The ONEOK Inc. board of directors increased ONEOK’s quarterly cash dividend by 1.5 cents per share, or 3%, to 57.5 cents per share, effective for second-quarter 2014. The increase results in an annualized cash dividend of $2.30 per share, payable Aug. 14, 2014, to shareholders of record at the close of business Aug. 4, 2014.

In May of this year, ONEOK reaffirmed its plans to increase dividends by 1.5 cents per share per quarter for the remainder of 2014, subject to board approval. ONEOK also reaffirmed its cash flow available for 2014 dividends is expected to be from $560 million to $640 million, reflecting higher anticipated cash distributions received from its general and limited partner interests in ONEOK Partners. ONEOK estimates an average annual dividend increase of 20% to 25% between 2013 and 2016, including the announced and planned increases in 2014 and 10% annual increases in 2015 and 2016, while maintaining a long-term dividend coverage ratio of about 1.05 times, subject to board approval.

This increase is ONEOK’s second since becoming a pure-play general partner of ONEOK Partners in February, and represents a 44% increase during that period. ONEOK has increased the dividend 19 times since January 2006, for an increase of 311% during that period.