Tulsa

With natural gas production and natural gas liquids (NGL) sales volumes 22% higher than a year ago, and average prices 31% higher, Tulsa-based Williams reported strong quarterly earnings on Thursday, with net income of $201.1 million (34 cents/share) versus $9.9 million (2 cents) in 1Q2004.

With natural gas production and natural gas liquids (NGL) sales volumes 22% higher than a year ago, and average prices 31% higher, Tulsa-based Williams reported strong quarterly earnings on Thursday, with net income of $201.1 million (34 cents/share) versus $9.9 million (2 cents) in 1Q2004.

Tulsa-based independent Vintage Petroleum Inc. said Monday it internally increased its oil and natural gas production in 2004 and achieved a 5% increase in aggregate contributions from all of its producing areas. It also estimated year-end proved reserves at 437.2 million boe, with 2004 output from continuing operations of 24.5 million boe.

Two subsidiaries of Tulsa-based SemGroup L.P. collected new properties last week. SemCanada, L.P. announced Thursday it signed a definitive purchase and sale agreement to buy Central Alberta Midstream (CAMS), the largest licensed sour gas processor in Alberta, from BP Canada Energy and Chevron Canada Resources (CCR). Earlier SemGas L.P. said it acquired a second natural gas storage project in New York State.

Williams has completed the buy-back of nearly $793 million of its debt, but as a result, it will take a third quarter charge on the transaction. The Tulsa-based energy company has been working to cut long-term debt to less than $8 billion by the end of 2005, and at the end of the second quarter, it had pared it to $9.8 billion. The company paid a premium of $135 million over the face value of the $793 million of its 8.6% senior notes, which are due in 2010. Williams bought back 99% of the notes, it said. The third quarter pre-tax charge will total about $155 million for the premium and related fees and expenses. Williams retained Citigroup Global Markets Inc. to serve as the lead dealer manager and solicitation agent. Banc of America Securities LLC, J.P. Morgan Securities Inc., and Lehman Brothers Inc. served as the co-dealer managers and solicitation agents. Global Bondholder Services Corp. served as the information agent for the tender offer.

Oneok Inc., a Tulsa, OK-based utility company, last Monday reported that its net income for the second quarter fell 21% from levels a year earlier due to significant losses in its marketing and trading operation and a more modest loss in its distribution sector.

Oneok Inc., a Tulsa, OK-based utility company, on Monday reported that its net income for the second quarter fell 21% from levels a year earlier due to significant losses in its marketing and trading operation and a more modest loss in its distribution sector.

In a strong signal that The Williams Cos. is on track for recovery, Moody’s Investors Service on Friday placed the Tulsa-based company’s junk-rated debt under review for possible upgrade. Even before the review, however, Moody’s upgraded Williams’ speculative grade liquidity rating to ‘SGL-2’ from ‘SGL-3,’ which “indicates our expectation of good liquidity for the 12 months ending June 30, 2005.”

Tulsa, OK-based Oneok Inc. said Friday that its earnings guidance for 2004 remains at $2.12-2.18 per diluted share of common stock. The company also provided quarterly earnings-per-share guidance and updated segment operating income estimates due to changes in the market.