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ONEOK INC. REPORTS YEAR-END EARNINGS

 ONEOK INC. REPORTS YEAR-END EARNINGS
 TULSA, Okla., Oct. 15 /PRNewswire/ -- ONEOK Inc. (NYSE: OKE), a


Tulsa-based energy company, today reported earnings of $1.21 per share of common stock for the 1992 fiscal year ended Aug. 31, 1992. This compares with $1.33 per share for the previous year. Consolidated net income for ONEOK Inc. was $32.6 million in 1992 vs. $35.9 million in 1991. Consolidated operating revenues were $677.1 million and $689.5 million, respectively, for the 12-month periods.
 Earnings for the 1992 fourth quarter were 3 cents per share of common stock, compared with a loss of 3 cents for the 1991 fourth quarter. Consolidated net income was $1 million vs. a loss of $573,000, and consolidated operating revenues were $107.2 million and $122 million, respectively.
 J. D. Scott, ONEOK Inc. chairman, president and chief executive officer, said earnings for the fiscal year decreased from both Oklahoma Natural Gas Company, the utility division, and Energy Companies of ONEOK, the nonutility division.
 The earnings of the utility division were improved by an increase of 39,000 customers served, primarily the result of both the acquisition of the Oklahoma properties of Lone Star Gas Company in June 1991 and the company's line extensions.
 Additionally, Scott said, an interim utility rate increase of $18.2 million annually was granted in March 1992, subject to refund, which added approximately $9 million in revenues for 1992 and was the main reason for the earnings gain in the fourth quarter.
 Offsetting the annual increases, the heating season was the second warmest in the company's history, at 14.2 percent warmer than normal and 3.4 percent warmer than 1991. In addition to the warmer weather, increased gas required for system operations, interest and depreciation expenses further contributed to the earnings decline.
 Scott said that net income for ONEOK's utility division was $28.4 million, or $1.05 per share, compared with $29.7 million, or $1.10 per share, for last year.
 He reported that profits from the nonutility Energy Companies of ONEOK division declined to $5.4 million, or 21 cents per share, from $7.6 million, or 28 cents per share, in 1991. Production of natural gas liquids, oil and natural gas all increased during 1992; however, prices for natural gas liquids decreased to 29 cents per gallon in 1992 from 32 cents per gallon in 1991, and oil prices decreased to $20.07 from $24.08 per barrel. Natural gas prices remained flat at $1.47 per thousand cubic feet.
 ONEOK Inc. is a diversified energy company engaged in natural gas transmission and distribution, oil and gas exploration and production, contract drilling and natural 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- 10/15/92
 /CONTACT: Walt Radmilovich, Weldon Watson or Jerry Neal of ONEOK, 918-588-7000/
 (OKE) CO: ONEOK Inc. ST: Oklahoma IN: OIL SU: ERN


GK -- NY082 -- 0525 10/15/92 14:35 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
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