ONEOK(US:OKE)2025-10-28 20:43Financial 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].