ONEOK releases corrected earnings numbers

Thursday, August 9th 2001, 12:00 am
By: News On 6

OKLAHOMA CITY (AP) _ ONEOK Inc. released corrected numbers Wednesday for its second-quarter earnings.

For the six months ending June 30, 2001 and 2000, income available for common shareholders was reported as net income, the Tulsa-based company said in a news release.

For the first six months of 2001, net income was $88.5 million instead of the $69.9 million reported Aug. 1. The 74-cent per diluted share earnings number previously reported was correct.

For the first six months of 2000, net income was $73.8 million, or 62 cents per diluted share, instead of $55.2 million, or 47 cents per diluted share, as previously reported. The effect of a non-recurring pre-tax gain of $26.7 million on the sale of a non-strategic gas processing plant made in the first quarter of 2000 was excluded.

For the production operation, the increase in the average selling price for natural gas was 119 percent, instead of 54 percent as was previously reported.

ONEOK Inc. is the parent company of Oklahoma Natural Gas Co. The company's energy marketing and trading operations provide service to customers in 28 states.

The company is the largest natural gas distributor in Kansas and Oklahoma, serving 1.4 million customers.