ONEOK(US:OKE)2025-04-30 01:54Financial Performance & Guidance - First quarter 2025 adjusted EBITDA was approximately $1.8 billion[25] - The company reported net income attributable to ONEOK of $636 million, or $1.04 per diluted share[26] - ONEOK reaffirmed its 2025 adjusted EBITDA guidance midpoint of $8.225 billion[12, 23] - The company anticipates >15% EPS growth in 2026 and is approaching 10% adjusted EBITDA growth[23] Segment Performance (Q1 2025 vs Q4 2024) - Natural Gas Liquids adjusted EBITDA decreased, including an $82 million decrease from unconsolidated affiliates and a $72 million decrease in transportation and storage[30] - Natural Gas Gathering and Processing adjusted EBITDA increased, including a $13 million increase due to adjusted EBITDA from EnLink[31] - Refined Products and Crude adjusted EBITDA decreased[28] - Natural Gas Pipelines adjusted EBITDA decreased, including a $264 million decrease due to the interstate natural gas pipeline divestiture in 2024[31] Operational Highlights - Natural Gas Liquids: Gulf Coast/Permian NGL raw feed throughput increased by 13% compared to the fourth quarter of 2024[37] - Refined Products and Crude: Crude oil volume shipped increased to 1,846,000 bpd in the first quarter of 2025[40] - Natural Gas Gathering and Processing: Total processed volumes reached 5,250 MMcf/d in the first quarter of 2025[45] Growth Projects & Opportunities - The company is focused on high-return organic growth projects, including expansions of the West Texas NGL Pipeline (capacity to 740,000 bpd) and Elk Creek NGL Pipeline (capacity to 435,000 bpd)[56] - ONEOK sees opportunities in natural gas pipelines driven by industrial demand growth from data centers, LNG, and ammonia facilities[52, 55]