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OKE · ONEOK INC /NEW/

50 filings

10-Q

OKE 10-Q Quarterly Reports

ONEOK INC /NEW/ - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K365

OKE filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 365 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jul ’17Jul ’17
  2. Material agreement8-K · May ’19May ’19
  3. Leadership change8-K · Jun ’21Jun ’21
  4. Material agreement8-K · Aug ’25Aug ’25
  1. 2026-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2026

    ONEOK, Inc. reported solid financial results for the six months ended June 30, 2026, with total revenues reaching $21.7 billion, a significant increase from $15.9 billion in the prior year period. Net income attributable to ONEOK also saw a substantial rise to $1.74 billion, up from $1.48 billion year-over-year, reflecting strong operational performance across its segments. The company's fee-based business model, which comprises approximately 90% of its expected 2026 earnings, provides a degree of stability against commodity price volatility, supported by long-term contracts with investment-grade counterparties. The company continues to invest in strategic capital projects, including expansions in its Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments, aimed at enhancing its midstream infrastructure and service offerings. Liquidity remains robust, supported by operating cash flows, a significant revolving credit facility, and a commercial paper program, enabling the company to fund operations, capital expenditures, and a growing dividend.

    Aug 4, 2026
  2. 2026-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2026

    ONEOK, Inc. reported a strong first quarter for 2026, demonstrating significant revenue growth driven by increased commodity sales and services. The company's net income and diluted Earnings Per Share (EPS) saw a notable increase compared to the prior year, reflecting improved operational performance across its segments, particularly in Natural Gas Pipelines and Natural Gas Liquids. This growth was supported by higher optimization and marketing activities, increased volumes, and strategic capital project execution. The company also maintained a healthy Adjusted EBITDA, underscoring its operational efficiency and profitability. ONEOK continues to invest in strategic capital projects to expand its infrastructure, with significant expenditures noted in the Natural Gas Gathering and Processing and Natural Gas Liquids segments. The company's financial position remains robust, supported by strong operating cash flows and adequate liquidity. The company also highlighted its commitment to returning capital to shareholders through consistent dividend payments, which were increased year-over-year. Despite market volatility and geopolitical factors influencing commodity prices, ONEOK's predominantly fee-based revenue model and diverse asset base position it favorably for continued performance.

    Apr 29, 2026
  3. 2025-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2025

    ONEOK, Inc. reported a strong third quarter and first nine months of 2025, driven by significant acquisitions and continued operational strength across its segments. Total revenues for the quarter and year-to-date saw substantial increases compared to the prior year, reflecting the integration of EnLink and Medallion Midstream. The company's strategic focus on fee-based contracts with strong counterparties continues to provide a stable revenue stream, with approximately 90% of consolidated earnings expected to be fee-based for 2025. Financially, ONEOK demonstrated robust profitability, with net income attributable to ONEOK increasing significantly year-over-year for both the quarter and nine-month periods. Diluted Earnings Per Share (EPS) also saw healthy growth, reflecting improved operational performance and successful acquisitions. The company maintained a strong liquidity position with substantial cash and cash equivalents and an undrawn credit facility, further supported by recent debt issuances which were partly used to manage existing debt maturities. Management anticipates sufficient resources to fund ongoing operations, capital expenditures, and dividends.

    Oct 29, 2025
  4. 2025-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2025

    ONEOK, Inc. reported robust financial performance for the period ending June 29, 2025, marked by significant revenue growth and increased net income compared to the prior year. This growth was primarily driven by strategic acquisitions, notably the EnLink and Medallion transactions, which have been successfully integrated into ONEOK's operations and contributed positively across all segments. The company's operational focus remains on its four reportable segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude, with a substantial portion of its earnings being fee-based and supported by long-term contracts. ONEOK continues to invest in capital projects, including expansions in its Natural Gas Liquids and Refined Products and Crude segments, signaling a commitment to future growth and infrastructure development. The company also successfully amended its $3.5 billion credit agreement and maintains strong relationships with investment-grade counterparties, underscoring its stable financial footing. Despite potential headwinds from geopolitical events and commodity price volatility, ONEOK's diversified and predominantly fee-based business model positions it well to navigate market conditions and deliver continued value to shareholders, supported by a consistent dividend policy.

    Aug 5, 2025
  5. 2025-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2025

    ONEOK, Inc. reported solid financial results for the first quarter of 2025, demonstrating resilience and strategic growth. Total revenues significantly increased to $8.04 billion from $4.78 billion in the prior year, driven by strong performance across its segments, particularly the Natural Gas Liquids and Refined Products and Crude segments. The company benefited from the recent EnLink Acquisition, which closed on January 31, 2025, contributing positively to operating income and segment adjusted EBITDA. Net income attributable to ONEOK was $636 million, a slight decrease from $639 million in the prior year, with diluted EPS at $1.04, down from $1.09, largely impacted by increased interest expenses and transaction costs. ONEOK continues to execute its growth strategy with significant capital expenditures focused on key projects like the MBTC Pipeline and Texas City Logistics terminal. The company maintained its investment-grade credit rating and managed its leverage effectively, with a consolidated indebtedness to adjusted EBITDA ratio of 4.1 to 1, well within its covenant limits. The company also announced a dividend of $1.03 per share, reflecting confidence in its ongoing cash flow generation and commitment to shareholder returns.

    Apr 30, 2025
  6. 2024-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2024

    ONEOK, Inc. reported a strong third quarter and first nine months of 2024, demonstrating significant growth driven by strategic acquisitions and robust operational performance across its segments. Total revenues increased substantially year-over-year, reflecting higher commodity sales and services. The company successfully integrated the Magellan Acquisition and is progressing with the significant EnLink and Medallion acquisitions, which are expected to further enhance its scale and market position, particularly in the Permian Basin. While interest expenses have risen due to increased debt financing for these acquisitions, net income and diluted earnings per share have shown positive trends for the quarter, although the year-to-date EPS was impacted by a large insurance settlement in the prior year. ONEOK continues to focus on its fee-based business model, with over 85% of its consolidated earnings expected to be fee-based in 2024, providing a degree of insulation from commodity price volatility. The company also reiterated its commitment to returning capital to shareholders through dividends and a new share repurchase program.

    Oct 30, 2024
  7. 2024-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2024

    ONEOK Inc. reported a strong operational and financial performance for the second quarter and first six months of 2024. Total revenues increased significantly, driven by higher commodity sales and services, largely attributed to the continued integration of the Magellan acquisition and robust performance across its segments, particularly Natural Gas Liquids and Refined Products and Crude. The company saw substantial growth in operating income and adjusted EBITDA, demonstrating effective cost management and strategic execution. Despite an increase in interest expenses due to higher debt levels from the Magellan acquisition, net income available to common shareholders saw an increase for the quarter, although it decreased year-to-date primarily due to a large insurance settlement gain in the prior year. ONEOK continues to focus on strategic growth initiatives, including pipeline expansions and the recent acquisition of Easton Energy's NGL pipelines, enhancing its integrated midstream infrastructure. The company also maintained a strong commitment to shareholder returns, increasing its quarterly dividend and initiating a significant share repurchase program. With a substantial portion of its earnings expected to be fee-based and a disciplined approach to capital allocation, ONEOK appears well-positioned to navigate market dynamics and deliver value to its shareholders.

    Aug 6, 2024
  8. 2024-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2024

    ONEOK Inc. reported its first-quarter 2024 financial results, showing a decrease in net income and diluted Earnings Per Share (EPS) compared to the prior year. This decline was primarily attributed to a significant insurance settlement gain recognized in Q1 2023 related to the Medford incident, as well as higher interest expenses resulting from increased debt following the Magellan Acquisition. Despite these factors, total revenues saw an increase, driven by higher service revenues, partially offset by lower commodity sales. The company highlighted its strategic position with integrated assets and a focus on fee-based earnings, with over 85% expected to be fee-based in 2024, mitigating direct commodity price volatility. The company is actively investing in growth projects, with significant capital expenditures planned for NGL infrastructure expansions in the Permian Basin and Rocky Mountain regions, expected to be in service in early 2025. ONEOK also announced a $2.0 billion share repurchase program, underscoring its commitment to returning capital to shareholders, alongside a consistent quarterly dividend payment which was increased year-over-year. The company remains compliant with its debt covenants and maintains an investment-grade credit rating.

    May 1, 2024
  9. 2023-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2023

    ONEOK, Inc. (OKE) reported its third-quarter and nine-month results for 2023, marked by the significant completion of the Magellan Midstream Partners acquisition on September 25, 2023. This transformative deal, valued at $14.1 billion, diversifies ONEOK's asset base into refined products and crude oil, creating a new reportable segment. While the integration of Magellan presents opportunities for synergies, it also introduced substantial transaction costs and integration complexities. Financially, for the nine months ended September 30, 2023, net income available to common shareholders reached $1,970 million, a substantial increase from $1,236 million in the prior year. This growth was influenced by a $779 million gain recognized from the settlement of claims related to the 2022 Medford incident. Despite increased interest expenses due to higher debt levels, the company maintained a strong operational performance across its core segments, with a significant portion of earnings (over 85%) expected to be fee-based in 2023, mitigating direct commodity price volatility.

    Nov 1, 2023
  10. 2023-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2023

    ONEOK Inc. reported solid financial results for the second quarter and first half of 2023, demonstrating resilience and strategic progress. Net income available to common shareholders significantly increased year-over-year, driven by a substantial gain from the Medford incident insurance settlement and improved operational performance across its segments. The company continues to execute on its growth strategy, notably with the significant announcement of its agreement to acquire Magellan Midstream Partners, L.P., which is expected to close in Q3 2023. This strategic move, financed through a combination of cash and stock, aims to expand ONEOK's midstream infrastructure and services. Despite facing some cost pressures and merger-related expenses, ONEOK maintained a strong financial position, with healthy cash flow generation and a commitment to returning value to shareholders through dividends. The company's diversified, primarily fee-based business model provides a stable foundation, and proactive hedging strategies help mitigate commodity price volatility. Investors should note the positive impact of the Magellan acquisition on future growth prospects, while also being aware of integration risks and the ongoing operational focus on core midstream activities.

    Aug 8, 2023
  11. 2023-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2023

    ONEOK Inc. reported a strong first quarter for 2023, with net income soaring to $1.049 billion ($2.34 per diluted share) from $391 million ($0.87 per diluted share) in the same period of 2022. This significant increase was largely driven by a substantial one-time settlement gain of $779 million related to the Medford incident, which was received in the first quarter of 2023. Excluding the impact of the Medford settlement, the company demonstrated solid operational performance across its segments. Revenues saw a decrease primarily due to lower commodity sales, but services revenue increased. The company also highlighted strategic capital projects nearing completion, expected to enhance future growth. ONEOK remains focused on its fee-based business model, with approximately 90% of expected consolidated earnings in 2023 derived from fee-based activities, mitigating direct commodity price volatility. The company also announced a dividend increase and continues to manage its debt effectively.

    May 3, 2023
  12. 2022-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2022

    ONEOK Inc. reported a strong third quarter and nine-month performance for 2022, with revenues increasing significantly driven by higher commodity prices and increased producer activity across its segments. The company demonstrated resilience, particularly in its Natural Gas Gathering and Processing and Natural Gas Liquids segments, despite facing challenges such as the Medford facility incident. The company's financial position remains robust, supported by consistent operating cash flows and effective management of debt, including the recent amendment and restatement of its $2.5 billion credit agreement. ONEOK's strategic focus on fee-based services, coupled with growth projects and a commitment to sustainability, positions it well for continued performance in a dynamic energy market.

    Nov 2, 2022
  13. 2022-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2022

    ONEOK Inc. reported strong financial results for the second quarter and first half of 2022, demonstrating resilience and growth. Total revenues significantly increased year-over-year, driven by higher commodity prices and improved volumes across its segments, particularly in Natural Gas Liquids and Natural Gas Gathering and Processing. The company also benefited from higher fee rates and expanded services in its Natural Gas Pipelines segment. Despite facing challenges such as severe weather events and a fire at its Medford fractionation facility, ONEOK maintained a robust operational performance. The company expects the Medford facility incident to be mitigated by insurance coverage and does not anticipate a material impact on its financial condition. ONEOK continues to invest in growth projects and has a strong liquidity position, with a fully available $2.5 billion credit facility, positioning it well for future operations and dividend payments.

    Aug 9, 2022
  14. 2022-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2022

    ONEOK Inc. reported a slight increase in net income for the first quarter of 2022 compared to the same period in 2021, with diluted earnings per share remaining stable. Total revenues saw a significant jump, driven by higher commodity sales, though service revenues experienced a slight decrease. The company's diversified operations across Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments contributed to this performance. Despite facing market volatility due to geopolitical events, ONEOK's primarily fee-based business model provided a degree of insulation, with approximately 90% of earnings expected to be fee-based in 2022. Capital expenditures increased significantly in the quarter, largely due to investments in growth projects like the Demicks Lake III natural gas processing plant and the MB-5 fractionator. The company maintained its quarterly common stock dividend, reflecting its confidence in operational performance and cash flow generation. Management anticipates continued demand for its midstream services, positioning ONEOK to benefit from increased domestic and international energy needs.

    May 4, 2022
  15. 2021-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2021

    ONEOK Inc. reported strong financial results for the nine months ended September 30, 2021, with net income increasing significantly year-over-year, driven by robust performance across its business segments. The company saw substantial revenue growth, particularly in commodity sales, reflecting higher volumes and increased producer activity, especially in the Rocky Mountain region. This growth was further supported by higher commodity prices and increased ethane production. The company's operational efficiency and fee-based business model, with approximately 90% of earnings expected to be fee-based in 2021, have helped mitigate direct commodity price volatility. ONEOK successfully navigated challenges such as Winter Storm Uri, which, despite some volume impacts, ultimately resulted in a net positive financial outcome due to the critical nature of its services. The company continues to focus on strategic growth projects, sustainability initiatives, and maintaining a strong balance sheet, demonstrating resilience and a forward-looking approach.

    Nov 3, 2021
  16. 2021-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2021

    ONEOK Inc. reported a strong financial performance for the six months ended June 30, 2021, with net income of $728.3 million, a significant increase from a net loss of $7.5 million in the prior year period. This turnaround was driven by a substantial increase in revenues, which grew to $6.58 billion from $3.80 billion year-over-year. The company experienced growth across all three segments, particularly in Natural Gas Liquids and Natural Gas Gathering and Processing, benefiting from increased producer activity and higher commodity prices. The company's liquidity remains strong, with $374.4 million in cash and cash equivalents and an undrawn $2.5 billion credit facility. Capital expenditures were significantly lower than the prior year, reflecting the completion and pausing of major growth projects. ONEOK continues to prioritize returning capital to shareholders, maintaining its quarterly dividend, which was well-covered by distributable cash flow.

    Aug 4, 2021
  17. 2021-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2021

    ONEOK Inc. reported a significant turnaround in its financial performance for the first quarter of 2021 compared to the same period in 2020. Total revenues surged by approximately 50% to $3.19 billion, driven by a substantial increase in commodity sales, largely attributed to higher prices and volumes. This revenue growth, combined with the absence of large impairment charges seen in the prior year, led to a strong rebound in operating income and net income. The company reported a net income of $386 million, or $0.86 per diluted share, a stark contrast to the net loss of $142 million, or $(0.34) per diluted share, in Q1 2020. The company's diversified business segments, particularly Natural Gas Liquids and Natural Gas Pipelines, demonstrated resilience and growth. ONEOK highlighted that approximately 90% of its consolidated earnings are expected to be fee-based in 2021, reducing direct exposure to commodity price volatility. Despite operational challenges, including the impact of Winter Storm Uri, the company managed to maintain its quarterly dividend and reported strong operating cash flows, providing solid financial footing for the remainder of the year.

    Apr 28, 2021
  18. 2020-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2020

    ONEOK Inc. reported its third-quarter 2020 financial results, which indicate a stabilization and slight recovery following the significant market disruptions experienced earlier in the year due to the COVID-19 pandemic. While total revenues saw a modest year-over-year decrease for the quarter, operating income improved, driven by efficient cost management and operational adjustments across its segments. Notably, the company recorded substantial non-cash impairment charges in the first half of the year impacting the nine-month results, primarily within its Natural Gas Gathering and Processing and Natural Gas Liquids segments. Despite the challenging market conditions that led to producer curtailments and price volatility, ONEOK's diversified and largely fee-based business model provided resilience. The company actively managed its financial position by issuing new debt and equity, while also repaying existing debt, demonstrating a proactive approach to liquidity. Management anticipates continued improvement in volumes for the remainder of 2020 and into 2021, supported by the recent completion of significant growth projects.

    Oct 28, 2020
  19. 2020-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2020

    ONEOK Inc. reported its second-quarter 2020 results, highlighting a challenging operating environment due to the COVID-19 pandemic and resulting energy market volatility. While total revenues and operating income declined compared to the prior year, the company demonstrated resilience through its predominantly fee-based business model, with over 90% of earnings expected to be fee-based in 2020. Significant impairment charges were recognized in the first half of the year, primarily impacting the Natural Gas Gathering and Processing segment, reflecting the market downturn. However, the company maintained strong liquidity through operational cash flows, a robust credit facility, and a recent equity issuance, positioning it to navigate the ongoing economic uncertainty and fund its operations and shareholder distributions. Looking ahead, ONEOK anticipates a gradual recovery in the second half of 2020, driven by the reopening of economies and improving commodity prices. The company has adjusted its capital expenditure plans, pausing or suspending several growth projects to preserve financial flexibility. Despite the headwinds, ONEOK continues to focus on safe and reliable operations, cost management, and delivering value to its shareholders, evidenced by its consistent dividend payments.

    Jul 29, 2020
  20. 2020-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2020

    ONEOK Inc. reported a significant net loss of $141.9 million for the first quarter of 2020, a stark contrast to the $337.2 million net income in the prior year. This downturn was primarily driven by substantial non-cash impairment charges totaling $641.8 million, a consequence of the severe market disruption caused by the COVID-19 pandemic and the resulting collapse in energy commodity prices. Total revenues also declined to $2.14 billion from $2.78 billion year-over-year. Despite the challenging quarter, ONEOK's liquidity remains strong, supported by its $2.5 billion credit facility, with no borrowings outstanding as of March 31, 2020. The company also successfully issued $1.75 billion in senior unsecured notes to enhance its financial flexibility. Management has taken steps to mitigate the impact of the downturn, including a significant reduction in planned 2020 capital growth expenditures. The majority of ONEOK's earnings are expected to remain fee-based, providing some resilience against commodity price volatility.

    Apr 29, 2020
  21. 2019-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2019

    ONEOK Inc. reported its third-quarter 2019 financial results, showcasing resilience and strategic growth amidst fluctuating commodity prices. While total revenues saw a decrease year-over-year, primarily driven by lower commodity sales, the company's focus on fee-based services and ongoing capital projects positions it for future performance. The company continues to execute its expansion strategy across its Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments, with significant investments in infrastructure aimed at capturing growing production volumes from key basins. Despite a slight dip in operating income for the quarter, this was largely attributed to lower optimization and marketing earnings and unfavorable contract settlements in the prior year, partially offset by strong volume growth and higher fee rates in key operational areas. Net income remained robust, demonstrating the company's ability to manage costs and maintain profitability. ONEOK's strong liquidity position, bolstered by significant debt issuances and an undrawn credit facility, provides confidence in its ability to fund ongoing capital expenditures and shareholder distributions.

    Oct 30, 2019
  22. 2019-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2019

    ONEOK Inc. reported solid financial results for the second quarter and first half of 2019, demonstrating robust growth and operational execution. Total revenues for the three months ended June 30, 2019, were $2.46 billion, a decrease from $2.96 billion in the prior year, primarily driven by lower commodity sales. However, operating income saw a healthy increase of 6% to $476.1 million, reflecting strong performance across its segments and effective cost management. Net income available to common shareholders grew by 11% year-over-year for the quarter to $311.7 million, or $0.75 per diluted share. The company continues to make significant investments in growth projects, with capital expenditures increasing substantially to $830.5 million for the quarter. ONEOK's diversified business model, with a significant portion of its earnings being fee-based, provides a stable foundation for continued growth and shareholder returns, as evidenced by its increased dividend declaration.

    Jul 31, 2019
  23. 2019-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2019

    ONEOK Inc. (OKE) reported solid financial results for the first quarter of 2019, demonstrating resilience and strategic execution in a dynamic energy market. The company saw a significant increase in net income and operating income compared to the prior year, driven by volume growth across its key business segments, particularly in the Permian, Williston, and STACK/SCOOP areas. This growth was supported by substantial investments in capital projects, primarily focused on expanding natural gas gathering and processing and natural gas liquids infrastructure, which are largely secured by long-term, fee-based contracts. ONEOK's commitment to returning capital to shareholders is evident through its increased dividend payout, reflecting confidence in its ongoing performance and growth trajectory. The company's diversified operations across natural gas gathering and processing, natural gas liquids, and natural gas pipelines continue to provide stable cash flows, with a significant portion of its earnings being fee-based. While commodity price fluctuations pose a market risk, ONEOK's hedging strategies and the primarily fee-based nature of its contracts mitigate some of this exposure. The company's strong liquidity position and access to credit facilities provide the financial flexibility needed to fund its ambitious growth projects and meet its financial obligations, positioning it well for continued operational success and value creation for its shareholders.

    May 1, 2019
  24. 2018-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2018

    ONEOK Inc. (OKE) reported a strong third quarter and first nine months of 2018, demonstrating significant year-over-year growth in both revenue and net income. Total revenues increased by 17% for the quarter and 13% for the nine-month period, driven by a substantial rise in commodity sales, partially offset by a decrease in services revenue. Net income saw an impressive jump of 89% for the quarter and 63% for the nine-month period, reaching $313.9 million and $862.1 million, respectively. This performance was largely fueled by increased optimization and marketing earnings in the Natural Gas Liquids segment due to wider price differentials, alongside volume growth in the Williston Basin and STACK/SCOOP areas across the Natural Gas Gathering and Processing and Natural Gas Liquids segments. The company continues to execute on its robust growth project pipeline, with significant capital expenditures directed towards expanding its midstream infrastructure, particularly in NGL transportation and processing. This strategic investment is supported by a strong contract structure, predominantly fee-based, and positions ONEOK to capitalize on increasing production and demand for natural gas and natural gas liquids. The company also successfully managed its debt, issuing new notes and repaying existing obligations, while maintaining compliance with its credit agreement covenants. The balance sheet remains solid, with growth in property, plant, and equipment reflecting ongoing investments.

    Oct 31, 2018
  25. 2018-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2018

    ONEOK Inc. reported solid financial results for the second quarter and first half of 2018, demonstrating significant year-over-year growth. Total revenues increased by 9% in the quarter and 11% in the first half, driven by strong performance across its Natural Gas Gathering and Processing and Natural Gas Liquids segments. Operating income and Adjusted EBITDA saw substantial increases, reflecting higher volumes in key basins like the Williston and STACK/SCOOP areas, along with improved optimization and marketing earnings. The company also continued its strategic investment in growth projects, with capital expenditures significantly increasing to support the expansion of its midstream infrastructure. The company highlighted the impact of higher NGL price differentials and increased demand from petrochemical companies and exporters, which benefited its Natural Gas Liquids segment. ONEOK has successfully managed its debt and equity financing, completing a significant common stock offering in January 2018 and a substantial senior unsecured notes offering in July 2018. The company also reaffirmed its commitment to returning capital to shareholders through dividends, with an expectation that a significant portion of these dividends will be treated as a return of capital.

    Aug 1, 2018
  26. 2018-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2018

    ONEOK Inc. reported a strong first quarter in 2018, with net income attributable to ONEOK increasing significantly to $264.5 million, or $0.64 per diluted share, compared to $87.4 million, or $0.41 per diluted share, in the prior year's period. This substantial growth was driven by robust performance across its Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments, benefiting from increased producer activity and infrastructure utilization in key basins like the Williston and STACK/SCOOP areas. The company also highlighted significant progress on its extensive growth projects, with approximately $4.2 billion in announced capital-growth projects supported by long-term, primarily fee-based contracts. These projects are designed to expand capacity and enhance infrastructure to meet growing demand for natural gas and NGLs. ONEOK's strong operational performance and strategic investments position it well for continued growth and shareholder value creation, further supported by a 25% increase in its quarterly dividend and a substantial equity issuance that has secured financing needs through well into 2019.

    May 2, 2018
  27. 2017-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2017

    ONEOK Inc. reported solid financial results for the nine months ended September 30, 2017. Total revenues increased significantly by 34% to $8.38 billion compared to the same period in 2016, driven by substantial growth in commodity sales and services revenue. Net income, however, saw a slight decrease of 4% to $528.7 million, primarily due to higher operating costs and non-cash impairment charges. The company successfully completed the acquisition of the remaining outstanding common units of ONEOK Partners on June 30, 2017, which has been accounted for as an equity transaction and is expected to contribute to future earnings growth. Liquidity remains strong, supported by operating cash flows, a revolving credit facility, and an "at-the-market" equity program.

    Nov 1, 2017
  28. 2017-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2017

    ONEOK Inc. (OKE) reported its second quarter and first half 2017 financial results, highlighted by the significant completion of the acquisition of ONEOK Partners on June 30, 2017. This strategic move is expected to enhance cash flows and support a substantial dividend increase for common shareholders. While the company saw a slight dip in net income for the quarter, driven partly by merger-related costs and a non-cash contribution to a foundation, overall revenues and operating income showed resilience and growth across segments compared to the prior year. The company's predominantly fee-based business model, which now comprises approximately 90% fee-based earnings, continues to demonstrate strength. Growth in natural gas gathering and processing volumes in key basins like the Williston and Anadarko (STACK/SCOOP), coupled with higher fee rates from contract restructuring, contributed positively. Similarly, the Natural Gas Liquids segment benefited from increased volumes and expansion projects, while the Natural Gas Pipelines segment saw growth in transportation services driven by higher contracted capacity.

    Aug 2, 2017
  29. 2017-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2017

    ONEOK Inc.'s first quarter 2017 results show a solid performance with a notable increase in total revenues, primarily driven by a significant rise in commodity sales. Net income saw a healthy increase of 6% year-over-year, reaching $186.2 million. Adjusted EBITDA also demonstrated growth, up 4% to $459.6 million, indicating strong operational performance across its segments. The company continues to benefit from its predominantly fee-based business model, with approximately 90% of earnings expected to be fee-based in 2017. The most significant strategic development highlighted is the pending acquisition of ONEOK Partners, L.P., announced in January 2017 and expected to close in the latter half of the year. This all-stock transaction aims to simplify the corporate structure and is expected to be accounted for as an equity transaction, with no immediate gain or loss recognized. The company also highlighted continued producer activity in key basins like STACK and SCOOP, which is expected to drive future volume growth.

    May 3, 2017
  30. 2016-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2016

    ONEOK Inc. reported a strong third quarter in 2016, with net income attributable to ONEOK increasing to $92.1 million, or $0.43 per diluted share, compared to $82.2 million, or $0.39 per diluted share, in the same period of 2015. For the nine months ended September 30, 2016, net income attributable to ONEOK was $261.5 million, or $1.23 per diluted share, up from $219.5 million, or $1.04 per diluted share, in the prior year period. The company saw revenue growth driven by increased commodity sales and services, reflecting higher volumes from completed capital projects and contract restructurings, particularly within the Natural Gas Gathering and Processing and Natural Gas Liquids segments. Operationally, the company highlighted significant growth in its Natural Gas Gathering and Processing segment, with Adjusted EBITDA increasing by 33% year-over-year for the quarter, driven by higher natural gas volumes and improved fee rates from contract restructurings. The Natural Gas Liquids segment also demonstrated robust performance, with Adjusted EBITDA up 9% for the quarter, benefiting from increased exchange volumes and ethane recovery. Capital expenditures were reduced significantly compared to the previous year, reflecting the completion of major growth projects and alignment with customer needs, which supports a positive outlook for fee-based earnings and cash flow generation.

    Nov 2, 2016
  31. 2016-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2016

    ONEOK Inc.'s (OKE) second quarter 2016 results demonstrate a solid operational performance with total revenues largely flat year-over-year but driven by a significant increase in services revenue, which offset a decline in commodity sales. This shift highlights the company's increasing reliance on fee-based services, a trend that contributes to more stable and predictable earnings. The company's net income attributable to ONEOK increased to $85.9 million from $76.5 million in the prior year period, a growth of approximately 12.3%. This growth was fueled by improved operating income across its segments, particularly in Natural Gas Gathering and Processing and Natural Gas Liquids, driven by higher volumes and the positive impact of restructured contracts. ONEOK Partners' capital projects, including those in the Williston Basin and the Roadrunner joint venture, are contributing to this expansion and are expected to drive future fee-based revenue growth. Despite a challenging commodity price environment, ONEOK's strategy of increasing its fee-based revenue streams and managing operational costs has positioned it well. The company maintained compliance with its debt covenants and managed its liquidity effectively. Investors should note the ongoing importance of ONEOK Partners' infrastructure development and its ability to secure long-term, fee-based contracts as key drivers for future performance.

    Aug 3, 2016
  32. 2016-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2016

    ONEOK Inc. (OKE) reported its first quarter 2016 financial results, showcasing a significant increase in Net Income attributable to ONEOK, rising from $60.8 million in Q1 2015 to $83.4 million in Q1 2016. This growth was driven by higher natural gas and NGL volumes, partly due to completed capital projects, and an increase in fee-based revenues stemming from contract restructurings in the Natural Gas Gathering and Processing segment. While total revenues saw a slight decrease of 2% to $1.77 billion, the company effectively managed costs, leading to a substantial 38% increase in Adjusted EBITDA to $441.6 million. Capital expenditures were significantly reduced by 43% to $196.4 million as projects neared completion. The company's deleveraging efforts are evident in its debt-to-EBITDA ratios, which remain within covenant limits. ONEOK Partners also extended its credit facilities, ensuring continued liquidity. Despite the challenging commodity price environment, ONEOK Inc. demonstrated resilience through strategic contract modifications and operational efficiencies, positioning itself for continued performance. Investors should note the ongoing shift towards a more fee-based revenue model, which enhances earnings stability.

    May 4, 2016
  33. 2015-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2015

    ONEOK Inc. reported its financial results for the third quarter and nine months ended September 30, 2015. The company experienced a significant year-over-year decline in revenues, largely due to lower commodity prices for crude oil, natural gas, and NGLs, which were down considerably compared to the same periods in 2014. Despite the revenue drop, net income attributable to ONEOK saw an increase of 27% for the nine-month period, driven by factors including a substantial reduction in equity in net loss from investments and favorable contract adjustments. The company's operations, particularly through its majority-owned subsidiary ONEOK Partners, are heavily influenced by the volatile energy commodity price environment. Management highlighted ongoing efforts to increase the fee-based component of contracts within the Natural Gas Gathering and Processing segment and to mitigate the impact of lower commodity prices through hedging. Significant capital growth projects were completed in 2014 and early 2015, with more projects in progress, aimed at expanding infrastructure and capturing increasing volumes, particularly in key basins like the Williston and Permian. The company also provided an update on its financial outlook, anticipating continued lower commodity prices through the remainder of 2015 but a modest recovery in 2016.

    Nov 5, 2015
  34. 2015-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2015

    ONEOK Inc. reported its financial results for the second quarter and first half of 2015. Total revenues decreased by 31% for the quarter and 37% year-to-date, primarily driven by lower commodity sales prices, especially for natural gas and NGLs, which were impacted by a significant decline in WTI crude oil and NYMEX natural gas prices since late 2014. Despite the revenue decline, net income attributable to ONEOK increased by 24% for the quarter, driven by a reduction in net income attributable to noncontrolling interests. However, net income attributable to ONEOK decreased by 11% for the first six months of the year. ONEOK Partners, a significant portion of ONEOK's operations, experienced a decline in net margin for the first six months, largely due to lower commodity prices. However, service revenues increased due to higher natural gas and NGL volumes from recently completed capital projects. The company continues to invest in growth projects, particularly in the Natural Gas Liquids and Natural Gas Pipelines segments, with projects like the Roadrunner Gas Transmission joint venture and WesTex Transmission Pipeline expansion underway to capitalize on increased demand, especially from Mexico. The company maintains a positive outlook on its fee-based businesses and expects continued growth in its operations, albeit at a slower pace than previously anticipated due to market conditions.

    Aug 5, 2015
  35. 2015-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2015

    ONEOK Inc. reported a net income of $95.7 million for the first quarter of 2015, a significant decrease from $206.5 million in the prior year period. This decline was primarily driven by lower commodity sales revenues, which fell by 49% to $1.44 billion, impacted by sharp decreases in crude oil, natural gas, and NGL prices. Despite lower revenues, services revenues saw a modest increase of 4%. The company's net income attributable to ONEOK shareholders was $60.8 million, or $0.29 per diluted share, down from $93.5 million, or $0.45 per diluted share, in Q1 2014. The company's operational segments, particularly Natural Gas Gathering and Processing and Natural Gas Liquids, were affected by the challenging commodity price environment. While volumes in some areas increased due to completed growth projects, the lower realized prices for NGLs, condensate, and natural gas significantly impacted net margins and operating income. ONEOK Partners, the company's master limited partnership, saw its debt increase due to a substantial senior notes issuance, but maintained compliance with its financial covenants.

    May 6, 2015
  36. 2014-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2014

    ONEOK Inc.'s (OKE) third-quarter 2014 report highlights a significant strategic shift with the successful separation of its natural gas distribution business (ONE Gas) and the wind-down of its energy services segment, both classified as discontinued operations. This restructuring has refocused the company's primary operations on its investment in ONEOK Partners (OKE), which now represents its main source of income and cash flow. Despite a slight decrease in total revenues for the quarter, net income attributable to ONEOK saw a modest increase, driven by improved performance in its midstream infrastructure segments, particularly Natural Gas Liquids and Natural Gas Gathering and Processing. Looking ahead, ONEOK Partners is actively pursuing growth through significant capital projects and strategic acquisitions, most notably the pending acquisition of West Texas LPG and Mesquite Pipeline. While commodity price volatility remains a factor, the company's strategy emphasizes fee-based earnings and contractual commitments to mitigate risks. Investors should monitor the company's ongoing integration of new assets and its ability to navigate market conditions and regulatory landscapes, particularly with the significant Bighorn Gas Gathering impairment charge impacting equity earnings.

    Nov 5, 2014
  37. 2014-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2014

    ONEOK Inc. reported improved financial performance for the six months ended June 30, 2014, compared to the same period in 2013, primarily driven by strategic divestitures and growth in its core midstream infrastructure businesses. The company successfully completed the separation of its natural gas distribution business (ONE Gas) and the wind-down of its energy services business, significantly reshaping its operational focus. Following these divestitures, ONEOK's primary income source is its investment in ONEOK Partners, which operates three key segments: Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines. The company experienced revenue growth across its segments, with total revenues increasing by 18% year-over-year for the first six months. Net income attributable to ONEOK also saw a substantial increase of 37%. Capital expenditures remained significant, reflecting ongoing investments in growth projects within ONEOK Partners, although consolidated capital expenditures decreased year-over-year due to the timing of these projects and the completed separation of ONE Gas. ONEOK Inc. also maintained compliance with its debt covenants and demonstrated adequate liquidity.

    Aug 6, 2014
  38. 2014-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2014

    ONEOK Inc. reported its first quarter 2014 results, marked by significant strategic changes including the separation of its natural gas distribution business (ONE Gas) and the wind-down of its energy services business. These divestitures have reshaped the company's operational focus to its core midstream infrastructure assets within ONEOK Partners. Financially, the company saw an increase in total revenues to $3.16 billion from $2.52 billion in the prior year's comparable period, driven by higher commodity sales and services revenue. Net income attributable to ONEOK, however, decreased to $93.5 million from $112.5 million, largely due to the impact of discontinued operations and debt retirement costs. Despite the decrease in net income attributable to the parent, the underlying operational performance of the continuing segments within ONEOK Partners showed strength, with operating income up significantly to $294.1 million. The company also maintained a strong liquidity position with substantial credit facilities available.

    May 7, 2014
  39. 2013-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2013

    ONEOK Inc. (OKE) reported its third-quarter and nine-month results for 2013, demonstrating resilience amidst a changing market landscape. The company's total revenues saw an increase, driven by higher volumes from ONEOK Partners' completed capital projects and adjusted rates in the Natural Gas Distribution segment. However, operating income experienced a decrease, primarily attributed to noncash charges related to the wind-down of the Energy Services segment, narrower NGL price differentials, and the impact of ethane rejection within ONEOK Partners' natural gas liquids business. A significant strategic development during this period was the announcement and commencement of the separation of ONEOK's natural gas distribution business into a standalone entity, ONE Gas. This move aims to streamline operations and potentially unlock greater value for shareholders. The company also continued to invest heavily in growth projects within ONEOK Partners, particularly in gathering and processing, and natural gas liquids infrastructure, anticipating future demand from producers in key resource areas.

    Nov 6, 2013
  40. 2013-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2013

    ONEOK Inc. reported a significant decline in net income attributable to ONEOK for the six months ended June 30, 2013, compared to the same period in 2012. This decrease was primarily driven by substantial non-cash charges related to the wind-down of its Energy Services segment, which incurred a $113.8 million charge. Additionally, narrower NGL price differentials and the impact of ethane rejection in ONEOK Partners' natural gas liquids business negatively affected profitability. Despite these headwinds, the company announced a significant strategic move: the planned separation of its natural gas distribution business into a new, standalone publicly traded company, ONE Gas, Inc. This separation is expected to be tax-free to shareholders and aims to streamline operations. ONEOK Partners continues to invest heavily in growth projects, particularly in NGL infrastructure, with significant capital expenditures planned, signaling a focus on fee-based earnings. Investors should monitor the progress of the ONE Gas separation and the ongoing capital investments in ONEOK Partners, while remaining aware of the headwinds impacting the Energy Services segment and the associated financial charges.

    Jul 31, 2013
  41. 2013-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2013

    ONEOK Inc.'s first quarter 2013 results show a decrease in net income attributable to ONEOK compared to the prior year, largely driven by lower earnings from its ONEOK Partners segment. This decline was influenced by narrower NGL price differentials and the impact of ethane rejection, which reduced natural gas liquids volumes. Despite these challenges, the company saw revenue growth, supported by higher natural gas and NGL volumes from ONEOK Partners' completed projects and increased natural gas prices. The company is actively investing in significant growth projects, particularly within ONEOK Partners' natural gas gathering and processing and natural gas liquids businesses, totaling billions of dollars through 2015. These investments are focused on expanding infrastructure to meet producer demand in key regions like the Williston Basin and the Mid-Continent. While capital expenditures increased year-over-year, management is navigating market conditions by optimizing capacity and renegotiating contracts in its Energy Services segment. The company maintained compliance with its debt covenants and reaffirmed its credit ratings, indicating a stable financial position despite the prevailing market headwinds.

    May 1, 2013
  42. 2012-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2012

    ONEOK Inc.'s third-quarter 2012 report shows a net income of $165.0 million, a slight increase from $160.9 million in the same period of 2011. For the nine months ended September 30, 2012, net income rose to $547.7 million from $495.0 million in the prior year. Revenues decreased year-over-year due to lower natural gas and NGL prices, although volumes increased, particularly from ONEOK Partners' completed projects. The company's strategic focus on growth projects within its ONEOK Partners segment is evident, with significant capital expenditures dedicated to expanding natural gas gathering, processing, and NGL infrastructure. The Energy Services segment experienced a decline in net margin and revenues, attributed to lower commodity prices and reduced opportunities in storage and transportation, leading to a goodwill impairment charge. ONEOK strengthened its balance sheet through debt issuances in early 2012 and significant equity funding for ONEOK Partners, which also undertook its own debt issuance. The company continues its share repurchase program, having completed an accelerated share repurchase in September 2012. Despite pressures on the Energy Services segment, the overall financial performance demonstrates resilience, driven by the robust growth and fee-based earnings initiatives within ONEOK Partners. Investors should monitor the ongoing capital investments, commodity price fluctuations, and regulatory landscape, particularly concerning environmental and pipeline safety regulations.

    Oct 31, 2012
  43. 2012-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2012

    ONEOK, Inc. (OKE) reported second-quarter 2012 results with revenues of $2.53 billion (down 27% year over year) but net margin rising 6% to $549.0 million, and operating income up 8% to $234.1 million for the quarter. The headline revenue decline reflects lower natural gas and NGL prices rather than weaker volumes; ONEOK Partners (the 43.4%-owned master limited partnership that ONEOK consolidates) drove the improvement, with segment operating income up 13% on Williston Basin volume growth from the Garden Creek plant and more favorable NGL price differentials. Net income attributable to ONEOK rose 11% to $61.0 million for the quarter, but for the six months it was roughly flat at $183.9 million versus $185.3 million, as a $10.3 million goodwill impairment and a $29.9 million reclassification of deferred hedge losses hit the Energy Services segment, which swung to a net margin loss. The balance sheet shows meaningful capital intensity: capital expenditures reached $780.7 million in the first half (up about 49%), and management projects $2.35 billion for 2012, the bulk of it at ONEOK Partners, which has announced roughly $5.7 to $6.6 billion of new growth projects across crude oil, gas gathering and NGL infrastructure. Funding has leaned on a $700 million 4.25% senior note issuance, a roughly $460 million ONEOK Partners unit offering, and a $150 million accelerated share repurchase. Total debt rose and long-term debt now represents about 55% of total capitalization, but both ONEOK and ONEOK Partners remain in covenant compliance with investment-grade ratings (Baa2/BBB). For investors, the key takeaways are the strength of the fee-based ONEOK Partners growth pipeline and the distribution growth it supports, offset by execution and funding risk on a multi-billion-dollar capital program, continued weakness in the Energy Services segment tied to narrowing natural gas location and seasonal price spreads, and the modest dividend increase to $0.33 per quarter. The company also completed a two-for-one stock split in June 2012.

    Aug 1, 2012
  44. 2012-Q1

    ONEOK INC /NEW/ Quarterly Report for Q1 Ended Mar 31, 2012

    ONEOK, Inc. (OKE) reported first-quarter 2012 net income of $233.5 million, up from $199.3 million a year earlier, but net income attributable to ONEOK shareholders fell 6% to $122.9 million (diluted EPS $1.16 vs. $1.19). The gap is driven by a rising noncontrolling interest share, $110.6 million versus $69.2 million, which mainly reflects the public's ownership of ONEOK Partners (OKE holds roughly 43.4%). Consolidated operating income slipped 1% to $325.9 million. Revenues fell 9% to $3.41 billion on lower natural gas prices, but net margin rose 2% to $643.6 million. Diluted continuing-operations EPS was $1.03 versus $1.18 a year earlier, reflecting the attribution shift toward noncontrolling interests and a $10.3 million goodwill impairment in Energy Services. Segment performance was sharply divergent. ONEOK Partners operating income rose 44% to $256.0 million on higher NGL volumes from completed projects and favorable NGL price differentials, while Energy Services swung to an operating loss of $30.7 million, with net margin of -$15.4 million, as narrowing location and seasonal price spreads and a $29.9 million reclassification of hedge losses hurt storage and marketing margins. Natural Gas Distribution operating income fell 4% to $98.8 million on warmer weather and higher depreciation. Management is funding a very large growth program, with 2012 projected capital expenditures of about $2.27 billion (roughly $1.97 billion at ONEOK Partners) and announced projects in the Bakken and Mid-Continent, including the proposed $1.5 billion to $1.8 billion Bakken Crude Express pipeline. Balance sheet leverage increased. Long-term debt rose to $5.6 billion from $4.9 billion, largely from a $700 million 4.25% senior notes issuance in January 2012 and ONEOK Partners' March equity offering. Cash on hand rose to $781 million, and ONEOK's stand-alone debt-to-capital ratio stood at 47.1% against a 67.5% covenant ceiling. Credit ratings remained investment grade (Baa2/BBB, stable). Management also announced a two-for-one stock split, subject to shareholder approval at the May 23, 2012 annual meeting.

    May 2, 2012
  45. 2011-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2011

    ONEOK, Inc. (OKE) reported a strong third quarter of 2011, with consolidated revenues of $3.60 billion (up 22% year over year) and net margin of $534.0 million (up 18%). Operating income rose 33% to $248.9 million, driven mainly by its ONEOK Partners segment, where more favorable NGL price differentials added roughly $89 million to quarterly net margin. Net income attributable to ONEOK, however, rose only 9% to $60.3 million, and nine-month net income attributable to ONEOK fell 2% to $245.6 million, because a growing share of earnings flows to noncontrolling interests in ONEOK Partners. Diluted EPS for the quarter was $0.57 versus $0.51 a year earlier. The Energy Services segment was a notable weak spot, swinging to a $7.4 million net margin loss in the quarter as narrower location differentials and lower hedge settlements hurt transportation margins. Management expects these pressures to persist through 2012. The Distribution segment was steady but had lower nine-month operating income, and warmer weather reduced volumes in the first quarter. Balance sheet leverage increased. Long-term debt rose to $4.53 billion from $3.69 billion at year-end 2010, following ONEOK Partners' $1.3 billion senior notes issuance, and short-term notes payable rose to $650 million. Capital expenditures nearly tripled year to date to $862 million, largely for ONEOK Partners' growth program, which management now estimates at $2.7 to $3.3 billion in new projects. ONEOK bought back $300 million of stock under an accelerated share repurchase, and the quarterly dividend was raised to $0.56 per share, about 17% higher than a year earlier.

    Nov 2, 2011
  46. 2011-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended Jun 30, 2011

    ONEOK's Q2 2011 10-Q shows a company whose earnings are increasingly driven by its consolidated master limited partnership, ONEOK Partners (OKE owns about 42.8% economically). Consolidated revenues rose 25% to $3.51 billion for the quarter and operating income rose 21% to $216.9 million, but net income attributable to ONEOK fell to $55.1 million from $41.7 million only modestly higher, and for the six months it declined to $185.3 million from $196.3 million. The gap between consolidated net income and net income attributable to ONEOK widened sharply because noncontrolling interests (mainly public ONEOK Partners unitholders) took $79.6 million in the quarter versus $44.7 million a year earlier, so per-share growth at the parent level lags the operating story. The ONEOK Partners segment drove the improvement, with segment operating income up 38% in the quarter to $202.0 million, reflecting wider NGL price differentials and higher NGL volumes. The Energy Services segment deteriorated sharply, with quarterly net margin of negative $0.4 million versus $7.6 million a year earlier, as narrow natural gas location differentials and low volatility cut transportation and storage margins. Management expects these conditions to persist into 2012. The Distribution segment was roughly flat on net margin but operating income fell 35% on higher operating and depreciation costs. Balance sheet and capital spending are the main watch items. Long-term debt rose to $4.6 billion from $3.7 billion after ONEOK Partners' $1.3 billion January notes offering, and ONEOK repurchased $300 million of its own stock through an accelerated share repurchase. Projected 2011 capital expenditures are about $1.55 billion, mostly for ONEOK Partners' Williston Basin, Cana-Woodford and NGL projects, with an announced $2.7 to $3.3 billion pipeline of new projects. Liquidity appears adequate, with $477.6 million of cash at June 30, and both entities remain investment grade (Baa2/BBB). The filing also discloses ongoing gas index pricing litigation, with judgments in favor of ONEOK on several claims as of July 18, 2011, subject to appeal.

    Aug 3, 2011
  47. 2011-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended May 4, 2011

    ONEOK, Inc. (OKE) reported first-quarter 2011 results with net income attributable to ONEOK of $130.1 million, or $1.19 diluted EPS, down from $154.5 million, or $1.44 diluted EPS, a year earlier. Consolidated revenues fell 1% to $3.87 billion and operating income declined 2% to $330.0 million. The decline was driven by the Energy Services segment, where operating income fell 54% on narrower seasonal storage and transportation price differentials, and by the Distribution segment, where operating income fell 8% on higher operating costs and depreciation. These declines were partly offset by ONEOK Partners, whose operating income rose 48% to $177.6 million on higher NGL optimization margins. Net income attributable to noncontrolling interests more than doubled to $69.2 million, reflecting the growing share of ONEOK Partners earnings held by public unitholders, which is why the parent's earnings growth lagged its consolidated results. Balance sheet and liquidity changed meaningfully during the quarter. Cash and equivalents rose to $870.1 million from $31.0 million at year-end, largely because ONEOK Partners issued $1.3 billion of senior notes in January 2011. Long-term debt increased to $4.98 billion, and total debt, including current maturities, was about $5.4 billion. Operating cash flow was strong at $647.8 million, aided by a $301 million drawdown of natural gas and NGL inventories. Capital expenditures jumped to $194.7 million from $68.3 million, driven by ONEOK Partners' Williston Basin and Mid-Continent growth projects. ONEOK's stand-alone debt-to-capital ratio was 36.7 percent against a covenant limit of 67.5 percent, and ONEOK Partners' leverage was 4.17x against a 5.0x covenant. Management announced a sizable growth pipeline, including the Sterling III NGL pipeline ($610-810 million), the MB-2 fractionator ($300-390 million), and Williston Basin processing plants. It also raised the quarterly dividend 18% to $0.52 per share, approved a $750 million share repurchase program with no shares bought as of May 3, 2011, and entered a new $1.2 billion revolving credit facility maturing in April 2016. For investors, the key questions are whether the ONEOK Partners NGL optimization gains persist and whether the growth projects can be financed while keeping leverage within covenants.

    May 4, 2011
  48. 2010-Q3

    ONEOK INC /NEW/ Quarterly Report for Q3 Ended Sep 30, 2010

    ONEOK, Inc. (OKE) reported a solid third quarter of 2010, with revenues of $2.94 billion (up 25% year over year) and net income attributable to ONEOK of $55.3 million, or $0.52 basic EPS, versus $48.0 million, or $0.46, a year earlier. Net margin was flat at $451.4 million, with growth in the Distribution segment (new Oklahoma rates with higher fixed fees) offset by weaker NGL optimization margins at ONEOK Partners and lower storage and marketing margins at Energy Services. Year-to-date results were stronger: nine-month net income attributable to ONEOK rose to $251.6 million ($2.34 diluted EPS) from $212.0 million, driven by ONEOK Partners' higher NGL volumes and the Distribution segment's fixed-fee rate changes. The quarter's most important balance-sheet event was the September 2010 sale of a 49% interest in Overland Pass Pipeline to Williams Partners for about $423.7 million in cash, with ONEOK Partners recognizing a $16.3 million gain. Proceeds were used to repay short-term debt and fund a growth program. ONEOK Partners is pursuing roughly $1.3 billion to $1.6 billion of Williston Basin projects, including gathering plants, a Bakken NGL pipeline and Bushton fractionation expansion. Capital expenditures fell to $356 million for the nine months from $615 million, as prior-year projects were completed. Liquidity appears adequate: ONEOK had about $1.2 billion of credit available, ONEOK Partners about $674 million, and both companies remained investment grade (Baa2/BBB). Investors should note that the company's earnings are seasonal and heavily influenced by commodity prices and mark-to-market accounting on hedges. In October 2010, the board authorized a $750 million three-year share repurchase program and raised the quarterly dividend to $0.48 per share, about 14% higher than a year earlier. Overall, the filing shows a company with improving earnings quality, a strengthened balance sheet and a growth pipeline, but with exposure to NGL price spreads and ONEOK Partners' minority-interest structure, which absorbs a large share of consolidated net income.

    Nov 3, 2010
  49. 2010-Q2-A

    ONEOK INC /NEW/ Quarterly Report (Amendment) for Q2 Ended Jun 30, 2010

    This filing is an amendment to ONEOK, Inc.'s (OKE) Quarterly Report on Form 10-Q for the period ended June 30, 2010. The primary purpose of this amendment is to furnish Exhibit 101, which contains XBRL formatted financial data that was inadvertently omitted from the original filing. Investors are advised that the XBRL data is unaudited and should not be relied upon for investment decisions; the official filed version of the Form 10-Q remains the authoritative document. While this amendment focuses on providing XBRL data, it also includes certifications related to the Sarbanes-Oxley Act, confirming the accuracy of financial reporting by key executives. The filing also incorporates by reference agreements related to commercial paper for ONEOK Partners, L.P., indicating ongoing financing activities for its master limited partnership subsidiary. Investors should refer to the original Form 10-Q for detailed financial performance and analysis, as this amendment is primarily a procedural correction.

    Aug 5, 2010
  50. 2010-Q2

    ONEOK INC /NEW/ Quarterly Report for Q2 Ended May 26, 2010

    ONEOK Inc.'s second quarter 2010 results show a notable increase in revenues and net margin compared to the prior year's period, driven by strong performance across its segments, particularly ONEOK Partners and Distribution. Revenues grew significantly, reflecting higher commodity prices and increased volumes in natural gas liquids (NGLs) gathering, processing, and transportation. The company's strategic investments in growth projects, such as those in the Bakken Shale and Woodford Shale, are beginning to contribute to results, with planned expansions further bolstering future capacity. ONEOK Partners demonstrated robust operational improvements, with higher NGL volumes and increased natural gas transportation capacity being key drivers. The Distribution segment benefited from new Oklahoma rates that reduce volumetric sensitivity and improve revenue consistency. While the Energy Services segment saw a decrease in net margin due to lower transportation and storage differentials, the overall financial health of ONEOK appears positive, supported by growth initiatives and a strong liquidity position.

    Aug 4, 2010