(RTTNews) - ONEOK Inc. (OKE) said Tuesday that its third quarter profit declined from last year, hurt mainly by lower revenues as a result of lower realized commodity prices and narrower natural gas liquids product price differentials in the ONEOK Partners segment. Earnings, however, came in well above Street estimates. Looking further, the company raised its fiscal 2009 earnings guidance.

The Tulsa, Oklahoma-based company reported third quarter net income attributable to the company of $48.0 million or $0.45 per share, compared to $58.0 million or $0.55 per share in the year-ago quarter.

On average, eight analysts polled by Thomson Reuters expected the company to earn $0.23 per share for the quarter. Analysts estimates typically exclude special items.

Operating income for the third quarter declined to $173.8 million from $192.2 million for the third quarter 2008, due primarily to lower realized commodity prices and narrower natural gas liquids product price differentials in the ONEOK Partners segment.

Revenues for the quarter plummeted to $2.36 billion from $4.24 billion in the prior-year quarter. Three analysts had a revenue consensus of $3.74 billion for the third quarter.

In the immediately preceding quarter, the company's profit edged down to $41.68 million or $0.39 per share from the same quarter a year ago, as earnings were negatively impacted by an increase in expenses as well as a decline in quarterly revenues of $2.23 billion that came in below analysts estimate.

Among ONEOK's rivals, OGE Energy Corp. (OGE), the parent company of Oklahoma Gas and Electric Co., or OG&E, and Enogex LLC, reported a marginal decline in third-quarter profit to $136.8 million or $1.40 per share, attributable mainly to lower revenues of $845.3 million that fell sharply from last year. Full impact of revenue decline on bottom-line was partially offset by improved margins in the electric utility business due to rate increases.

Another runner, the Pittsburgh, Pennsylvania-based integrated energy company EQT Corp. (EQT) reported a slump in profit for the third quarter of $2.91 million or $0.02 per share over last year as higher revenues of $218.36 million from increased production was offset by long-term incentive compensation expense and lower commodity prices.

Segment wise, ONEOK Partners segment operating income of $144.7 million, compared with $197.5 million in the third quarter 2008, as the result of lower realized commodity prices in the natural gas gathering and processing business, narrower NGL product price differentials and prior-year operational measurement gains in the natural gas liquids business.

Distribution segment operating income of $7.6 million, compared with a loss of $2.9 million in the third quarter 2008, as the third quarter of 2009 earnings benefited from new rate mechanisms, which contributed $2.0 million in Oklahoma, $1.2 million in Kansas and $1.2 million in Texas.

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