TULSA, Okla., April 9, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- ONEOK, Inc. (NYSE: OKE) announced today that it was named a top performer in its industry in CFO magazine's 2006 Capital Spending Scorecard. ONEOK tied for first in its category based on adjusted return on gross fixed assets (ROGFA).
ONEOK posted an adjusted return on gross fixed assets of 18 percent in 2005 and a compound annual return of 16 percent for shareholders over the three-year period ending in 2005.
"We have long believed that how well we spend our capital is more important than how much we spend," said John W. Gibson, chief executive officer of ONEOK. "This is one more indicator of our strong commitment to delivering value to our shareholders."
CFO magazine ranked the 20 largest companies in 15 capital-intensive industries by ROGFA, which roughly equates to the ratio of operating profits to capital spending. It ranked companies in each industry according to their 2005 earnings before interest, taxes, depreciation, and amortization divided by the book value of their fixed assets, and adjusted to eliminate the balance-sheet effect of operating leases.
The resulting ratio, ROGFA, reflects how much a company earns on its property, plant, and equipment. In many industries, a high ROGFA correlates with strong performance in other key areas, such as sales growth and shareholder return, according to CFO magazine.
ONEOK, Inc. (NYSE: OKE) is a diversified energy company. We are the general partner and own 45.7 percent of ONEOK Partners, L.P. (NYSE: OKS), one of the largest publicly traded limited partnerships, which is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting much of the natural gas and NGL supply in the Mid-Continent with key market centers. ONEOK is among the largest natural gas distributors in the United States, serving more than 2 million customers in Oklahoma, Kansas and Texas. Our energy services operation focuses primarily on marketing natural gas and related services throughout the U.S. ONEOK is a Fortune 500 company.
For information about ONEOK, Inc. visit the Web site: http://www.oneok.com .
Analyst Contact: Dan Harrison
918-588-7950
Media Contact: Megan Washbourne
918-588-7572
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SOURCE ONEOK, Inc.
analysts, Dan Harrison, +1-918-588-7950, or media, Megan Washbourne, +1-918-588-7572,
both of ONEOK, Inc.
http://www.oneok.com