Exhibit
99.1










February
5, 2009


Analyst
      Contact:
                            Dan
      Harrison
                            
                            Analyst
      Contact:
                            Christy
      Williamson918-588-7950
                            
                            
                            918-588-7163Media
      Contact:
                            Megan
      Washbourne
                            
                            Media
      Contact:
                            Megan
      Washbourne918-588-7572
                            
                            
                            918-588-7572
 ONEOK
and ONEOK Partners Affirm 2008 Guidance;
 Provide
2009 Earnings Guidance
 TULSA,
Okla. – Feb. 5, 2009 - ONEOK, Inc. (NYSE: OKE) and ONEOK Partners, L.P. (NYSE:
OKS) today affirmed that their 2008 results are expected to be within the
earnings guidance ranges provided on Nov. 5, 2008, even though they experienced
changing market conditions during the fourth quarter – lower commodity prices,
narrower natural gas liquids (NGL) product price and natural gas storage
differentials, instances of ethane rejection and weather-related operational
outages.
  ONEOK
expects its 2008 results will be near the low end of the 2008 net income range
of $2.95 to $3.05 per diluted share, as previously issued.
  ONEOK
Partners expects its 2008 results will be within the lower half of the net
income guidance range of $5.95 to $6.15 per unit, with distributable cash flow
(DCF) projected to be in the range of $625 million to $655 million, as
previously issued.
  “Strong
performances by our distribution and ONEOK Partners segments contributed to
ONEOK’s expected 2008 results,” said John W. Gibson, chief executive officer of
ONEOK, and chairman and chief executive officer of ONEOK Partners.
  “The
partnership is expected to have a record year in 2008, driven primarily by
higher commodity prices and wider NGL product price differentials that allowed
us to capture additional margins, as well as by higher volumes in our natural
gas and natural gas liquids businesses.  However, significantly lower
commodity prices and a difficult business environment will make 2009 a
challenging year for ONEOK and ONEOK Partners,” Gibson added.
  ONEOK’s
2009 net income is expected to be in the range of $2.25 to $2.75 per diluted
share, reflecting lower anticipated earnings in the ONEOK Partners segment,
partially offset by higher expected earnings in the distribution and energy
services segments.
  -more-
 
 ONEOK
and ONEOK Partners Affirm 2008 Guidance;
 Provide
2009 Earnings Guidance
  Page
2
  ONEOK
Partners’ 2009 net income is expected to be in the range of $3.15 to $3.75 per
unit.  Preliminary estimates for the partnership’s 2009 DCF are
expected to be in the range of $490 million to $550 million.
  “Our 2009
earnings expectations reflect a significantly lower commodity price environment,
compared with 2008 realized prices,” Gibson stated.  “Earnings from
the partnership's recently completed internal growth projects – which are
primarily fee based – will partially offset the effects of lower commodity
prices and narrower NGL product price differentials.  In our
distribution segment, we expect improved performance from the implementation of
rate mechanisms and operating efficiencies, and our energy services segment will
benefit from higher expected transportation margins in 2009.
  “Given
the uncertain capital markets and lower commodity price environment, we remain
focused on preserving our liquidity and maintaining the partnership’s
distribution and ONEOK’s dividend,” Gibson stated.  “We believe there
will be consolidation within our industry.  With a strong balance
sheet and adequate liquidity, we’ll be able to participate in those
consolidation opportunities and continue to increase distributions and
dividends, as conditions warrant.”
  2009
GUIDANCE FOR ONEOK
  ONEOK’s
2009 operating income from its ONEOK Partners segment is forecasted to be
approximately $521 million.  Lower anticipated commodity prices in the
partnership’s natural gas gathering and processing business, and reduced NGL
product price differentials in its natural gas liquids gathering and
fractionation business are expected to lower 2009 earnings, compared with
2008.  The impact of the lower commodity prices is expected to be
partially offset by higher fee-based revenues in the partnership’s natural gas
and natural gas liquids pipeline businesses, as a result of completing several
large internal growth projects in 2008.
  The
distribution segment is projecting 2009 operating income of approximately $200
million.  This is an increase from 2008 projected earnings, due to
continued implementation of rate strategies, including capital and bad-debt
recovery mechanisms, and improved operating efficiencies.
  In the
energy services segment, 2009 operating income is projected to be approximately
$115 million.  This is an increase from 2008 projected earnings,
primarily due to expected improved transportation margins as a result of higher
anticipated natural gas basis differentials.  For 2009, approximately
67 percent of energy services’ transportation position is hedged.  The
2009 earnings guidance reflects lower storage margins than occurred in 2008 and
planned changes in the segment’s operations, which will reduce storage capacity
utilization.
  On a
stand-alone basis, ONEOK expects its 2009 free cash flow from continuing
operations before changes in working capital to exceed capital expenditures and
dividends by $185 million to $235 million.
  -more-
 
 ONEOK
and ONEOK Partners Affirm 2008 Guidance;
 Provide
2009 Earnings Guidance
  Page 3
  At Dec.
31, 2008, ONEOK had $1.4 billion outstanding and $135.4 million available under
its revolving credit facilities and approximately $332.4 million in available
cash and cash equivalents.
  2009
GUIDANCE FOR ONEOK PARTNERS
  The
average unhedged prices used in 2009 guidance are $50 per barrel for New York
Mercantile Exchange (NYMEX) crude oil, $5 per MMBtu for NYMEX natural gas and 56
cents per gallon for composite natural gas liquids.
  The
natural gas gathering and processing segment’s 2009 operating income is
forecasted to be approximately $164 million, which is less than 2008 guidance
due to lower anticipated natural gas liquids, crude oil and natural gas
prices.  Natural gas volumes gathered and processed are expected to be
down approximately 2 percent from 2008 levels.
  For 2009,
the partnership estimates that in its natural gas gathering and processing
segment a 1 cent per gallon increase in the composite price of natural gas
liquids would increase annual net margin by approximately $1.2
million.  A $1.00 per barrel increase in the price of crude oil would
increase annual net margin by approximately $1.0 million.  Also, a 10
cent per MMBtu increase in the price of natural gas would increase annual net
margin by approximately $0.6 million.  All of these sensitivities
exclude the effects of hedging and assume normal operating
conditions.
  For 2009,
financial hedges are in place on 25 percent of the natural gas gathering and
processing segment’s expected natural gas liquids production at an average price
of $2.08 per gallon and on 32 percent of its expected condensate production at
an average price of $3.23 per gallon.
  The
natural gas pipelines segment’s 2009 operating income is projected to be
approximately $141 million.  The Guardian Pipeline expansion and
extension is expected to bring additional earnings to the segment in
2009.  This increase is partially offset by lower anticipated natural
gas prices that affect the segment’s retained fuel position.
  The
natural gas liquids gathering and fractionation segment’s 2009 operating income
is forecasted to be approximately $102 million.  Approximately $93
million of the lower 2009 earnings projection is related to an anticipated
return to more normal NGL product price differentials than was experienced in
2008.   The segment also benefited from $13.3 million in
operational measurement gains, primarily at NGL storage caverns, in the third
quarter 2008.   As ­a result of the completion of Overland
Pass Pipeline and related projects, volumes are expected to increase despite
some anticipated ethane rejection.
  The
natural gas liquids pipelines segment’s 2009 operating income is projected to be
approximately $113 million.  The segment’s expected increase, compared
with 2008 projected earnings, is the result of anticipated volume increases as a
result of full-year operation of the
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 ONEOK
and ONEOK Partners Affirm 2008 Guidance;
 Provide
2009 Earnings Guidance
  Page
4
  Overland
Pass Pipeline and partial-year operations of the D-J and Piceance Lateral
Pipelines and the Arbuckle Pipeline, despite some anticipated ethane
rejection.
  2009
equity earnings from investments are estimated to be approximately $91
million.  2008 equity earnings from investments included an $8.3
million, third-quarter 2008 gain on the sale of Bison Pipeline LLC by Northern
Border Pipeline.
  2009
capital expenditures are expected to be approximately $425 million, comprised of
$355 million in growth capital and $70 million in maintenance
capital.  2009 growth capital is significantly lower than the 2008
estimate of $1.2 billion, as the partnership completes its $2 billion of growth
projects.
  At Dec.
31, 2008, ONEOK Partners had $870.0 million outstanding and $130.0 million
available under its revolving credit facility and approximately $177.6 million
in available cash and cash equivalents.  These additional funds
­and remaining borrowing capacity, as well as operating cash flow, would be
sufficient to fund the partnership’s capital requirements well into
2009.
  2008
RESULTS
  ONEOK’s
and ONEOK Partners’ 2008 financial results will be released on Feb. 23, 2009,
following the close of market. The management of ONEOK Partners and ONEOK will
conduct a joint conference call on Tuesday, Feb. 24, 2009, at 11 a.m. Eastern
Standard Time (10 a.m. Central Standard Time).  The call will also be
carried live on ONEOK’s and ONEOK Partners’ Web sites.
  To
participate in the telephone conference call, dial 866-256-9295, pass code
1327308, or log on to the webcast at www.oneokpartners.com
or www.oneok.com.
  For those
unable to participate in the conference call or the webcast, the replay will be
available on ONEOK Partners’ Web site, www.oneokpartners.com,
or ONEOK’s Web site, www.oneok.com,
for 30 days.  A recording will be available by phone for seven
days.  The playback call may be accessed at 866-837-8032, pass code
1327308.
  NON-GAAP
FINANCIAL MEASURES
  ONEOK
Partners has disclosed in this news release forecasted EBITDA and DCF amounts
that are non-GAAP financial measures.  Management believes EBITDA and
DCF provide useful information to investors as a measure of comparison with peer
companies.  However, these calculations may vary from company to
company, so the partnership’s computations may not be comparable with those of
other companies.  DCF is not necessarily the same as available cash as
defined in the Partnership Agreement.  Management further uses EBITDA
to compare the financial performance of its segments and to internally manage
those
  -more-
 
 ONEOK
and ONEOK Partners Affirm 2008 Guidance;
 Provide
2009 Earnings Guidance
  Page
5
  business
segments.  Reconciliations of forecasted EBITDA to forecasted net
income, and forecasted computations of DCF are included in the financial tables
attached to this release.
  ONEOK, Inc. (NYSE:
OKE) is a diversified energy company. We are the general partner and own 47.7
percent of ONEOK Partners, L.P. (NYSE: OKS), one of the largest publicly traded
limited partnerships, which 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 natural gas and NGL supply
in the Mid-Continent and Rocky Mountain regions with key market centers. ONEOK
is among the largest natural gas distributors in the United States, serving more
than 2 million customers in Oklahoma, Kansas and Texas. Our energy services
operation focuses primarily on marketing natural gas and related services
throughout the U.S. ONEOK is a Fortune 500 company.
  ONEOK Partners, L.P.
(NYSE: OKS) is one of the largest publicly traded limited partnerships, and 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 natural gas and NGL supply in the Mid-Continent and Rocky
Mountain regions with key market centers.  Our general partner is a wholly
owned subsidiary of ONEOK, Inc. (NYSE: OKE), a diversified energy company, which
owns 47.7 percent of the overall partnership interest.  ONEOK is one of the
largest natural gas distributors in the United States, and its energy services
operation focuses primarily on marketing natural gas and related services
throughout the U.S.
  For
more information, visit the Web sites atwww.oneokpartners.comorwww.oneok.com.
  Some of the
statements contained and incorporated in this news release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995.  The forward-looking statements relate to: anticipated financial
performance; management’s plans and objectives for future operations; business
prospects; outcome of regulatory and legal proceedings; market conditions and
other matters.  The Private Securities Litigation Reform Act of 1995
provides a safe harbor for forward-looking statements in certain
circumstances.  The following discussion is intended to identify
important factors that could cause future outcomes to differ materially from
those set forth in the forward-looking statements.
  Forward-looking
statements include the items identified in the preceding paragraph, the
information concerning possible or assumed future results of our operations and
other statements contained or incorporated in this news release identified by
words such as “anticipate,” “plan,” “estimate,” “expect,” “forecast,” “intend,”
“believe,” “projection,”  “goal” or similar phrases.
  You
should not place undue reliance on forward-looking statements.  Known
and unknown risks, uncertainties and other factors may cause our actual results,
performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by forward-looking
statements.  Those factors may affect our operations, markets,
products, services and prices.  In addition to any assumptions and
other factors referred to specifically in connection with the forward-looking
statements, factors that could cause our actual results to differ materially
from those contemplated in any forward-looking statement include, among others,
the following:
 
 ·
                      actions by
      rating agencies concerning the credit ratings of ONEOK and ONEOK
      Partners;
 ·
                      the effects of
      weather and other natural phenomena on our operations, including energy
      sales and prices and demand for pipeline
  capacity;
 ·
                      competition
      from other U.S. and Canadian energy suppliers and transporters as well as
      alternative forms of energy;
 ·
                      the capital
      intensive nature of our businesses;
 ·
                      the
      profitability of assets or businesses acquired by
  us;
 ·
                      risks of
      marketing, trading and hedging activities, including the risks of changes
      in energy prices or the financial condition of our
      counterparties;
 ·
                      economic
      climate and growth in the geographic areas in which we do
      business;
 ·
                      the risk of a
      significant slowdown in growth or decline in the U.S. economy or the risk
      of delay in growth recovery in the U.S.
economy;
 ·
                      the
      uncertainty of estimates, including accruals and costs of environmental
      remediation;
 ·
                      the timing and
      extent of changes in commodity prices for natural gas, NGLs, electricity
      and crude oil;
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 ONEOK
and ONEOK Partners Affirm 2008 Guidance;
 Provide
2009 Earnings Guidance
  Page
6
 ·
                        the effects of
      changes in governmental policies and regulatory actions, including changes
      with respect to income and other taxes, environmental compliance, and
      authorized rates or recovery of gas and gas transportation
      costs;
 ·
                        changes in
      demand for the use of natural gas because of market conditions caused by
      concerns about global warming or changes in governmental policies and
      regulations due to climate change
initiatives;
 ·
                        the impact of
      recently issued and future accounting pronouncements and other changes in
      accounting policies;
 ·
                        the
      possibility of future terrorist attacks or the possibility or occurrence
      of an outbreak of, or changes in, hostilities or changes in the political
      conditions in the Middle East and
elsewhere;
 ·
                        the risk of
      increased costs for insurance premiums, security or other items as a
      consequence of terrorist attacks;
 ·
                        the impact of
      unforeseen changes in interest rates, equity markets, inflation rates,
      economic recession and other external factors over which we have no
      control, including the effect on pension expense and funding resulting
      from changes in stock and bond market
returns;
 ·
                        risks
      associated with pending or possible acquisitions and dispositions,
      including our ability to finance or integrate any such acquisitions and
      any regulatory delay or conditions imposed by regulatory bodies in
      connection with any such acquisitions and
  dispositions;
 ·
                        the results of
      administrative proceedings and litigation, regulatory actions and receipt
      of expected regulatory clearances involving the OCC, KCC, Texas regulatory
      authorities or any other local, state or federal regulatory body,
      including the FERC;
 ·
                        our ability to
      access capital at competitive rates or on terms acceptable to
      us;
 ·
                        risks
      associated with adequate supply to our gas gathering and processing,
      fractionation and pipeline facilities, including production declines which
      outpace new drilling;
 ·
                        the risk that
      material weaknesses or significant deficiencies in our internal controls
      over financial reporting could emerge or that minor problems could become
      significant;
 ·
                        the impact of
      the outcome of pending and future
litigation;
 ·
                        the possible
      loss of gas distribution franchises or other adverse effects caused by the
      actions of municipalities;
 ·
                        the impact of
      unsold pipeline capacity being greater or less than
    expected;
 ·
                        the ability to
      market pipeline capacity on favorable terms, including the effects
      of:
 -
                        future demand
      for and prices of natural gas;
 -
                        competitive
      conditions in the overall natural gas and electricity
    markets;
 -
                        availability
      of supplies of Canadian and U.S. natural
gas;
 -
                        availability
      of additional storage capacity;
 -
                        weather
      conditions; and
 -
                        competitive
      developments by Canadian and U.S. natural gas transmission
      peers;
 ·
                        performance of
      contractual obligations by our customers and
  shippers;
 ·
                        the ability to
      recover operating costs and amounts equivalent to income taxes, costs of
      property, plant and equipment and regulatory assets in our state and
      FERC-regulated rates;
 ·
                        timely receipt
      of approval by applicable governmental entities for construction and
      operation of our pipeline projects and required regulatory
      clearances;
 ·
                        our ability to
      acquire all necessary rights-of-way permits and consents in a timely
      manner, our ability to promptly obtain all necessary materials and
      supplies required for construction and our ability to construct pipelines
      without labor or contractor
problems;
 ·
                        our ability to
      promptly obtain all necessary materials and supplies required for
      construction of gathering, processing and transportation
      facilities;
 ·
                        our ability to
      control construction costs and completion schedules of our pipeline
      projects and other projects;
 ·
                        the
      composition and quality of the natural gas we gather and process in our
      plants and transport on our
pipelines;
 ·
                        the efficiency
      of our plants in processing natural gas and extracting
    NGLs;
 ·
                        the mechanical
      integrity of facilities operated;
 ·
                        demand for our
      services in the proximity of our
facilities;
 ·
                        the impact of
      potential impairment charges;
 ·
                        our ability to
      control operating costs;
 ·
                        the risk
      inherent in the use of information systems in our respective businesses,
      implementation of new software and hardware, and the impact on the
      timeliness of information for financial
  reporting;
 ·
                        acts of
      nature, sabotage, terrorism or other similar acts causing damage to our
      facilities or our suppliers’ or shippers’ facilities;
  and
  -more-
 
 ONEOK
and ONEOK Partners Affirm 2008 Guidance;
 Provide
2009 Earnings Guidance
  Page
7
  ·
                      the risk
      factors listed in the reports we have filed and may file with the SEC,
      which are incorporated by
reference.
 
 These factors are
not necessarily all of the important factors that could cause actual results to
differ materially from those expressed in any of our forward-looking
statements.  Other factors could also have material adverse effects on
our future results.  All forward-looking statements attributable to us
or persons acting on our behalf are expressly qualified in their entirety by
these factors.  Other than as required under securities laws, we
undertake no obligation to update publicly any forward-looking statement whether
as a result of new information, subsequent events or change in circumstances,
expectations or otherwise.  OKE-FG OKS-FG
 
 #
# #
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  -more-
 
 ONEOK
and ONEOK Partners Affirm 2008 Guidance;
 Provide
2009 Earnings Guidance
  Page
8
  ONEOK,
      Inc. and Subsidiaries
                                                                    
                                                                    Exhibit
      AEARNINGS
      GUIDANCE*2009(Millions,
      except per unit amounts)
                                                                    
                                                                    GuidanceOperating
      incomeONEOK
      Partners
                                                                    
                                                                    $
                                                                    521Distribution
                                                                    
                                                                    
                                                                    200Energy
      Services
                                                                    
                                                                    
                                                                    115Other
                                                                    
                                                                    
                                                                    1Operating
      income
                                                                    
                                                                    
                                                                    837Equity
      earnings from investments
                                                                    
                                                                    
                                                                    91Other
      income (expense)
                                                                    
                                                                    
                                                                    7Interest
      expense
                                                                    
                                                                    
                                                                    (313
                                                                    )Minority
      interest
                                                                    
                                                                    
                                                                    (167
                                                                    )Income
      taxes
                                                                    
                                                                    
                                                                    (186
                                                                    )Net
      income
                                                                    
                                                                    $
                                                                    269Net
      earnings per share, diluted
                                                                    
                                                                    $
                                                                    2.50Average
      shares of common stock, diluted
                                                                    
                                                                    
                                                                    107.4Capital
      ExpendituresONEOK
      Partners
                                                                    
                                                                    $
                                                                    425Distribution
                                                                    
                                                                    
                                                                    137Other
                                                                    
                                                                    
                                                                    19Total
      Capital Expenditures
                                                                    
                                                                    $
                                                                    581*Amounts
      shown are midpoints of ranges provided.
  -more-
 
 ONEOK
and ONEOK Partners Affirm 2008 Guidance;
 Provide
2009 Earnings Guidance
  Page
9
  ONEOK
      Partners, L.P. and Subsidiaries
                                                                                      
                                                                                      Exhibit
      BEARNINGS
      GUIDANCE*2009(Millions,
      except per unit amounts)
                                                                                      
                                                                                      GuidanceOperating
      incomeNatural
      Gas Gathering and Processing
                                                                                      
                                                                                      $
                                                                                      164Natural
      Gas Pipelines
                                                                                      
                                                                                      
                                                                                      141Natural
      Gas Liquids Gathering and Fractionation
                                                                                      
                                                                                      
                                                                                      102Natural
      Gas Liquids Pipelines
                                                                                      
                                                                                      
                                                                                      113Other
                                                                                      
                                                                                      
                                                                                      1Operating
      income
                                                                                      
                                                                                      
                                                                                      521Equity
      earnings from investments
                                                                                      
                                                                                      
                                                                                      91Other
      income (expense)
                                                                                      
                                                                                      
                                                                                      10Interest
      expense
                                                                                      
                                                                                      
                                                                                      (203
                                                                                      )Income
      taxes and other
                                                                                      
                                                                                      
                                                                                      (16
                                                                                      )Net
      income
                                                                                      
                                                                                      $
                                                                                      403Net
      income per unit
                                                                                      
                                                                                      $
                                                                                      3.45Number
      of units used in computation
                                                                                      
                                                                                      
                                                                                      90.9Capital
      ExpendituresNatural
      Gas Gathering and Processing
                                                                                      
                                                                                      $
                                                                                      119Natural
      Gas Pipelines
                                                                                      
                                                                                      
                                                                                      62Natural
      Gas Liquids Gathering and Fractionation
                                                                                      
                                                                                      
                                                                                      71Natural
      Gas Liquids Pipelines
                                                                                      
                                                                                      
                                                                                      173Total
      Capital Expenditures
                                                                                      
                                                                                      $
                                                                                      425Growth
                                                                                      
                                                                                      $
                                                                                      355Maintenance
                                                                                      
                                                                                      
                                                                                      70Total
      Capital Expenditures
                                                                                      
                                                                                      $
                                                                                      425*Amounts
      shown are midpoints of ranges provided.
 
  -more-
 
 ONEOK
and ONEOK Partners Affirm 2008 Guidance;
 Provide
2009 Earnings Guidance
  Page 10
 ONEOK
      Partners, L.P. and Subsidiaries
                                                  
                                                  Exhibit
      CEARNINGS
      GUIDANCE*2009(Millions
      of dollars)
                                                  
                                                  GuidanceReconciliation
      of Net Income to EBITDANet
      income
                                                  
                                                  $
                                                  403Interest
      expense
                                                  
                                                  
                                                  203Depreciation
      and amortization
                                                  
                                                  
                                                  165Income
      taxes and other
                                                  
                                                  
                                                  16Equity
      AFUDC
                                                  
                                                  
                                                  (6
                                                  )EBITDA
                                                  
                                                  $
                                                  781Reconciliation
      of EBITDA to Distributable Cash FlowEBITDA
                                                  
                                                  $
                                                  781Interest
      expense
                                                  
                                                  
                                                  (203
                                                  )Maintenance
      capital
                                                  
                                                  
                                                  (70
                                                  )Equity
      earnings from investments
                                                  
                                                  
                                                  (91
                                                  )Distributions
      received from investments
                                                  
                                                  
                                                  114Current
      income tax expense & other
                                                  
                                                  
                                                  (11
                                                  )Distributable
      Cash Flow
                                                  
                                                  $
                                                  520*Amounts
      shown are midpoints of ranges provided.