This past week, ONEOK Inc. announced that earnings for third-quarter 2000 were up 460% from the same period a year ago. ONEOK's mid-stream investments are beginning to bear fruit. Until recently, Oklahoma Natural Gas Inc., which distributes gas to most of Oklahoma, and Kansas Gas Service Inc., the gas distribution business ONEOK bought from Western Resources Inc. a few years back, accounted for most of ONEOK's income. Furthermore, third-quarter earnings are typically flat or negative because retail demand for gas is low in these "shoulder" months. However, over the past several years, ONEOK's strategy of becoming a dominant player in the Mid-Continent energy market has gained momentum. Early gear-shifting included the sale of some unprofitable oil and gas exploration and...
Companies mentioned in this report are:
- Kinder Morgan Inc.
- Westar Energy Inc.
- ONEOK Inc.
- Enable Oklahoma Intrastate Transmission, LLC
- Dynegy Inc.
- DCP Midstream LLC
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