The board of ONEOK Inc., Tulsa, Okla., (NYSE: OKE) has authorized a new three-year stock repurchase program to buy up to $750 million of the company's issued and outstanding common stock. The purchases will be funded by the company's available cash, free cash flow and short-term borrowings.
"Our strong cash position, solid financial performance and continued growth through our ownership in ONEOK Partners provide us with the financial flexibility to deliver additional value to our shareholders in the form of repurchasing ONEOK shares," says John W. Gibson, ONEOK president and chief executive officer.
If the company repurchases shares, the purchases will be made periodically in the open market at prevailing market prices or in privately negotiated transactions at the company's discretion, subject to market conditions and other factors. The program will terminate upon completion of the repurchase of $750 million of common stock or on December 31, 2013, whichever occurs first.
Previously, the board had authorized a 7.5 million share repurchase program in May 2007, which was completed in June 2007.
ONEOK is the general partner and owns 42.8% of ONEOK Partners LP (NYSE: OKS), which owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Midcontinent and Rockies regions with key market centers.
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