Oneok Profit Rises; Cuts FY Guidance

(RTTNews) - Natural gas company Oneok Inc (OKE) on Monday reported fourth-quarter net earnings of $94.5 million or $0.45 per share compared with $90.7 million or $0.43 per share last year.

Revenues for the quarter were $2.84 billion compared with $3.45 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.36 per share on revenues of $3.61 billion for the quarter. Analysts' estimates typically exclude special items.

Oneok's operating income for the quarter rose to $306.7 million from $246.1 million last year.

Operating results were driven by higher natural gas volumes and NGL volumes sold; higher margin NGL exchange service volumes; and higher short-term natural gas storage margins.

These were offset partly by lower net realized NGL and condensate prices in the natural gas gathering and processing segment, increased ethane rejection and higher operating costs and depreciation.

Due to the current commodity price environment, Oneok said it is reducing its guidance for 2015.

The company cut the midpoint of its 2015 earnings guidance to $317 million from the prior midpoint guidance of $393 million.

Oneok also reduced its 2015 guidance for cash flow available for dividends to a range of $570 million to $650 million from the prior guidance of $580 million to $660 million.