Oct 28 (Reuters) - U.S. pipeline operator ONEOK ( OKE )
reported a rise in third-quarter profit on Tuesday, helped by
robust volumes in the Rocky Mountain region as well as the
impact of a series of acquisitions.
ONEOK ( OKE ) has been diversifying its portfolio through
acquisitions over the past two years, including a Gulf Coast NGL
pipeline system from Easton Energy, as well as Medallion
Midstream and EnLink Midstream.
In June, ONEOK ( OKE ) completed its $940 million acquisition of the
remaining 49.9% stake in the Delaware Basin joint venture from
NGP XI Midstream Holdings, giving the company sole ownership of
natural gas gathering and processing facilities in West Texas
and New Mexico's Delaware Basin.
Core profit from the natural gas liquids segment rose nearly
20% to $748 million, while the natural gas gathering and
processing segment's core profit jumped roughly 78% to $566
million from a year earlier.
Its refined products and crude segment rose to $582 million
in core profit during the quarter, primarily driven by the
Medallion and EnLink acquisitions.
ONEOK ( OKE ) transports natural gas, natural gas liquids, refined
products and crude oil through its 60,000-mile-long network of
pipelines.
The Tulsa, Oklahoma-based company reported net income
attributable to shareholders of $939 million, or $1.49 per
share, for the quarter ended September 30, compared with $692
million, or $1.18 per share, a year earlier.