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ONEOK INC. REPORTS THIRD-QUARTER EARNINGS

 TULSA, Okla., June 30 /PRNewswire/ -- ONEOK Inc. (NASDAQ: OKE), a Tulsa-based energy company, today reported earnings per share of common stock were 10 cents for the company's fiscal 1993 third quarter, ended May 31, 1993, unchanged from the prior year's third quarter.
 Consolidated net income for ONEOK for the 1993 third quarter was $2.8 million, vs. $2.6 million a year earlier. Total operating revenues were $187.5 million and $150.5 million, respectively, for the two periods.
 J. D.. Scott, chairman, president and chief executive officer, said third-quarter net income for Oklahoma Natural Gas Company, ONEOK's utility division, was $1.7 million, or 6 cents per share, compared with $2.4 million, or 9 cents per share, last year. This is the result of reduced margins on deliveries to industrial customers, increased expenses, and costs related to refinancing a portion of the company's older, higher-cost debt, partially offset by colder weather and reduced gas required in operations.
 Scott reported profits from Energy Companies of ONEOK, the non- utility division of the company, increased for the third quarter of 1993 to $1.3 million, or 5 cents per share, due to increased oil sales and improved natural gas prices. Last year's third-quarter earnings were $500,000, or 2 cents per share. The increase in oil sales was primarily production from the North Frisco City Field in Monroe County, Alabama, that the company recently acquired.
 ONEOK Inc. announced last week that it is currently negotiating to acquire all Oklahoma utility operations of Western Resources, Inc., and its gas-only utility operations in eastern Kansas. There are approximately 190,000 gas customers related to these operations.
 ONEOK Inc. is a diversified energy company engaged in natural gas transmission and distribution, oil and gas exploration and production, contract drilling and gas processing. 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- 6/30/93
 /CONTACT: Walt Radmilovich, Weldon Watson or Jerry Neal of ONEOK Inc., 918-588-7000/
 (OKE)


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

WB-MG -- NY071 -- 7319 06/30/93 16:21 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
Words:363
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