ONEOK(US:OKE)2025-10-29 20:18Financial 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]