Financial Performance - Net income for the three months ended September 30, 2025, was $940 million, compared to $693 million for the same period in 2024, representing a 35.7% increase[15] - Net income for the nine months ended September 30, 2025, was $2,484 million, an increase of 17.6% compared to $2,112 million in 2024[18] - The company reported a net income of $939 million for the quarter ended June 30, 2025, compared to $693 million in the same quarter of 2024, representing a 35.5% increase[21] - For the three months ended September 30, 2025, total revenues reached $9,815 million, a significant increase from $5,718 million in the same period of 2024[80] - For the nine months ended September 30, 2025, total revenues amounted to $28,244 million, with liquids commodity sales contributing $22,218 million[83] - Total revenues for the nine months ended September 30, 2025, were $24,564 million, a decrease from $28,244 million in the previous period[84] - Net income for the nine months ended September 30, 2025, was $2,484 million, compared to $2,112 million for the same period in 2024[87] Comprehensive Income - Comprehensive income attributable to ONEOK for the nine months ended September 30, 2025, was $2,447 million, up from $2,077 million in 2024, reflecting a 17.9% growth[15] Assets and Liabilities - Total assets increased to $66,616 million as of September 30, 2025, from $64,069 million at the end of 2024, marking a 3.9% rise[17] - Cash and cash equivalents rose to $1,199 million as of September 30, 2025, compared to $733 million at December 31, 2024, indicating a 63.5% increase[17] - Current liabilities increased to $5,735 million as of September 30, 2025, from $4,719 million at the end of 2024, a rise of 21.5%[17] - Long-term debt, excluding current maturities, was $31,986 million as of September 30, 2025, compared to $31,018 million at December 31, 2024, reflecting a 3.1% increase[17] - The total estimated fair value of consolidated long-term debt, including current maturities, was $33.3 billion as of September 30, 2025, compared to $30.8 billion at December 31, 2024[38] Capital Expenditures - Capital expenditures for the nine months ended September 30, 2025, were $2,182 million, a 49.5% increase from $1,459 million in 2024[18] - Capital expenditures for the three months ended September 30, 2025, totaled $789 million, compared to $450 million in the same period of 2024[80] Shareholder Returns - Dividends paid increased to $1,935 million, compared to $1,734 million in the previous year, reflecting a growth of 11.6%[18] - The company authorized a share repurchase program for up to $2.0 billion, repurchasing $45 million and $62 million of common stock in Q3 2025 and the nine months ended September 30, 2025, respectively[59] Acquisitions - The Delaware Basin JV Acquisition was completed for a total of $941 million, including $550 million in cash and approximately 4.9 million shares of common stock valued at $391 million[27] - The EnLink Acquisition involved the issuance of 41 million shares of common stock with a fair value of $4.0 billion, resulting in EnLink becoming a wholly owned subsidiary[29] - The company completed the EnLink Controlling Interest Acquisition on October 15, 2024, and the Medallion Acquisition on October 31, 2024, both accounted for using the acquisition method[31][32] - The company incurred transaction costs of $59 million related to the EnLink Acquisition during the nine months ended September 30, 2025[87] Operating Activities - Cash provided by operating activities increased to $4,053 million, up 23.6% from $3,277 million in the same period last year[18] - The company reported adjusted EBITDA of $2,096 million for the three months ended September 30, 2025, up from $1,549 million in the same period of 2024[79] - Segment adjusted EBITDA for the nine months ended September 30, 2025, was $5,863 million, up from $4,614 million in the previous year[87] Customer Base - Approximately 75% of downstream commodity sales in the Natural Gas Gathering and Processing segment were made to investment-grade customers for the nine months ended September 30, 2025[183] - Approximately 80% of revenues in the Natural Gas Pipelines segment were from investment-grade customers for the nine months ended September 30, 2025[185] - Approximately 85% of revenues in the Refined Products and Crude segment were from investment-grade customers for the nine months ended September 30, 2025[186] Financial Flexibility - The company has a $3.5 billion amended and restated revolving credit agreement, which provides financial flexibility for future operations[10] - The company increased its commercial paper program size to $3.5 billion from $2.5 billion in September 2025[48] - In August 2025, the company completed a public offering of $3.0 billion senior unsecured notes, with net proceeds of $2.96 billion, partially used to repay commercial paper and senior notes due September 2025[50] Risk Management - As of September 30, 2025, the company had no material risks of noncompliance with regulatory, environmental, and safety laws affecting its operations[69] - The company assessed goodwill for impairment and determined that no impairment was necessary as of July 1, 2025[24] Future Revenue Expectations - As of September 30, 2025, the total expected revenue from unsatisfied performance obligations is $7,004 million, with $318 million expected to be recognized in the remainder of 2025[75] - The company expects to recognize $1,232 million in revenue from unsatisfied performance obligations in 2026[75]

Core Insights - ONEOK, Inc. (OKE) has experienced a total "non" return loss of 15.33% for shareholders, while the S&P 500 has performed better [1] Group 1: Company Analysis - The focus is on undervalued and disliked companies with strong fundamentals and good cash flows, particularly in the Oil & Gas sector [1] - Energy Transfer is highlighted as a company that was previously overlooked but now shows potential for long-term value [1] Group 2: Investment Strategy - The investment approach emphasizes long-term value investing, while also considering deal arbitrage opportunities [1] - There is a preference for businesses that are easily understandable, avoiding high-tech and certain consumer goods sectors [1]

Financial Data and Key Metrics Changes - Third quarter 2025 net income totaled $940 million or $1.49 per share, a 10% increase compared with the second quarter [9] - Third quarter adjusted EBITDA totaled $2.12 billion, which included $7 million of one-time transaction costs, representing a 7% increase compared to the second quarter and a 20% increase compared to the first quarter of 2025 [4][9] - The company reaffirmed its 2025 net income guidance range of $3.17 billion to $3.65 billion and adjusted EBITDA guidance range of $8 billion to $8.45 billion [10] Business Line Data and Key Metrics Changes - The acquired EnLink and Medallion assets delivered nearly $470 million in adjusted EBITDA during the third quarter, contributing to year-over-year earnings growth [9] - NGL raw feed throughput volumes increased, with Rocky Mountain region volumes averaging more than 490,000 bbl per day, a 5% increase compared to the second quarter [12] - Refined products volumes increased sequentially due to seasonal demand, with physical blending volumes up approximately 15% year-to-date compared to the same period in 2024 [16] Market Data and Key Metrics Changes - The Permian Basin natural gas processing capacity increased by more than 550 million cu ft per day, driven by strong demand and operational efficiencies [6][18] - Natural gas gathering and processing volumes increased across all regions compared to the second quarter, with the Permian Basin volumes averaging 1.55 billion cu ft per day, a 5% increase [17] Company Strategy and Development Direction - The company is focused on capturing additional synergies and operational efficiencies, expecting approximately $250 million in synergy contributions for 2025 [11] - ONEOK's strategy includes combining strategic acquisitions to create a more resilient business, leveraging integrated assets to expand reach in key basins and demand markets [22] - The company is actively assessing opportunities for growth in the Permian Basin and enhancing integrated operations [18][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate near-term challenges and continue delivering results for investors and customers [8] - The current commodity price environment may lead to moderation in drilling and completion activities, but strong gas-to-oil ratios and production efficiencies are expected to drive modest growth [19] - Management remains optimistic about maintaining volume growth in the Permian and other regions despite market volatility [42][45] Other Important Information - The company repurchased more than 600,000 shares of common stock and retired over $500 million in senior notes during the quarter [9] - The company expects to pay more than $1.5 billion less in cash taxes over the next five years, enhancing free cash flow and capital allocation flexibility [11] Q&A Session Summary Question: Tailwinds versus headwinds for earnings growth into next year - Management identified synergies and growth projects as tailwinds, with a focus on capturing market share in the Permian and other areas [25] Question: Capital allocation priorities between buybacks and debt paydown - Management indicated that as they approach their debt to EBITDA target, they will have more flexibility for stock buybacks alongside debt management [26] Question: 2026 guidance and impact of Waha spreads widening - Management emphasized the importance of ongoing discussions with producers and the positive impact of Waha spreads on their systems [30][32] Question: Capital allocation for future projects - Management stated that they evaluate each project on a standalone basis and expect capital expenditures to trend down in the coming years [35][36] Question: Update on LPG export commercialization efforts - Management reported strong interest in their docks and a positive contracting strategy for LPG exports [46] Question: Gas egress limitations in the Mid-Continent - Management expressed confidence in the growth potential in the Mid-Continent and the ability to manage gas egress effectively [49] Question: Dynamics of Bakken and Permian volumes - Management noted that Bakken volumes are trending positively due to ethane recovery, while Permian volumes are expected to stabilize as new pads come online [51][52] Question: Opportunities from AI-driven data center projects - Management highlighted interest from over 30 data center projects seeking natural gas supply, positioning the company favorably for future growth [56] Question: Importance of the Eiger Express pipeline project - Management emphasized the Eiger Express project as crucial for meeting LNG demand and enhancing integration with existing assets [58][60]

Financial Data and Key Metrics Changes - Third quarter 2025 net income totaled $940 million or $1.49 per share, a 10% increase compared with the second quarter [9] - Third quarter adjusted EBITDA totaled $2.12 billion, which included $7 million of one-time transaction costs, representing a 7% increase compared to the second quarter and a 20% increase compared to the first quarter of 2025 [4][9] - The company reaffirmed its 2025 net income guidance range of $3.17 billion to $3.65 billion and adjusted EBITDA guidance range of $8 billion to $8.45 billion [10] Business Line Data and Key Metrics Changes - The acquired NLink and Medallion assets delivered nearly $470 million in adjusted EBITDA during the third quarter, contributing to year-over-year earnings growth [9] - Natural gas liquids (NGL) raw feed throughput volumes increased, with Rocky Mountain region volumes averaging more than 490,000 barrels per day, a 5% increase compared to the second quarter [12] - Refined products volumes increased sequentially due to seasonal demand, with physical blending volumes up approximately 15% year to date compared to the same period in 2024 [16] Market Data and Key Metrics Changes - In the Permian Basin, natural gas processing volumes increased 5% compared to the second quarter, averaging 1.55 billion cubic feet per day [18] - The Rocky Mountain region processed volumes averaged 1.7 billion cubic feet per day, a 4% increase compared to the second quarter, marking a record for the company in that region [18] Company Strategy and Development Direction - The company is focused on capturing additional synergies and operational efficiencies, expecting approximately $250 million in synergy contributions for 2025 [10] - The strategy includes integrating acquisitions to create a stronger and more resilient business, with a focus on expanding reach in key basins and demand markets [22] - The company is actively assessing opportunities to expand and enhance integrated operations within the Permian Basin [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate near-term challenges and continue delivering results for investors and customers [8] - The current commodity price environment may lead to moderation in drilling and completion activities, but strong gas-to-oil ratios and production efficiencies are expected to support modest growth [19] - Management remains optimistic about the growth trajectory into 2026, driven by synergies and growth projects coming online [25][31] Other Important Information - The company repurchased more than 600,000 shares of common stock and retired over $500 million in senior notes during the quarter [9] - The company expects to pay more than $1.5 billion less in cash taxes over the next five years, enhancing free cash flow and capital allocation flexibility [11] Q&A Session Summary Question: Can you frame up tailwinds versus headwinds for earnings growth into next year? - Management identified synergies and growth projects as tailwinds, with expectations for continued market share growth in the Permian and other areas [25] Question: How do you think about executing on buybacks versus debt paydown? - The company is approaching its debt to EBITDA target, which will allow for more flexibility in capital allocation, including stock buybacks [26] Question: Can you quantify the potential impact of Waha spreads widening? - Management noted that the widening spreads have had a positive impact, leveraging capacity across systems to grow gathering and processing [32] Question: How do you see the competition for the Sunbelt Connector project? - Management believes the Sunbelt Connector is competitive due to existing connections and efficient expansions, with significant customer interest [39] Question: What are the early indications on how volumes across supply-push assets will trend through next year? - Management is confident in maintaining volume levels due to current drilling activity and rising gas-to-oil ratios [43] Question: Can you provide an update on LPG export commercialization efforts? - Management reported strong interest in their docks and is pleased with the current contracting strategy [47] Question: Is gas egress becoming a limitation for growth out of the Mid-Continent? - Management believes there is still room for growth in the Mid-Continent and is prepared to address any potential limitations [50] Question: How do you view the dynamics of Bakken and Permian volumes? - Management noted that Bakken volumes are trending positively due to ethane recovery, while Permian volumes are expected to improve as delayed pads come online [52][53]

Financial Data and Key Metrics Changes - Third quarter 2025 net income totaled $940 million or $1.49 per share, a 10% increase compared to the second quarter [8] - Third quarter adjusted EBITDA increased 7% compared to the second quarter, totaling $2.12 billion, which included $7 million of one-time transaction costs [3][8] - Year-to-date, transaction costs included in adjusted EBITDA have totaled $59 million [9] Business Line Data and Key Metrics Changes - The acquired NLink and Medallion assets contributed nearly $470 million in adjusted EBITDA during the third quarter, continuing their meaningful contribution to year-over-year earnings growth [8] - Natural gas liquids (NGL) raw feed throughput volumes increased, with Rocky Mountain region volumes averaging over 490,000 barrels per day, a 5% increase compared to the second quarter [11] - Crude oil volumes increased sequentially, demonstrating resiliency in the Midland gathering business [15] Market Data and Key Metrics Changes - In the Permian Basin, volumes increased 5% compared to the second quarter, averaging 1.55 billion cubic feet per day [16] - The Rocky Mountain region processed volumes averaged 1.7 billion cubic feet per day in the third quarter, a 4% increase compared to the second quarter [17] - Refined products tariff rate benefited from July adjustments, where rates were increased by a mid-single-digit percentage as expected [15] Company Strategy and Development Direction - The company aims to capture approximately $250 million of synergy-related adjusted EBITDA in 2025, with nearly $500 million of synergies realized since the Magellan acquisition [4][5] - The focus remains on operational efficiencies and capturing additional synergies, with a disciplined approach to capital allocation and cash flow generation [6][10] - The company is optimistic about growth opportunities in the Permian Basin and is actively assessing opportunities to expand integrated operations [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong fundamentals and the ability to navigate near-term challenges while delivering results for investors and customers [6][20] - The current commodity price environment is expected to drive moderation and increased optimization of drilling and completion activities across the basins [18] - Management remains confident in the trajectory of earnings growth into 2026, driven by synergies and growth projects coming online [23][29] Other Important Information - The company repurchased more than 600,000 shares of common stock and retired over $500 million in senior notes [8] - The long-term leverage target remains at 3.5 times, expected to be approached in the fourth quarter of 2026 on a run-rate basis [9] - The company is in active discussions regarding numerous potential AI-driven data center projects, leveraging its intrastate assets located in key natural gas supply and demand centers [19] Q&A Session Summary Question: Can you frame up tailwinds versus headwinds for earnings growth into next year? - Management identified synergies and growth projects coming online as tailwinds, while market share growth in the Permian and other areas will also fuel growth [23] Question: How do you think about executing on buybacks versus debt paydown? - The company is starting to be more flexible in capital allocation as it approaches its debt to EBITDA target, allowing for stock buybacks alongside debt management [24] Question: Can you quantify the potential impact of Waha spreads widening? - Management noted that the widening spreads have had a positive impact, leveraging capacity across systems to grow gathering and processing for customers [30] Question: How do you see the Sunbelt Connector project competing in the market? - The company believes the Sunbelt Connector is competitive due to its existing connections and efficient expansions, with significant interest from customers [35] Question: What are the early indications for volumes across supply-push assets? - Management is confident that drilling activity will maintain volume levels flat, with positive growth expected from the Permian and Bakken regions [39][40] Question: Can you provide an update on LPG export commercialization efforts? - The company is pleased with its contracting strategy and continues to see strong interest in its docks for LPG exports [42] Question: Is gas egress a limitation for growth in the Mid-Continent? - Management believes there is still room for growth in the Mid-Continent and is prepared to implement measures if egress becomes a concern [46] Question: How do you view the blending business in a mid-cycle environment? - The blending business has seen a 15% increase in volume year-to-date, positioning the company well for future opportunities as spreads normalize [68]

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 Viewpoint - The stock market rally has made it challenging to find attractively priced stocks, with the S&P 500 up 18% over the past year and nearly 80% over the last three years, leading to a high valuation of over 20 times forward earnings [1] Company Overview - ONEOK (NYSE: OKE) has seen its shares decline over 40% from their 52-week high, resulting in a dividend yield of around 6%, presenting a potential investment opportunity [2] - Despite the stock price drop, ONEOK generated nearly $3.8 billion in adjusted EBITDA in the first half of the year, reflecting a 22.5% increase year-over-year, driven by acquisitions [4] Growth Performance - ONEOK has achieved 11 consecutive years of adjusted EBITDA growth at a compound annual rate of 16%, with organic projects contributing to growth initially and acquisitions, including the 2023 deal for Magellan, driving more recent growth [5] - The stock price had previously increased over 80% due to acquisition-driven growth but has since retraced most of those gains, now showing less than 20% growth over the past three years [6] Future Growth Catalysts - The market currently undervalues ONEOK, pricing it as if future growth will be minimal, despite having two visible catalysts for earnings growth and additional upside potential [7] - The company is expected to continue growing its high-yielding dividend, supported by its ongoing growth initiatives [8]

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].

Core Insights - ONEOK, Inc. reported higher third quarter 2025 results, driven by acquisitions and increased natural gas liquids and processing volumes [2][10] - The company affirmed its full-year 2025 net income and adjusted EBITDA guidance ranges [1][2] Financial Performance - Third quarter 2025 net income was $940 million, up from $693 million in the same quarter of 2024, resulting in diluted earnings per share of $1.49 [5][8] - Adjusted EBITDA for the third quarter 2025 was $2.12 billion, compared to $1.55 billion in the third quarter of 2024 [5][7] - Operating income increased to $1.56 billion from $1.13 billion year-over-year [5] Segment Performance - Natural Gas Liquids Segment adjusted EBITDA rose to $748 million in Q3 2025 from $624 million in Q3 2024, driven by contributions from EnLink and increased optimization and marketing [11] - Refined Products and Crude Segment adjusted EBITDA increased to $582 million in Q3 2025 from $441 million in Q3 2024, primarily due to contributions from Medallion and EnLink [12] - Natural Gas Gathering and Processing Segment adjusted EBITDA reached $566 million in Q3 2025, up from $318 million in Q3 2024 [14] Growth Initiatives - ONEOK announced plans for the Bighorn natural gas processing plant, with a capacity of 300 million cubic feet per day, expected to be completed by mid-2027 [9] - The company entered a joint venture for the Eiger Express Pipeline, a 450-mile natural gas pipeline from the Permian Basin to Katy, Texas [9] Capital Management - ONEOK completed a $3 billion senior notes offering and repaid $387 million of senior notes at maturity [9] - The company increased its commercial paper program size to $3.5 billion from $2.5 billion [9] - A quarterly dividend of $1.03 per share was declared, annualizing to $4.12 per share [9]