ONEOK Announces Higher Fourth Quarter and Full-year 2023 Earnings
- Higher fourth-quarter and full-year 2023 results reported by ONEOK, Inc. (OKE).
- 20% increase in Rocky Mountain region NGL raw feed throughput volumes.
- 17% increase in Gulf Coast/Permian region NGL raw feed throughput volumes.
- 2024 financial guidance with a net income midpoint of $2.8 billion and adjusted EBITDA midpoint of $6.1 billion.
- ONEOK prioritizes synergy opportunities post the Magellan acquisition.
- Targeting additional annual synergies in 2025 and 2026.
- Returning value to investors through dividend growth and share repurchases.
- None.
Insights
The recent financial results from ONEOK, Inc. highlight several key performance indicators that are crucial for evaluating the company's financial health and future prospects. A significant uptick in net income to $688 million and adjusted EBITDA surpassing $1.5 billion for the fourth quarter, along with an impressive 20% increase in Rocky Mountain region NGL raw feed throughput volumes, paints a robust picture of the company's operational efficiency and market position.
From a financial perspective, the 17% increase in natural gas volumes processed and the 15% surge in wells connected in the Rocky Mountain region signal strong operational growth, which is likely to bolster investor confidence. The guidance for 2024, with a net income midpoint of $2.8 billion and adjusted EBITDA midpoint of $6.1 billion, suggests a forward-looking optimism that is underpinned by strategic capital expenditure planning, ranging from $1.75 billion to $1.95 billion.
Moreover, the company's strategic moves, such as the Elk Creek Pipeline expansion and the Saguaro Connector Pipeline's Presidential Permit approval, are expected to enhance ONEOK's capacity and market reach. The company's focus on maintaining a strong balance sheet and a disciplined approach to capital growth opportunities, including dividend growth and share repurchases, is indicative of a commitment to shareholder returns.
However, it is important to monitor the debt-to-EBITDA ratio, which stands at 3.46 times, to ensure it aligns with industry norms and does not pose a risk to the company's financial stability. The share repurchase program, which is a sign of management's confidence in the intrinsic value of the stock, should be evaluated in the context of the overall capital allocation strategy and its impact on shareholder value.
The energy sector, particularly the midstream segment where ONEOK operates, is sensitive to both macroeconomic factors and industry-specific trends. The company's record volumes and strong financial performance in 2023, coupled with the positive guidance for 2024, indicate a favorable competitive position within the industry. The increase in throughput volumes and natural gas processing is reflective of a robust demand for energy infrastructure services, which is a positive signal for the industry.
Furthermore, the acquisition of Magellan and the subsequent integration synergies demonstrate ONEOK's strategic intent to diversify operations and create a more resilient business model. The projected double-digit adjusted EBITDA growth in 2024, due in part to the acquisition, suggests potential benefits from economies of scale and operational efficiencies.
The company's inclusion in the Dow Jones Sustainability North American Index and its AAA MSCI ESG Rating underscore its commitment to environmental, social and governance (ESG) principles, which are increasingly important to investors. As ESG factors become more integrated into investment decisions, ONEOK's strong ESG performance could enhance its attractiveness to a broader investor base.
It is also essential to consider the impact of regulatory changes and geopolitical events on the energy sector, as these can significantly affect market dynamics and the company's operations. The authorization of the Saguaro Connector Pipeline's Presidential Permit is a critical milestone that can lead to new growth opportunities, but it also highlights the importance of navigating the regulatory landscape effectively.
ONEOK's recent financial results and strategic initiatives must be examined within the context of the broader energy sector. The company's performance in the Rocky Mountain and Gulf Coast/Permian regions suggests a strong alignment with the ongoing trends in domestic energy production and infrastructure development.
The 54% increase in total wells connected indicates aggressive expansion in shale plays, which are a key driver of U.S. energy independence. The focus on expanding the Elk Creek Pipeline and the potential Saguaro Connector Pipeline underscores the strategic importance of enhancing infrastructure to support the growing production of natural gas liquids (NGLs).
The company's capital expenditure guidance for 2024, which includes significant projects such as the MB-6 NGL fractionator and West Texas NGL pipeline expansion, reflects a targeted investment approach aimed at reinforcing its core business segments. This approach is crucial in an industry where capital discipline and return on investment are paramount.
Additionally, the emphasis on maintaining more than 90% fee-based earnings across several segments provides a degree of revenue predictability and resilience against commodity price volatility. This is particularly relevant in the context of fluctuating oil and gas prices, which can impact margins and profitability.
Overall, the company's strategic direction, with a focus on growth through infrastructure expansion and a strong ESG profile, positions it favorably for future challenges and opportunities within the energy sector.
Record Rocky Mountain Region Volumes
Announces 2024 Financial Guidance
Higher Fourth-quarter 2023 Results, Compared with Fourth Quarter 2022:
- Net income of
$688 million $1.18 - Adjusted EBITDA of more than
$1.5 billion 20% increase in Rocky Mountain region NGL raw feed throughput volumes.17% increase in Gulf Coast/Permian region NGL raw feed throughput volumes.17% increase in natural gas volumes processed.15% increase in wells connected in the Rocky Mountain region.
Higher Full-year 2023 Results, Compared with Full Year 2022:
- Net income of approximately
$2.7 billion $5.48 - Adjusted EBITDA of more than
$5.2 billion 19% increase in Gulf Coast/Permian region NGL raw feed throughput volumes.10% increase in Rocky Mountain region NGL raw feed throughput volumes.54% increase in total wells connected.14% increase in natural gas volumes processed.
2024 Earnings Guidance:
- Net income midpoint of
$2.8 billion - Adjusted EBITDA midpoint of
$6.1 billion - Approximately
$1.75 billion $1.95 billion
"Record volumes, strong financial performance and the closing of the Magellan acquisition solidified 2023 as a year of significant growth and transformation," said Pierce H. Norton II, ONEOK president and chief executive officer. "With volume momentum across our operations, a full-year earnings contribution from the refined products and crude segment, and the realization of acquisition-related synergies, we've guided to double-digit adjusted EBITDA growth in 2024.
"Our confidence in ONEOK's underlying business fundamentals and future performance support our commitment to maximize investor value through disciplined capital-growth opportunities, maintaining a strong balance sheet, dividend growth and share repurchases," added Norton. "With our larger scale and more diversified operations, we're even better positioned to support our customers, provide essential energy services and create value for our stakeholders."
HIGHLIGHTS:
- In January 2024, ONEOK increased its quarterly dividend
3.7% to99 cents per share, or$3.96 - In January 2024, ONEOK authorized a
$2 billion - In 2023, ONEOK extinguished
$1.3 billion - Capital-growth projects:
- ONEOK approved the Elk Creek Pipeline expansion to 435,000 barrels per day (bpd), which will increase natural gas liquids (NGL) capacity out of the Rocky Mountain region to 575,000 bpd. The expansion is expected to cost approximately
$355 million - In February, the Federal Energy Regulatory Commission (FERC) approved the Saguaro Connector Pipeline's Presidential Permit. ONEOK expects a final investment decision on the pipeline by mid-year 2024.
- ONEOK approved the Elk Creek Pipeline expansion to 435,000 barrels per day (bpd), which will increase natural gas liquids (NGL) capacity out of the Rocky Mountain region to 575,000 bpd. The expansion is expected to cost approximately
- 2023 Environmental, Social and Governance (ESG) highlights:
- ONEOK received an MSCI ESG Rating of AAA.
- ONEOK qualified for inclusion in the Dow Jones Sustainability North American Index, part of the Dow Jones Sustainability Indices (DJSI), which recognizes global sustainability leaders.
- ONEOK's ESG Risk Rating, as assessed by Morningstar Sustainalytics, was in the top
20% of the refiners and pipelines industry.
- As of Dec. 31, 2023:
- 3.46 times fourth-quarter 2023 annualized run-rate net debt-to-EBITDA ratio (excluding transaction costs).
- No borrowings outstanding under ONEOK's
$2.5 billion $338 million
FOURTH QUARTER AND FULL-YEAR 2023 FINANCIAL HIGHLIGHTS
Three Months Ended | Years Ended | ||||||
December 31, | December 31, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
(Millions of dollars, except per share amounts) | |||||||
Net income (a) (b) | $ 688 | $ 485 | $ 2,659 | $ 1,722 | |||
Diluted earnings per common share (a) (b) | $ 1.18 | $ 1.08 | $ 5.48 | $ 3.84 | |||
Adjusted EBITDA (c) (d) | $ 1,514 | $ 967 | $ 5,243 | $ 3,620 | |||
Operating income (c) | $ 1,099 | $ 756 | $ 4,072 | $ 2,807 | |||
Operating costs | $ 554 | $ 322 | $ 1,535 | $ 1,149 | |||
Depreciation and amortization | $ 260 | $ 157 | $ 769 | $ 626 | |||
Equity in net earnings from investments | $ 70 | $ 37 | $ 202 | $ 148 | |||
Maintenance capital | $ 139 | $ 69 | $ 277 | $ 228 | |||
Capital expenditures (includes maintenance) | $ 603 | $ 316 | $ 1,595 | $ 1,202 | |||
(a) Amounts for the three months ended Dec. 31, 2023, include pre-tax impacts of
(b) Amounts for the year ended Dec. 31, 2023, include a pre-tax benefit of
(c) Amounts for the three months and year ended Dec. 31, 2023, include
(d) Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) is a non-GAAP measure. | |||||||
FULL-YEAR 2023 FINANCIAL PERFORMANCE
ONEOK reported full-year 2023 net income and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) of
Higher 2023 results were driven primarily by higher volumes across ONEOK's systems, higher average fee rates, and higher natural gas storage and transportation services. Results included higher operating costs due primarily to higher employee-related costs and higher outside services due to the growth of ONEOK's operations.
Full-year 2023 results included
Additionally, 2023 results included
2024 GUIDANCE:
2024 Guidance Range | ||||
(Millions of dollars, except | ||||
ONEOK, Inc. | ||||
Net income | - | |||
Diluted earnings per common share | - | |||
Adjusted EBITDA (a) | - | |||
Growth capital expenditures | - | |||
Maintenance capital expenditures | - | |||
Adjusted EBITDA: | ||||
Natural Gas Liquids | - | |||
Refined Products and Crude | - | |||
Natural Gas Gathering and Processing | - | |||
Natural Gas Pipelines | - | |||
Other | - | |||
(a) Adjusted EBITDA is a non-GAAP measure. A reconciliation to the relevant GAAP measure is included in this news release.
| ||||
2024 Guidance Range | ||||
Summary of 2024 Volume Guidance | ||||
Natural Gas Liquids Raw Feed Throughput (MBbl/d) | 1,330 | - | 1,430 | |
Refined Products Volume Shipped (MBbl/d) | 1,500 | - | 1,600 | |
Crude Oil Volume Shipped (MBbl/d) | 700 | - | 850 | |
Natural Gas Processed (MMcf/d) | 2,240 | - | 2,570 | |
2024 Financial Guidance:
ONEOK's 2024 net income and adjusted EBITDA guidance includes higher earnings from all business segments (excluding the
ONEOK continues to prioritize synergy opportunities primarily based on three factors: time-to-market, economic value and capital expenditure requirements.
Building off of the opportunities captured in 2024, ONEOK expects additional annual synergies approaching
Capital Expenditures:
Total capital expenditures are expected to range between
Capital expenditure guidance includes the MB-6 NGL fractionator, West Texas NGL pipeline expansion project and the expansion of the Elk Creek NGL pipeline, which will bring total capacity out of the Rocky Mountain region to 575,000 barrels per day. Projects that have not reached a final investment decision are not included in 2024 expectations.
Expected 2024 Performance Drivers:
Natural Gas Liquids
- Higher exchange services margins from an expected increase in NGL raw feed throughput volumes in the Rocky Mountain and Gulf Coast/Permian regions from producer activity, plant connections and plant expansions completed in 2023 and 2024.
- More than
90% fee-based earnings.
Refined Products and Crude
- Full-year effect of higher refined products tariff rates driven by a mid-year tariff increase of
11.5% in July 2023 and a mid-single digit tariff increase expected in 2024. - Higher volumes and margins related to liquids blending, offset partially by lower contributions from joint ventures.
- More than
85% fee-based earnings.
Natural Gas Gathering and Processing
- Approximately
7% increase in natural gas volumes processed driven by increasing producer activity in the Rocky Mountain region. - Approximately 530 to 600 Rocky Mountain region well connections in 2024.
- Approximately 60 to 70 Mid-Continent region well connections in 2024.
- Approximately
85% fee-based earnings.
Natural Gas Pipelines
- More than
95% transportation capacity contracted. - Increased demand for long-term pipeline and storage capacity.
- More than
95% fee-based earnings.
Returning Value to Investors
- Targeting an annual dividend growth rate ranging between
3% to4% . - Combination of common dividends and share repurchases is expected to trend towards a target of approximately
75% to85% of forecasted cash flow from operations after capital expenditures over the next four years. - Target debt-to-EBITDA ratio of approximately 3.5 times.
Additional guidance information: https://ir.oneok.com/financial-information/financial-reports.
2023 BUSINESS SEGMENT RESULTS:
Natural Gas Liquids Segment
Three Months Ended | Years Ended | ||||||
December 31, | December 31, | ||||||
Natural Gas Liquids Segment | 2023 | 2022 | 2023 | 2022 | |||
(Millions of dollars) | |||||||
Adjusted EBITDA | $ 613 | $ 565 | $ 3,045 | $ 2,095 | |||
Capital expenditures | $ 323 | $ 136 | $ 818 | $ 581 | |||
The increase in fourth quarter 2023 adjusted EBITDA, compared with the fourth quarter 2022, primarily reflects:
- A
$135 million - An
$11 million - A
$47 million - A
$34 million Medford incident; and - A
$26 million
The increase in adjusted EBITDA for the full year 2023, compared with 2022, primarily reflects:
- A
$663 million Medford incident, due to the settlement gain of$779 million $146 million $30 million - A
$303 million - A
$32 million - A
$20 million - A
$12 million - An
$88 million
Natural Gas Gathering and Processing Segment
Three Months Ended | Years Ended | ||||||
December 31, | December 31, | ||||||
Natural Gas Gathering and Processing Segment | 2023 | 2022 | 2023 | 2022 | |||
(Millions of dollars) | |||||||
Adjusted EBITDA | $ 323 | $ 266 | $ 1,244 | $ 1,037 | |||
Capital expenditures | $ 140 | $ 124 | $ 448 | $ 445 | |||
The increase in fourth quarter 2023 adjusted EBITDA, compared with the fourth quarter 2022, primarily reflects:
- A
$76 million - A
$15 million
The increase in adjusted EBITDA for full year 2023, compared with 2022, primarily reflects:
- A
$227 million - A
$49 million - A
$62 million
Natural Gas Pipelines Segment
Three Months Ended | Years Ended | ||||||
December 31, | December 31, | ||||||
Natural Gas Pipelines Segment | 2023 | 2022 | 2023 | 2022 | |||
(Millions of dollars) | |||||||
Adjusted EBITDA | $ 132 | $ 131 | $ 559 | $ 488 | |||
Capital expenditures | $ 73 | $ 41 | $ 228 | $ 123 | |||
Fourth quarter 2023 adjusted EBITDA, compared with the fourth quarter 2022, primarily reflects:
- An
$11 million - A
$5 million - A
$2 million
The increase in adjusted EBITDA for the full year 2023, compared with 2022, primarily reflects:
- A
$43 million - A
$42 million - A
$20 million
Refined Products and Crude Segment
Three Months Ended | Years Ended | ||||||
December 31, | December 31, | ||||||
Refined Products and Crude Segment | 2023 | 2022 | 2023 | 2022 | |||
(Millions of dollars) | |||||||
Adjusted EBITDA | $ 424 | - | $ 465 | - | |||
Capital expenditures | $ 51 | - | $ 52 | - | |||
Adjusted EBITDA was
EARNINGS CONFERENCE CALL AND WEBCAST:
ONEOK executive management will conduct a conference call at 11 a.m. Eastern Standard Time (10 a.m. Central Standard Time) on Feb. 27, 2024. The call also will be carried live on ONEOK's website.
To participate in the telephone conference call, dial 877-883-0383, entry number 2949750, or log on to www.oneok.com.
If you are unable to participate in the conference call or the webcast, the replay will be available on ONEOK's website, www.oneok.com, for one year. A recording will be available by phone for seven days. The playback call may be accessed at 877-344-7529, access code 2417359.
LINK TO EARNINGS TABLES AND PRESENTATION:
https://ir.oneok.com/financial-information/financial-reports
NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES:
ONEOK has disclosed in this news release adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), which is a non-GAAP financial metric, used to measure the company's financial performance. Adjusted EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, noncash impairment charges, income taxes, noncash compensation expense, and other noncash items; and includes adjusted EBITDA from the company's unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings of unconsolidated affiliates. Adjusted EBITDA from unconsolidated affiliates is calculated consistently with the definition above and excludes items such as interest, taxes, depreciation and other noncash items.
Adjusted EBITDA is useful to investors because it and similar measures are used by many companies in the industry as a measure of financial performance and is commonly employed by financial analysts and others to evaluate ONEOK's financial performance and to compare the company's financial performance with the performance of other companies within the industry. Adjusted EBITDA should not be considered in isolation or as a substitute for net income or any other measure of financial performance presented in accordance with GAAP.
This non-GAAP financial measure excludes some, but not all, items that affect net income. Additionally, this calculation may not be comparable with similarly titled measures of other companies. A reconciliation of net income to adjusted EBITDA is included in the tables.
At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation and storage services. Through our more than 50,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest diversified energy infrastructure companies in
ONEOK is an S&P 500 company headquartered in
For information about ONEOK, visit the website: www.oneok.com.
For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.
This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates," "believes," "continues," "could," "estimates," "expects," "forecasts," "goal," "guidance," "intends," "may," "might," "outlook," "plans," "potential," "projects," "scheduled," "should," "target," "will," "would," and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect our current views about future events. Such forward-looking statements include, but are not limited to, statements about the benefits of the transaction involving us, including future financial and operating results, our plans, objectives, expectations and intentions, and other statements that are not historical facts, including future results of operations, projected cash flow and liquidity, business strategy, expected synergies or cost savings, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected.
Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties, many of which are beyond our control, and are not guarantees of future results. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. These risks and uncertainties include, without limitation, the following:
- the impact on drilling and production by factors beyond our control, including the demand for natural gas, NGLs, Refined Products and crude oil; producers' desire and ability to drill and obtain necessary permits; regulatory compliance; reserve performance; and capacity constraints and/or shut downs on the pipelines that transport crude oil, natural gas, NGLs, and Refined Products from producing areas and our facilities;
- the impact of unfavorable economic and market conditions, inflationary pressures, including increased interest rates, which may increase our capital expenditures and operating costs, raise the cost of capital or depress economic growth;
- the impact of the volatility of natural gas, NGL, Refined Products and crude oil prices on our earnings and cash flows, which is impacted by a variety of factors beyond our control, including international terrorism and conflicts and the geopolitical instability;
- the impact of reduced volatility in energy prices or new government regulations on our business;
- our dependence on producers, gathering systems, refineries and pipelines owned and operated by others and the impact of any closures, interruptions or reduced activity levels at these facilities;
- the impact of increased attention to ESG issues, including climate change, and risks associated with the physical impacts of climate change;
- risks associated with operational hazards and unforeseen interruptions at our operations;
- demand for our services and products in the proximity of our facilities;
- risks associated with our ability to hedge against commodity price risks or interest rate risks;
- a breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems;
- exposure to construction risk and supply risks if adequate natural gas, NGL, Refined Products and crude oil supply is unavailable upon completion of facilities;
- the accuracy of estimates of hydrocarbon reserves, which could result in lower than anticipated volumes;
- our lack of ownership over all of the land on which our property is located and certain of our facilities and equipment;
- the impact of changes in estimation, type of commodity and other factors on our measurement adjustments;
- excess capacity on our pipelines, processing, fractionation, terminal and storage assets;
- risks associated with the period of time our assets have been in service;
- our partial reliance on cash distributions from our consolidated affiliates on our operating cash flows;
- our ability to cause our joint ventures to take or not take certain actions unless some or all of our joint-venture participants agree;
- our reliance on others to operate joint-venture assets and to provide other services;
- increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposable of wastewater;
- impacts of regulatory oversight and potential penalties on our business;
- risks associated with the rate regulation, challenges or changes, which may reduce the amount of cash we generate;
- the impact of our gas liquids blending activities, which subject us to federal regulations that govern renewable fuel requirements in the
U.S. ; - incurrence of significant costs to comply with the regulation of GHG emissions;
- the impact of federal and state laws and regulations relating to the protection of the environment, public health and safety on our operations, as well as increased litigation and activism challenging oil and gas development as well as changes to and/or increased penalties from the enforcement of laws, regulations and policies;
- the impact of unforeseen changes in interest rates, debt and equity markets and other external factors over which we have no control;
- actions by rating agencies concerning our credit;
- our indebtedness and guarantee obligations could cause adverse consequences, including making us vulnerable to general adverse economic and industry conditions, limiting our ability to borrow additional funds and placing us at competitive disadvantages compared with our competitors that have less debt;
- an event of default may require us to offer to repurchase certain of our or ONEOK Partners' senior notes or may impair our ability to access capital;
- the right to receive payments on our outstanding debt securities and subsidiary guarantees is unsecured and effectively subordinated to any future secured indebtedness and any existing and future indebtedness of our subsidiaries that do not guarantee the senior notes;
- use by a court of fraudulent conveyance to avoid or subordinate the cross guarantees of our or ONEOK Partners' indebtedness;
- the risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions;
- risks related to the Magellan Acquisition, including the risk that we may not realize the anticipated benefits of the Magellan Acquisition or successfully integrate the two companies;
- our ability to pay dividends;
- our exposure to the credit risk of our customers or counterparties;
- a shortage of skilled labor;
- misconduct or other improper activities engaged in by our employees;
- the impact of potential impairment charges;
- the impact of the changing cost of providing pension and postretirement health care benefits to eligible employees and qualified retirees;
- our ability to maintain an effective system of internal controls; and
- the risk factors listed in the reports we have filed and may file with the SEC.
These reports are also available from the sources described below. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. ONEOK undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or changes in circumstances, expectations or otherwise.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in the most recent reports on Form 10-K and Form 10-Q and other documents of ONEOK on file with the SEC. ONEOK's SEC filings are available publicly on the SEC's website at www.sec.gov.
Analyst Contact: | Megan Patterson 918-561-5325 |
Media Contact: | Brad Borror 918-588-7582 |
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SOURCE ONEOK, Inc.
FAQ
What were ONEOK's net income and adjusted EBITDA for the full-year 2023?
What was the percentage increase in Rocky Mountain region NGL raw feed throughput volumes in the fourth quarter of 2023?
What is ONEOK's 2024 financial guidance for net income and adjusted EBITDA?
What synergies is ONEOK targeting post the Magellan acquisition?
How does ONEOK plan to return value to investors?
