ONEOK Announces Higher First Quarter 2025 Earnings; Affirms 2025 Financial Guidance

Core Viewpoint - ONEOK, Inc. reported higher first quarter 2025 results compared to the same period in 2024 and affirmed its full-year 2025 financial guidance, driven by increased volumes in the Rocky Mountain region and contributions from strategic acquisitions [1][2][4]. Financial Performance - Net income for the first quarter of 2025 was $691 million, with net income attributable to ONEOK at $636 million, resulting in diluted earnings per share of $1.04 [8][10]. - Adjusted EBITDA for the quarter was $1.775 billion, reflecting a significant increase from $1.441 billion in the first quarter of 2024 [8][10]. - Operating income rose to $1.220 billion, up from $1.064 billion in the previous year [8]. Volume and Growth - There was a 15% increase in NGL raw feed throughput volumes and a 7% increase in natural gas volumes processed in the Rocky Mountain region [8]. - The performance was supported by a full quarter of adjusted EBITDA from the EnLink and Medallion acquisitions, alongside higher processing volumes [11]. Strategic Initiatives - ONEOK completed the acquisition of EnLink Midstream on January 31, 2025, which contributed to the financial results [9]. - The company announced joint ventures for a new 400,000-barrel per day LPG export terminal in Texas City, Texas, and a pipeline connecting to its Mont Belvieu storage facility [9]. - ONEOK repurchased 190,000 shares of common stock for $17.4 million under its $2 billion share repurchase program, totaling 1.865 million shares repurchased since January 2024 [9]. Capital Expenditures - Total capital expenditures for the first quarter of 2025 were $629 million, compared to $512 million in the same quarter of 2024 [8]. - The Natural Gas Liquids Segment reported adjusted EBITDA of $635 million, while the Refined Products and Crude Segment reported $471 million [13][14]. Future Outlook - The company expects continued execution on acquisition-related synergies and organic growth projects to support growth throughout 2025, enhancing shareholder value [4].