Core Insights - Oneok Inc. reported revenue of $7.89 billion for the quarter ended June 2025, reflecting a year-over-year increase of 61.2% [1] - The company's EPS was $1.34, slightly up from $1.33 in the same quarter last year, with no EPS surprise as it matched the consensus estimate [1] Financial Performance - The reported revenue was below the Zacks Consensus Estimate of $8.56 billion by 7.91% [1] - Adjusted EBITDA for Natural Gas Gathering and Processing was $540 million, slightly above the average estimate of $538.82 million [4] - Adjusted EBITDA for Refined Products & Crude was $557 million, exceeding the average estimate of $549.48 million [4] - Adjusted EBITDA for Natural Gas Pipelines reached $188 million, surpassing the average estimate of $145.59 million [4] - Adjusted EBITDA for Natural Gas Liquids was $673 million, below the average estimate of $725 million [4] Stock Performance - Oneok's shares have returned -3.8% over the past month, contrasting with the Zacks S&P 500 composite's increase of 0.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

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]

Group 1 - ONEOK is set to release its second-quarter earnings results on August 4, with analysts expecting earnings of $1.33 per share and revenue of $8.33 billion, up from $4.89 billion a year earlier [1] - The company currently offers an annual dividend yield of 5.02%, with a quarterly dividend of $1.03 per share, totaling $4.12 annually [2] - To achieve a monthly dividend income of $500, an investor would need to own approximately 1,456 shares, equating to a total investment of about $119,552 [3] Group 2 - For a more conservative monthly income goal of $100, an investor would need 291 shares, requiring an investment of approximately $23,894 [3] - The dividend yield can fluctuate based on changes in the stock price and dividend payments, affecting the overall return for investors [4][6] - ONEOK's shares experienced a slight decline of 0.1%, closing at $82.11 [6] Group 3 - Analyst J.R. Weston from Raymond James maintained an Outperform rating for ONEOK but lowered the price target from $115 to $110 [7]

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 ...

Company Overview - ONEOK Inc. is an energy company based in Tulsa, OK, engaged in natural gas and natural gas liquids (NGL) businesses [11] - The company completed its acquisition of Magellan Midstream Partners, L.P. for $18.8 billion in September 2023, expanding its fee-based refined products and crude oil transportation business [11] Investment Ratings - ONEOK is currently rated 3 (Hold) on the Zacks Rank, with a VGM Score of B [12] - The company has a Momentum Style Score of A, indicating strong upward price trends, with shares up 1.9% over the past four weeks [12] Earnings Estimates - Three analysts have revised their earnings estimates upwards for fiscal 2025, with the Zacks Consensus Estimate increasing by $0.35 to $5.58 per share [12] - ONEOK has an average earnings surprise of +0.4%, suggesting a positive outlook on earnings performance [12] Investment Considerations - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, ONEOK is recommended for investors' consideration [13]

Company Overview - ONEOK Inc. is an energy company based in Tulsa, OK, engaged in natural gas and natural gas liquids (NGL) businesses [11] - The company completed its acquisition of Magellan Midstream Partners, L.P. for $18.8 billion in September 2023, expanding its fee-based refined products and crude oil transportation business [11] Financial Metrics - ONEOK has a Zacks Rank of 3 (Hold) and a VGM Score of B, indicating a solid position in the market [12] - The company has a Value Style Score of B, supported by a forward P/E ratio of 14.5, which is attractive for value investors [12] - The Zacks Consensus Estimate for fiscal 2025 has increased by $0.34 to $5.57 per share, with two analysts revising their earnings estimates upwards in the last 60 days [12] - ONEOK has an average earnings surprise of +0.4%, suggesting a consistent performance relative to expectations [12] Investment Consideration - With a solid Zacks Rank and top-tier Value and VGM Style Scores, ONEOK should be considered for investors' short lists [13]

Group 1 - Oneok Inc. (OKE) closed at $80.38, with a 0.7% gain over the past four weeks, and a mean price target of $103.35 suggests a 28.6% upside potential [1] - The mean estimate consists of 17 short-term price targets with a standard deviation of $15.23, indicating variability among analysts; the lowest estimate is $87.00 (8.2% increase), while the highest is $147.00 (82.9% increase) [2] - Analysts show increasing optimism about OKE's earnings prospects, with a strong agreement in revising EPS estimates higher, which correlates with potential stock price movements [11] Group 2 - The Zacks Consensus Estimate for the current year has increased by 3.3% over the past month, with two estimates rising and one falling [12] - OKE holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating potential upside [13] - While the consensus price target may not be a reliable indicator of the extent of gains, it does provide a directional guide for price movement [14]