ONEOK pushed itself to a profit in 2015. The Tulsa based company had a full year net income of $1.16 a share compared to $1.49 cents a share in 2014. The fourth quarter was profitable as well at 12-cents per diluted share. Fourth quarter 2014 net income of 45 cents a share.
“ONEOK ended 2015 in a strong financial position, benefiting from increased distributions related to our limited and general partner interests in ONEOK Partners,” said ONEOK President and Chief Executive Officer Terry K. Spencer. “Distributions declared from the partnership increased more than 16 percent in 2015 compared with 2014, driven by ONEOK’s purchase of an additional 21.5 million ONEOK Partners units in August 2015.”
Spencer contends ONEOK has worked to put itself in a more stable position considering the current oil and gas price situation.
“Despite a continued challenging environment, we remain confident in the partnership’s uniquely positioned assets, its ability to grow natural gas and natural gas liquids (NGL) volume and its expectation to continue increased fee-based earnings. In 2015, ONEOK Partners took important steps to reduce commodity risk through initiatives such as contract restructuring in the Williston Basin and the completion of strategic capital-growth projects that will provide primarily fee-based earnings.”
