ONEOK Partners Guides 2011 Net Income $525-575M (OKS)

ONEOK OKE today released its 2011 earnings guidance and reaffirmed its 2010 earnings guidance. ONEOK's 2011 net income is expected to be in the range of $325 million to $360 million, reflecting higher anticipated earnings in the ONEOK Partners segment, offset partially by lower expected earnings in the energy services segment, compared with 2010. "We are continuing to benefit from our previous investments of more than $2 billion in our ONEOK Partners segment," said John W. Gibson, president and chief executive officer of ONEOK. "In addition, the partnership announced plans in 2010 to invest approximately $1.5 billion to $1.8 billion over the next three years in additional growth projects in the Bakken Shale, Cana-Woodford Shale and the Granite Wash plays that will further strengthen our position as an attractive investment for shareholders." 2011 earnings guidance reflects increased operating income in the ONEOK Partners segment due to an anticipated increase in natural gas liquids gathered and transported and natural gas volumes processed; lower expected earnings in the energy services segment due to expected narrower transportation differentials, lower seasonal natural gas storage differentials and reduced market volatility; and relatively unchanged operating income in the distribution segment. The midpoint for ONEOK's 2011 net income guidance is $343 million. The midpoint for ONEOK's 2011 operating income guidance is $977 million. Additional information is available in Exhibit A in the guidance tables on the ONEOK website. The 2011 earnings guidance is consistent with the company's previous 2011-2013 average annual net income growth estimates of 8 to 10 percent over the three-year time period, announced in October 2010. 2011 earnings guidance for ONEOK includes dividend increases of 4 cents per share semiannually in 2011, subject to ONEOK board approval. This dividend increase is consistent with the company's expected 50 to 60 percent dividend increase between 2011 and 2013. ONEOK's 2011 earnings guidance also includes a 1 cent per quarter increase in unitholder distributions from ONEOK Partners, subject to ONEOK Partners board approval. ONEOK also announced that its 2010 net income is expected to be at the high end of the earnings guidance range of $320 million to $335 million provided on Sept. 30, 2010.