This excerpt taken from the OKS 8-K filed Nov 1, 2007.
Raises 2007 Guidance
TULSA, Okla. Oct. 31, 2007 ONEOK Partners, L.P. (NYSE: OKS) today reported third-quarter 2007 net income of $95.9 million, or 98 cents per unit, compared with net income of $98.2 million, or $1.04 per unit, for the third quarter 2006.
For the nine-month period ended Sept. 30, 2007, ONEOK Partners reported net income of $286.3 million, or $2.94 per unit, compared with $364.9 million, or $4.26 per unit, for the same period in 2006. The 2006 year-to-date period includes a $113.9 million, or $1.58 per unit, gain from the sale of a 20 percent interest in Northern Border Pipeline Company. Excluding this one-time gain, the partnerships year-to-date net income increased $35.3 million, primarily due to supply growth and higher product price spreads in the natural gas liquids businesses.
The partnership also increased its 2007 earnings guidance to the range of $3.90 to $4.00 per unit and amended it to reflect its new segment reporting structure. The increase reflects anticipated stronger performance in the natural gas gathering and processing segment due to stronger NGL prices and continued benefit from increased volumes in the natural gas liquids gathering and fractionation segment. Distributable cash flow is now expected to be in the range of $4.60 to $4.70 per unit. ONEOK Partners previous earnings guidance was estimated to be in the range of $3.65 to $3.85 per unit, with distributable cash flow in the range of $4.30 to $4.50 per unit. Additional information is available in Exhibits A and B.
During the third quarter, both of the partnerships natural gas liquids segments continued to benefit from increased NGL volumes due primarily to new supply connections in the Mid-Continent region, said John W. Gibson, chairman, president and chief executive officer of ONEOK Partners. Lower natural gas volumes processed, as a result of contract terminations that occurred late last year, reduced operating income in the natural gas gathering and processing segment.
In addition to our internally generated growth projects, the recently completed acquisition of an interstate NGL and refined petroleum products pipeline system positions us well for future growth, Gibson added. This newly acquired pipeline system links our existing
ONEOK Partners Announces Third-quarter 2007 Earnings;
Raises 2007 Guidance
October 31, 2007