ONEOK Focuses on Bakken as Company Reduces Capital Spending

SUGAR LAND--February 25, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--Pipeline owner and operator ONEOK Incorporated (NYSE:OKE) (Tulsa, Oklahoma) faced an uphill battle in 2020, and it shows in the company's bottom line for the year. ONEOK reported 2020 net income of $612.8 million, compared with $1.28 billion in 2019. Things seemed to pick up in the fourth quarter, however, when net income ran only $12.3 million less than the prior year. To this end, ONEOK has slashed planned capital spending in 2021 to between $525 million and $675 million, a more than 70% decrease compared with 2020. Industrial Info is tracking more than $1.2 billion in active ONEOK projects.