TULSA, Okla. (AP) _ ONEOK, Inc. reported its third-quarter earnings dropped 86 percent, due mostly to lower storage and marketing profits in the company's energy services segment.
The Tulsa-based energy company reported on Wednesday quarterly earnings of $24.4 million, or 21 cents per share, compared to $176.4 million, or $1.62 per share, during the same quarter last year.
Total revenues were $2.6 billion, down from $3.2 billion one year ago.
ONEOK's 2005 third-quarter and year-to-date results included a net after-tax gain of $151.4 million from the sale of the company's oil and gas production business, partially offset by a $32.9 million loss from discontinued operations related to the recently completed sale of the company's Spring Creek power plant in Oklahoma.
``Lower storage and marketing margins in the company's energy services segment were responsible for lower third-quarter results; however, the segment's nine-month performance has been exceptional,'' ONEOK Chairman and Chief Executive Officer David Kyle said in a statement. ``Strong commodity prices and higher gross processing spreads contributed to ONEOK Partners' performance, while implementation of new rates in Oklahoma last July improved results in our distribution segment.''
Net income for the nine-month period in 2006 was $231.7 million, or $2.02 per share, compared with $308.9 million, or $2.82 per share, for the same period last year.