ONEOK, Inc. (NYSE: OKE) is a diversified energy company and is the general partner and 47.7 percent owner of ONEOK Partners (NYSE: OKS), one of the country's largest publicly traded limited partnerships. ONEOK Partners is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting much of the natural gas and NGL supply in the Mid-Continent with key market centers.
A Fortune 500 company, ONEOK is also among the largest natural gas distributors in the United States, serving more than 2 million customers in Oklahoma, Kansas and Texas. Its energy services operation focuses primarily on marketing natural gas and related services throughout the U.S.
Net income for 2007 was $304.9 million, or $2.79 per diluted share of common stock, compared with $306.3 million, or $2.68 per diluted share of common stock, a year earlier. Excluding the gains on sale of assets, operating income for the year was $820.6 million compared with $745.7 million in 2006.
The company's strategy is to increase shareholder value by:
- Maximizing the earnings potential of existing assets;
Acquiring assets that complement our existing asset base; and
Growing operations into new market areas.
The company represents an opportunity for great value through its successful diversification strategy. It has a solid performance record. Dividends have continued to grow. Earnings have been sustainable and the balance sheet is strong with positive cash flow.
Founded in 1906, the company grew from a traditional local gas utility to meet the challenge of deregulation in the natural gas industry by broadening and expanding its operations. The company continues to pursue opportunities for growth and expansion as it moves into its second century. |
