Oneok says profits up 64%

Tuesday, August 6th 2002, 12:00 am
By: News On 6

TULSA, Okla. (AP) _ Second-quarter profits at Oneok Inc. increased 64% over the same period last year because of success at the utility's energy trading and distribution businesses, the company said Monday.

Oneok, a Tulsa-based natural gas production and distribution company, reported net income of $38.8 million, or 32 cents per share, versus earnings of $23.6 million, or 20 cents per share, a year earlier.

Revenues rose 15% to $254.9 million for the quarter compared with $221 million in the same period last year despite lower energy prices, the parent of Oklahoma Natural Gas and Kansas Gas Service Co. said.

For the first six months of 2002, Oneok has earned $111.4 million, or 92 cents per share, compared with $88.5 million, or 74 cents per share, a year ago, the company said.