| --- | --- | --- | |-------------------------------------------------------|-------------------------------------------------------------------------|---------------------------------------------------------------------------| | Financial | Operational | ESG | | • 10 consecutive years of EBITDA growth. | • Successfully completed acquisition of Magellan Midstream Partners. | • Received an MSCI ESG Rating of AAA in 2023. | | • 3.7% dividend increase. • $3.96/share annualized. | • Record volumes: • NGL volume ...

Financial Data and Key Metrics Changes - ONEOK reported a net income midpoint of more than $2.8 billion for 2024, with an EPS midpoint of $4.88 per diluted share and an adjusted EBITDA midpoint of $6.1 billion [44] - The company extinguished $1.3 billion of long-term debt in 2023, achieving a net debt-to-EBITDA ratio of approximately 3.5x [23] - The quarterly dividend was increased by 3.7% to $0.99 per share, targeting an annual growth rate of 3% to 4% [23] Business Line Data and Key Metrics Changes - The Natural Gas Pipeline segment exceeded its 2023 financial guidance due to higher earnings from long-term storage services and increased rates from negotiated fee-based contracts [46] - The Refined Products and Crude segment achieved adjusted EBITDA of over $420 million in its first full quarter post-acquisition of Magellan, driven by tariff increases and steady transportation volumes [46] - Natural gas processing volumes increased by 14% and NGL volumes by 10% year-over-year, with significant growth in the Rocky Mountain region [26] Market Data and Key Metrics Changes - The Mid-Continent processing volume increased by 15% year-over-year, while Permian Basin NGL volumes rose by 19% [18] - The company expects stable producer activity and production efficiency improvements to drive strong natural gas and NGL volumes across its systems in 2024 [27] - The company anticipates healthy demand for ethane from the petrochemical industry, contributing to a positive outlook for NGL markets in 2024 [28] Company Strategy and Development Direction - ONEOK aims to maintain financial flexibility and capitalize on attractive growth opportunities, focusing on capital allocation strategies that enhance return on invested capital [7] - The company plans to execute a $2 billion share repurchase program over the next four years, complementing its dividend growth strategy [16] - The integration of the Magellan acquisition is a priority, with a focus on realizing synergies and enhancing competitive positioning [57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit adjusted EBITDA growth in 2024, supported by solid business fundamentals and demand for products [21] - The company highlighted the importance of safety and sustainability, consistently ranking high among industry peers [22] - Management noted that the operational platform has increased scale and diversification, positioning ONEOK for significant growth opportunities in 2024 [33] Other Important Information - The company expects to realize $175 million in total annual cost and initial commercial synergies in 2024, with an additional $125 million in 2025 [24] - Capital expenditures are projected at $1.85 billion, reflecting investments necessary to support producer activity and growth projects [17] - The company is working on expanding natural gas storage capabilities and has received regulatory approval for the Saguaro Connector Pipeline [30] Q&A Session All Questions and Answers Question: Can you provide concrete commercial examples driving the upward revision of synergies? - Management indicated that synergies are expected to reach approximately $400 million, driven by the integration of refined products and crude oil systems [35] Question: What are the assumptions for third-party frac costs in 2024? - The company expects third-party frac costs to be about $30 million per quarter in 2024, with significant impacts from the MB-6 project coming online in early 2025 [37] Question: How do you see dynamics playing out for Northern Border? - Management noted that volumes from long-term producers will continue to flow down Northern Border, with no expected restrictions in the near future [64] Question: What is the expected return multiple on the three major projects coming online in 2025? - Management indicated that MB-6 is expected to have a high operating rate and a favorable return multiple, while the Elk Creek expansion may have a lower return initially [66] Question: How does the company view potential LPG export opportunities? - The company is exploring LPG export options but does not see it as a necessity, given current market capabilities [124]

ONEOK Inc. (OKE) reported fourth-quarter 2023 operating earnings per share (EPS) of $1.18 per share, which lagged the Zacks Consensus Estimate of $1.21 per share by 2.4%. However, the bottom line improved 9.2% from the year-ago quarter’s figure of 1.08.OKE reported earnings of $5.48 per share for 2023 compared with $3.84 per share in 2022, which reflects a year-over-year increase of 42.7%.Total RevenuesOperating revenues for the quarter totaled $5.2 billion, which missed the Zacks Consensus Estimate of $5.5 ...

Oneok Inc. (OKE) reported $5.24 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 4%. EPS of $1.18 for the same period compares to $1.08 a year ago.The reported revenue represents a surprise of -6.07% over the Zacks Consensus Estimate of $5.57 billion. With the consensus EPS estimate being $1.21, the EPS surprise was -2.48%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine the ...

Record Rocky Mountain Region Volumes Announces 2024 Financial Guidance TULSA, Okla., Feb. 26, 2024 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher fourth quarter and full-year 2023 results and 2024 financial guidance. Higher Fourth-quarter 2023 Results, Compared with Fourth Quarter 2022: Net income of $688 million, resulting in $1.18 per diluted share. Adjusted EBITDA of more than $1.5 billion. 20% increase in Rocky Mountain region NGL raw feed throughput volumes. 17% increase in Gulf Coast ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. Commission file number 001-13643 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K Securities registered pursuant to Section 12(g) of the Act: None (Exact name of registrant as specified in its cha ...

Exhibit 99.1 Announces 2024 Financial Guidance TULSA, Okla. - Feb. 26, 2024 - ONEOK, Inc. (NYSE: OKE) today announced higher fourth quarter and full-year 2023 results and 2024 financial guidance. Higher Fourth-quarter 2023 Results, Compared with Fourth Quarter 2022: News February 26, 2024 Analyst Contact: Megan Patterson Media Contact: 918-561-5325 Brad Borror 918-588-7582 ONEOK Announces Higher Fourth Quarter and Full-year 2023 Earnings Record Rocky Mountain Region Volumes Higher Full-year 2023 Results, Co ...

In the latest trading session, Oneok Inc. (OKE) closed at $73.72, marking a +0.53% move from the previous day. The stock's change was less than the S&P 500's daily gain of 2.11%. Meanwhile, the Dow experienced a rise of 1.18%, and the technology-dominated Nasdaq saw an increase of 2.96%.Shares of the natural gas company have appreciated by 6.49% over the course of the past month, outperforming the Oils-Energy sector's gain of 6.4% and the S&P 500's gain of 3.08%.Investors will be eagerly watching for the pe ...

ONEOK Inc. (OKE) is scheduled to release fourth-quarter 2023 results on Feb 26, after market close. The company delivered an earnings surprise of 1.02% in the last reported quarter.Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.Factors to ConsiderONEOK’s fourth-quarter earnings are likely to continue to benefit from strong fee-based contracts, as more than 90% of the amount is likely to be fee-based.In September 2023, ONEOK completed the acquisition of Magellan M ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Oneok Inc. (OKE) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February 26. ...