What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to announce significant capital investment plans by ONEOK Partners, L.P. in the Bakken Shale region and to provide details on the non-GAAP financial measures the partnership uses for performance reporting.

How much is ONEOK Partners planning to invest, and where will the funds be allocated?

ONEOK Partners plans to invest between $300 million and $355 million in additional projects located in the Bakken Shale in the Williston Basin. These investments are expected to be completed by the end of 2012.

What are EBITDA and DCF, and why does ONEOK Partners highlight them?

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and DCF (Distributable Cash Flow) are non-GAAP financial measures that ONEOK Partners uses to assess its financial performance. The company believes these measures are useful for investors to evaluate performance and compare it to industry peers, as they focus on operational cash generation potential.

Are EBITDA and DCF a reliable indicator of the cash available for distribution?

While ONEOK Partners believes EBITDA and DCF are useful measures, they caution that these non-GAAP metrics should not be considered as an alternative to GAAP measures like net income. Furthermore, these calculations may not be comparable to similar measures from other companies, and they should not be viewed as indicative of the actual amount of cash available for distributions or planned distributions.

OKE 8-K: Regulation FD

Summary

ONEOK Inc. (OKE) filed an 8-K report on October 5, 2010, to disclose significant expansion plans by its subsidiary, ONEOK Partners, L.P. The partnership announced its intention to invest between $300 million and $355 million in new projects within the Bakken Shale, located in the Williston Basin. These investments are slated to occur between the announcement date and the end of 2012, signaling a substantial commitment to growing its midstream infrastructure in a key North American energy play. The filing also highlighted the use of non-GAAP financial measures, specifically EBITDA and Distributable Cash Flow (DCF), by ONEOK Partners. These metrics are utilized to gauge financial performance and facilitate comparisons within the industry. While the company asserts their usefulness to investors for understanding operational performance, it appropriately cautions that these measures should not be considered replacements for GAAP-based financial reporting and may not be directly comparable to similar measures from other entities. Investors should note these are forward-looking statements regarding capital expenditure and performance metrics.

Key Highlights

1ONEOK Partners, L.P. plans to invest $300 million to $355 million in new projects.
2Investments will be focused on the Bakken Shale in the Williston Basin.
3The investment period is from October 2010 through the end of 2012.
4The company utilizes EBITDA and Distributable Cash Flow (DCF) as key performance indicators.
5EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, income taxes, and allowance equity funds used during construction.
6DCF is defined as EBITDA less interest expense, maintenance capital expenditures, and equity earnings from investments, adjusted for cash distributions received and certain other items.
7The filing includes a press release from ONEOK Partners dated October 4, 2010, as an exhibit.

ONEOK INC /NEW/ 8-K Report, Regulation FD Disclosure (Oct 6, 2010)

Summary

Key Highlights

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