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Parent company of ONG helped by higher prices for natural gas.
By Russell Ray, Tulsa World, Okla. Knight Ridder/Tribune Business News
Feb. 24--Higher natural gas prices helped fuel a 116 percent increase in 2004 earnings at Tulsa-based Oneok Inc., the company reported Wednesday.
Oneok, the parent of Oklahoma Natural Gas Co., recorded earnings of $242.2 million, or $2.30 a share, in 2004, up from $112.5 million, or $1.22 a share, in 2003.
Gas production more than doubled in 2004, thanks largely to the December 2003 purchase of producing properties in Texas, which fueled a $45.9 million increase in revenues.
The average price Oneok received for gas surged to $5.28 per thousand cubic feet (mcf) from …
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