Exhibit 99.1 | |
[ONEOK Logo] | News |
July 19, 2006 | Analyst Contact: Dan Harrison |
918-588-7950 Media Contact: Nancy Owens 918-588-7570 |
ONEOK Increases Quarterly Dividend by 7 Percent
TULSA, Okla. -- July 19, 2006 -- The board of directors of ONEOK, Inc. (NYSE: OKE) today increased the quarterly dividend by 7 percent to 32 cents per share of common stock, payable Aug. 14, 2006, to shareholders of record at the close of business July 31, 2006. With this action, the company's annual dividend increases to $1.28 from $1.20 per share of common stock.
"Our continued strong business performance has increased our cash flow, enabling us to provide our shareholders with improved returns in the form of dividends," said David Kyle, ONEOK chairman, president and chief executive officer. "In approving this increase, the board determined that a target payout above 50 percent of sustainable earnings would be appropriate," Kyle added.
In April 2006, the company raised its dividend to 30 cents per share from 28 cents a share. Since January 2003, the company has increased its dividend nine times, representing a 106 percent increase during that period.
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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: www.oneok.com.
Some of the statements contained and incorporated in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements relate to: anticipated financial performance; management's plans and objectives for future operations; business prospects; outcome of regulatory and legal proceedings; market conditions and other matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements in certain circumstances. OKE-FD
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