Financial Data and Key Metrics Changes - In 2025, net income attributable to ONEOK increased by 12% to $3.39 billion, resulting in earnings of $5.42 per share [4][9] - Adjusted EBITDA rose by 18% to $8.02 billion, marking 12 consecutive years of growth [5][9] - For 2026, net income is expected to reach approximately $3.45 billion, with an Adjusted EBITDA midpoint of approximately $8.1 billion [10][14] Business Line Data and Key Metrics Changes - The company achieved nearly $500 million in total synergies from the Magellan acquisition, with $250 million realized in 2025 alone [6][7] - Approximately 90% of earnings are fee-based, which limits commodity exposure and supports valuation durability [7] - The natural gas pipeline segment exceeded guidance in 2025, benefiting from strategic locations in the Permian Basin and Louisiana [23] Market Data and Key Metrics Changes - In the Bakken, there are 5,000 identified wells yet to be drilled, equating to approximately 15+ years of inventory at current rig rates [8] - The company expects a low single-digit growth rate for Bakken volumes at $55-$60 per barrel crude prices [79] - The Permian Basin is projected to grow by more than 1 Bcf per year, with ONEOK well-positioned to capture this growth [26] Company Strategy and Development Direction - ONEOK aims to deliver durable growth through a disciplined capital allocation strategy and has integrated major acquisitions to enhance its platform [4][5] - The company is focused on organic expansions and capturing synergies from acquisitions to drive future growth [7][16] - The strategy includes maintaining a high-quality earnings mix and limiting commodity exposure [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to integrate acquisitions and capture expected synergies, generating additional cash flow [8] - Despite lower crude oil prices potentially slowing drilling, there is visibility into growth for 2026 and beyond [7][8] - The company remains cautious about commodity prices while maintaining confidence in the durability of its integrated asset base [8] Other Important Information - The company returned nearly $2.7 billion to shareholders through dividends and share repurchases in 2025 [10] - A quarterly dividend increase of 4% was recently announced, reinforcing the commitment to shareholder returns [10] Q&A Session Summary Question: Can you discuss the conservatism in the 2026 guidance? - Management indicated that they are planning for lower crude prices and have been intentional in their projections, which could allow for upside if prices strengthen [34] Question: What optimization opportunities exist? - Management highlighted successful discretionary ethane recovery and spot offloads in the Permian as examples of past optimization opportunities [35][36] Question: When can we expect announcements regarding power opportunities? - Advanced negotiations are ongoing with hyperscalers, and announcements are expected in the near future [39] Question: What is the outlook for Waha basis spreads? - Management noted that there is open capacity on the Eiger pipeline system, and they see potential upside if spreads remain favorable [43][44] Question: Can you elaborate on the drivers of NGL throughput volumes? - Management explained that a contract loss in the Bakken and increased ethane rejection in the Mid-Continent are tempering growth expectations [72] Question: What are the plans for capturing more third-party volumes in the Permian? - Management stated that they have significant capacity on the West Texas NGL Pipeline and are actively pursuing opportunities to attract third-party volumes [80][81]

U.S. stocks traded lower midway through trading, with the Dow Jones index dipping more than 700 points on Monday.The Dow traded down 1.46% to 48,901.83 while the NASDAQ fell 1.03% to 22,650.14. The S&P 500 also fell, dropping, 0.95% to 6,843.89.Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q4 EarningsLeading and Lagging SectorsConsumer staples shares gained by 1.2% on Monday.In trading on Monday, financials stocks fell by 3.2%.Top HeadlineThe company posted operating earnings, a ...

Quick Read SPDR S&P Metals and Mining ETF (XME) nearly doubled to $118 from $62 over the past year. Newmont generated $1.6B in free cash flow as gold prices surged to $4,900-$5,000 per ounce. Freeport-McMoRan plans to restart Grasberg mine in Q2 2026 for 300 million pounds of copper. Read: If you follow markets closely, Kalshi lets you profit directly from being right about what comes next. The SPDR S&P Metals & Mining ETF (NYSEARCA:XME) has nearly doubled over the past year, climbing from aroun ...

Core Viewpoint - The SPDR S&P Metals and Mining ETF (XME) has nearly doubled in value over the past year, driven by rising gold prices and copper demand, but future performance will depend on commodity price stability and production growth from key holdings [1]. Group 1: ETF Performance and Holdings - XME increased from approximately $62 to $118, reflecting strong investor interest in commodities linked to electrification, defense, and monetary policy uncertainty [1]. - Major holdings in XME include Newmont, Freeport-McMoRan, and Alcoa, which together account for about 16% of the ETF's portfolio [1]. Group 2: Gold and Copper Prices - Gold prices surged to between $4,900 and $5,000 per ounce, significantly enhancing Newmont's profitability, resulting in $1.6 billion in free cash flow [1]. - Freeport-McMoRan may face challenges if copper prices decline to $6.00 to $6.40 per pound, although the planned restart of the Grasberg mine in Q2 2026 could help mitigate these risks by adding 300 million pounds of copper [1]. Group 3: Production Execution Risks - The restart of Freeport's Grasberg mine is a critical operational catalyst for XME in 2026, but any delays or cost overruns could negatively impact the investment thesis [1]. - Alcoa reported lower-than-expected revenues in Q3, but managed to offset some operational challenges with a $232 million gain from selling its stake in a joint venture [1]. - Execution risks are evident across the sector, with a focus on unit costs, volume guidance, and free cash flow generation being essential for assessing future performance [1].

Market Overview - U.S. stocks traded mostly higher, with the Dow Jones index gaining over 200 points, up 0.45% to 50,348.12, while the NASDAQ fell 0.03% to 23,059.26 and the S&P 500 rose 0.21% to 6,955.97 [1] Sector Performance - Real estate shares increased by 2.1% on Thursday, indicating strong performance in that sector [1] - Communication services stocks experienced a decline of 0.4% [1] Job Market - U.S. initial jobless claims decreased by 5,000 to 227,000, which was higher than market estimates of 222,000 [2][6] Commodity Prices - Oil prices fell by 0.8% to $64.09, while gold decreased by 0.4% to $5,079.00. Silver dropped 1.2% to $82.915, and copper saw a slight increase of 0.1% to $5.9690 [3] European Market Performance - European shares showed mixed results, with the eurozone's STOXX 600 rising 0.4%, while Spain's IBEX 35 Index fell 0.2%. London's FTSE 100 slipped 0.1%, Germany's DAX gained 1.4%, and France's CAC 40 rose 1.1% [4] Asian Market Performance - Asian markets closed mixed, with Japan's Nikkei down 0.02%, Hong Kong's Hang Seng Index down 0.86%, China's Shanghai Composite up 0.05%, and India's BSE Sensex down 0.66% [5]

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Market Overview - U.S. stocks traded lower, with the Nasdaq Composite falling more than 200 points on Thursday. The Dow decreased by 0.56% to 49,225.33, the NASDAQ dipped 0.89% to 22,700.74, and the S&P 500 fell 0.74% to 6,831.80 [1] - European shares also declined, with the eurozone's STOXX 600 falling 0.8%, Spain's IBEX 35 Index down 1.4%, London's FTSE 100 down 0.3%, Germany's DAX slipping 0.6%, and France's CAC 40 down 0.3% [5] - Asian markets closed mostly lower, with Japan's Nikkei falling 0.88%, China's Shanghai Composite declining 0.64%, and India's BSE Sensex down 0.60% [6] Sector Performance - Consumer staples shares gained by 0.3% on Thursday, while consumer discretionary stocks fell by 2.2% [1][2] Company Earnings - Alphabet reported fourth-quarter revenue of $113.83 billion, exceeding the Street consensus estimate of $111.31 billion. The earnings per share were $2.82, beating the consensus estimate of $2.63 [3] Commodity Prices - In commodity news, oil traded down 2.4% to $63.58, gold fell 1.5% to $4,877.70, silver decreased by 10% to $75.950, and copper fell 0.5% to $5.8225 [3][4] Economic Indicators - U.S. job openings declined by 386,000 to 6.542 million in December, compared to market estimates of 7.2 million. Initial jobless claims increased by 22,000 to 231,000, against market estimates of 212,000 [7]

Core Viewpoint - Analysts at Raymond James Global Research have revised their outlooks for Canadian oil and gas companies due to changes in commodity prices, leading to lowered price targets for key benchmarks [1] Price Target Adjustments - Price targets for West Texas Intermediate and Western Canadian Select have been reduced by 8% and 10% respectively for Q4 2025, significantly impacting estimates for producers this quarter [1] - Cenovus Energy Inc. (CVE:TSX) is the top pick with a price target of $30, while Suncor Energy Inc. (SU:TSX) and Canadian Natural Resources Ltd. (CNQ:TSX) follow, with targets of $73 and $53 respectively [1] Company Insights - Cenovus is expected to focus on integrating MEG Energy post-acquisition, which may limit its performance in the near term despite a strong buy rating [1] - Suncor is noted for having a compelling narrative with positive developments in its in situ business ahead of the March Investor Day [1] - Imperial Oil Ltd. is rated as underperform with a price target of $106, as analysts consider the stock to be relatively expensive [1]

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Core Viewpoint - Hecla Mining is positioned as a strong player in the Basic Materials sector, holding a Zacks Rank of 2 (Buy), indicating its potential to outperform the market in the near term [1][4]. Group 1: Company Performance - Hecla Mining's current stock price is $31.80, reflecting an increase of approximately 1.63% from the previous trading price [2]. - The stock has fluctuated between a low of $30.65 and a high of $32.16 on the current trading day, showcasing its volatility [2][3]. - The market capitalization of Hecla Mining is approximately $21.3 billion, with a trading volume of 29.3 million shares [3]. Group 2: Market Analysis - Canaccord Genuity has set a price target of $26.5 for Hecla Mining, indicating a potential downside of about 16.06% from the stock's previous trading price of $31.57 [2]. - Over the past year, Hecla Mining's stock has experienced significant volatility, with a high of $32.16 and a low of $4.46, reflecting the fluctuations in commodity prices and market conditions [3].