TULSA, Okla., Feb. 26, 2018 /PRNewswire/ -- ONEOK, Inc.
(NYSE: OKE) today announced higher fourth-quarter and full-year
2017 operating income and adjusted earnings before interest, taxes,
depreciation and amortization (adjusted EBITDA), compared with the
same periods in 2016. Results primarily benefited from natural gas
and natural gas liquids (NGL) volume growth in the Williston and
Permian basins and STACK and SCOOP areas, and higher average fee
rates in the natural gas gathering and processing segment.
SUMMARY
- Fourth-quarter 2017 operating income and adjusted EBITDA
increased 21 and 16 percent, respectively, compared with the fourth
quarter 2016;
- Full-year 2017 operating income and adjusted EBITDA each
increased 7 percent compared with 2016;
- Fourth-quarter 2017 net income attributable to ONEOK totaled
$63.0 million, or 16 cents per diluted share, which includes
one-time noncash charges of $141.3
million, or 36 cents per
diluted share, related to the Tax Cuts and Jobs Act;
- Fourth-quarter and full-year 2017 dividend coverage ratios were
1.28 and 1.34, respectively;
- The natural gas gathering and processing segment's average fee
rate was 86 cents per Million British
thermal units (MMBtu) for the full-year 2017, compared with
76 cents per MMBtu in 2016;
and
- Fourth-quarter 2017 natural gas volumes processed increased 20
percent and NGL volumes gathered increased 17 percent, compared
with 2016.
FOURTH-QUARTER AND FULL-YEAR 2017 FINANCIAL
HIGHLIGHTS
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Millions of
dollars, except per share and coverage
ratio amounts)
|
Net income
attributable to ONEOK (a)
|
$
|
63.0
|
|
|
$
|
90.5
|
|
|
$
|
387.8
|
|
|
$
|
352.0
|
|
Net income per
diluted share (a)
|
$
|
0.16
|
|
|
$
|
0.43
|
|
|
$
|
1.29
|
|
|
$
|
1.66
|
|
Adjusted EBITDA
(b)
|
$
|
547.7
|
|
|
$
|
474.1
|
|
|
$
|
1,986.9
|
|
|
$
|
1,849.9
|
|
DCF (b)
|
$
|
366.0
|
|
|
$
|
318.3
|
|
|
$
|
1,384.7
|
|
|
$
|
1,322.3
|
|
Dividend coverage
ratio (b)
|
|
1.28
|
|
|
|
1.41
|
|
|
|
1.34
|
|
|
|
1.51
|
|
Operating
income
|
$
|
397.8
|
|
|
$
|
329.6
|
|
|
$
|
1,380.9
|
|
|
$
|
1,285.7
|
|
Operating
costs
|
$
|
216.8
|
|
|
$
|
204.1
|
|
|
$
|
833.6
|
|
|
$
|
757.1
|
|
Depreciation and
amortization
|
$
|
103.8
|
|
|
$
|
99.3
|
|
|
$
|
406.3
|
|
|
$
|
391.6
|
|
Equity in net
earnings from investments
|
$
|
40.3
|
|
|
$
|
39.2
|
|
|
$
|
159.3
|
|
|
$
|
139.7
|
|
Capital
expenditures
|
$
|
182.0
|
|
|
$
|
133.1
|
|
|
$
|
512.4
|
|
|
$
|
624.6
|
|
|
(a) Three-month and
full-year periods ending Dec. 31, 2017, include one-time noncash
charges of $141.3 million, or 36 cents per diluted share and 47
cents per diluted share, respectively, related to the enactment of
the Tax Cuts and Jobs Act. The full-year ending Dec. 31, 2017, also
includes noncash impairment charges of approximately $20.2 million,
or 4 cents per diluted share, and approximately $50 million, or 10
cents per diluted share, in one-time and ONEOK and ONEOK Partners
merger transaction-related costs.
(b) Adjusted EBITDA;
distributable cash flow (DCF); and dividend coverage ratio are
non-GAAP measures. Full-year 2017 amounts include
transaction-related pretax cash costs of approximately $30 million,
or 0.04 times dividend coverage, associated with the ONEOK and
ONEOK Partners merger transaction. Reconciliations to relevant GAAP
measures are included in this news release.
|
"Producer activity and production results increased across
ONEOK's operating footprint in 2017, driving volume growth and
adjusted EBITDA increases compared with 2016," said Terry K. Spencer, ONEOK president and chief
executive officer. "We continue to see production growth, largely
driven by improved producer drilling economics and higher rig
efficiencies.
"ONEOK is investing in our systems to grow with our customers
and address their needs for additional capacity," Spencer added.
"We've announced approximately $4.2
billion of organic capital-growth projects with attractive
returns since June 2017 that will be
highly accretive, complement our existing assets and provide
essential services in high-producing regions."
FOURTH-QUARTER AND FULL-YEAR 2017 FINANCIAL
PERFORMANCE
ONEOK's operating income increased 21 percent in the fourth
quarter 2017 and 7 percent for the full-year 2017, compared with
the same periods in 2016. Adjusted EBITDA increased 16 percent in
the fourth quarter 2017 and 7 percent for the full-year 2017,
compared with the same periods in 2016. Higher 2017 results were
driven primarily by natural gas and natural gas liquids volume
growth in ONEOK's natural gas gathering and processing and natural
gas liquids segments, offset partially by higher operating costs
associated with the growth of ONEOK's operations and routine
maintenance projects.
EARNINGS PRESENTATION AND KEY STATISTICS:
Additional financial and operating information that will be
discussed on the fourth-quarter and year-end 2017 conference call
is accessible on ONEOK's website, www.oneok.com, or from the links
below.
> View earnings presentation
> View earnings tables
FINANCIAL HIGHLIGHTS:
- Paying in February 2018 a
quarterly dividend of 77 cents per
share, or $3.08 per share on an
annualized basis, an increase of 25 percent compared with the same
period in 2017;
- Completing equity issuances through ONEOK's "at-the-market"
equity program in the fourth quarter 2017 generating net proceeds
of $384 million and completing a
public common stock offering in January
2018 resulting in total combined net proceeds of
approximately $1.6 billion, which
were used to fund recently announced capital-growth projects and
repay outstanding indebtedness. ONEOK does not expect to issue
additional equity in 2018 and well into 2019;
- Repaying in January 2018 the
remaining $500 million of the
$1.0 billion term loan agreement due
2019 and short-term borrowings; and
- Having $2.5 billion of borrowing
capacity available under its $2.5
billion credit agreement following the January 2018 equity offering.
CAPITAL-GROWTH ACTIVITIES:
Since June 2017, ONEOK has
announced approximately $4.2 billion
of organic capital-growth projects to support increasing production
across ONEOK's operating footprint. These projects are expected to
generate adjusted EBITDA multiples of four to six times and are
backed by a combination of long-term fee-based contracts, volume
commitments or acreage dedications.
Based on recent project announcements, ONEOK's 2018
capital-growth expenditures are now expected to range from
$1,950 million to $2,300 million, compared with the previously
announced range of $1,270 million to
$1,530 million. Maintenance capital
expenditures of $140 million to
$180 million are expected to remain
unchanged from ONEOK's original 2018 financial guidance announced
on Jan. 22, 2018.
Since June 2017, the natural gas
liquids segment has announced more than $3.6
billion of capital-growth projects, which include the
following:
Project
|
Scope
|
Approximate
Cost (Millions of dollars)
|
Expected
Completion
|
West Texas LPG
Pipeline expansion
|
120-mile pipeline
lateral extension with 110,000 barrels
per day (bpd) of capacity in the Delaware Basin
|
$160
|
Third quarter
2018
|
Sterling III
expansion
|
60,000 bpd pipeline
extension from the Mid-Continent to
the Gulf Coast which increases capacity to 250,000 bpd
|
$130
|
Fourth quarter
2018
|
Elk Creek
Pipeline
project
|
900-mile pipeline
from the Williston Basin to the Mid-
Continent with initial capacity up to 240,000 bpd
|
$1,400
|
Year-end
2019
|
Arbuckle II
Pipeline
|
530-mile pipeline
from the Mid-Continent to the Gulf
Coast with initial capacity of 400,000 bpd
|
$1,360
|
First quarter
2020
|
MB-4
fractionator
|
125,000 bpd
fractionator and related infrastructure in Mont
Belvieu, Texas
|
$575
|
First quarter
2020
|
Since June 2017, the natural gas
gathering and processing segment has announced approximately
$560 million of capital-growth
projects, which include the following:
Project
|
Scope
|
Approximate
Cost (Millions of
dollars)
|
Expected
Completion
|
Canadian Valley
expansion
|
200 million cubic
feet per day (MMcf/d) processing
plant expansion in the STACK which increases capacity
to 400 MMcf/d
|
$160
|
Fourth quarter
2018
|
Demicks Lake
plant
and infrastructure
|
200 MMcf/d processing
plant and related infrastructure
in the core of the Williston Basin
|
$400
|
Fourth quarter
2019
|
In December 2017, the segment
completed a 30-mile natural gas gathering pipeline and related
infrastructure to connect with an existing third-party natural gas
processing plant in Oklahoma,
providing ONEOK access to 200 MMcf/d of additional processing
capacity.
BUSINESS-SEGMENT RESULTS:
Key financial and operating statistics are listed in the
tables.
Natural Gas Liquids Segment
The natural gas liquids segment's fourth-quarter and full-year
2017 adjusted EBITDA increased 22 and 7 percent, respectively,
compared with the same periods in 2016. Volume growth across
ONEOK's system from increased supply and increased ethane recovery
contributed to higher NGL volumes gathered during the fourth
quarter and full year 2017, compared with 2016. Fourth-quarter and
full-year 2017 NGLs fractionated increased 18 percent and 6 percent
respectively, compared with the same periods in 2016.
As total NGL production increased in 2017, ethane rejection
levels on ONEOK's system decreased to an average of more than
150,000 bpd in 2017, compared with approximately 175,000 bpd in
2016. ONEOK expects ethane rejection levels on its system to
decrease to approximately 70,000 bpd by the end of 2018 as
world-scale petrochemical facilities come online and NGL exporters
increase volumes.
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
December
31,
|
Natural Gas
Liquids Segment
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Millions of
dollars)
|
Adjusted
EBITDA
|
$
|
309.4
|
|
|
$
|
253.6
|
|
|
$
|
1,154.9
|
|
|
$
|
1,079.6
|
|
Capital
expenditures
|
$
|
54.5
|
|
|
$
|
20.4
|
|
|
$
|
114.3
|
|
|
$
|
105.9
|
|
The increase in fourth-quarter 2017 adjusted EBITDA, compared
with the fourth quarter 2016, primarily reflects:
- A $51.7 million increase in
exchange services due to increased supply in the STACK and SCOOP
areas and the Williston Basin from recently connected natural gas
processing plants, increased ethane recovery in the STACK and SCOOP
areas, and the impact of weather in December
2016, offset partially by lower volumes in the Granite Wash
and Barnett Shale; and
- An $11.7 million increase in
optimization and marketing due primarily to higher optimization
volumes and wider location price differentials, offset partially by
narrower product price differentials; offset partially by
- A $12.6 million increase in
operating costs due primarily to the timing of routine maintenance
projects and higher labor and employee-related costs.
The increase in adjusted EBITDA for the full year 2017, compared
with 2016, primarily reflects:
- An $81.5 million increase in
exchange services due primarily to increased supply and ethane
recovery volumes in the Williston Basin, the STACK and SCOOP areas
and the Powder River Basin; offset partially by lower volumes in
the Granite Wash and Barnett Shale, and reduced volumes related to
Hurricane Harvey;
- A $13.5 million increase in
optimization and marketing due primarily to higher optimization
volumes and wider location price differentials; and
- A $5.4 million increase in equity
in net earnings from investments due primarily to higher volumes
delivered to the Overland Pass Pipeline from the Bakken NGL
Pipeline and higher volumes and increased ethane recovery from
plants connected to the Overland Pass Pipeline; offset partially
by
- A $32.2 million increase in
operating costs due primarily to the timing of routine maintenance
projects, higher property taxes, higher labor and employee-related
costs and additional operating costs related to Hurricane
Harvey.
Natural Gas Gathering and Processing Segment
The natural gas gathering and processing segment's
fourth-quarter and full-year 2017 adjusted EBITDA increased 14 and
16 percent, respectively, compared with the same periods in
2016.
Volume growth due to increased drilling activity, enhanced
producer efficiencies and the completion of growth projects
contributed to increases in natural gas volumes processed of 20
percent and 9 percent in the fourth quarter and full year 2017,
respectively, compared with the same periods in 2016. Volume growth
for the full year 2017 was offset partially by natural production
declines on existing wells and the impact of severe winter weather
in the first quarter 2017.
This segment also continues to benefit from higher fee-based
earnings, with an average fee rate of 86
cents per MMBtu in 2017, compared with 76 cents per MMBtu in 2016, a 13 percent
increase.
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
December
31,
|
Natural Gas
Gathering and Processing Segment
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Millions of
dollars)
|
Adjusted
EBITDA
|
$
|
144.3
|
|
|
$
|
126.6
|
|
|
$
|
518.5
|
|
|
$
|
446.8
|
|
Capital
expenditures
|
$
|
98.5
|
|
|
$
|
84.7
|
|
|
$
|
284.2
|
|
|
$
|
410.5
|
|
Fourth-quarter 2017 adjusted EBITDA increased, compared with the
fourth quarter 2016, which primarily reflects:
- A $37.8 million increase due
primarily to natural gas volume growth in the Williston Basin and
the STACK and SCOOP areas, offset partially by natural production
declines; offset partially by
- An $8.0 million decrease due to
contract settlements in 2016;
- A $7.2 million increase in
operating costs due primarily to higher materials and supplies
expenses, and increased employee-related costs; and
- A $4.4 million decrease due
primarily to lower realized natural gas and condensate prices.
The increase in adjusted EBITDA for the full year 2017, compared
with 2016, primarily reflects:
- A $66.0 million increase due
primarily to natural gas volume growth in the Williston Basin and
the STACK and SCOOP areas, offset partially by natural production
declines and the impact of severe winter weather in the first
quarter 2017; and
- A $44.0 million increase due
primarily to restructured contracts resulting in higher average fee
rates, offset partially by a lower percentage of proceeds (POP)
retained from the sale of commodities purchased under POP with fee
contracts; offset partially by
- A $23.9 million increase in
operating costs due primarily to increased labor and
employee-related costs and the growth of ONEOK's operations;
- An $11.9 million decrease due
primarily to lower realized natural gas and condensate prices;
and
- An $8.0 million decrease due to
contract settlements in 2016.
Natural Gas Pipelines Segment
The natural gas pipelines segment's full-year 2017 adjusted
EBITDA increased 9 percent, compared with the same period in 2016.
Higher fee-based earnings and increased transportation capacity
contracted, primarily from the 2016 completion of the WesTex
pipeline expansion, contributed to the segment's results.
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
December
31,
|
Natural Gas
Pipelines Segment
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Millions of
dollars)
|
Adjusted
EBITDA
|
$
|
88.7
|
|
|
$
|
89.9
|
|
|
$
|
339.8
|
|
|
$
|
313.1
|
|
Capital
expenditures
|
$
|
24.9
|
|
|
$
|
24.6
|
|
|
$
|
95.6
|
|
|
$
|
96.3
|
|
Fourth-quarter 2017 adjusted EBITDA was relatively unchanged,
compared with the fourth quarter 2016, which primarily reflects
increased operating costs due to routine maintenance projects and
higher employee-related costs, and lower net retained fuel; offset
by higher transportation services and storage revenues.
The increase in adjusted EBITDA for the full year 2017, compared
with 2016, primarily reflects:
- A $26.9 million increase from
higher transportation services due primarily to increased firm
demand charge capacity contracted; and
- A $12.9 million increase in
equity in net earnings from investments due primarily to higher
firm transportation revenues on Roadrunner Gas Transmission
Pipeline; offset partially by
- A $10.6 million increase in
operating costs due primarily to routine maintenance projects and
higher labor and employee-related costs; and
- A $6.3 million decrease due
primarily to gains on sales of excess natural gas in storage in
2016.
EARNINGS CONFERENCE CALL AND WEBCAST:
ONEOK executive management will conduct a conference call at
11 a.m. Eastern Standard Time
(10 a.m. Central Standard Time) on
Feb. 27, 2018. The call also will be
carried live on ONEOK's website.
To participate in the telephone conference call, dial
866-531-8880, pass code 1603660, or log on to www.oneok.com.
If you are unable to participate in the conference call or the
webcast, the replay will be available on ONEOK's website,
www.oneok.com, for 30 days. A recording will be available by
phone for seven days. The playback call may be accessed at
888-203-1112, pass code 1603660.
LINKS TO EARNINGS TABLES AND PRESENTATION:
Tables:
http://ir.oneok.com/~/media/Files/O/OneOK-IR/financial-reports/2018/q4-2017-earnings-results-financial-news.pdf
Presentation:
http://ir.oneok.com/~/media/Files/O/OneOK-IR/financial-reports/2018/q4-2017-earnings-results-presentation.pdf
NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL
MEASURES:
ONEOK has disclosed in this news release adjusted EBITDA,
distributable cash flow and dividend coverage ratio, which are
non-GAAP financial metrics, used to measure the company's financial
performance and are defined as follows:
- Adjusted EBITDA is defined as net income from continuing
operations adjusted for interest expense, depreciation and
amortization, noncash impairment charges, income taxes, noncash
compensation expense, allowance for equity funds used during
construction (equity AFUDC), and other noncash items;
- Distributable cash flow is defined as adjusted EBITDA, computed
as described above, less interest expense, maintenance capital
expenditures and equity earnings from investments, excluding
noncash impairment charges, adjusted for cash distributions
received from unconsolidated affiliates and certain other items;
and
- Dividend coverage ratio is defined as ONEOK's distributable
cash flow to ONEOK shareholders divided by the dividends paid for
the period.
These non-GAAP financial measures described above are useful to
investors because they, and similar measures, are used by many
companies in the industry as a measure of financial performance and
are commonly employed by financial analysts and others to evaluate
our financial performance and to compare our financial performance
with the performance of other companies within our industry.
Adjusted EBITDA, ONEOK distributable cash flow and coverage ratio
should not be considered in isolation or as a substitute for net
income or any other measure of financial performance presented in
accordance with GAAP.
These non-GAAP financial measures exclude some, but not all,
items that affect net income. Additionally, these
calculations may not be comparable with similarly titled measures
of other companies. Reconciliations of net income to adjusted
EBITDA, distributable cash flow and coverage ratio are included in
the tables.
ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is one of the
largest energy midstream service providers in the U.S., connecting
prolific supply basins with key market centers. It owns and
operates one of the nation's premier natural gas liquids (NGL)
systems and is a leader in the gathering, processing, storage and
transportation of natural gas. ONEOK's operations include a
38,000-mile integrated network of NGL and natural gas pipelines,
processing plants, fractionators and storage facilities in the
Mid-Continent, Williston, Permian and Rocky Mountain regions.
ONEOK is a FORTUNE 500 company and is included in Standard &
Poor's (S&P) 500 index.
For information about ONEOK, visit the website:
www.oneok.com.
For the latest news about ONEOK, find us on LinkedIn, Facebook
or Twitter @ONEOKNews.
This news release contains certain "forward-looking statements"
within the meaning of federal securities laws. Words such as
"anticipates", "believes," "expects", "intends", "plans",
"projects", "will", "would", "should", "may", and similar
expressions may be used to identify forward-looking statements.
Forward-looking statements are not statements of historical fact
and reflect our current views about future events. Such
forward-looking statements include, but are not limited to,
statements about the benefits of the transaction involving us,
including future financial and operating results, our plans,
objectives, expectations and intentions, and other statements that
are not historical facts, including future results of operations,
projected cash flow and liquidity, business strategy, expected
synergies or cost savings, and other plans and objectives for
future operations. No assurances can be given that the
forward-looking statements contained in this news release will
occur as projected and actual results may differ materially from
those projected.
Forward-looking statements are based on current expectations,
estimates and assumptions that involve a number of risks and
uncertainties, many of which are beyond our control, and are not
guarantees of future results. Accordingly, there are or will
be important factors that could cause actual results to differ
materially from those indicated in such statements and, therefore,
you should not place undue reliance on any such statements and
caution must be exercised in relying on forward-looking
statements. These risks and uncertainties include, without
limitation, the following:
- the risk that cost savings, tax benefits and any other
synergies from the ONEOK and ONEOK Partners merger transaction may
not be fully realized or may take longer to realize than
expected
- the effects of weather and other natural phenomena, including
climate change, on our operations, demand for our services and
energy prices;
- competition from other United
States and foreign energy suppliers and transporters, as
well as alternative forms of energy, including, but not limited to,
solar power, wind power, geothermal energy and biofuels such as
ethanol and biodiesel;
- the capital intensive nature of our businesses;
- the profitability of assets or businesses acquired or
constructed by us;
- our ability to make cost-saving changes in operations;
- risks of marketing, trading and hedging activities, including
the risks of changes in energy prices or the financial condition of
our counterparties;
- the uncertainty of estimates, including accruals and costs of
environmental remediation;
- the timing and extent of changes in energy commodity
prices;
- the effects of changes in governmental policies and regulatory
actions, including changes with respect to income and other taxes,
pipeline safety, environmental compliance, climate change
initiatives and authorized rates of recovery of natural gas and
natural gas transportation costs;
- the impact on drilling and production by factors beyond our
control, including the demand for natural gas and crude oil;
producers' desire and ability to obtain necessary permits; reserve
performance; and capacity constraints on the pipelines that
transport crude oil, natural gas and NGLs from producing areas and
our facilities;
- difficulties or delays experienced by trucks, railroads or
pipelines in delivering products to or from our terminals or
pipelines;
- changes in demand for the use of natural gas, NGLs and crude
oil because of market conditions caused by concerns about climate
change;
- the impact of unforeseen changes in interest rates, debt and
equity markets, inflation rates, economic recession and other
external factors over which we have no control, including the
effect on pension and postretirement expense and funding resulting
from changes in equity and bond market returns;
- our indebtedness and guarantee obligations could make us
vulnerable to general adverse economic and industry conditions,
limit our ability to borrow additional funds and/or place us at
competitive disadvantages compared with our competitors that have
less debt, or have other adverse consequences;
- actions by rating agencies concerning our credit;
- the results of administrative proceedings and litigation,
regulatory actions, rule changes and receipt of expected clearances
involving any local, state or federal regulatory body, including
the Federal Energy Regulatory Commission (FERC), the National
Transportation Safety Board, the Pipeline and Hazardous Materials
Safety Administration (PHMSA), the U.S. Environmental Protection
Agency (EPA) and the U.S. Commodity Futures Trading Commission
(CFTC);
- our ability to access capital at competitive rates or on terms
acceptable to us;
- risks associated with adequate supply to our gathering,
processing, fractionation and pipeline facilities, including
production declines that outpace new drilling or extended periods
of ethane rejection;
- the risk that material weaknesses or significant deficiencies
in our internal controls over financial reporting could emerge or
that minor problems could become significant;
- the impact and outcome of pending and future litigation,
including litigation, if any, relating to the ONEOK and ONEOK
Partners merger transaction;
- the ability to market pipeline capacity on favorable terms,
including the effects of:
-
- future demand for and prices of natural gas, NGLs and crude
oil;
- competitive conditions in the overall energy market;
- availability of supplies of Canadian and United States natural gas and crude oil;
and
- availability of additional storage capacity;
- performance of contractual obligations by our customers,
service providers, contractors and shippers;
- the timely receipt of approval by applicable governmental
entities for construction and operation of our pipeline and other
projects and required regulatory clearances;
- our ability to acquire all necessary permits, consents or other
approvals in a timely manner, to promptly obtain all necessary
materials and supplies required for construction, and to construct
gathering, processing, storage, fractionation and transportation
facilities without labor or contractor problems;
- the mechanical integrity of facilities operated;
- demand for our services in the proximity of our
facilities;
- our ability to control operating costs;
- acts of nature, sabotage, terrorism or other similar acts that
cause damage to our facilities or our suppliers' or shippers'
facilities;
- economic climate and growth in the geographic areas in which we
do business;
- the risk of a prolonged slowdown in growth or decline in
the United States or international
economies, including liquidity risks in United States or foreign credit markets;
- the impact of recently issued and future accounting updates and
other changes in accounting policies;
- the possibility of future terrorist attacks or the possibility
or occurrence of an outbreak of, or changes in, hostilities or
changes in the political conditions throughout the world;
- the risk of increased costs for insurance premiums, security or
other items as a consequence of terrorist attacks;
- risks associated with pending or possible acquisitions and
dispositions, including our ability to finance or integrate any
such acquisitions and any regulatory delay or conditions imposed by
regulatory bodies in connection with any such acquisitions and
dispositions;
- the impact of uncontracted capacity in our assets being greater
or less than expected;
- the ability to recover operating costs and amounts equivalent
to income taxes, costs of property, plant and equipment and
regulatory assets in our state and FERC-regulated rates;
- the composition and quality of the natural gas and NGLs we
gather and process in our plants and transport on our
pipelines;
- the efficiency of our plants in processing natural gas and
extracting and fractionating NGLs;
- the impact of potential impairment charges;
- the risk inherent in the use of information systems in our
respective businesses, implementation of new software and hardware,
and the impact on the timeliness of information for financial
reporting;
- our ability to control construction costs and completion
schedules of our pipelines and other projects; and
- the risk factors listed in the reports ONEOK has filed and may
file with the Securities and Exchange Commission (the "SEC"), which
are incorporated by reference.
These reports are also available from the sources described
below. Forward-looking statements are based on the estimates
and opinions of management at the time the statements are made.
ONEOK undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or changes in circumstances, expectations or
otherwise.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included herein and elsewhere,
including the Risk Factors included in the most recent reports on
Form 10-K and Form 10-Q and other documents of ONEOK on file with
the SEC. ONEOK's SEC filings are available publicly on the SEC's
website at www.sec.gov.
Analyst
Contact:
|
Megan
Patterson
|
|
918-561-5325
|
Media
Contact:
|
Brad
Borror
|
|
918-588-7582
|
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content:http://www.prnewswire.com/news-releases/oneok-announces-higher-fourth-quarter-and-full-year-2017-operating-income-and-adjusted-ebitda-300604394.html
SOURCE ONEOK, Inc.