Core Points - A fire occurred on October 6, 2025, in the heating system of ONEOK's MB-4 fractionator at the Mont Belvieu, Texas, fractionation complex [1] - The fire was quickly extinguished, and fractionation operations were promptly shut down [2] - ONEOK does not anticipate a material effect on its financial condition, results of operations, or cash flows due to the incident [2] Company Overview - ONEOK is a leading midstream operator providing essential energy products and services, including gathering, processing, fractionation, transportation, storage, and marine export services [3] - The company operates an extensive pipeline network of approximately 60,000 miles, transporting natural gas, natural gas liquids, refined products, and crude oil [3] - ONEOK is headquartered in Tulsa, Oklahoma, and is part of the S&P 500 [4]

Core Insights - ONEOK has been one of the more acquisitive companies in the midstream sector, having roughly doubled its size through mergers and acquisitions [2] Group 1 - The company is strategically positioned for future acquisitions and is expected to continue its acquisitive approach moving forward [2]

Core Insights - The article highlights that several S&P 500 companies are expected to achieve significant revenue growth in the third quarter, surpassing even high-performing stocks like Nvidia and Palantir [2][3]. Revenue Growth Expectations - Eight S&P 500 stocks, including Expand Energy, KeyCorp, and Robinhood Markets, are projected to post over 60% revenue growth in the upcoming third-quarter earnings season [2]. - Expand Energy is anticipated to see a remarkable revenue surge of 402% to $2 billion, largely due to its acquisition of Southwestern Energy [4]. - KeyCorp's revenue is expected to jump 170% to $1.9 billion, with a projected 24% increase in EPS for 2025 [7]. - Robinhood Markets is forecasted to achieve an 83% revenue increase to $1.2 billion in the third quarter of 2025 [6]. Comparative Performance - The expected revenue growth for Expand Energy, KeyCorp, and Robinhood significantly outpaces the anticipated growth of 55.6% for Nvidia and 50.5% for Palantir [3]. - Despite the high revenue growth projections, KeyCorp's stock has only risen 8% this year, indicating a potential disconnect between growth expectations and market performance [7]. Summary of Top Growth Companies - The following companies are expected to have the highest revenue growth in Q3 2025: - Expand Energy (EXE): 402.1% - KeyCorp (KEY): 170.8% - Robinhood Markets (HOOD): 82.6% - First Solar (FSLR): 75.1% - Bunge Global (BG): 74.0% - Amcor (AMCR): 71.5% - TKO Group (TKO): 65.2% - Oneok (OKE): 63.6% [8].

Group 1 - Wolfe Research's Midstream group is led by Keith Stanley, who introduced ONEOK's senior management team, including CEO Pierce Norton, Chief Commercial Officer Sheridan Swords, and CFO Walter Hulse [1] - The event encourages audience participation, allowing attendees to ask questions during the presentation [2]

Group 1 - Wolfe Research's Midstream group is led by Keith Stanley, who introduced ONEOK's senior management team, including CEO Pierce Norton, Chief Commercial Officer Sheridan Swords, and CFO Walter Hulse [1] - The event encourages audience participation, allowing attendees to ask questions during the presentation [2]

Summary of ONEOK Fireside Chat - September 30, 2025 Company Overview - **Company**: ONEOK (NYSE: OKE) - **Industry**: Midstream Energy Key Points and Arguments Strategic Acquisitions - ONEOK has been highly acquisitive in the midstream space, doubling its size through mergers and acquisitions (M&A) since the early 2000s [2][3] - The company has established specific criteria for future acquisitions, focusing on projects that are credit accretive and provide scale [4][8] - Recent acquisitions include Magellan, Easton, EnLink, and Medallion, with five acquisitions completed in two years [5][4] Market Position and Integration - ONEOK is currently focused on integrating recent acquisitions and extending existing assets rather than pursuing new acquisitions aggressively [6][7] - The company aims to diversify its operations beyond the Bakken region, seeking demand-pull businesses [6][7] Volume Growth and Market Dynamics - The company anticipates modest volume growth across key basins, including Bakken, Mid Continent, and Permian, despite some winter-related volume declines [12][19] - The Mid Continent region has shown unexpected growth, particularly in the Cherokee formation [13][14] - The Permian Basin continues to grow, with producers becoming more efficient in drilling operations [20][21] Financial Outlook - ONEOK targets mid to upper single-digit growth in EBITDA for 2026, driven by volume growth and capital projects [23] - The company is completing several projects that will contribute to incremental growth, including the Denver expansion project [27][28] Risks and Market Sentiment - The primary risk to achieving growth targets is potential slowdowns in producer activity due to fluctuating crude oil prices [30][31] - There is skepticism in the market regarding the company's ability to model the impact of multiple acquisitions on earnings [10][11] New Projects and Infrastructure - The Sunbelt Connector project aims to address growing demand in Phoenix, with plans to connect refined products from various regions [33][34] - The company is optimistic about the returns from this project, which will include a larger pipeline to accommodate future demand [35][36] Capital Expenditure and Financial Strategy - ONEOK's growth capital expenditure (CapEx) is projected to remain around $3 billion, with expectations for a decrease in future years as projects are completed [40][42] - The company plans to utilize tax savings from new legislation to enhance cash flow and reduce leverage [42] Ethane Market and Export Opportunities - There is potential for increased ethane recovery in the Mid Continent region due to rising demand from export projects [47][49] - ONEOK is supportive of ethane export projects, recognizing their positive impact on pricing and demand [51][52] Natural Gas and LNG Demand - The company is well-positioned to benefit from increasing LNG demand, particularly in Louisiana, where it has seen unexpected growth in natural gas assets [55][56] - The Mid Continent region is viewed as an option for natural gas production, with expectations for increased activity as prices rise [57][58] Competition and Market Share - ONEOK holds a 60% market share in the Bakken for gas processing, with limited competition expected to impact its operations significantly [71][72] - The company maintains strong relationships with producers, which helps mitigate competitive risks [75] Additional Important Insights - The company is expanding its gas storage capabilities to manage increased gas flow and maintenance needs [66][68] - ONEOK's integrated systems provide a competitive advantage, allowing for streamlined operations and customer relationships [75]

Core Viewpoint - ONEOK, Inc. (NYSE:OKE) is considered a buy by Jim Cramer due to its strong management and current undervaluation, despite being down over 30% from its highs late last year [1] Company Overview - ONEOK, Inc. is a midstream energy company that provides gathering, processing, storage, transportation, and export services for natural gas, NGLs, refined products, and crude oil [1] - The company also engages in marketing, blending, and leasing activities, serving producers, utilities, refiners, and industrial customers [1] Investment Potential - The stock currently offers a dividend yield of just over 5% [1] - ONEOK has a strong presence in bringing natural gas to the Gulf Coast, which is significant for liquefied natural gas export infrastructure [1] - Cramer suggests that ONEOK could have more upside potential compared to Energy Transfer due to its current low valuation [1]

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Financial Performance and Guidance - ONEOK's 2025 adjusted EBITDA guidance is \$8.225 billion at the midpoint of the \$8 billion to \$8.45 billion range[14, 23, 25] - The company is targeting 3%-4% annual dividend growth and a dividend payout ratio of approximately 85% or lower[31] - ONEOK returned approximately \$2.5 billion to shareholders in 2024 through dividends and share repurchases and is targeting to return approximately 75-85% of forecasted cash flow from operations[32] - Second quarter 2025 adjusted EBITDA was approximately \$2 billion[47] Business Segments and Operations - Natural Gas Liquids contribute 37% to the adjusted EBITDA[14] - Natural Gas Gathering and Processing contribute 28% to the adjusted EBITDA[14] - Refined Products and Crude contribute 27% to the adjusted EBITDA[14] - Natural Gas Pipelines contribute 8% to the adjusted EBITDA[14] - The company's pipeline network spans approximately 60,000 miles[5, 11] Synergies and Growth Projects - Magellan synergies are expected to be over \$350 million realized by the end of 2025[27] - EnLink and Medallion synergies are expected to be over \$125 million realized by the end of 2025[29] - The Texas City Logistics Export Terminal JV is a 400,000 bpd LPG export terminal expected to be completed in early 2028[33, 61]

Group 1: Stock Performance - Oneok Inc. (OKE) closed at $73.10, reflecting a -1.07% change from the previous day, underperforming the S&P 500 which gained 0.26% [1] - Over the past month, Oneok's shares have decreased by 3.26%, while the Oils-Energy sector gained 4.06% and the S&P 500 increased by 2.87% [1] Group 2: Upcoming Earnings - Oneok Inc. is expected to report an EPS of $1.48, representing a 25.42% increase from the prior-year quarter [2] - The Zacks Consensus Estimate projects net sales of $9.31 billion, an 85.4% increase from the year-ago period [2] - For the annual period, anticipated earnings are $5.44 per share and revenue is projected at $35.71 billion, indicating increases of +5.22% and +64.58% respectively from last year [2] Group 3: Analyst Estimates and Rankings - Changes in analyst estimates for Oneok Inc. are important as they reflect short-term business dynamics, with positive revisions indicating optimism about the business outlook [3] - The Zacks Rank system, which incorporates estimate changes, currently ranks Oneok Inc. at 3 (Hold) after a 0.7% decrease in the consensus EPS estimate over the last 30 days [5] Group 4: Valuation Metrics - Oneok Inc. has a Forward P/E ratio of 13.58, which is a premium compared to the industry average Forward P/E of 12.41 [6] - The company has a PEG ratio of 1.81, higher than the industry average PEG ratio of 1.42 [7] Group 5: Industry Context - The Oil and Gas - Production Pipeline - MLB industry, which includes Oneok Inc., has a Zacks Industry Rank of 64, placing it in the top 26% of over 250 industries [8] - Strong individual industry groups, as measured by the Zacks Industry Rank, tend to outperform weaker groups by a factor of 2 to 1 [8]