Oneok Inc - OKE STOCK NEWS

MPLX LP reported strong financial results for full-year 2024, with net income of $4.3 billion and adjusted EBITDA of $6.8 billion, representing increases of 10% and 8% year-over-year, respectively. The company returned $3.9 billion to unitholders through distributions and unit repurchases.

Key operational highlights include increased pipeline throughputs of 5.9 million barrels per day and terminal throughput of 3.1 million bpd. The company announced significant expansion plans including a new Gulf Coast fractionation complex with two 150,000 bpd facilities and a strategic partnership with ONEOK for a 400,000 bpd LPG export terminal.

For 2025, MPLX outlined a $2.0 billion capital spending plan, with $1.45 billion allocated to Natural Gas and NGL Services growth. The company maintained a strong financial position with $1.5 billion in cash and a leverage ratio of 3.1x.

Marathon Petroleum Corp. (MPC) reported Q4 2024 net income of $371 million ($1.15 per diluted share), down from $1.5 billion ($3.84 per diluted share) in Q4 2023. The company's adjusted net income was $249 million ($0.77 per diluted share) compared to $1.5 billion ($3.98 per diluted share) in Q4 2023.

For full-year 2024, MPC generated net cash from operations of $8.7 billion and returned $10.2 billion to shareholders through share repurchases and dividends. The company's Midstream segment showed 6% EBITDA growth. Q4 2024 adjusted EBITDA was $2.1 billion, versus $3.6 billion in Q4 2023.

MPC established a new Renewable Diesel segment and announced its 2025 standalone capital outlook of $1.25 billion. The company maintained strong liquidity with $3.2 billion in cash and equivalents, including $1.5 billion at MPLX, plus $5 billion available on its credit facility.

ONEOK (NYSE: OKE) has successfully completed its acquisition of EnLink Midstream, as announced on January 31, 2025. The transaction was approved by EnLink unitholders on January 30, 2025. As part of the deal, EnLink unitholders received 0.1412 shares of ONEOK common stock for each outstanding EnLink common unit, and EnLink common units have been delisted from the NYSE.

The strategic acquisition strengthens ONEOK's integrated midstream business platform, which includes a 60,000-mile pipeline network for transporting natural gas, natural gas liquids (NGLs), refined products, and crude oil. EnLink brings additional infrastructure assets in key production basins and demand centers, including the Permian Basin, Louisiana, Oklahoma, and North Texas, along with CO2 transportation capabilities for carbon capture and sequestration (CCS).

EnLink Midstream unitholders have overwhelmingly approved ONEOK's acquisition of the remaining publicly held common units, with approximately 99.8% of voted units (379.1 million units) cast in favor of the transaction. This represents 82.9% of outstanding units voting in favor.

The acquisition is scheduled to close on January 31, 2025, with EnLink common units ceasing trading on the NYSE prior to market open on that date. Upon completion, each outstanding common unit of EnLink not owned by ONEOK will be converted into 0.1412 shares of ONEOK common stock.

ICE announced that Enterprise Products Partners and ONEOK have extended their fee waiver arrangement for crude oil transfers between ECHO and MEH terminals for ICE Midland WTI futures contract (HOU) deliveries until December 31, 2028. The extension comes as physical deliveries of ICE Midland WTI were double that of Cushing WTI in 2024.

The arrangement allows buyers to transfer crude oil between terminals at no cost if their preferred delivery terminal wasn't selected. Over 82 million barrels were delivered through HOU's exchange delivery mechanism in 2024, with 5.5 million HOU futures traded and average daily volume of 21,000 contracts.

Notable developments include Continental Resources switching part of its Permian production pricing to HOU, and Platts launching a daily price assessment of Midland WTI crude as a differential to HOU. ICE achieved record trading volumes with 1 billion energy derivatives contracts in 2024, including 655 million oil futures and options contracts.

ONEOK (NYSE: OKE) has announced a 4% increase in its quarterly dividend to $1.03 per share, resulting in an annualized dividend of $4.12 per share. The dividend will be paid on February 14, 2025, to shareholders of record as of February 3, 2025.

The company has also reported progress on its share repurchase program, having bought back 1.675 million shares for $171.7 million using cash on hand. This is part of ONEOK's $2 billion share repurchase authorization, which it plans to largely utilize over the next three years.

As a leading midstream operator, ONEOK operates a 50,000-mile pipeline network for transporting natural gas, natural gas liquids, refined products, and crude oil across North America.

ONEOK (NYSE: OKE) has announced its fourth quarter and year-end 2024 earnings release schedule. The company will disclose earnings after market close on February 24, 2025, followed by a conference call on February 25, 2025 at 11 a.m. Eastern (10 a.m. Central).

Participants can join via phone conference at 877-883-0383 (entry number 0386035) or through the webcast at www.oneok.com. A replay will be available on ONEOK's website for one year, and a seven-day phone recording can be accessed at 877-344-7529 (access code 5294827).

ONEOK is a leading midstream operator with a 50,000-mile pipeline network, providing gathering, processing, fractionation, transportation, and storage services for natural gas, NGLs, refined products, and crude oil. As an S&P 500 company based in Tulsa, Oklahoma, ONEOK delivers energy products and services important for domestic and international energy demand.

ONEOK (NYSE: OKE) has announced two key executive leadership appointments, effective immediately. Randy N. Lentz, former CEO of Medallion Midstream, has been appointed as Executive Vice President and Chief Operating Officer, overseeing all asset operations. Sheridan C. Swords, previously Executive Vice President of commercial liquids and natural gas gathering and processing, has been promoted to Executive Vice President and Chief Commercial Officer, with expanded oversight including the Natural Gas Pipelines segment.

Both executives will report directly to Pierce H. Norton II, President and CEO. ONEOK operates as a leading midstream operator with a 50,000-mile pipeline network, providing gathering, processing, fractionation, transportation, and storage services for natural gas, NGLs, refined products, and crude oil across North America.

ONEOK (NYSE: OKE) has completed the sale of its three wholly owned interstate natural gas pipeline systems to DT Midstream for $1.2 billion in cash. The transaction, which closed on December 31, 2024, includes the Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission systems.

The sale aligns with ONEOK's strategic portfolio optimization and capital allocation priorities. The company plans to use the net proceeds to enhance its financial flexibility as it works toward achieving its leverage target of 3.5 times during 2026. Employees associated with these pipeline systems will transition to DT Midstream and will be instrumental in establishing the company's new Tulsa office.