Oneok Inc ( (OKE) ) has realeased its Q3 earnings. Here is a breakdown of the information Oneok Inc presented to its investors.
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ONEOK, Inc. is a leading midstream service provider in the energy sector, specializing in gathering, processing, fractionation, transportation, and storage services for natural gas and natural gas liquids (NGLs) across North America. The company operates an extensive 50,000-mile pipeline network to meet domestic and international energy demands.
In its latest earnings report for the third quarter of 2024, ONEOK reported strong financial performance, with significant increases in net income and adjusted EBITDA compared to the same period in 2023. The company also announced an upward revision of its 2024 financial guidance, reflecting its confidence in achieving synergy expectations and leveraging fee-based earnings strength.
Key financial highlights for the third quarter include a net income of $693 million, equating to $1.18 per diluted share, and adjusted EBITDA of $1.55 billion. The results were bolstered by a 7% increase in NGL raw feed throughput volumes and a 22% increase in adjusted EBITDA from the Natural Gas Pipelines segment. ONEOK also completed strategic acquisitions, including a controlling interest in EnLink Midstream and the pending acquisition of Medallion Midstream, aimed at enhancing its operational capabilities.
The company’s revised 2024 financial guidance projects a net income midpoint of $2.995 billion and an adjusted EBITDA midpoint of $6.625 billion on a consolidated basis. This reflects expected contributions from recent acquisitions and a continued strong performance from its core operations, particularly in the Rocky Mountain region.
Looking ahead, ONEOK management remains optimistic about its growth prospects, driven by strategic asset integration and the development of new and existing platforms. The company is focused on delivering exceptional value through its integrated system and maintaining its commitment to operational excellence and financial performance.
