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Tulsa, Okla., Natural Gas Company Blames Enron Bankruptcy for Earnings Plunge.
Knight Ridder/Tribune Business News, February, 2002
By Melissa Davis, The Daily Oklahoman Knight Ridder/Tribune Business News
Feb. 27--TULSA, Okla. -- ONEOK Inc. on Tuesday blamed the Enron Corp. bankruptcy and an unfavorable decision by the Oklahoma Corporation Commission for a 30-percent plunge in earnings last year.
The Tulsa company, parent to Oklahoma Natural Gas, on Tuesday posted earnings of $101.6 million or 85 cents a share in 2001. That compares with earnings of $145.6 million or $1.23 a share in 2000.
However, ONEOK's 2000 earnings included a one-time gain of $26.7 million for the sale of a natural gas processing plant in New Mexico. Without that gain, the company would have posted 2000 earnings of $129 million or $1.09 a share.
"Occasionally, a company has one large...
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