OKE
ONEOK, Inc.71.13
-1.70-2.33%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Guidance conservatism with upside levers
Q&A largely reaffirmed prepared remarks on $8.1B 2026 EBITDA guidance, embedding $55-60 WTI conservatism amid slower Bakken drilling, but flagged upside from ethane recovery, Waha spreads through Q3, and Permian third-party volumes. Flat NGLs stem from 18,000 bpd Bakken roll-off and ethane rejection, offset by Permian growth; $150M synergies are identified and underway. Advanced hyperscaler data center deals scale up power opportunities, alongside storage expansions in Texas/OK and Louisiana. Acquisitions hit pace, M&A disciplined. Producers hold the reins. Tone: confident execution, watch crude prices.
Key Stats
Market Cap
44.79BP/E (TTM)
13.08Basic EPS (TTM)
5.44Dividend Yield
0.06%Recent Filings
10-K
FY2025 results
ONEOK delivered FY2025 results boosted by full-year contributions from EnLink and Medallion acquisitions, with Natural Gas Gathering and Processing up on higher Mid-Continent and Rocky Mountain volumes while Natural Gas Pipelines dipped from an interstate divestiture. Q4 accelerated momentum across segments, evidenced by natural gas processed jumping to 5,588 MMcf/d (derived from annual surge), Refined Products steady at 1,526 MBbl/d shipped, and crude volumes doubling to 1,784 MBbl/d on integration. Elk Creek pipeline expansion completed, boosting Rocky Mountain NGL capacity to 575 MBbl/d; yet BridgeTex earnings softened post-deferred revenue. Year-end debt totaled $34.0B with $3.5B revolver capacity and $78M cash; repurchased $234M shares under $2B program. Board hiked quarterly dividend 4% to $1.07/share. Prolonged low commodity prices could curb drilling near assets.
8-K
ONEOK's 2025 earnings soar 18%
ONEOK reported full-year 2025 net income attributable to ONEOK of $3.39 billion, up 12% from 2024, with adjusted EBITDA surging 18% to $8.02 billion on acquisition synergies and 15% higher Rocky Mountain NGL volumes. Acquisitions drove growth across segments, yet pipelines dipped from prior divestitures. 2026 guides adjusted EBITDA to $7.9-$8.3 billion amid softer producer activity. Debt reduced sharply.
8-K
ONEOK adds two directors
ONEOK expanded its board from 10 to 12 directors, electing Mark A. McCollum and Precious Williams Owodunni effective January 23, 2026. McCollum, ex-CEO of Weatherford and ex-CFO of Halliburton, joins Audit and Corporate Governance Committees; Owodunni, Mountaintop CEO with Goldman Sachs roots, takes Executive Compensation and Governance seats. Both independent. Their energy and strategy expertise bolsters governance.
10-Q
Q3 FY2025 results
ONEOK crushed Q3 with revenues jumping 72% y/y to $8.6B and operating income up 38% to $1.6B, fueled by EnLink and Medallion integrations across all segments—Natural Gas Liquids and Refined Products led the charge. Diluted EPS climbed 26% y/y to $1.49 on 632M shares, matching calculations perfectly. Cash swelled to $1.2B while OCF-FCF hit $1.9B y/y (derived); total debt sits at $33.7B with $3.5B revolver wide open at 4.2x leverage. Closed BridgeTex add-on for $270M cash in July, boosting ownership to 60%. Acquisitions integrate smoothly. Yet counterparty credit risk looms large.
8-K
Q3 earnings beat, guidance firm
ONEOK posted Q3 net income of $940M and adjusted EBITDA of $2.12B, up from $693M and $1.55B last year, fueled by EnLink and Medallion acquisitions plus 17% Rocky Mountain NGL volume growth. Acquisitions drove segment gains, yet lower realized prices offset some upside. Guidance affirmed. Volumes surged.
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