For the full year 2007, ONEOK Partners reported net income of $407.7 million, or $4.21 per unit, compared with $445.2 million, or $5.01 per unit, for the full year 2006.
Full-year 2006 results included a $113.9 million, or $1.51 per unit, gain from the sale of a 20% interest in the Northern Border Pipeline Company. Excluding this one-time gain, the partnership’s 2007 net income increased $76.4 million, or 23%, primarily due to natural gas liquids (NGL) supply growth and higher NGL product price spreads in its natural gas liquids businesses.
John Gibson, chairman and CEO of ONEOK Partners, said: We had an outstanding year in 2007, continuing to grow our NGL businesses as we connected new NGL supplies in the Mid-Continent region. Our natural gas gathering and processing segment turned in solid results for the year, delivering higher earnings despite lower processed volumes due to contract terminations in late 2006.
