, from $196.2 million, or $2.22, the prior year. However, factoring out the $113.9 million one-time gain recorded in the 2006 second quarter gave OKS a 14.9-percent profit increase for the latest period.

In either case, Oneok Partners bested the 80-cent earnings estimate by Zacks Investment Research.

Operating revenues for the Tulsa-based firm rose 18.2 percent to $1.37 billion from $1.159 billion. The net margin inched 2.1 percent ahead to $216.38 million.

For the six months ended June 30, Oneok Inc. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Year-Ago Gains Shadow Earnings for Tulsa-Based Oneok, Oneok Partners
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.