TULSA, Okla., July 26, 2017 /PRNewswire/ — The board of directors of ONEOK, Inc. (NYSE: OKE) today increased ONEOK’s quarterly dividend 13 cents per share, or 21 percent, to 74.5 cents per share, resulting in an annualized dividend of $2.98 per share. The dividend is payable Aug. 14, 2017, to shareholders of record at the close of business Aug. 7, 2017.
“We are pleased to announce this substantial increase to ONEOK’s dividend, which is just one of the benefits of the ONEOK and ONEOK Partners merger transaction,” said Terry K. Spencer, president and chief executive officer of ONEOK. “As a now larger, stand-alone operating company, ONEOK is well-positioned to increase its distributable cash flow available for dividends and reinvestment into the business.”
On June 30, 2017, ONEOK completed a merger transaction with ONEOK Partners. Under the terms of the merger agreement, ONEOK acquired all of the 171.5 million outstanding units of ONEOK Partners it did not already own at a fixed exchange ratio of 0.985 of a share of ONEOK common stock for each public unit of ONEOK Partners. ONEOK Partners common units are no longer publicly traded on the New York Stock Exchange.
ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is one of the largest energy midstream service providers in the U.S., connecting prolific supply basins with key market centers. It owns and operates one of the nation’s premier natural gas liquids (NGL) systems and is a leader in the gathering, processing, storage and transportation of natural gas. ONEOK’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
ONEOK is a FORTUNE 500 company and is included in Standard & Poor’s (S&P) 500 index.