SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
December 21, 2001
(Date of earliest event reported)
ONEOK, Inc.
(Exact name of registrant as specified in its charter)
Oklahoma 1-2572 73-1520922
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
100 West Fifth Street; Tulsa, OK
(Address of principal executive offices)
74103
(Zip code)
(918) 588-7000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Events
On December 20, 2001, ONEOK, Inc. announced it has revised its
earnings guidance. Net income excluding the effect of the Oklahoma
Corporation Commission (OCC) charge is estimated to be in the range of
$1.20 per diluted share of common stock. This revision in guidance is
prompted primarily by lower commodity prices and margins coming from
the company's natural gas gathering and processing segment and the
impact of warmer-than-normal weather on energy prices and the
distribution segment. Net income is estimated to be in the range of
$1.02 per diluted share of common stock including the impact of the
OCC charge.
In addition, ONEOK, Inc. updated its exposure to Enron. ONEOK had
previously announced the company's estimated exposure to Enron to be
less than $40 million. ONEOK has not received payment from Enron on
$14 million of November and December 2001 commodity transactions that
were to settle in late November and early December 2001. Enron's
filing of the voluntary bankruptcy proceeding may also have created an
event of technical default related to various financing leases tied to
ONEOK's Bushton gas processing plant. Enron is one of three guarantors
of these Busthon plant leases. However, ONEOK is the primary guarantor
and will continue to make all payments due under the leases. ONEOK has
notified the lessor and indenture trustee under the leases of the
potential technical default.
Item 7. Financial Statements and Exhibits
99.a Press Release Issued by ONEOK, Inc. dated December 20, 2001
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized, on this 21st day of December 2001.
ONEOK, Inc.
By: /s/ Jim Kneale
--------------------------------
Jim Kneale
Senior Vice President, Treasurer
and Chief Financial Officer
(Principal Financial Officer)
3