TULSA, Okla., Oct. 26, 2011 /PRNewswire/ -- The board of directors of the general partner of ONEOK Partners, L.P. (NYSE: OKS) today increased the partnership's quarterly cash distribution to 59.5 cents per unit from 58.5 cents per unit, effective for the third quarter 2011, resulting in an annualized cash distribution of $2.38 per unit. The distribution is payable Nov. 14, 2011, to unitholders of record as of Nov. 7, 2011.
"Continued incremental earnings from our $2-billion capital-investment program completed in 2009 provide us with the opportunity to once again increase distributions to unitholders," said John W. Gibson, chairman, president and chief executive officer of ONEOK Partners. "We anticipate that our current investment of approximately $2.7 billion to $3.3 billion for growth projects between now and 2014 will allow us to continue to increase earnings and distributable cash flow."
In September 2011, ONEOK Partners indicated that it expected to increase its distribution by 1 cent per quarter for the remainder of 2011, 2 cents per quarter in 2012 and achieve 15 percent to 20 percent annual distribution growth in 2013 and 2014, subject to approval by the board of directors of the general partner.
ONEOK Partners has increased its distribution by approximately 49 percent since April 2006, when a wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE) became the sole general partner.
ONEOK Partners, L.P. (NYSE: OKS) is one of the largest publicly traded master limited partnerships, and 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 NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers. Its general partner is a wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE), a diversified energy company, which owns 42.8 percent of the overall partnership interest. ONEOK is one of the largest natural gas distributors in the United States, and its energy services operation focuses primarily on marketing natural gas and related services throughout the U.S.
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Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. The forward-looking statements relate to our anticipated financial performance and level of distributions. These forward-looking statements are made in reliance on the safe-harbor protections provided under the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should," "goal," "forecast," "guidance," "could," "may," "potential," "scheduled," and other words and terms of similar meaning.
This news release serves as qualified notice to nominees as provided for under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100 percent of ONEOK Partners, L.P.'s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of ONEOK Partners, L.P.'s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not ONEOK Partners, L.P., are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
SOURCE ONEOK Partners, L.P.