Summary
This 8-K filing from ONEOK INC /NEW/ (OKE) primarily reports on an announcement made by its subsidiary, ONEOK Partners, L.P., regarding an increase in its quarterly cash distribution. Effective for the first quarter of 2011, ONEOK Partners, L.P. raised its distribution to $1.15 per unit from $1.14 per unit. This increase is set to be paid on May 13, 2011, to unitholders of record as of April 29, 2011. For ONEOK INC /NEW/, this announcement signifies a positive development as the company holds a significant ownership stake in ONEOK Partners, L.P., comprising approximately 42.4 million common and Class B limited partner units, along with the entire 2-percent general partner interest. This translates to a 42.8-percent overall ownership interest, meaning ONEOK INC /NEW/ will benefit directly from the increased distributions. Investors should view this as a signal of the partnership's financial health and its ability to return more capital to its unitholders and, consequently, its parent company.
Key Highlights
- 1ONEOK Partners, L.P. announced an increase in its quarterly cash distribution for Q1 2011.
- 2The quarterly distribution was raised to $1.15 per unit, up from $1.14 per unit.
- 3The increased distribution is effective for the first quarter of 2011.
- 4The distribution payment date is May 13, 2011.
- 5The record date for the distribution is April 29, 2011.
- 6ONEOK INC /NEW/ holds a 42.8% ownership interest in ONEOK Partners, L.P.
- 7ONEOK INC /NEW/ will receive a larger share of the increased distributions due to its ownership stake.