Tulsa’s Oneok sees loss in 1st quarter

  • Oneok Inc.
    Oneok Inc.

TULSA (AP) – Oneok Inc. (OKE) on Tuesday reported a first-quarter loss of $141.9 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Tulsa based company said it had a loss of 34 cents. Earn- ings, adjusted for asset impairment costs, came to 83 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share.

The natural gas company posted revenue of $2.14 billion in the period.

Oneok shares have decreased 60% since the beginning of the year, while the Standard & Poor’s 500 index has dropped 11%. In the final minutes of trading on Tuesday, shares hit $30.41, a decline of 56% in the last 12 months.