The Board of Directors of ONEOK Inc. (OKE) has raised the quarterly dividend by 4.8% to 44 cents per share of common stock from 42 cents per share. The dividend is payable on February 12, 2010, to shareholders of record at the close of business on January 29, 2010.
 
This dividend increase is consistent with the company’s long-term dividend target payout of 60% to 70% of recurring earnings, as well as an expected increase in distribution from its master limited partner ONEOK Partners L.P. (OKS) as a result of the recent completion of more than $2 billion of capital investment in that segment.
 
Separately, the Board of Directors of ONEOK Inc. increased the partnership’s quarterly cash distribution to $1.10 per unit from $1.09 per unit, resulting in an annualized cash distribution of $4.40 per unit.  The distribution is payable February 12, 2010, to unitholders of record as of January 29, 2010.
 
The distribution increase reflects growing fee-based earnings as a result of the partnership’s recent completion of more than $2 billion in capital investments. The partnership expects similar distribution increases in 2010, given the ramp-up of production at these completed projects.
 
ONEOK Inc. is a diversified energy company engaged in the purchase, transportation, storage and distribution of natural gas in the United States and Canada. It is the general partner owning 45.1% of ONEOK Partners L.P., one of the largest publicly traded master limited partnerships. ONEOK Partners is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation’s premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers.
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