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ONEOK Chairman Tells Shareholders Net Income Expected to Grow 18% Annually Between 2012-2014; Dividend Expected to Grow 40% during Same Period

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ONEOK, Inc. (NYSE: OKE) Chairman and Chief Executive Officer John W. Gibson today told shareholders at the company's annual meeting that the company expects to increase its net income by approximately 18 percent annually between 2012 and 2014, compared with 2012 earnings guidance, driven primarily by incremental earnings to ONEOK from the growth at ONEOK Partners (NYSE: OKS).

He also told shareholders the company expects to increase its dividend by approximately 40 percent between 2012 and 2014, which includes a projected dividend increase of 5 cents per share on a pre-split basis in July 2012, subject to ONEOK board approval. Compared with its 2011 annual dividend of $2.16 per share, this increase represents a 64-percent increase.

He also said that the company's investment in ONEOK Partners – through its 2-percent general partner interest and limited partner interests that together represent a 43.4-percent total ownership interest – continues to benefit ONEOK and fulfill the partnership's role as ONEOK's growth engine. In 2011, ONEOK received $333 million in total distributions from ONEOK Partners, compared with $145 million in 2006, the first year ONEOK was the sole general partner.

Posted-In: News Guidance

 

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