Record Rocky Mountain Region NGL Raw Feed Throughput Volumes
TULSA, Okla., Aug. 4, 2025 /PRNewswire/ — ONEOK, Inc. (NYSE:OKE) today announced higher second quarter 2025 results and affirmed full-year 2025 financial guidance ranges.
Higher Second Quarter 2025 Results, Compared With Second Quarter 2024:
- Net income of $853 million (includes noncontrolling interests).
- Net income attributable to ONEOK of $841 million, resulting in $1.34 per diluted share.
- Adjusted EBITDA of $1.98 billion (includes $21 million of transaction costs).
- 11% increase in Rocky Mountain region NGL raw feed throughput volumes.
- Repaid nearly $600 million of senior notes.
“ONEOK’s higher second-quarter performance reflects the strategy of our contiguous integrated business model and sustained demand for the critical energy services we provide,” said Pierce H. Norton II, ONEOK president and chief executive officer. “Our strategic acquisitions are delivering tangible benefits as we continue to make meaningful progress on acquisition-related synergies and organic growth.
“Our focused investments in high-return projects provide significant operating leverage and position us to capture incremental growth across key production regions, including our expanded and enhanced presence in the Permian Basin,” added Norton. “Backed by a strong balance sheet, long-standing and stable customer base and diversified earnings from across our value chain, ONEOK remains well positioned to deliver long-term value to stakeholders.”
SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS
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Three Months Ended |
Six Months Ended |
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June 30, |
June 30, |
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2025 |
2024 |
2025 |
2024 |
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(Millions of dollars, except per share amounts) |
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Net income (a) |
$ 853 |
$ 780 |
$ 1,544 |
$ 1,419 |
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Net income attributable to ONEOK (a) |
$ 841 |
$ 780 |
$ 1,477 |
$ 1,419 |
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Diluted earnings per common share (a) |
$ 1.34 |
$ 1.33 |
$ 2.38 |
$ 2.42 |
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Adjusted EBITDA (b) |
$ 1,981 |
$ 1,624 |
$ 3,756 |
$ 3,065 |
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Operating income (a) |
$ 1,431 |
$ 1,229 |
$ 2,651 |
$ 2,293 |
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Operating costs |
$ 706 |
$ 569 |
$ 1,458 |
$ 1,138 |
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Depreciation and amortization |
$ 368 |
$ 262 |
$ 748 |
$ 516 |
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Equity in net earnings from investments |
$ 81 |
$ 88 |
$ 189 |
$ 164 |
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Maintenance capital |
$ 126 |
$ 92 |
$ 200 |
$ 166 |
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Capital expenditures (includes maintenance) |
$ 749 |
$ 479 |
$ 1,378 |
$ 991 |
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(a) Amounts for the three and six months ended June 30, 2025, include pretax impacts of $22 million and $64 million, respectively, of transaction costs, related primarily to the EnLink acquisition, resulting in a net impact of 3 cents and 8 cents per diluted share after tax, respectively. (b) Amounts for the three and six months ended June 30, 2025, include $21 million and $52 million, respectively, of transaction costs related primarily to the EnLink acquisition. Transaction costs of $1 million and $12 million, respectively, were noncash and not included in adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure and is explained in greater detail in the Non-GAAP Financial Measures section. |
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HIGHLIGHTS:
- In May 2025, ONEOK acquired the remaining 49.9% interest in Delaware G&P LLC (Delaware Basin JV).
- In May 2025, ONEOK repurchased $169 million of senior notes for an aggregate repurchase price of $133 million, including accrued and unpaid interest.
- In June 2025, ONEOK repaid the remaining $422 million of 4.15% senior notes at maturity.
- In July 2025, ONEOK acquired an additional 30% interest in BridgeTex Pipeline Company, LLC, resulting in a 60% ownership interest.
- In July 2025, ONEOK declared a quarterly dividend of $1.03 per share, or $4.12 per share annualized.
- As of June 30, 2025:
- No borrowings outstanding under ONEOK’s $3.5 billion credit agreement.
- $97 million of cash and cash equivalents.
- Sustainability highlights:
- In May 2025, ONEOK received an MSCI ESG Rating of AAA.
- In June 2025, ONEOK was included in the FTSE4Good Index.
SECOND QUARTER 2025 FINANCIAL PERFORMANCE
ONEOK reported second quarter 2025 net income attributable to ONEOK and adjusted EBITDA of $841 million and $1.98 billion, respectively.
Results were driven primarily by the positive impact of the EnLink and Medallion acquisitions across ONEOK’s system. Results were partially offset by the divestiture of certain assets in 2024.
Additionally, second quarter 2025 adjusted EBITDA included $21 million of transaction costs related primarily to the EnLink acquisition.
BUSINESS SEGMENT RESULTS:
Natural Gas Liquids Segment
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Three Months Ended |
Six Months Ended |
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June 30, |
June 30, |
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Natural Gas Liquids Segment |
2025 |
2024 |
2025 |
2024 |
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