Summary
ONEOK Inc. (OKE) has filed an 8-K report detailing significant developments for its subsidiary, ONEOK Partners, L.P. The partnership announced a substantial capital investment program, with plans to deploy between $260 million and $305 million through the end of 2014 on additional projects within the Bakken Shale in the Williston Basin. This strategic expansion underscores the partnership's commitment to leveraging growth opportunities in key North American energy production areas. Furthermore, investors in ONEOK Partners, L.P. received positive news regarding their distributions. The partnership declared an increase in its quarterly cash distribution to $1.14 per unit, up from $1.13 per unit, effective for the fourth quarter of 2010. This increase, resulting in an annualized distribution of $4.56 per unit, signals confidence in the partnership's financial performance and its ability to return capital to unitholders.
Key Highlights
- 1ONEOK Partners, L.P. plans to invest $260 million to $305 million in Bakken Shale projects through 2014.
- 2The investment targets additional projects in the Williston Basin, a key energy-producing region.
- 3Quarterly cash distribution for ONEOK Partners, L.P. units increased to $1.14 from $1.13.
- 4The annualized cash distribution per unit is now $4.56.
- 5The increased fourth-quarter distribution is payable on February 14, 2011, to unitholders of record as of January 31, 2011.
- 6ONEOK Inc. holds a significant ownership stake (42.8%) in ONEOK Partners, L.P., including common, Class B units, and the general partner interest.