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ONEOK INC. REPORTS FIRST-QUARTER EARNINGS

 TULSA, Okla., Jan. 6 /PRNewswire/ -- ONEOK Inc. (NYSE: OKE) a Tulsa-based energy company, today reported earnings of 29 cents per share of common stock for the company's fiscal 1994 first quarter, ended Nov. 30, 1993. This compares with 22 cents per share for the first quarter of the previous year. Consolidated net income for ONEOK during the 1994 first quarter was $7.8 million, vs. $6.0 million a year earlier. Total operating revenues were $177.2 million and $159.5 million, respectively, for the two periods.
 J.D. Scott, chairman, president and chief executive officer, said 1994 first-quarter net income for Oklahoma Natural Gas Company, ONEOK's utility division, was $6.3 million, or 23 cents per share, compared with $4.7 million, or 17 cents per share, last year. He said that increased earnings were primarily the result of weather and that was 45 percent colder than normal. Utility earnings were partially negated by an increase in costs of operation. Both fiscal quarters included utility revenue resulting from an interim annualized rate increase of $18.2 million, which is subject to refund until the Oklahoma Corporation Commission rules on the company's currently pending rate case.
 Scott reported profits from Energy Companies of ONEOK, the non-utility division of the company, were $1.8 million, or 7 cents per share, for the first quarter of 1994, compared with $1.0 million, or 4 cents per share, in 1993. He said increased sales of oil and natural gas plus a gain on the sale of a pipeline added to the earnings of the division. Scott noted that prices for oil and natural gas liquids have continued to soften since the end of the quarter.
 ONEOK Inc. is a diversified energy company engaged in natural gas transmission and distribution, oil and gas exploration and production, contract drilling, gas processing and gas marketing. The company's stock is traded on the New York and Midwest Stock Exchanges under the trading symbol of OKE. ONEOK has outstanding 26.6 million shares of common stock.
 -0- 1/6/94
 /CONTACT: Walt Radmilovich, Weldon Watson or Jerry Neal of ONEOK Inc., 918-588-7000/
 (OKE)


CO: ONEOK Inc. ST: Oklahoma IN: OIL SU: ERN

TW -- NY052 -- 9741 01/06/94 11:55 EST
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Publication:PR Newswire
Date:Jan 6, 1994
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