TULSA, Okla., May 2 /PRNewswire-FirstCall/ -- ONEOK, Inc.
(NYSE:OKE) announced today that its first-quarter 2006 net income
increased to $129.5 million, or $1.17 per diluted share, compared
with $107.7 million, or $0.97 per diluted share, in the same period
last year. First-quarter 2006 results include operating income
increases in the company's energy services, natural gas liquids,
and pipelines and storage segments, with the gathering and
processing and distributions segments down slightly. "The natural
gas liquids assets we acquired last year continue to perform as
expected, benefiting both our natural gas liquids and pipelines and
storage segments," said David Kyle, ONEOK chairman, president and
chief executive officer. "Our energy services segment turned in an
outstanding performance as we continued to provide value to our
customers through the delivery of physical products and risk
management services through our portfolio of contracted
transportation and storage capacity. Improved natural gas basis
differentials and storage margins from increased demand fees also
positively affected the energy services segment's performance,"
Kyle stated. ONEOK adopted Financial Accounting Standards Board
Emerging Issues Task Force Issue No. 04-5, requiring the company to
consolidate its investment in Northern Border Partners, L.P. in its
financial statements, effective Jan. 1, 2006. The adoption did not
have an effect on the company's net income; however, reported
revenues, costs and expenses are higher, reflecting the activities
of the partnership. First-quarter 2006 results reflect the
consolidation, which resulted in increased operating income of
$63.8 million. ONEOK's first-quarter results also include income
from the three segments -- gathering and processing, natural gas
liquids, and pipelines and storage -- that were sold to Northern
Border Partners, effective April 1, 2006. Beginning with the second
quarter 2006, results from those segments will be included in the
partnership's stand-alone financial results but will still be
included in ONEOK's consolidated results. "With our completion of
the transactions with Northern Border Partners and TransCanada in
early April, we have established a strong foundation for future
growth," Kyle added. "As the general partner and a 45.7 percent
owner of the partnership, our interests are clearly aligned with
the partnership as it pursues opportunities to grow, benefiting not
only the partnership's unit holders but also ONEOK's shareholders."
FIRST-QUARTER 2006 RESULTS INCLUDED: * Operating income of $311.5
million, compared with $186.4 million in 2005, reflecting the
consolidation of the partnership's results and higher operating
income in the company's energy services, natural gas liquids, and
pipelines and storage segments; * Operating costs of $263.6 million
in the first quarter, compared with $184.0 million in the same
period a year earlier, primarily because of the consolidation of
the partnership's financial results and the purchase of the natural
gas liquids assets in July 2005; * Announcement of the transactions
with Northern Border Partners, L.P. and TransCanada, which were
subsequently completed, effective April 1, 2006, in which ONEOK
became the sole owner of the general partner interest, owner of
45.7 percent of the partnership and received $1.35 billion in cash
and transferred certain assets to the partnership; * Settlement of
the company's equity units in February, which resulted in the
issuance of 19.5 million shares of common stock and receipt of
$402.4 million that was used to reduce short-term debt; *
Consolidated long-term debt of 57 percent of total capitalization;
ONEOK stand-alone long-term debt of 46 percent of capitalization; *
Consolidated cash flow from continuing operations, before changes
in working capital, of $281.0 million, which exceeded capital
expenditures, dividends and minority interest distributions of
$142.8 million by $138.2 million; * Recognition by FORTUNE Magazine
as one of the country's "most admired" companies, including a
number-one rating in the energy sector in the categories of social
responsibility, use of corporate assets, and quality of management
and products/services. FIRST-QUARTER 2006 BUSINESS-UNIT RESULTS For
comparison purposes, the segment financial and operating results
for 2005 have been reclassified to reflect the transfer of the
company's legacy natural gas liquids marketing business, which was
previously in the gathering and processing segment, to the natural
gas liquids segment. Gathering and Processing The gathering and
processing segment's operating income for the first quarter 2006
was $32.5 million, compared with $33.0 million in the same quarter
2005. Higher commodity prices offset an operating income reduction
of $9.4 million attributed to the sale of the Texas assets. Net
margin for the first quarter was $62.4 million, compared with $71.1
million in the same period 2005. Net margin decreased $18.8 million
due to the sale of the Texas gathering and processing assets in
December 2005. Margins were $3.4 million higher, related to the
company's realized gross processing margins, net of hedging, on its
keep-whole contracts. Higher natural gas and natural gas liquids
prices on percent-of-proceeds contracts contributed an additional
$9.9 million in net margin, net of hedging, compared with the same
period last year. A decrease of $3.2 million was due to reduced
volumes processed because of natural production declines and
contract expirations. In the quarter, the volume of gas gathered,
processed and sold also declined as a result of the sale of the
Texas assets. As a result of the Texas asset sale, operating costs
declined $7.2 million, depreciation, depletion and amortization
expense decreased $2.2 million and capital expenditures declined
$1.4 million. These operating cost decreases were partially offset
by higher employee-related expenses. The following table provides
realized prices, net of hedging: Realized Prices, net of Hedging
Three Months Ended March 31, 2006 2006 2005 Realized composite NGL
sales price ($/Gal) $0.81 $0.71 Realized condensate sales price
($/bbl) $57.67 $44.06 Realized natural gas sales price ($/MMBtu)
$7.96 $5.94 Realized gross processing spread ($/MMBtu) $3.43 $2.94
The following table contains margin information for the time
periods indicated. NGL shrink, plant fuel and condensate shrink
refer to the Btus that are removed from natural gas through the
gathering and processing operation. Three Months Ended Three Months
Ended March 31, 2006 March 31, 2005 Keep whole: NGL shrink
(MMBtu/d) 40,968 71,722 Plant fuel (MMBtu/d) 5,114 9,179 Condensate
shrink (MMBtu/d) 3,403 5,280 Condensate sales (Bbls/d) 699 1,084
Percentage of total net margin 15% 17% Percentage of Proceeds:
Wellhead purchases (MMBtu/d) 129,813 195,639 NGL sales (Bbls/d)
4,423 6,625 Residue sales (MMBtu/d) 16,505 24,804 Condensate sales
(Bbls/d) 1,093 1,642 Percentage of total net margin 65% 59% Fee:
Wellhead volumes (MMBtu/d) 879,677 1,109,878 Average rate ($/MMBtu)
$0.16 $0.17 Percentage of total net margin 20% 24% The following
tables contain hedging information for the gathering and processing
segment in 2006: Nine Months ending December 31, 2006 Product
Volumes Hedged Average Price Percent of Proceeds: Condensate [a]
225 MBbls $52.00 - 60.00/Bbl Natural Gas [a] 1.4 Bcf $6.15 -
11.00/MMBtu [a] Hedged with NYMEX-based costless collars. Natural
Gas Liquids The natural gas liquids segment had operating income of
$17.1 million in the first quarter 2006, compared with $4.8 million
in the same period 2005. Net margin increased to $33.7 million in
the first quarter 2006, compared with $7.3 million in 2005. The
acquisition of the natural gas liquids assets in July 2005
contributed $28.2 million in additional net margin. These increases
were partially offset by a $1.8 million margin decrease in the
company's legacy NGL marketing business, primarily caused by lower
sales volumes as a result of the Texas gathering and processing
asset sale. Natural gas liquids supplies connected to the company's
assets continue to grow as expected, despite periods of ethane
rejection. During the quarter, the natural gas liquids segment
completed construction to connect two new natural gas processing
plants to its system in the mid-continent area, which came on line
in April 2006. Construction is also scheduled to begin mid-year to
connect two additional mid-continent gas processing plants.
Operating costs in the first quarter 2006 increased to $11.2
million versus $2.4 million in the first quarter 2005, with $8.9
million of the increase associated with the acquisition of the
natural gas liquids assets in July 2005. Depreciation, depletion
and amortization increased $5.4 million year over year, with $5.3
million of the increase related to the asset acquisition. Pipelines
and Storage The pipelines and storage segment reported operating
income of $27.7 million in the first quarter 2006, compared with
$14.2 million in the same period 2005. Net margin in the period
increased to $52.1 million, compared with $30.1 million in the same
quarter last year. The margin increase was primarily the result of
the natural gas liquids gathering and distribution pipelines
acquired in July 2005, which contributed $14.1 million in
additional net margin. Natural gas transportation net margins
increased $6.1 million due to increased throughput, improved fuel
position and higher commodity prices. Storage margins increased
$1.3 million as a result of new and renegotiated contracts.
Operating costs increased $5.2 million to $16.8 million in the
first quarter 2006, with $4.6 million of the increase resulting
from the acquisition of the natural gas liquids assets and the
balance associated with higher regulatory compliance and
employee-related costs. Depreciation, depletion and amortization
expense increased $3.2 million in the quarter, primarily related to
operating the newly acquired NGL pipelines. Energy Services The
energy services segment posted operating income of $93.3 million in
the first quarter 2006, compared with $52.7 million in the first
quarter 2005. Net margin increased to $103.2 million from $61.2
million in the same period last year. Net margin increases
included: $28.2 million in transportation margins, net of hedges,
due to improved natural gas basis differentials in the mid-
continent and Gulf Coast regions; $9.5 million in storage margins
due to increases in demand fees associated with peaking and
load-following services, and; a $4.1 million increase from natural
gas trading operations, primarily due to favorable natural gas
basis spreads. Natural gas volumes marketed declined 5 percent, and
natural gas storage withdrawals declined 28.2 percent as a result
of record-setting warmer weather in January 2006. Financial trading
margins were $11.9 million in the first quarter 2006, compared with
$7.8 million in the first quarter 2005, with the increase related
to the previously mentioned favorable natural gas basis spreads.
Operating costs for the first quarter 2006 increased to $9.3
million, compared with $8.0 million in the same period last year,
due primarily to higher employee-related costs. On March 31, 2006,
natural gas in storage was 42.3 Bcf, compared with 40.2 Bcf a year
earlier. Natural gas in storage on April 30, 2006, was 58.7 Bcf.
Natural gas storage capacity under lease was 86 Bcf on March 31,
2006, compared with 87 Bcf a year earlier. The net margin for the
energy services segment was derived from the following sources:
Three Months Ended March 31, 2006 2005 (Thousands of dollars)
Marketing and storage, gross $135,068 $91,487 Less: Storage and
transportation costs (49,259) (43,302) Marketing and storage, net
85,809 48,185 Retail marketing 5,449 5,210 Financial trading 11,896
7,800 Net margin $103,154 $61,195 Distribution The distribution
segment reported first-quarter 2006 operating income of $76.9
million, compared with $80.6 million in the same period last year.
Net margin was $195.9 million versus $201.2 million in the same
period a year earlier. Net margins improved $14.9 million as the
result of implementation of new rates in Oklahoma in 2005, offset
by a $12.2 million decline related to expiring riders in Oklahoma.
The segment experienced an additional $6.7 million decline in
customer sales due to warmer weather throughout its service
territory. Total volumes delivered declined 7 percent as a result
of warmer weather, while operating income declined 5 percent. The
impact of warmer than normal weather in the quarter was moderated
by approved weather-protection mechanisms in all three states;
other rate mechanisms in Texas and the implementation of a new
two-tier rate structure in Oklahoma. The new Oklahoma rate
structure reduces volumetric sensitivity while providing more
consistent earnings and cash flow over time. Operating costs were
$90.8 million in the quarter, compared with $90.6 million in the
same quarter 2005, primarily as a result of $2.1 million in higher
labor and employee benefit costs, offset by a $1.9 million decrease
in bad debt expense. Depreciation, depletion and amortization
expense was $28.2 million, compared with $30.0 million in the first
quarter 2005. The decrease was primarily related to $2.0 million in
cathodic protection and service lines amortization in Oklahoma that
expired in 2005. Northern Border Partners Partnership operating
income increased to $63.8 million in the first quarter 2006,
compared with $63.5 million in the same period a year earlier. Net
margin was $126.8 million in the first quarter 2006 versus $127.9
million. Depreciation, depletion and amortization expense was $21.3
million in the first quarter 2006, compared with $21.4 million in
the same period last year. 2005 operating income is not
consolidated in ONEOK's financial results. The operating income
increase is the result of higher revenues in the partnership's
gathering and processing business, offset by expenses related to
the transactions with ONEOK and TC PipeLines Intermediate Limited
Partnership. Effective April 1, 2006, the partnership sold to TC
PipeLines Intermediate Limited Partnership, a publicly traded
partnership affiliated with TransCanada, a 20 percent interest in
Northern Border Pipeline Company for approximately $297 million.
The price of the 20 percent interest, along with a related share of
Northern Border Pipeline's outstanding debt, totals $418 million.
As a result, Northern Border Partners and TC PipeLines, LP, will
each own a 50-percent interest in the pipeline, with an affiliate
of TransCanada becoming operator of the pipeline in April 2007.
EARNINGS CONFERENCE CALL ONEOK and Northern Border Partners
management will conduct a joint conference call on May 3, 2006, at
11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time). The
call will also be carried live on ONEOK's and Northern Border
Partners' Web sites. To participate in the telephone conference
call, dial 866-836-4700, pass code 890050, or log on to
http://www.oneok.com/ or http://www.northernborderpartners.com/ .
If you are unable to participate in the conference call or the
webcast, the replay will be available on ONEOK's Web site
http://www.oneok.com/ and Northern Border Partners' Web site
http://www.northernborderpartners.com/ for 30 days. A recording
will be available by phone for seven days. The playback call may be
accessed at 866-837-8032, pass code 890050. ONEOK, Inc. is a
diversified energy company. We are the general partner and own 45.7
percent of Northern Border Partners, L.P. (NYSE:NBP), one of the
largest publicly traded limited partnerships, which is a leader in
the gathering, processing, storage and transportation of natural
gas in the U.S. and owns one of the nation's premier natural gas
liquids (NGL) systems, connecting much of the natural gas and NGL
supply in the mid-continent with key market centers. ONEOK is among
the largest natural gas distributors in the United States, serving
more than 2 million customers in Oklahoma, Kansas and Texas. Our
energy services operation focuses primarily on marketing natural
gas and related services throughout the U.S. ONEOK is a Fortune 500
company. For information about ONEOK, Inc. visit the Web site:
http://www.oneok.com/ . Some of the statements contained and
incorporated in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The forward-looking statements relate to: anticipated
financial performance; management's plans and objectives for future
operations; business prospects; outcome of regulatory and legal
proceedings; market conditions and other matters. The Private
Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements in certain circumstances. Analyst
Contact: Dan Harrison 918-588-7950 Media Contact: Megan Washbourne
918-588-7572 ONEOK, Inc. and Subsidiaries CONSOLIDATED STATEMENTS
OF INCOME Quarters Ended March 31, 2006 2005 (Thousands of dollars,
except per share amounts) Revenues Operating revenues, excluding
energy trading revenues $3,910,952 $2,697,848 Energy trading
revenues, net 7,370 9,192 Total Revenues 3,918,322 2,707,040 Cost
of sales and fuel 3,343,173 2,336,643 Net Margin 575,149 370,397
Operating Expenses Operations and maintenance 167,985 123,502
Depreciation, depletion and amortization 69,426 43,217 General
taxes 26,190 17,300 Total Operating Expenses 263,601 184,019
Operating Income 311,548 186,378 Other income 12,555 5,298 Other
expense 5,844 782 Interest expense 62,890 26,090 Income before
Minority Interest and Income Taxes 255,369 164,804 Minority
interest in income of consolidated subsidiaries 45,497 --- Income
taxes 80,141 63,026 Income from Continuing Operations 129,731
101,778 Discontinued operations, net of taxes: Income (loss) from
operations of discontinued components, net of tax (239) 5,886 Net
Income $129,492 $107,664 Earnings Per Share of Common Stock Basic:
Earnings per share from continuing operations $1.21 $0.98 Earnings
(loss) per share from operations of discontinued components, net of
tax --- 0.06 Net earnings per share, basic $1.21 $1.04 Diluted:
Earnings per share from continuing operations $1.17 $0.92 Earnings
(loss) per share from operations of discontinued components, net of
tax --- 0.05 Net earnings per share, diluted $1.17 $0.97 Average
Shares of Common Stock (Thousands) Basic 107,143 103,666 Diluted
110,756 111,001 Dividends Declared Per Share of Common Stock $0.28
$0.25 ONEOK, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS
March 31, Dec. 31, 2006 2005 Assets (Thousands of dollars) Current
Assets Cash and cash equivalents $36,800 $7,915 Trade accounts and
notes receivable, net 1,501,651 2,202,895 Gas and natural gas
liquids in storage 625,029 911,393 Commodity exchanges 39,704
133,159 Energy marketing and risk management assets 348,958 765,157
Other current assets 259,054 385,274 Total Current Assets 2,811,196
4,405,793 Property, Plant and Equipment Property, plant and
equipment 8,648,194 5,575,365 Accumulated depreciation, depletion
and amortization 2,718,333 1,581,138 Net Property, Plant and
Equipment 5,929,861 3,994,227 Deferred Charges and Other Assets
Goodwill and intangibles 991,264 683,211 Energy marketing and risk
management assets 113,415 150,026 Investments and other 822,695
716,298 Total Deferred Charges and Other Assets 1,927,374 1,549,535
Assets of Discontinued Component 63,001 63,911 Total Assets
$10,731,432 $10,013,466 ONEOK, Inc. and Subsidiaries CONSOLIDATED
BALANCE SHEETS March 31, Dec. 31, 2006 2005 Liabilities and
Shareholders' Equity (Thousands of dollars) Current Liabilities
Current maturities of long-term debt $6,551 $6,546 Notes payable
745,000 1,541,500 Accounts payable 1,308,421 1,756,307 Commodity
exchanges 122,547 238,176 Energy marketing and risk management
liabilities 450,555 814,803 Other 444,633 438,009 Total Current
Liabilities 3,077,707 4,795,341 Long-term Debt, excluding current
maturities 3,104,054 2,024,070 Deferred Credits and Other
Liabilities Deferred income taxes 604,405 603,835 Energy marketing
and risk management liabilities 218,138 442,842 Other deferred
credits 347,447 350,157 Total Deferred Credits and Other
Liabilities 1,169,990 1,396,834 Liabilities of Discontinued
Component 1,963 2,464 Commitments and Contingencies Minority
Interests in Consolidated Subsidiaries 1,022,668 --- Shareholders'
Equity Common stock, $0.01 par value: authorized 300,000,000
shares; issued 119,439,272 shares and outstanding 117,284,487
shares at March 31, 2006; issued 107,973,436 shares and outstanding
97,654,697 shares at December 31, 2005 1,194 1,080 Paid in capital
1,225,134 1,044,283 Unearned compensation --- (105) Accumulated
other comprehensive loss (505) (56,991) Retained earnings 1,188,046
1,085,845 Treasury stock, at cost: 2,154,785 shares at March 31,
2006 and 10,318,739 shares at December 31, 2005 (58,819) (279,355)
Total Shareholders' Equity 2,355,050 1,794,757 Total Liabilities
and Shareholders' Equity $10,731,432 $10,013,466 ONEOK, Inc. and
Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS Quarters Ended
March 31, 2006 2005 Operating Activities (Thousands of dollars) Net
income $129,492 $107,664 Depreciation, depletion and amortization
69,426 43,217 Gain on sale of assets (1,305) (54) Minority interest
in income of consolidated subsidiaries 45,497 --- Income from
equity investments, net (6,472) 367 Deferred income taxes 38,623
13,545 Stock-based compensation expense 1,510 2,633 Allowance for
doubtful accounts 4,182 6,040 Changes in assets and liabilities
(net of acquisition and disposition effects): Accounts and notes
receivable 780,136 163,425 Inventories 280,042 292,126 Unrecovered
purchased gas costs (27,081) (3,617) Commodity exchanges (22,174)
--- Deposits 48,202 (38,412) Regulatory assets 10,360 (4,898)
Accounts payable and accrued liabilities (471,980) (36,213) Energy
marketing and risk management assets and liabilities (62,480) 375
Other assets and liabilities (3,648) (26,602) Cash Provided by
Operating Activities 812,330 519,596 Investing Activities Changes
in other investments, net 10,815 (23,805) Capital expenditures
(64,553) (58,312) Other investing activities 1,102 (567) Cash Used
in Investing Activities (52,636) (82,684) Financing Activities
Borrowing (repayment) of notes payable, net (1,027,500) 44,500
Termination of interest rate swaps --- (20,212) Payment of debt
(29,258) (335,324) Equity unit conversion 402,447 --- Repurchase of
common stock (1,408) (65,282) Issuance of common stock 1,333 4,875
Dividends paid (27,344) (26,021) Distributions to minority
interests (50,855) --- Contributions from minority interests 3,099
--- Other financing activities (44,895) (13,411) Cash Used in
Financing Activities (774,381) (410,875) Change in Cash and Cash
Equivalents (14,687) 26,037 Cash and Cash Equivalents at Beginning
of Period 7,915 9,458 Cash of Previously Unconsolidated
Subsidiaries 43,572 --- Cash and Cash Equivalents at End of Period
$36,800 $35,495 ONEOK, Inc. INFORMATION AT A GLANCE Quarters Ended
March 31, 2006 2005 (Millions of dollars) Gathering and Processing
Net margin $62.4 $71.1 Depreciation, depletion and amortization
$6.3 $8.3 Operating income $32.5 $33.0 Total gas gathered
(MMMBtu/d) 880 1,110 Total gas processed (MMMBtu/d) 830 1,097
Natural gas liquids sales (MBbls/d) 33 49 Natural gas liquids
produced (MBbls/d) 43 61 Gas sales (MMMBtu/d) 265 340 Capital
expenditures $3.3 $7.7 Realized composite NGL sales price ($/Gal)
$0.81 $0.71 Realized condensate sales price ($/bbl) $57.67 $44.06
Realized natural gas sales price ($/MMBtu) $7.96 $5.94 Realized
gross processing spread ($/MMBtu) $3.43 $2.94 Natural Gas Liquids
Net margin $33.7 $7.3 Depreciation, depletion and amortization $5.4
$--- Operating income $17.1 $4.8 Natural gas liquids gathered
(MBbls/d) 193 (a) Natural gas liquids sales (MBbls/d) 208 98
Natural gas liquids fractionated (MBbls/d) 284 (a) Capital
expenditures $3.0 $1.7 Pipelines and Storage Net margin $52.1 $30.1
Depreciation, depletion and amortization $7.6 $4.4 Operating income
$27.7 $14.2 Natural gas transported (MMcf) 132,475 131,330 Natural
gas liquids transported (MBbls/d) 193 (a) Natural gas liquids
gathered (MBbls/d) 55 (a) Capital expenditures $3.6 $1.7 Average
natural gas price ($/MMBtu) (mid-continent region) $7.23 $5.71
Energy Services Net margin $103.2 $61.2 Depreciation, depletion and
amortization $0.6 $0.4 Operating income $93.3 $52.7 Natural gas
marketed (Bcf) 310 325 Natural gas gross margin ($/Mcf) $0.28 $0.15
Physically settled volumes (Bcf) 602 625 Capital expenditures $---
$--- Distribution Net margin $195.9 $201.2 Depreciation, depletion
and amortization $28.2 $30.0 Operating income $76.9 $80.6 Customers
per employee 712 688 Capital expenditures $36.7 $27.7 Natural gas
margins Gas Sales $162.8 $165.4 Transportation $22.9 $28.4 Natural
gas volumes (MMcf) Gas Sales 74,137 85,242 Transportation 69,707
69,172 Northern Border Partners Net margin $126.8 $127.9 (b)
Depreciation, depletion and amortization $21.3 $21.4 (b) Operating
income $63.8 $63.5 (b) Interstate natural gas pipeline: Natural gas
delivered (MMcf) 305,280 306,692 (b) Natural gas average throughput
(MMcf/d) 3,468 3,501 (b) Natural gas gathering and processing:
Natural gas gathered (MMcf/d) 1,095 1,049 (b) Natural gas processed
(MMcf/d) 65 60 (b) Capital expenditures $17.8 $9.8 (b) (a) -- No
data available as the acquisition of these assets was completed on
July 1, 2005. (b) -- Northern Border Partners was consolidated
beginning January 1, 2006. The 2005 data is presented for
comparison purposes only. ONEOK, Inc. and Subsidiaries REGULATION G
GAAP RECONCILIATION Quarter Ended March 31, 2006 (Millions of
Dollars) Cash used in operating activities $812.3 Accounts and
notes receivable (780.1) Inventories (280.0) Unrecovered purchased
gas costs 27.1 Commodity Exchanges 22.2 Deposits (48.2) Regulatory
assets (10.4) Accounts payable and accrued liabilities 472.0 Energy
marketing and risk management assets and liabilities 62.5 Other
assets and liabilities 3.6 Cash flow, before changes in working
capital (a) $281.0 (a) Cash flow from operations, before changes in
working capital, is a non-GAAP financial measure used by industry
analysts, investors, lenders, and rating agencies to assess the
financial performance and the operating results of a company's
fundamental business activities. Cash flow from operations, before
changes in working capital, should not be considered in isolation
or as a substitute for net income, income from operations, or other
measures of cash flow. DATASOURCE: ONEOK, Inc. CONTACT: analysts,
Dan Harrison, +1-918-588-7950, or media, Megan Washbourne,
+1-918-588-7572, both of ONEOK, Inc. Web site:
http://www.oneok.com/ http://www.northernborderpartners.com/
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