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ONEOK posts Q1 results

Improved transportation volumes in natural gas and natural gas liquids boosted ONEOK’s bottom line when it came to its first-quarter results, it reported this week.

The company’s reported its first-quarter net income was about $337 million, or 82 cents a share, on revenues of about $2.8 billion, compared to $266 million, or 65 cents a share, on revenues about $3.1 billion the same time a year ago.

Company officials attributed the gains to improved volumes in natural gas and natural gas liquids in the Williston Basin and natural gas liquids in the STACK and SCOOP plays of the Anadarko Basin and the Permian Basin, plus increased transportation services in the natural gas pipelines segment.

“Our capital-growth program remains on track and on budget, with our largest projects slated for completion beginning early in the third quarter of 2019, through the first quarter of 2020,” CEO Terry K. Spencer said. “Over the coming months, we expect to add critical NGL takeaway, fractionation and natural gas processing capacity for our customers where they need it most.”

Magellan beats guidance

Magellan Midstream Partners on Wednesday reported a net income of about $208 million, or 91 cents a share, on revenues of about $629 million, compared to a profit of $211 million, or 92 cents a share, on revenues of $679 million the same period in 2018.

“Magellan kicked off 2019 on solid footing, generating higher financial results from our core, fee-based transportation and terminal activities and record quarterly distributable cash flow,” Michael Mears, its CEO, stated in the earnings release. "Although our reported earnings were negatively impacted by mark-to-market accounting for open commodity hedges, we generated improved cash margin from our commodity-related activities.”

Mears also stated the company’s outlook for the remainder of 2019 is improving, based upon favorable market conditions for crude oil pipeline shipments and improved commodity pricing.

Staff reports

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