) reported second-quarter 2013 earnings per share of 34 cents,
surpassing the Zacks Consensus Estimate by 7 cents and year-ago
figure by 5 cents.
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The improvement in earnings was primarily driven by increase in
natural gas volumes gathered and processed and natural gas
liquids (NGL) volumes gathered as a result of the completion of
several projects at the company's
ONEOK Partners L.P.
) segment, and advantage of colder-than-normal weather in the
Natural Gas Distribution
segment. These positives were partially offset by weak
performance at the
On a GAAP basis, ONEOK Inc. reported zero cents per share in
second quarter compared with earnings of 29 cents per share a
year ago. The difference between GAAP and pro forma earnings was
due to a non-cash after-tax charge of 34 cents at the energy
ONEOK Inc. reported revenues of $3.3 billion, up $0.2 billion
from the Zacks Consensus Estimate. Quarterly revenues also
increased 32.4% year over year.
ONEOK Inc.'s total operating expenses increased 3.1% year over
year to $325.5 million due to a rise in depreciation expenses and
Operating income was $128.2 million, down 45.2% year over year.
Increase in revenues was more than offset by higher total
operating expenses. In the reported quarter, operating margin was
3.8% compared with 9.3% a year-ago.
ONEOK Inc., on a stand-alone basis, ended the quarter with $405
million of commercial paper outstanding, $1.9 million in letters
of credit and $793.1 million available under the $1.2 billion
Cash and cash equivalents as of Jun 30, 2013 were $33.7 million
compared with $583.6 million as of Dec 31, 2012.
As of Jun 30, 2013, long-term debt was $6,511.4 million versus
$6,515.4 million as of Dec 31, 2012.
Cash provided by operating activities during the first six months
of 2013 was $788.3 million, higher than $652.6 million in the
year-ago comparable period.
During the first six months of 2013, ONEOK Inc. spent $1.1
billion under its capital investment plan. A 35.8% rise in
capital expenditure was primarily due to investment in several
projects at the company's ONEOK Partners segment.
ONEOK Inc. provided its full-year 2013 net income guidance in the
range of $235 million to $285 million.
In Jun 2013, the company announced its plan to terminate
operations of its energy services segment. Prolonged weak market
conditions with no hope of improvement in the near term and
narrowed seasonal as well as location natural gas price
differentials have led to the termination of this segment.
ONEOK Inc. intends to invest $2.7 billion under its full-year
2013 capital spending program and plans to allocate a major chunk
for its ONEOK Partners segment.
Other Company Releases
) is slated to release its second quarter earnings on Aug 6. The
Zacks Consensus Estimate is at 1.36.
Chesapeake Utilities Corporation
) is slated to release its second quarter earnings on Aug 9. The
Zacks Consensus Estimate is at 57 cents.
South Jersey Industries Inc.
) is slated to release its second quarter earnings on Aug 8. The
Zacks Consensus Estimate is at 41 cents.
Tulsa, Okla.-based ONEOK Inc. is a diversified energy company,
operating as a natural gas distributor primarily in the United
States. The company currently has a Zacks Rank #3 (Hold).