TULSA, Okla., Nov. 3, 2015 /PRNewswire/ — ONEOK, Inc. (NYSE: OKE) today announced third-quarter 2015 financial results.
THIRD-QUARTER AND YEAR-TO-DATE 2015 FINANCIAL HIGHLIGHTS
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
(Millions of dollars, except per share and coverage ratio amounts) |
|||||||||||||||
Net income attributable to ONEOK (a) |
$ |
82.2 |
$ |
64.5 |
$ |
219.5 |
$ |
219.6 |
|||||||
Net income per diluted share (a) |
$ |
0.39 |
$ |
0.31 |
$ |
1.04 |
$ |
1.04 |
|||||||
Distributions declared from OKS |
$ |
197.5 |
$ |
162.0 |
$ |
537.8 |
$ |
464.5 |
|||||||
Cash flow available for dividends (b) |
$ |
173.0 |
$ |
137.0 |
$ |
474.7 |
$ |
478.4 |
|||||||
Dividend coverage ratio (b) |
1.34 |
1.12 |
1.24 |
1.33 |
(a) Amount includes a noncash impairment charge of $76.4 million, or 9 cents per diluted share, attributable to ONEOK, in ONEOK Partners’ natural gas gathering and processing segment for the three and nine months ended Sept. 30, 2014. (b) Cash flow available for dividends and dividend coverage ratio are non-GAAP measures. Reconciliations to relevant GAAP measures are attached to this news release. |
“As the general partner of ONEOK Partners, ONEOK’s third-quarter results benefited from increased natural gas liquids (NGL) volumes and natural gas gathered volumes at the partnership,” said Terry K. Spencer, president and chief executive officer of ONEOK. “We expect NGL and natural gas volumes to continue to increase as a result of connecting seven third-party natural gas plants to our NGL system this year, reaching full capacity at our Williston Basin natural gas processing plants in September and the expected completion of our new 200 million cubic feet per day (MMcf/d) Lonesome Creek natural gas processing plant in the Williston Basin by the end of this month.
“ONEOK Partners continues to focus on projects and initiatives to increase fee-based earnings and decrease commodity exposure in all three of its business segments,” said Spencer “In the natural gas gathering and processing segment, the partnership has successfully converted a portion of its percent-of-proceeds contracts to include a higher fee-based component. The segment will continue to actively pursue opportunities to convert additional agreements, and it anticipates being substantially complete with these efforts in the Williston Basin by the end of the year.
“In August, we purchased $650 million of newly issued units as part of a $750 million offering by ONEOK Partners to meet the partnership’s expected equity needs well into 2016,” added Spencer. “Our confidence in the partnership’s ability to continue growing its well-positioned and integrated asset footprint and the increased distributions we will receive from our new units drove our decision to make this additional investment, which we believe will deliver long-term value to our shareholders.”
THIRD-QUARTER AND YEAR-TO-DATE 2015 FINANCIAL PERFORMANCE
Third-quarter 2015 results were impacted positively by higher NGL volumes and natural gas gathered volumes at ONEOK Partners (NYSE:OKS), compared with the third quarter 2014, but were impacted negatively by low commodity prices and unplanned operational outages in the natural gas gathering and processing segment.
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
(Millions of dollars) |
|||||||||||||||
Operating income |
$ |
284.9 |
$ |
291.4 |
$ |
754.1 |
$ |
836.8 |
|||||||
Operating costs |
$ |
164.2 |
$ |
172.4 |
$ |
508.6 |
$ |
493.6 |
|||||||
Depreciation and amortization |
$ |
88.3 |
$ |
74.6 |
$ |
261.2 |
$ |
214.1 |
|||||||
Equity in net earnings (loss) from investments |
$ |
32.2 |
$ |
(52.3) |
$ |
93.2 |
$ |
6.7 |
|||||||
Capital expenditures |
$ |
300.9 |
$ |
382.2 |
$ |
930.3 |
$ |
1,204.4 |
Third-quarter 2015 operating income reflects:
Operating costs decreased in the third quarter 2015, compared with the same period last year, due primarily to higher scheduled maintenance and chemicals costs in the prior year, offset partially by increased employee costs from the growth of ONEOK Partners’ operations related to its completed capital projects and acquisitions. Operating costs increased for the nine-month 2015 period, compared with the same period in 2014, due primarily to the growth of the partnership’s operations related to completed capital projects and acquisitions.
Depreciation and amortization increased for the three- and nine-month 2015 periods, compared with the same periods in 2014, due primarily to the growth of the partnership’s operations related to completed capital-growth projects and acquisitions.
Equity in net earnings from investments in the three- and nine-month 2015 periods increased, compared with the same periods in 2014, due primarily to a $76.4 million noncash impairment charge in the third quarter 2014, related to ONEOK Partners’ equity investment in Bighorn Gas Gathering, and higher volumes delivered to the Overland Pass Pipeline from the Bakken NGL Pipeline.
ONEOK’s future cash payments associated with the released natural gas transportation and storage capacity from the former energy services segment are expected to total approximately $26 million on an after-tax basis, which consists of approximately $4 million to be paid in the remainder of 2015; $11 million in 2016; $6 million in 2017; and $5 million over the period 2018 through 2023.
THIRD-QUARTER 2015 EARNINGS PRESENTATION AND KEY STATISTICS:
Additional financial and operating information that will be discussed on the third-quarter 2015 conference call is accessible on the ONEOK and ONEOK Partners websites, www.oneok.com and www.oneokpartners.com, or by selecting the links below.
ONEOK AND ONEOK PARTNERS HIGHLIGHTS:
ONEOK:
ONEOK Partners:
BUSINESS-SEGMENT RESULTS:
Key financial and operating statistics are listed in the tables.
Natural Gas Liquids Segment
The natural gas liquids segment benefited from volume growth of NGLs gathered and fractionated during the third quarter 2015 and through the first nine months of the year. NGLs transported on gathering lines increased approximately 49 percent for each period compared with 2014, primarily due to Permian Basin volumes transported on the acquired West Texas LPG pipeline system. Recently connected natural gas processing plants across ONEOK Partners’ system, including one new third-party plant connected in the third quarter, and decreased ethane rejection in the Rocky Mountain region also contributed to volume growth. NGLs fractionated increased 7 and 5 percent in the three- and nine-month periods in 2015, respectively, compared with the same periods in 2014.
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
(Millions of dollars) |
|||||||||||||||
Operating income |
$ |
207.5 |
$ |
173.8 |
$ |
549.6 |
$ |
509.5 |
|||||||
Operating costs |
$ |
74.5 |
$ |
77.0 |
$ |
234.1 |
$ |
218.2 |
|||||||
Depreciation and amortization |
$ |
39.3 |
$ |
31.7 |
$ |
118.1 |
$ |
89.8 |
|||||||
Equity in net earnings from investments |
$ |
10.9 |
$ |
4.4 |
$ |
27.6 |
$ |
13.6 |
The increase in third-quarter 2015 operating income, compared with the third quarter 2014, primarily reflects:
The increase in operating income for the nine-month 2015 period, compared with the same period last year, primarily reflects:
Operating costs decreased for the third quarter 2015, compared with the same period in 2014, due primarily to decreased outside services expense and miscellaneous supplies and expenses due primarily to scheduled maintenance in the prior year.
Operating costs increased in the nine-month 2015 period, compared with the same period in 2014, due primarily to the completion of capital-growth projects and acquisitions.
Depreciation and amortization expense increased for the three- and nine-month periods, compared with the same periods in 2014, due to depreciation associated with completed capital-growth projects, including acquisitions.
Equity in net earnings from investments increased in the three- and nine-month 2015 periods, compared with the same periods in 2014, due primarily to higher volumes delivered to the Overland Pass Pipeline from the Bakken NGL Pipeline.
Natural Gas Pipelines Segment
The natural gas pipelines segment experienced fairly normal operating conditions during the third quarter 2015. Variances in financial performance between the nine-month 2015 period and the same period in 2014 were primarily a reflection of significantly higher weather-related seasonal demand resulting in higher natural gas prices during the first quarter 2014.
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
(Millions of dollars) |
|||||||||||||||
Operating income |
$ |
37.7 |
$ |
36.2 |
$ |
106.9 |
$ |
128.7 |
|||||||
Operating costs |
$ |
26.7 |
$ |
28.0 |
$ |
79.1 |
$ |
82.8 |
|||||||
Depreciation and amortization |
$ |
10.9 |
$ |
10.9 |
$ |
32.5 |
$ |
32.6 |
|||||||
Equity in net earnings from investments |
$ |
17.0 |
$ |
14.4 |
$ |
52.1 |
$ |
53.7 |
Operating income increased for the third quarter 2015, compared with the same period in 2014, which primarily reflects:
The decrease in operating income for the nine-month 2015 period, compared with the same period in 2014, primarily reflects:
Operating costs decreased for the three- and nine-month 2015 periods, compared with the same periods in 2014, primarily as a result of lower costs for materials and supplies.
Equity in net earnings from investments increased for the three-month 2015 period, compared with the same period in 2014, due primarily to an increase in firm transportation on Northern Border Pipeline.
Equity in net earnings from investments decreased for the nine-month 2015 period, compared with the same period in 2014, due primarily to decreased natural gas park-and-loan services on Northern Border Pipeline, resulting from increased weather-related seasonal demand due to severely cold weather in the first quarter 2014, offset partially by an increase in firm transportation.
Natural Gas Gathering and Processing Segment
The natural gas gathering and processing segment’s third-quarter and year-to-date 2015 results benefited from additional natural gas compression projects completed in 2015 and natural gas processing plants completed in 2014. For the nine-month 2015 period, natural gas gathered volumes increased approximately 13 percent and natural gas processed volumes increased approximately 12 percent, compared with the same period in 2014. Third-quarter natural gas volumes gathered increased slightly and natural gas volumes processed decreased slightly due to unplanned operational outages in the Williston Basin, which have been resolved, and minor timing delays in well completions in the Mid-Continent region.
Through the first nine months of 2015, the segment successfully restructured many of its percent-of-proceeds contracts to largely fee-based contracts and continues to actively work with its producer customers to similarly restructure additional contracts. Due to successful contract restructuring, the segment’s third-quarter 2015 average fee rate increased nearly 20 percent, compared with the same period in 2014. The partnership expects the contract restructuring efforts in the Williston Basin to be substantially complete by the end of 2015 and to receive the benefit from improved margins in 2016. As a result, the segment’s fee-based margin is expected to increase to more than 70 percent in 2016, compared with approximately 50 percent in 2015.
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
(Millions of dollars) |
|||||||||||||||
Operating income |
$ |
42.3 |
$ |
82.9 |
$ |
99.9 |
$ |
208.9 |
|||||||
Operating costs |
$ |
61.2 |
$ |
64.3 |
$ |
193.9 |
$ |
188.5 |
|||||||
Depreciation and amortization |
$ |
37.3 |
$ |
31.3 |
$ |
109.0 |
$ |
89.6 |
|||||||
Equity in net earnings (loss) from investments |
$ |
4.4 |
$ |
(71.1) |
$ |
13.5 |
$ |
(60.5) |
Third-quarter 2015 operating income, compared with the third quarter 2014, primarily reflects:
Operating income for the nine-month 2015 period decreased, compared with the same period last year, which primarily reflects:
Operating costs decreased in the third quarter 2015 but increased overall through the first nine months of 2015, compared with the same periods in 2014. The decrease in the third quarter 2015 was due primarily to lower materials and supply costs due primarily to higher chemicals costs in the prior year. The increase in the nine-month 2015 period was due primarily to completed capital-growth projects.
Depreciation and amortization expense increased in the three- and nine-month 2015 periods, compared with the same periods in 2014, due primarily to completed capital-growth projects.
Equity in net earnings from investments increased for the three- and nine-month 2015 periods, compared with the same periods in 2014, due to a $76.4 million noncash impairment charge in the third quarter 2014 related to ONEOK Partners’ equity investment in the Bighorn Gas Gathering system in the Powder River Basin.
The following table contains equity-volume information for the periods indicated:
Three Months Ended |
Nine Months Ended |
||||||||||
September 30, |
September 30, |
||||||||||
Equity-Volume Information (a) |
2015 |
2014 |
2015 |
2014 |
|||||||
NGL sales (MBbl/d) |
24.9 |
16.0 |
21.0 |
16.6 |
|||||||
Condensate sales (MBbl/d) |
2.7 |
2.6 |
3.0 |
3.1 |
|||||||
Residue natural gas sales (BBtu/d) |
136.3 |
134.5 |
141.6 |
109.6 |
|||||||
(a) – Includes volumes for consolidated entities only. |
The natural gas gathering and processing segment is exposed to commodity price risk as a result of percent-of-proceeds contracts, where the segment receives a percentage of volumes processed, or equity volumes, in exchange for services. ONEOK Partners expects NGLs, natural gas and crude oil commodity price sensitivity in the gathering and processing segment to decrease in 2016 as additional contracts are restructured to include higher fee-based components.
The partnership executes hedges to mitigate its commodity price risk. The tables below provide hedging information as of October 2015 for equity volumes in the natural gas gathering and processing segment in the periods indicated. NGLs hedged reflect propane, normal butane, iso-butane and natural gasoline only. The ethane component of the natural gas gathering and processing segment’s equity NGL volume is not expected to significantly impact the results of operations.
2016 natural gas equity volumes are expected to be lower due to restructuring a significant portion of the segments’ percent-of-proceed contracts. As a result, natural gas volumes hedged were realigned to reflect lower natural gas equity volumes expected in 2016.
Three Months Ending December 31, 2015 |
|||||||||
Volumes |
Average Price |
Percentage |
|||||||
NGLs – excluding ethane (MBbl/d) – Conway/Mont Belvieu |
13.6 |
$ |
0.64 |
/ gallon |
84% |
||||
Condensate (MBbl/d) – WTI-NYMEX |
2.6 |
$ |
54.69 |
/ Bbl |
96% |
||||
Natural gas (BBtu/d) – NYMEX and basis |
122.8 |
$ |
3.64 |
/ MMBtu |
97% |
||||
Year Ending December 31, 2016 |
|||||||||
Volumes |
Average Price |
Percentage |
|||||||
NGLs – excluding ethane (MBbl/d) – Conway/Mont Belvieu |
4.9 |
$ |
0.54 |
/ gallon |
49% |
||||
Condensate (MBbl/d) – WTI-NYMEX |
1.5 |
$ |
62.65 |
/ Bbl |
48% |
||||
Natural gas (BBtu/d) – NYMEX and basis |
74.1 |
$ |
2.96 |
/ MMBtu |
83% |
All of the natural gas gathering and processing segment’s commodity price sensitivities are estimated as a hypothetical change in the price of natural gas, NGLs and crude oil as of Sept. 30, 2015, excluding the effects of hedging and assuming normal operating conditions. Condensate sales are based on the price of crude oil.
The natural gas gathering and processing segment estimates the following sensitivities for the three months ending Dec. 31, 2015:
The natural gas gathering and processing segment estimates the following sensitivities for the year ending Dec. 31, 2016:
These estimates do not include any effects on demand for ONEOK Partners’ services or natural gas processing plant operations that might be caused by, or arise in conjunction with, price changes. For example, a change in the gross processing spread may cause a change in the amount of ethane extracted from the natural gas stream affecting natural gas gathering and processing margins for certain contracts.
GROWTH ACTIVITIES:
The natural gas liquids segment completed the following projects in 2014 and 2015:
Completed Projects |
Location |
Capacity |
Approximate Costs (a) |
Completion Date |
(In millions) |
||||
Ethane/Propane Splitter |
Texas Gulf Coast |
40 MBbl/d |
$46 |
March 2014 |
Sterling III Pipeline and reconfigure Sterling I and II |
Mid-Continent Region |
193 MBbl/d |
$808 |
March 2014 |
Bakken NGL Pipeline expansion – Phase I |
Rocky Mountain Region |
75 MBbl/d |
$90 |
September 2014 |
Niobrara NGL Lateral |
Powder River Basin |
90 miles |
$65 |
September 2014 |
West Texas LPG pipeline system (b) |
Permian Basin |
2,600 miles |
$800 |
November 2014 |
MB-3 Fractionator |
Texas Gulf Coast |
75 MBbl/d |
$520-$540 |
December 2014 |
NGL Pipeline and Hutchinson Fractionator infrastructure |
Mid-Continent Region |
95 miles |
$115-$120 |
April 2015 |
(a) |
Excludes AFUDC. |
|||
(b) |
Acquisition. |
The partnership has announced approximately $190 million to $220 million of capital-growth projects in the natural gas liquids segment, which include the following:
Projects in Progress |
Location |
Capacity |
Approximate |
Expected Completion Date |
(In millions) |
||||
Bakken NGL Pipeline expansion – Phase II |
Rocky Mountain Region |
25 MBbl/d |
$100 |
Third quarter 2016 |
Bear Creek NGL infrastructure |
Williston Basin |
40 miles |
$35-$45 |
Third quarter 2016 |
Bronco NGL infrastructure |
Powder River Basin |
65 miles |
$45-$60 |
Suspended |
Demicks Lake NGL infrastructure |
Williston Basin |
12 miles |
$10-$15 |
Suspended |
(a) |
Excludes AFUDC. |
The partnership has announced approximately $520 million to $600 million of projects in the natural gas pipelines segment, which include the Roadrunner Gas Transmission pipeline system, a 50 percent-owned joint venture equity method investment project and the WesTex Transmission Pipeline expansion, a wholly owned project.
Projects in Progress |
Location |
Capacity |
Approximate |
Expected Completion Date |
(In millions) |
||||
WesTex Transmission Pipeline expansion |
Permian Basin |
260 MMcf/d |
$70-$100 |
First quarter 2017 |
Roadrunner Gas Transmission Pipeline – Phases I, II, III (b) |
Permian Basin |
640 MMcf/d |
$450-$500 |
Various |
-Phase I |
Permian Basin |
170 MMcf/d |
$200-$220 |
First quarter 2016 |
-Phase II |
Permian Basin |
400 MMcf/d |
$220-$240 |
First quarter 2017 |
-Phase III |
Permian Basin |
70 MMcf/d |
$30-$40 |
2019 |
(a) |
Excludes AFUDC. |
|||
(b) |
50-50 joint venture. Approximate costs represent total project costs. |
The natural gas gathering and processing segment completed the following projects in 2014:
Completed Projects |
Location |
Capacity |
Approximate |
Completion Date |
(In millions) |
||||
Rocky Mountain Region |
||||
Garden Creek II processing plant and infrastructure |
Williston Basin |
100 MMcf/d |
$310 |
August 2014 |
Garden Creek III processing plant and infrastructure |
Williston Basin |
100 MMcf/d |
$310 |
October 2014 |
Mid-Continent Region |
||||
Canadian Valley processing plant and infrastructure |
Cana-Woodford Shale |
200 MMcf/d |
$255 |
March 2014 |
(a) |
Excludes AFUDC. |
The partnership has announced approximately $1.8 billion to $2.6 billion of capital-growth projects in the natural gas gathering and processing segment, which include the following:
Projects in Progress |
Location |
Capacity |
Approximate |
Expected |
(In millions) |
||||
Rocky Mountain Region |
||||
Lonesome Creek processing plant and infrastructure |
Williston Basin |
200 MMcf/d |
$550-$680 |
November 2015 |
Sage Creek infrastructure |
Powder River Basin |
Various |
$35 |
Fourth quarter 2015 |
Natural gas compression |
Williston Basin |
100 MMcf/d |
$80-$90 |
Fourth quarter 2015 |
Stateline de-ethanizers |
Williston Basin |
26 MBbl/d |
$60-$80 |
Third quarter 2016 |
Bear Creek processing plant and infrastructure |
Williston Basin |
80 MMcf/d |
$230-$330 |
Third quarter 2016 |
Bronco processing plant and infrastructure |
Powder River Basin |
50 MMcf/d |
$130-$200 |
Suspended |
Demicks Lake processing plant and infrastructure |
Williston Basin |
200 MMcf/d |
$475-$670 |
Suspended |
Mid-Continent Region |
||||
Knox processing plant and infrastructure |
SCOOP |
200 MMcf/d |
$240-$470 |
Suspended |
(a) |
Excludes AFUDC. |
EARNINGS CONFERENCE CALL AND WEBCAST:
ONEOK and ONEOK Partners executive management will conduct a joint conference call at 11 a.m. Eastern Standard Time (10 a.m. Central Standard Time) on Wednesday, Nov. 4, 2015. The call also will be carried live on ONEOK’s and ONEOK Partners’ websites.
To participate in the telephone conference call, dial 888-505-4368, pass-code 1733240, or log on to www.oneok.com or www.oneokpartners.com.
If you are unable to participate in the conference call or the webcast, the replay will be available on ONEOK’s website, www.oneok.com, and ONEOK Partners’ website, www.oneokpartners.com, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 888-203-1112, pass-code 1733240.
LINKS TO EARNINGS TABLES AND PRESENTATION:
Tables:
http://www.oneok.com/~/media/ONEOK/EarningsTables/2015/OKE_Q3_2015_earnings8JkL9.ashx
Presentation:
http://www.oneok.com/~/media/ONEOK/EarningsTables/2015/OKE_OKS_Q3_2015_EarningsPresentationYnF05s4.ashx
NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURE:
ONEOK has disclosed in this news release cash flow available for dividends, free cash flow and dividend coverage ratio, which are non-GAAP financial metrics, used to measure the company’s financial performance and are defined as follows:
These non-GAAP financial measures described above are useful to investors because they are used by many companies in the industry as a measurement of financial performance and are commonly employed by financial analysts and others to evaluate our financial performance and to compare our financial performance with the performance of other companies within our industry. ONEOK cash flow available for dividends, free cash flow and dividend coverage ratio should not be considered in isolation or as a substitute for net income or any other measure of financial performance presented in accordance with GAAP.
These non-GAAP financial measures exclude some, but not all, items that affect net income. Additionally, these calculations may not be comparable with similarly titled measures of other companies. A reconciliation of cash flow available for dividends and free cash flow to net income is included in the tables.
ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is the general partner and as of Sept. 30, 2015, owns 41.2 percent of ONEOK Partners, L.P. (NYSE: OKS), one of the largest publicly traded master limited partnerships, which owns one of the nation’s premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent, Permian and Rocky Mountain regions with key market centers and is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. ONEOK is a FORTUNE 500 company and is included in Standard & Poor’s (S&P) 500 Stock Index.
For information about ONEOK, Inc., visit the website: www.oneok.com.
For the latest news about ONEOK, follow us on Twitter @ONEOKNews.
Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to our anticipated financial performance (including projected operating income, net income, capital expenditures, cash flow and projected levels of dividends and distributions), liquidity, management’s plans and objectives for our future growth projects and other future operations (including plans to construct additional natural gas and natural gas liquids pipelines and processing facilities and related cost estimates), our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities legislation and other applicable laws. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.
Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this Quarterly Report identified by words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “should,” “goal,” “forecast,” “guidance,” “could,” “may,” “continue,” “might,” “potential,” “scheduled” and other words and terms of similar meaning.
One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:
These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in Part 1, Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in our other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC’s website at www.sec.gov and our website at www.oneok.com. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
Analyst Contact: |
T.D. Eureste 918-588-7167 |
Media Contact: |
Stephanie Higgins 918-591-5026 |
SOURCE ONEOK, Inc.