ONEOK Partners Increases Quarterly Distribution
TULSA, Okla., Jan. 17, 2013
TULSA, Okla., Jan. 17, 2013 /PRNewswire/ -- The board of directors of the
general partner of ONEOK Partners, L.P. (NYSE: OKS) today increased the
partnership's quarterly cash distribution 2.5 cents to 71 cents per unit from
68.5 cents per unit, effective for the fourth quarter 2012, resulting in an
annualized cash distribution of $2.84 per unit. The distribution is payable
Feb. 14, 2013, to unitholders of record as of Jan. 31, 2013.
"This distribution increase is consistent with our strategy of delivering
value to our unitholders and is a result of completed growth projects from our
ongoing capital-investment program that continue to generate higher earnings
and distributable cash flow," said John W. Gibson, chairman and chief
executive officer of ONEOK Partners.
In September 2012, ONEOK Partners indicated that it expects to increase its
distribution by 2.5 cents per unit per quarter for the remainder of 2012 and 2
cents per unit per quarter in 2013, and achieve an average annual distribution
increase of 10 to 15 percent between 2012 and 2015 while maintaining a minimum
annual coverage ratio of 1.05 times, subject to approval by the board of
directors of the general partner.
ONEOK Partners has increased its distribution by approximately 78 percent
since April 2006, when a wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE)
became the sole general partner.
ONEOK Partners, L.P. (pronounced ONE-OAK) (NYSE: OKS) is one of the largest
publicly traded master limited partnerships, and 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 NGL
supply in the Mid-Continent and Rocky Mountain regions with key market
centers. Its general partner is a wholly owned subsidiary of ONEOK, Inc.
(NYSE: OKE), a diversified energy company, which owns 43.4 percent of the
overall partnership interest. ONEOK is one of the largest natural gas
distributors in the United States, and its energy services operation focuses
primarily on marketing natural gas and related services throughout the U.S.
For more information, visit the website at www.oneokpartners.com.
For the latest news about ONEOK Partners, follow us on Twitter @ONEOKPartners.
Some of the statements contained and incorporated in this news release are
forward-looking statements within the meaning of Section 27A of the Securities
Act, as amended, and Section 21E of the Exchange Act, as amended. The
forward-looking statements relate to our anticipated financial performance
(including projected levels of distributions), liquidity, management's plans
and objectives for our growth projects and other future operations (including
plans to construct additional natural gas and natural gas liquids pipelines
and processing facilities), 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 the Private Securities Litigation Reform Act of 1995.
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 news
release 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.
You 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. These and other risks are described in greater detail in
Item 1A, Risk Factors, in our Annual Report on Form 10-K. All forward-looking
statements attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these factors. 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.
This news release serves as qualified notice to nominees as provided for under
Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that ONEOK
Partners, L.P.'s quarterly cash distributions are treated as partnership
distributions for federal income tax purposes and that 100 percent of these
distributions to foreign investors are attributable to income that is
effectively connected with a United States trade or business. Accordingly, all
of ONEOK Partners, L.P.'s distributions to foreign investors are subject to
federal income tax withholding at the highest effective tax rate for
individuals or corporations, as applicable. Nominees, and not ONEOK Partners,
L.P., are treated as withholding agents responsible for withholding on the
distributions received by them on behalf of foreign investors.
Analyst Contact: T.D. Eureste
Media Contact: Brad Borror
SOURCE ONEOK Partners, L.P.
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