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Higher Natural Gas Prices Quadruple ONEOK's Profits
SUGAR LAND--November 10, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--ONEOK Incorporated (NYSE:OKE) (Tulsa, Oklahoma), one of the nation's largest natural gas distribution companies, reported third quarter 2008 earnings on November 5. Net income for the quarter was $58 million, rising an amazing 417% from 3Q07 net income of $13.9 million. John W. Gibson, CEO of ONEOK, pointed to higher natural gas prices and sales volumes as the reason for the increase in income. Industrial Info is currently tracking $1.59 billion of ONEOK Partners' projects, ranging from a $5 million plant turnaround to the construction a $425 million grassroot natural-gas pipeline.
Other companies featured: Quanta Services Incorporated (NYSE:PWR)
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Industry Segment: Transmission
Word Count: 503 Words
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