TULSA, Okla., Sept. 17 /PRNewswire-FirstCall/ -- ONEOK, Inc. (NYSE: OKE)
and ONEOK Partners, L.P. (NYSE: OKS) today announced that they have no
material exposure from the bankruptcy filing of Lehman Brothers Holdings, Inc.
earlier this week.
In addition, it is anticipated that the impact of Hurricane Ike will not
affect ONEOK's and ONEOK Partners' 2008 earnings guidance range, which was
updated on Aug. 5, 2008.
Financial Exposure is Limited
ONEOK and ONEOK Partners conduct business with Lehman Commodity Services
and Eagle Energy, affiliates of Lehman Brothers Holdings, neither of which are
named in the bankruptcy filing. None of the transactions with these entities,
either individually or in aggregate, are material.
Specifically, ONEOK's energy services segment conducts financial
transactions with Lehman Commodity Services and buys and sells natural gas
with Eagle Energy. ONEOK Partners' natural gas gathering and processing
segment utilizes Lehman Commodity Services to hedge a portion of its natural
gas liquids production. The partnership's natural gas pipeline segment also
transports natural gas for Eagle Energy.
In addition, Lehman Brothers Holdings, Inc. is not a participant in either
ONEOK's or ONEOK Partners' revolving credit facilities.
Hurricane Impact on Operations
ONEOK Partners' Mont Belvieu-area natural gas liquids facilities were
affected by Hurricane Ike; however, all employees have been accounted for.
Electrical power has not yet been restored to the partnership's natural gas
liquids storage facility or fractionation facility. In addition, the Mont
Belvieu fractionation facility did experience damage to its cooling tower.
Based on discussions with contractors, it is anticipated that repairs can be
completed by the end of next week. If power is restored to the fractionation
facility by then, start up can begin.
The Sterling Pipeline, which transports NGL products between the
Mid-Continent area and the Texas Gulf Coast, is currently operating at reduced
capacity. Once power is restored to the partnership's Mont Belvieu facilities
and to its petrochemical customers, it is anticipated that the pipeline will
operate at pre-hurricane levels. ONEOK Partners is currently working with its
customers to minimize the impact of these disruptions.
ONEOK's Texas Gas Service division provides natural gas distribution
service to approximately 16,000 customers in the Galveston area; all of its
employees have been accounted for. Company crews are on site working to
restore natural gas service as quickly and safely as possible.
ONEOK, Inc. (NYSE: OKE) is a diversified energy company. We are the
general partner and own 47.7 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.
ONEOK Partners, L.P. (NYSE: OKS) is one of the largest publicly traded
limited partnerships, and 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. Our general
partner is a wholly owned subsidiary of ONEOK, Inc. (NYSE: OKE), a diversified
energy company, which owns 47.7 percent of the overall partnership interest.
ONEOK is one of the largest natural gas distributors in the United States, and
its energy services operation focuses primarily on marketing natural gas and
related services throughout the U.S.
For more information, visit the Web sites at http://www.oneokpartners.com
or http://www.oneok.com.
OKE-FI OKS-FI
Analyst Contact: Christy Williamson
918-588-7163
Media Contact: Megan Washbourne
918-588-7572
SOURCE ONEOK, Inc.; ONEOK Partners, L.P.
-0- 09/17/2008
/CONTACT: analysts, Christy Williamson, +1-918-588-7163, or media, Megan
Washbourne, +1-918-588-7572, both for ONEOK, Inc. and ONEOK Partners, L.P./
/Web site: http://www.oneok.com
http://www.oneokpartners.com /
(OKE OKS)
CO: ONEOK, Inc.; ONEOK Partners, L.P.; Lehman Brothers Holdings, Inc.; Lehman
Commodity Services; Eagle Energy
ST: Oklahoma, Texas
IN: OIL FIN
SU:
MK-ED
-- LAW084 --
1330 09/17/2008 17:00 EDT http://www.prnewswire.com