Mon, May 18, 5:51 PM
- While Deutsche Bank starts coverage of several energy MLPs with Buy ratings, the firm initiates ONEOK (NYSE:OKE) and ONEOK Partners (NYSE:OKS) at Sell with respective $43 and $38 price targets, citing the risk of another guidance cut at the company.
- Deutsche Bank says the commodity downturn has highlighted OKE’s commodity sensitivity, resulting in breaking the track record of 22 consecutive quarterly distribution increases and an outlook of sub-1x coverage for 2015.
- Without an improvement in prices, OKS is positioned to come in at the low end of current guidance of 3%-5% distribution/unit growth, with the risk of a further guidance cut to nominal or no growth going into 2016, the firm says.
Wed, May 6, 5:40 PM
Tue, May 5, 4:31 PM
Thu, Apr. 16, 4:43 PM
Wed, Apr. 1, 4:35 PM
- ONEOK Partners (OKS, OKE) says it is forming a 50-50 joint venture with a subsidiary of Mexico's Fermaca Infrastructure to construct a pipeline that will transport natural gas from the Permian Basin in west Texas to Mexico.
- The first phase of the project for 170MM cf/day of available capacity is scheduled for completion by Q1 2016; final completion is expected by 2019 and will increase available capacity on the pipeline to 640MM cf/day.
- OKS will manage project construction and become operator of the pipeline upon completion; the project is estimated to cost $450M-$500M.
Mon, Feb. 23, 4:13 PM
Sun, Feb. 22, 5:35 PM
Dec. 10, 2014, 12:58 PM
- Energy stocks are slammed across the board as oil prices take another nosedive (I, II), with the losses heaviest on shares of small, U.S.-based oil and gas producers.
- “Financial leverage is being thrown out the window, and everything else is being purged as well,” says Simmons analyst Bill Herbert, who adds that cuts to production budgets in the coming year likely will mean more pain for oil service companies.
- Among the hardest-hit shares: TPLM -15.2%, CRK -12.4%, GDP -11.9%, NOG -9.5%, AREX -8.6%.
- Investors have been less quick to dump shares of integrated oil companies, but today they have been smacked too: XOM -2.8%, CVX -2.9%, COP -2.3%, BP -2%, RDS.A -2.2%, TOT -2.3%.
- Today's worst performers on the S&P 500 include OKE -8.2%, DNR -7.4%, NE -5.6%.
- Service companies also are down: SLB -2.6%, HAL -2.7%, WFT -6.6%, BHI -2%.
- ETFs: XLE, ERX, VDE, OIH, ERY, DIG, DUG, IYE, XES, IEZ, PXI, FENY, PXJ, RYE, FXN, DDG
Dec. 2, 2014, 4:59 PM
- ONEOK (NYSE:OKE) +1% AH after saying it expects 2015 cash flow available for dividends in the range of $580M-$660M, reflecting higher anticipated cash distributions received from its general and limited partner interests in ONEOK Partners (NYSE:OKS).
- Guidance includes a 14% Y/Y increase in shareholder dividends declared; OKE also expects average annual dividend declared increases of 12%-15% between 2014-17.
- Also, ONEOK Partners announces higher 2015 financial guidance, expecting adjusted EBITDA to increase 19% Y/Y to a range of $1.77B-$1.99B and 2015 distributable cash flow to increase 18% to a range of $1.31B-$1.49B.
Nov. 4, 2014, 4:55 PM
Nov. 3, 2014, 5:35 PM
- ADEP, AMRS, ATVI, AWAY, AXLL, BIO, BIOL, BIRT, CALD, CBSO, CDXS, CERS, CHUY, CKEC, COHR, CORT, COUP, CRTO, CSU, DOX, DVN, ENPH, EXAM, EXEL, FANG, FEYE, FOXA, FRGI, GAS, GHDX, HR, ITRI, IVR, JAZZ, JIVE, JKHY, JMBA, KAR, MITT, MOSY, MPO, MYGN, NP, NRP, NSTG, NYMT, OAS, OCLR, OKE, OKS, PACD, PAYC, PBPB, PCYC, PEGA, PHH, PRI, PXD, PZZA, REGI, REXX, RLOC, RNR, RP, SBAC, SN, SPA, SQNM, TMH, TNET, TRIP, TTGT, TWO, TWOU, TX, UIL, WPX, XEC, XNPT, ZAGG, ZU
Oct. 27, 2014, 4:30 PM
- ONEOK Partners (OKS, OKE) agrees to acquire natural gas liquids pipelines and related assets in the Permian Basin of west Texas and southeast New Mexico from Chevron (NYSE:CVX) for ~$800M.
- The deal includes an 80% interest in the West Texas LPG Pipeline Limited Partnership and 100% interest in the Mesquite Pipeline, which collectively consist of ~2,600 miles of NGL gathering pipelines.
- With these projects, ONEOK says it has announced total investments of $8.3B-$9B during 2010-16 for acquisitions and capital growth projects related to natural gas gathering and processing, and NGLs.
Oct. 22, 2014, 7:35 PM
Oct. 9, 2014, 5:53 PM
- Nuevo Midstream, a Texas pipeline company backed by P-E firm EnCap FlatRock Midstream, is seeking a buyer and could fetch $1.5B, Bloomberg reports.
- Nuevo is said to have drawn interest from potential buyers including Oneok (OKE, OKS) and Regency Energy Partners (NYSE:RGP).
- Takeovers involving companies that help transport, store and process oil and natural gas after have surged past $100B so far this year.
Sep. 22, 2014, 4:31 PM
- Oneok Partners (NYSE:OKS) says it plans to invest $480M-$680M over the next two years to construct new natural gas processing facilities and related infrastructure in North Dakota and Wyoming.
- OKS says it will build a new 80M cf/day natural gas processing facility and related infrastructure to process natural gas produced from the Bakken Shale in the Williston Basin, as well as a new 100M cf/day natural gas processing facility and related infrastructure to process natural gas produced from the NGL-rich formations of the Powder River Basin.
Aug. 6, 2014, 5:59 PM
- ONEOK (OKS, OKE) says it is committed to reducing natural gas flaring in North Dakota as part of the state's new restrictions through new processing projects and additional capacity coming online.
- OKS last week announced plans to invest up to $785M to construct a new 200M cf/day natural gas processing facility at Demicks Lake as well as related infrastructure; OKS says natural gas processing capacity in the region will increase to 1.1B cf/day upon the anticipated completion of the projects by Q3 2016.
- Oasis Petroleum (NYSE:OAS) also says it could honor North Dakota's new restrictions on natural gas flaring and had connected 96% of its wells in the state to gathering lines.
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