ONEOK Inc sees 19 pct higher profit in 2013
Sept 24 (Reuters) - Natural gas processor ONEOK Inc said it expects its profit in 2013 to be 19 percent higher than its current-year forecast as it expects volumes to increase after new projects come online.
ONEOK expects net income to be $405 million to $455 million in 2013, up from its 2012 forecast of $345 million to $375 million.
"The expected 2013 earnings growth will come from higher projected volumes, not from higher projected commodity prices or wider projected price differentials, in our ONEOK Partners segment," Chief Executive John Gibson said.
The company owns a 43.4 percent stake in ONEOK Partners LP , which plans to invest about $5.7 billion to $6.6 billion through 2015 on infrastructure projects.
The unit said it expects a 10 percent higher profit in 2013 compared to its current-year forecast.
Shares of ONEOK Inc closed at $47.81 while those of ONEOK Partners closed at $58.63 on Monday on the New York Stock Exchange.