Financial Data and Key Metrics Changes - The second quarter adjusted EBITDA increased by 12% compared to the first quarter, reaching $1,980,000,000, or $2,000,000,000 when excluding transaction costs of $21,000,000 [4][7] - Net income attributable to ONEOK totaled $841,000,000, or $1.34 per share, representing a more than 30% increase compared to the first quarter [7] - The company ended the second quarter with $97,000,000 in cash and no borrowings under its $3,500,000,000 credit facility, having reduced senior notes by nearly $600,000,000 during the quarter [8] Business Line Data and Key Metrics Changes - Natural Gas Liquids (NGL) raw feed throughput volumes increased by 18% compared to the first quarter, with Rocky Mountain Region volumes averaging nearly 470,000 barrels per day, a record for the region [12][13] - Refined product volumes increased sequentially as seasonal demand picked up, with diesel and aviation fuel volumes remaining strong [16] - Natural gas processing volumes increased by 9% in the Mid Continent region compared to the first quarter, reflecting resilience in producer activity [21] Market Data and Key Metrics Changes - The company is monitoring 2026 market dynamics closely while executing its growth strategy, with a focus on high return organic projects [5][9] - The Permian Basin continues to be a key area of strategic growth, with the company reaching 1,600,000,000 cubic feet per day in July [19] - The overall decrease in crude volumes compared to 2025 was primarily due to low margin exchange volumes, which have significantly lower rates than wellhead gathering or long haul shipments [18] Company Strategy and Development Direction - The company announced a final investment decision on a new natural gas processing plant in the Permian's Delaware Basin, expanding its presence in a key strategic area [5][6] - ONEOK remains focused on capital allocation discipline and is committed to investing in infrastructure that strengthens energy security and resilience [10][24] - The company expects to realize approximately $250,000,000 of synergies in 2025, with significant additional contributions expected in 2026 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the energy sector, supported by domestic and global demand for U.S. energy [4][5] - The outlook for 2026 adjusted EBITDA is expected to be adjusted downward by approximately 2% or $200,000,000 due to current commodity prices and resulting spread differentials [9] - Management highlighted the importance of safety, integrity, and responsibility in operations, with a commitment to sustainability [25] Other Important Information - The company expects to benefit from more than $1,300,000,000 in lower cash taxes over the next five years due to recent tax legislation [10] - The company is actively engaged in discussions with over 30 different parties regarding industrial demand related to data centers and AI [35] Q&A Session Summary Question: Can you provide more color on the 2026 outlook and how much growth is hardwired by contractual volumes? - Management acknowledged the volatility in the market and noted that the 2026 outlook was adjusted down by around 2% due to spread differentials and producer activity [29][32] Question: Can you elaborate on the natural gas business and its performance? - Management indicated that the natural gas business is performing well, with ongoing integration of EnLink assets leading to significant opportunities [36][37] Question: What specific opportunities are driving synergy capture? - Management highlighted the connection of NGL assets to refining products assets as a key driver for increased volume and reduced costs [41][43] Question: Can you discuss the performance of BridgeTex and its outlook? - Management noted that increasing volumes on BridgeTex are expected as it connects to the East Houston facility, enhancing value through integrated operations [60][62] Question: How is the commercialization progress for the Texas City terminal? - Management reported strong interest in the Texas City terminal due to its premium location, with rates in line with estimated economics [50][52] Question: What is the current status of the Elk Creek pipeline expansion? - Management confirmed that the Elk Creek pipeline expansion is completed, with a capacity of over 400,000 barrels per day [78] Question: Can you provide an update on the new processing plant in the Permian? - Management stated that the new processing plant will include infrastructure for CO2 treatment and is expected to enhance overall economics [100][101]

Key Takeaways ONEOK Inc. (OKE) reported second-quarter 2025 operating earnings per share (EPS) of $1.34, which came in line with the Zacks Consensus Estimate. The bottom line increased 0.8% from the year-ago quarter's figure of $1.33. OKE's Total Revenues Operating revenues for the quarter totaled $7.89 billion, which missed the Zacks Consensus Estimate of $8.57 billion by 7.9%. However, the top line improved 61.2% from $4.89 billion in the prior-year quarter. Highlights of OKE's Earnings Release Adjusted E ...

Financial Performance - Second Quarter 2025 adjusted EBITDA reached approximately $2 billion[13], reflecting a 12% increase compared to the previous quarter[14] - Net income for 2Q 2025 increased by 23% to $853 million[14] - The company repaid nearly $600 million of senior notes[14] - 2025 adjusted EBITDA guidance is in the range of $8 billion to $845 billion[19] Operational Highlights - NGL volumes increased by 18% in 2Q 2025[14] - Refined products volumes increased by 7% in 2Q 2025[14] - Natural gas processed volumes increased by 6% in 2Q 2025[14] - NGL raw feed throughput volumes increased across all regions, with Gulf Coast/Permian and Mid-Continent regions each experiencing a 20% increase, and the Rocky Mountain region a 13% increase[32] Growth and Strategy - The company anticipates additional synergies beyond 2025, building on the $250 million included in the 2025 guidance[16] - Refined products pipeline expansion to the Denver area is expected to increase system capacity by 35000 bpd with completion expected in mid-2026[37] - The company is strategically positioned to capitalize on industrial demand growth, particularly from data centers, LNG, and ammonia facilities[47, 50]

Here is how Oneok performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: For the quarter ended June 2025, Oneok Inc. (OKE) reported revenue of $7.89 billion, up 61.2% over the same period last year. EPS came in at $1.34, compared to $1.33 in the year-ago quarter. The reported revenue represents a surprise of -7.91% over the Zacks Consensus Estimate of $8.56 billion. With the consensus EPS estimate being $1.34, the company has not delivered ...

Core Viewpoint - Oneok Inc. reported quarterly earnings of $1.34 per share, matching the Zacks Consensus Estimate, and showing a slight increase from $1.33 per share a year ago [1]. Financial Performance - Oneok's revenues for the quarter ended June 2025 were $7.89 billion, which missed the Zacks Consensus Estimate by 7.91%, compared to $4.89 billion in the same quarter last year [2]. - The company has exceeded consensus revenue estimates two times in the last four quarters [2]. Stock Performance - Oneok shares have declined approximately 21.3% since the beginning of the year, while the S&P 500 has gained 6.1% [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.40, with projected revenues of $8.72 billion, and for the current fiscal year, the EPS estimate is $5.49 on revenues of $34.86 billion [7]. - The trend of earnings estimate revisions for Oneok was mixed prior to the earnings release, which may change following the report [6]. Industry Context - The Oil and Gas - Production Pipeline - MLB industry, to which Oneok belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating potential challenges ahead [8].

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) ONEOK reported strong Q2 2025 results, driven by strategic acquisitions, with significant growth in net income and adjusted EBITDA, affirming full-year guidance - ONEOK's President and CEO, Pierce H. Norton II, attributed the higher second-quarter performance to the company's integrated business model, sustained demand for its energy services, and tangible benefits from strategic acquisitions[3](index=3&type=chunk) - The company affirmed its full-year **2025** financial guidance ranges[2](index=2&type=chunk) [Q2 2025 Financial Performance Summary](index=1&type=section&id=Q2%202025%20Financial%20Performance%20Summary) ONEOK's Q2 2025 net income reached **$841 million** and Adjusted EBITDA grew to **$1.98 billion**, reflecting acquisition impacts Q2 & H1 2025 Financial Highlights (vs. 2024) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Income Attributable to ONEOK** | $841M | $780M | $1,477M | $1,419M | | **Diluted EPS** | $1.34 | $1.33 | $2.38 | $2.42 | | **Adjusted EBITDA** | $1,981M | $1,624M | $3,756M | $3,065M | | **Operating Income** | $1,431M | $1,229M | $2,651M | $2,293M | | **Capital Expenditures** | $749M | $479M | $1,378M | $991M | - Q2 **2025** results included a pretax impact of **$22 million** in transaction costs, primarily from the EnLink acquisition, which reduced diluted EPS by **3 cents**[5](index=5&type=chunk) - The Rocky Mountain region experienced an **11%** increase in NGL raw feed throughput volumes compared to Q2 **2024**[4](index=4&type=chunk) [Key Corporate and Sustainability Highlights](index=2&type=section&id=Key%20Corporate%20and%20Sustainability%20Highlights) ONEOK completed strategic acquisitions, repaid senior notes, declared a dividend, and achieved top ESG ratings - Key strategic transactions include: - Acquired remaining **49.9%** interest in Delaware G&P LLC (May **2025**)- Acquired an additional **30%** interest in BridgeTex Pipeline Company, LLC, reaching **60%** ownership (July **2025**)[7](index=7&type=chunk) - The company strengthened its balance sheet by repurchasing **$169 million** of senior notes in May and repaying **$422 million** of senior notes at maturity in June **2025**[7](index=7&type=chunk) - A quarterly dividend of **$1.03** per share was declared in July **2025**[7](index=7&type=chunk) - Received an MSCI ESG Rating of **AAA** in May **2025** and was included in the FTSE4Good Index in June **2025**, highlighting sustainability achievements[7](index=7&type=chunk) [Business Segment Performance](index=3&type=section&id=BUSINESS%20SEGMENT%20RESULTS) All four ONEOK business segments reported Q2 2025 adjusted EBITDA growth, primarily driven by EnLink and Medallion acquisitions - Overall Q2 **2025** results were driven primarily by the **Positive** impact of the EnLink and Medallion acquisitions across ONEOK's system[8](index=8&type=chunk) [Natural Gas Liquids Segment](index=3&type=section&id=Natural%20Gas%20Liquids%20Segment) NGL segment adjusted EBITDA increased to **$673 million** in Q2 2025, primarily from the EnLink acquisition, partially offset by lower exchange services NGL Segment Financials (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Adjusted EBITDA** | $673M | $635M | | **Capital Expenditures** | $135M | $285M | - Key drivers for the Q2 YoY increase in adjusted EBITDA were: - **Positive**: +**$50 million** from EnLink acquisition- **Negative**: -**$11 million** in exchange services due to lower average fee rates and higher NGL inventory[11](index=11&type=chunk) [Refined Products and Crude Segment](index=4&type=section&id=Refined%20Products%20and%20Crude%20Segment) Refined Products and Crude segment adjusted EBITDA grew to **$557 million** in Q2 2025, driven by acquisitions and lower operating costs Refined Products and Crude Segment Financials (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Adjusted EBITDA** | $557M | $467M | | **Capital Expenditures** | $184M | $33M | - Key drivers for the Q2 YoY increase in adjusted EBITDA were: - **Positive**: +**$89 million** from Medallion and EnLink acquisitions- **Positive**: +**$21 million** from lower operating costs[14](index=14&type=chunk) [Natural Gas Gathering and Processing Segment](index=4&type=section&id=Natural%20Gas%20Gathering%20and%20Processing%20Segment) Natural Gas G&P segment adjusted EBITDA significantly increased to **$540 million** in Q2 2025, driven by EnLink acquisition and higher volumes Natural Gas G&P Segment Financials (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Adjusted EBITDA** | $540M | $371M | | **Capital Expenditures** | $341M | $101M | - Key drivers for the Q2 YoY increase in adjusted EBITDA were: - **Positive**: +**$240 million** from EnLink acquisition- **Positive**: +**$18 million** from higher volumes- **Negative**: -**$59 million** from the divestiture of non-strategic assets in **2024**- **Negative**: -**$33 million** from lower realized NGL prices, net of hedging[17](index=17&type=chunk) [Natural Gas Pipelines Segment](index=5&type=section&id=Natural%20Gas%20Pipelines%20Segment) Natural Gas Pipelines segment adjusted EBITDA rose to **$188 million** in Q2 2025, driven by the EnLink acquisition, offset by divestitures Natural Gas Pipelines Segment Financials (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Adjusted EBITDA** | $188M | $152M | | **Capital Expenditures** | $52M | $52M | - The Q2 YoY increase in adjusted EBITDA was primarily driven by a **$69 million** contribution from the EnLink acquisition, offset by a **$31 million** decrease from an interstate natural gas pipeline divestiture[18](index=18&type=chunk) [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements detail ONEOK's Q2 2025 performance, showing higher revenues, net income, asset growth, and strong operating cash flow [Consolidated Statements of Income](index=9&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) ONEOK reported Q2 2025 total revenues of **$7.89 billion**, operating income of **$1.43 billion**, and net income of **$841 million** Consolidated Income Statement Highlights (Three Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenues** | $7,887M | $4,894M | | **Operating Income** | $1,431M | $1,229M | | **Net Income Attributable to ONEOK** | $841M | $780M | | **Diluted EPS** | $1.34 | $1.33 | [Consolidated Balance Sheets](index=10&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, ONEOK's total assets reached **$64.5 billion**, with liabilities at **$42.6 billion** and equity at **$21.8 billion** Consolidated Balance Sheet Highlights | Metric | June 30, 2025 | Dec. 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $3,896M | $4,238M | | **Net Property, Plant and Equipment** | $46,715M | $45,935M | | **Total Assets** | $64,524M | $64,069M | | **Total Current Liabilities** | $6,646M | $4,719M | | **Long-Term Debt** | $29,625M | $31,018M | | **Total ONEOK Shareholders' Equity** | $21,830M | $17,036M | | **Total Liabilities and Equity** | $64,524M | $64,069M | [Consolidated Statements of Cash Flows](index=12&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For H1 2025, net cash from operations was **$2.43 billion**, supporting investing and financing activities, including debt repayment and dividends Consolidated Cash Flow Highlights (Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Cash provided by operating activities** | $2,429M | $2,026M | | **Cash used in investing activities** | ($1,508M) | ($1,334M) | | **Cash used in financing activities** | ($1,557M) | ($994M) | | **Change in cash and cash equivalents** | ($636M) | ($302M) | | **Cash and cash equivalents at end of period** | $97M | $36M | [Supplemental Information](index=6&type=section&id=Supplemental%20Information) This section provides supplemental details, including operating statistics, Adjusted EBITDA reconciliation, and forward-looking statement disclosures [Segment Operating Statistics](index=13&type=section&id=INFORMATION%20AT%20A%20GLANCE) Key Q2 2025 operational metrics showed significant year-over-year volume growth in natural gas processed, crude oil shipped, and NGL raw feed throughput, largely due to acquisitions Key Operating Volumes (Q2 2025 vs Q2 2024) | Segment & Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Natural Gas Liquids** | | | | Raw feed throughput (MBbl/d) | 1,527 | 1,365 | | **Refined Products and Crude** | | | | Crude oil volume shipped (MBbl/d) | 1,782 | 731 | | **Natural Gas Gathering and Processing** | | | | Natural gas processed (MMcf/d) | 5,573 | 2,326 | [Reconciliation of Non-GAAP Financial Measures](index=6&type=section&id=RECONCILIATION%20OF%20NON-GAAP%20FINANCIAL%20MEASURES) ONEOK provides a reconciliation of net income to Adjusted EBITDA, showing Q2 2025 net income of **$853 million** reconciled to **$1.981 billion** - Adjusted EBITDA is a non-GAAP measure defined as net income adjusted for interest, taxes, depreciation, amortization, and other noncash items. It is used by the company and analysts to evaluate financial performance[21](index=21&type=chunk)[22](index=22&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (Q2 2025) | Reconciliation Item | Amount (Millions) | | :--- | :--- | | **Net Income** | **$853** | | Interest expense, net | $438 | | Depreciation and amortization | $368 | | Income taxes | $260 | | Adjusted EBITDA from unconsolidated affiliates | $113 | | Equity in net earnings from investments | ($81) | | Noncash compensation expense and other | $30 | | **Adjusted EBITDA** | **$1,981** | [Forward-Looking Statements and Risk Factors](index=7&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This release contains forward-looking statements subject to risks, including commodity price volatility, regulatory changes, operational hazards, and acquisition integration - The earnings release contains forward-looking statements that are not guarantees of future results and are subject to risks and uncertainties that could cause actual results to differ materially[28](index=28&type=chunk)[29](index=29&type=chunk) - Key risk factors include: - Demand for natural gas, NGLs, and crude oil- Volatility of commodity prices- Increased attention to ESG issues and climate change- Risks associated with integrating acquisitions like EnLink and Medallion- Regulatory oversight and changes in environmental laws[30](index=30&type=chunk)[33](index=33&type=chunk)

Core Viewpoint - ONEOK, Inc. reported higher second quarter 2025 results, driven by record natural gas liquids raw feed throughput volumes in the Rocky Mountain Region and strategic acquisitions [1][2][3] Financial Performance - Net income for Q2 2025 was $853 million, up from $780 million in Q2 2024, with net income attributable to ONEOK at $841 million [7][8] - Adjusted EBITDA for Q2 2025 reached $1.98 billion, compared to $1.62 billion in Q2 2024, reflecting an increase of 22% [7][8] - Diluted earnings per share were $1.34, slightly up from $1.33 in the same quarter last year [7] - Operating income increased to $1.43 billion from $1.23 billion year-over-year [7] Business Segment Results - Natural Gas Liquids Segment reported adjusted EBITDA of $673 million for Q2 2025, up from $635 million in Q2 2024 [9] - Refined Products and Crude Segment achieved adjusted EBITDA of $557 million in Q2 2025, compared to $467 million in Q2 2024 [13] - Natural Gas Gathering and Processing Segment saw adjusted EBITDA rise to $540 million from $371 million year-over-year [14] - Natural Gas Pipelines Segment reported adjusted EBITDA of $188 million, up from $152 million in Q2 2024 [17] Strategic Acquisitions and Investments - ONEOK acquired the remaining 49.9% interest in Delaware G&P LLC in May 2025, enhancing its operational footprint [6] - The company repurchased $169 million of senior notes and repaid $422 million of senior notes at maturity in June 2025 [11] - ONEOK's capital expenditures for Q2 2025 totaled $749 million, significantly higher than $479 million in Q2 2024 [7] Sustainability and ESG Initiatives - ONEOK received an MSCI ESG Rating of AAA in May 2025 and was included in the FTSE4Good Index in June 2025, highlighting its commitment to sustainability [11]

ONEOK, Inc. OKE will release earnings results for the second quarter, after the closing bell on Monday, Aug. 4.Analysts expect the Tulsa, Oklahoma-based company to report quarterly earnings of $1.33 per share, in line with the year-ago period. ONEOK projects to report quarterly revenue at $8.33 billion, compared to $4.89 billion a year earlier, according to data from Benzinga Pro.With the recent buzz around ONEOK, some investors may be eyeing potential gains from the company's dividends. ONEOK currently off ...

The upcoming report from Oneok Inc. (OKE) is expected to reveal quarterly earnings of $1.34 per share, indicating an increase of 0.8% compared to the year-ago period. Analysts forecast revenues of $8.56 billion, representing an increase of 75% year over year. Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.2% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period. Before a compan ...

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. Oneok Inc. (OKE) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but ho ...