Wed, Oct 30, 8:23 PM (64 days ago)
For the third quarter ended September 30, 2024, ONEOK, Inc. (OKE) reported total revenues of $5,023 million, up 20% from $4,189 million in Q3 2023, driven by increased commodity sales and service revenues. Operating income rose to $1,128 million from $739 million, while net income increased to $693 million, with diluted EPS at $1.18 compared to $0.99 a year ago. Adjusted EBITDA increased to $1,545 million, reflecting strong performance across segments, particularly in Refined Products and Crude, bolstered by the Magellan Acquisition. Cash flow from operations was robust at $3,277 million, contributing to a cash position of $6,464 million. The company completed a $7 billion senior note offering to fund acquisitions, including the EnLink Controlling Interest Acquisition, enhancing its operational scale in key markets. ONEOK's capital expenditures reached $1,459 million, reflecting ongoing investment in infrastructure. The company maintains a strong liquidity position and compliance with debt covenants, despite a working capital deficit primarily due to long-term debt maturities. Future operations may be influenced by ongoing acquisitions and market conditions, with a focus on integrating recent acquisitions to realize synergies.