ONEOK Partners Announces Higher Fourth-quarter and Full-year 2016 Financial Results

TULSA, Okla., Feb. 27, 2017

SUMMARY

• Full-year 2016 net income attributable to ONEOK Partners and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased 81 and 18 percent, respectively, compared with 2015;
• Full-year 2016 distribution coverage ratio was 1.09;
• The natural gas gathering and processing segment's average fee rate increased to 76 cents in 2016, compared with 44 cents in 2015; and
• Full-year 2016 natural gas volumes processed increased 12 percent and natural gas liquids (NGL) volumes fractionated increased 6 percent, compared with 2015.

FOURTH-QUARTER AND FULL-YEAR 2016 FINANCIAL HIGHLIGHTS

	Three Months Ended								Years Ended
	December 31,								December 31, ARIVA.DE Börsen-Geflüster Kurse Oneok 75,06 € -0,79% Oneok Partners -   0,00%
ONEOK Partners	2016				2015				2016				2015
	(Millions of dollars, except per unit and coverage ratio amounts)
Net income attributable to ONEOK Partners (a)	$	277.5			$	7.2			$	1,066.8			$	589.5
Net income (loss) per limited partner unit (a)	$	0.60			$	(0.33)			$	2.25			$	0.73
Adjusted EBITDA (b)	$	470.5			$	450.2			$	1,840.3			$	1,565.5
DCF (b)	$	339.5			$	339.8			$	1,412.9			$	1,136.7
Cash distribution coverage ratio (b)	1.03				1.03				1.09				0.86

"ONEOK Partners reported strong 2016 financial performance as adjusted EBITDA increased nearly 18 percent compared with 2015, driven by higher fee-based earnings in all three business segments," said Terry K. Spencer, president and chief executive officer of ONEOK and ONEOK Partners. "The partnership's full-year distribution coverage of 1.09 times improved substantially compared with 2015.

"The natural gas gathering and processing segment's 2016 adjusted EBITDA increased 40 percent compared with 2015, driven by higher average fee rates from contract restructuring efforts primarily completed in 2015 and benefiting 2016 earnings," Spencer continued. "The natural gas liquids and natural gas pipelines segments also reported higher full-year 2016 results, largely from increased fee-based exchange and transportation services, respectively. Higher natural gas volumes processed and higher natural gas liquids (NGL) volumes fractioned also helped increase full-year 2016 earnings.

"We experienced lower than expected natural gas and NGL volumes in the fourth quarter, due primarily to increased ethane rejection and severe winter weather in the Williston Basin and Mid-Continent in December, impacting 2016 results by an estimated $15 million," he continued. "However, despite weather impacts, natural gas volumes processed continued to increase in the fourth quarter, compared with the third quarter 2016. While heavy snowfall and severe weather in the Williston Basin impacted our operations early in the first quarter of 2017, February volumes have rebounded significantly.

"The recently announced transaction with ONEOK, which we expect to close in the second quarter of 2017, positions our businesses for continued growth," Spencer added. "As a company with access to a more liquid equity market, ONEOK will be better able to fund its future capital needs over the long term as we continue expanding our footprint in the active basins we serve and continue growing as one of North America's largest midstream service providers."

FOURTH-QUARTER AND FULL-YEAR 2016 FINANCIAL PERFORMANCE

ONEOK Partners' integrated asset footprint across multiple NGL-rich shale plays continues to drive growth across all three business segments. Producer activity continued to increase during the fourth quarter 2016, specifically in the STACK and SCOOP plays in Oklahoma and in the Williston and Permian basins, where ONEOK Partners has a strong natural gas and NGL asset position.

Fourth-quarter and full-year 2016 operating income increased 39 and 32 percent, respectively, compared with the same periods in 2015, benefiting from higher NGL and natural gas volumes from completed capital-growth projects, new natural gas processing plant connections to the partnership's natural gas liquids system and higher average fee rates in the natural gas gathering and processing segment.

All three business segments reported higher full-year 2016 adjusted EBITDA, compared with 2015, primarily from increased fee-based services across the partnership's footprint.

	Three Months Ended								Years Ended
	December 31,								December 31,
ONEOK Partners	2016				2015				2016				2015
	(Millions of dollars)
Operating income	$	335.9			$	241.9			$	1,316.1			$	998.1
Operating costs	$	198.1			$	185.3			$	727.6			$	692.1
Depreciation and amortization	$	98.5			$	92.6			$ Werbung Mehr Nachrichten zur Oneok Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 03:37 - PR Newswire Tellworth Investments LLP - Form 8.3 - Gresham Technologies Plc 02:00 - PR Newswire International Business Machines Corp - Doc re Form 8-K 02:00 - PR Newswire Kasei Digital Assets Plc - Launch of New Interactive Investor Hub SolarBank    Wie die Revolution der sauberen Energie eine solide Investitionsmöglichkeit bieten könnte weiterlesen» Anzeige wo-site-teaser-box-16755_site-teaser-box_2024-04-25_09%253A00%253A00_2024-04-26_09%253A00%253A59