Financial Performance - Net income for 3Q 2025 was $940 million, a 10% increase[12,14] - Adjusted EBITDA for 3Q 2025 was $2.12 billion, a 7% increase[13,14] - Adjusted EBITDA guidance for 2025 is in the range of $8 billion to $8.45 billion[20] Segment Performance - Natural Gas Liquids adjusted EBITDA was $748 million in 3Q 2025[13] - Natural Gas Gathering and Processing adjusted EBITDA was $566 million in 3Q 2025[13] - Refined Products and Crude adjusted EBITDA was $582 million in 3Q 2025[13] - Natural Gas Pipelines adjusted EBITDA was $200 million in 3Q 2025[13] Volume Growth - Gulf Coast/Permian region NGL volumes increased by 8% in 3Q 2025[14,33] - Rocky Mountain region NGL volumes increased by 5% in 3Q 2025[14,33] - Total natural gas volumes processed increased by 5% in 3Q 2025[14] Throughput Volumes - Total NGL raw feed throughput volumes increased from 1,527,000 bpd in 2Q 2025 to 1,574,000 bpd in 3Q 2025[28] - Total refined products volume shipped increased from 1,503,000 bpd in 2Q 2025 to 1,526,000 bpd in 3Q 2025[34] - Crude oil volume shipped increased from 1,782,000 bpd in 2Q 2025 to 1,813,000 bpd in 3Q 2025[34]

Core Insights - Oneok Inc. reported quarterly earnings of $1.49 per share, exceeding the Zacks Consensus Estimate of $1.46 per share, and up from $1.18 per share a year ago, representing an earnings surprise of +2.05% [1][2] - The company posted revenues of $8.63 billion for the quarter ended September 2025, which missed the Zacks Consensus Estimate by 14.08%, compared to $5.02 billion in the same quarter last year [2] - Oneok shares have declined approximately 31% year-to-date, contrasting with the S&P 500's gain of 16.9% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.56, with projected revenues of $11.07 billion, and for the current fiscal year, the EPS estimate is $5.41 on revenues of $37.05 billion [7] - The estimate revisions trend for Oneok was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - Oneok operates within the Zacks Oil and Gas - Production Pipeline - MLB industry, which is currently ranked in the bottom 17% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Oneok's stock performance [5]

Financial Performance - Third quarter 2025 net income reached $940 million, or $1.49 per diluted share, compared to $693 million, or $1.18 per diluted share in the same quarter of 2024[6][7]. - Adjusted EBITDA for the third quarter 2025 was $2.12 billion, up from $1.545 billion in the third quarter of 2024, reflecting a significant increase driven by acquisitions and higher processing volumes[6][12]. - ONEOK reported total revenues of $8.634 billion for Q3 2025, a significant increase from $5.023 billion in Q3 2024, representing a year-over-year growth of approximately 72.5%[40]. - The company's net income for Q3 2025 was $940 million, compared to $693 million in Q3 2024, reflecting a growth of about 35.7%[40]. - ONEOK's operating income for Q3 2025 was $1.558 billion, compared to $1.128 billion in Q3 2024, reflecting a growth of about 38.1%[40]. - ONEOK reported a net income of $2,484 million for the nine months ended September 30, 2025, compared to $2,112 million for the same period in 2024, representing a 17.6% increase[44]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $5,875 million, up from $4,610 million in 2024, reflecting a 27.4% growth[47]. - Cash provided by operating activities for the nine months ended September 30, 2025, was $4,053 million, compared to $3,277 million in 2024, a 23.6% increase[44]. Capital Expenditures and Investments - ONEOK's capital expenditures for the third quarter 2025 totaled $804 million, compared to $468 million in the same quarter of 2024[7]. - Capital expenditures for the nine months ended September 30, 2025, were $524 million, down from $785 million in 2024, indicating a 33.3% decrease[46]. - The company announced plans to construct the Bighorn natural gas processing plant, with a capacity of 300 MMcf/d, expected to be completed by mid-2027[10]. - ONEOK entered into a joint venture to build the Eiger Express Pipeline, a 450-mile natural gas pipeline from the Permian Basin to Katy, Texas[10]. Shareholder Returns - The company declared a quarterly dividend of $1.03 per share, or $4.12 per share annualized, reflecting a commitment to returning value to shareholders[15]. - In the third quarter of 2025, ONEOK repurchased $119 million of senior notes for an aggregate repurchase price of $96 million[15]. Liquidity and Financial Position - As of September 30, 2025, ONEOK had approximately $1.2 billion in cash and cash equivalents, with no borrowings outstanding under its credit agreement or commercial paper program[10]. - Total current liabilities increased to $5,735 million as of September 30, 2025, from $4,719 million at the end of 2024, marking a 21.5% rise[43]. - ONEOK's total equity as of September 30, 2025, was $22,157 million, slightly up from $22,133 million at the end of 2024[43]. - The company’s long-term debt, excluding current maturities, stood at $31,986 million as of September 30, 2025, compared to $31,018 million at the end of 2024, reflecting a 3.1% increase[43]. Operational Highlights - The Rocky Mountain region saw a 17% increase in NGL raw feed throughput volumes, while the Mid-Continent region experienced a 6% increase[6]. - Natural gas processed increased to 5,852 MMcf/d for the three months ended September 30, 2025, compared to 2,410 MMcf/d in 2024, a significant increase[46]. - ONEOK's refined products volume shipped was 1,526 MBbl/d for the three months ended September 30, 2025, down from 1,580 MBbl/d in 2024, a decrease of 3.4%[46]. - The company continues to focus on expanding its energy infrastructure and services to meet growing domestic and international energy demands[31]. Guidance and Future Outlook - The company affirmed its full-year 2025 net income and adjusted EBITDA guidance ranges, indicating confidence in ongoing performance[3]. - Adjusted EBITDA guidance for 2025 has been affirmed, indicating strong financial performance expectations moving forward[36]. - The company affirmed its 2025 net income and adjusted EBITDA guidance ranges, indicating confidence in future performance[44].

, /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher third quarter 2025 results and affirmed full-year 2025 net income and adjusted EBITDA guidance ranges. Higher Third Quarter 2025 Results, Compared With Third Quarter 2024: Record Rocky Mountain Region Volumes FINANCIAL HIGHLIGHTS: ONEOK announces higher third quarter 2025 earnings and affirms 2025 net income and adjusted EBITDA guidance ranges. ONEOK's third quarter 2025 earnings results were driven primarily by the positive impact of the ...

Core Viewpoint - ONEOK Inc. is expected to report significant increases in earnings per share (EPS) and revenue for Q3 2025, driven by strategic acquisitions and operational efficiencies [1][6]. Financial Performance - The estimated EPS for Q3 2025 is $1.45, reflecting a 22.9% increase year-over-year [2][3]. - Projected revenue for the quarter is approximately $9.42 billion, representing an 87.5% increase compared to the same quarter last year [3]. Strategic Moves - ONEOK expanded its ownership in the BridgeTex Pipeline Company by acquiring an additional 30% in July 2025, increasing its total ownership to 60% [2]. - This acquisition is expected to enhance cost efficiencies and profitability for the company [6]. Analyst Sentiment - Over the past 30 days, there has been a 1% upward revision in the consensus EPS estimate, indicating a positive reassessment by analysts [4][6]. Valuation Metrics - The company has a price-to-earnings (P/E) ratio of approximately 13.91, a price-to-sales ratio of about 1.55, and an enterprise value to sales ratio of around 2.70 [5]. - The debt-to-equity ratio stands at approximately 1.49, indicating the company's financial leverage [5].

Core Viewpoint - ONEOK Inc. (OKE) is set to release its third-quarter 2025 results on October 28, with expectations of strong performance driven by strategic acquisitions and increased natural gas processing volumes [1][5]. Factors Impacting Q3 Performance - In July 2025, ONEOK acquired an additional 30% stake in BridgeTex Pipeline Company, LLC, raising its ownership to 60%, which is expected to enhance cost efficiencies and profitability [2]. - The company is anticipated to benefit from strong fee-based contracts, with over 90% of revenues generated from such contracts [2]. - Increased well completions in the Rocky Mountain and Mid-Continent regions are likely to have boosted natural gas gathering and processing volumes [3]. - Sustained demand growth for refined products is expected due to the peak summer travel season, with mid-single digit rate increases following July tariff adjustments likely to enhance revenues [4]. Q3 Expectations - The Zacks Consensus Estimate for earnings is $1.45 per share, reflecting a year-over-year increase of 22.9% [5]. - Revenue estimates are set at $9.42 billion, indicating an 87.5% year-over-year jump [5]. - Raw feed throughput is expected to reach 1,542.23 thousand barrels of natural gas liquid per day, up 16.5% year over year [5]. - Natural gas processing volumes are estimated at 5,690.49 million cubic feet of gas per day, a 2.1% increase from the previous quarter [6]. Earnings Prediction Insights - The Earnings ESP for ONEOK is +0.47%, but the current Zacks Rank is 4 (Sell), indicating uncertainty regarding an earnings beat [7][8].

Core Insights - Analysts project Oneok Inc. (OKE) will report quarterly earnings of $1.45 per share, reflecting a 22.9% year-over-year increase, with revenues expected to reach $9.42 billion, an 87.5% increase from the same quarter last year [1]. Earnings Estimates - The consensus EPS estimate has been revised upward by 1% over the past 30 days, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts estimate 'Revenues- Natural Gas Gathering and Processing' at $1.32 billion, a 45.6% increase year-over-year [5]. - 'Revenues- Natural Gas Pipelines' are projected to reach $285.30 million, reflecting a 66.8% year-over-year increase [5]. - 'Revenues- Refined Products & Crude' are expected to be $1.85 billion, indicating a 92% increase year-over-year [5]. - 'Revenues- Natural Gas Liquids' are forecasted to be $2.84 billion, showing a decrease of 22.7% from the prior-year quarter [6]. Production and EBITDA Estimates - 'Raw feed throughput - Natural Gas Liquids' is expected to reach 1,542.23 thousand barrels of oil per day, up from 1,324.00 thousand barrels of oil per day a year ago [6]. - 'Adjusted EBITDA- Natural Gas Liquids' is projected at $769.06 million, compared to $624.00 million in the same quarter last year [7]. - 'Adjusted EBITDA- Natural Gas Pipelines' is expected to be $181.14 million, up from $166.00 million in the same quarter of the previous year [7]. - 'Adjusted EBITDA- Natural Gas Gathering and Processing' is estimated at $568.09 million, compared to $318.00 million in the same quarter last year [8]. Stock Performance - Oneok shares have decreased by 5% over the past month, contrasting with the Zacks S&P 500 composite's increase of 1.3% [8].

As the AI craze continues, I am seeking high-quality opportunities to expand the weight of my defensive stocks. Readers who have followed me for a long time know that I like investing in large midstreamI am a highly experienced Chief Financial Officer (CFO) with a strong background in the oilfield and real estate industries. With over a decade of experience in finance, I have led numerous complex due diligence efforts and M&A transactions, both domestically and internationally.In recent years, I have develo ...

Group 1 - The article discusses the ongoing interest in high-quality defensive stocks amid the AI craze, indicating a strategic shift towards midstream investments [1] - The author has extensive experience in finance, particularly in the oilfield and real estate sectors, which enhances their ability to conduct due diligence and M&A transactions [1] - The author has recently focused on equity research, providing services for a Dubai-based family office with over $20 million in assets under management, showcasing a commitment to informed investment decisions [1] Group 2 - The article does not provide any specific stock recommendations or investment advice, emphasizing the importance of individual investor suitability [2][3] - There is a clear disclaimer regarding the lack of any current stock positions in the companies mentioned, although there is a potential for future investment in OKE [2]

Core Thesis - ONEOK, Inc. is viewed positively due to its stable cash flows, long-term contracts, and operational resilience in the midstream energy sector [1][5] Company Overview - ONEOK, Inc. operates as a midstream energy company, focusing on gathering, processing, transporting, and storing natural gas, NGLs, crude oil, and refined products [2] - The company’s business model relies on long-term, fixed-fee contracts, which provide stability against commodity price fluctuations [2] Segment Analysis - The largest segment for ONEOK is NGLs, which processes raw mixtures into ethane, propane, and butane, but it has the lowest operating margin at approximately 18% due to domestic pricing and input costs [2] - The refined products and crude oil segment, enhanced by the Magellan Midstream acquisition, has margins near 40% and is characterized by heavy regulation and high replication costs, indicating a strong competitive advantage [3] Competitive Advantages - ONEOK benefits from significant barriers to entry due to its scale, extensive pipeline network, and capital-intensive infrastructure [4] - The company has a substantial amount of debt; however, it generates strong free cash flow and has a history of dividend growth, currently offering a dividend yield near 6% [4] Market Position and Outlook - The company is positioned well in a volatile energy sector, with ongoing infrastructure projects and growth in LNG exports, making it a stable, cash-generative business [5] - Despite some skepticism in the midstream sector, ONEOK's operational resilience and reliable free cash flow make it an attractive option for income-focused investors [5][7]