ONEOK Announces Higher Fourth Quarter and Full-year 2024 Earnings
ONEOK (NYSE: OKE) reported strong financial results for Q4 and full-year 2024, with notable increases compared to 2023. Fourth-quarter net income including noncontrolling interests reached $1.0 billion, with net income per diluted share at $1.57. Full-year results showed net income of $3.1 billion and adjusted EBITDA of $6.78 billion.
The company demonstrated operational growth with a 3% increase in Rocky Mountain region NGL throughput, 4% increase in crude oil shipments, and 11% increase in total wells connected during Q4. In January 2025, ONEOK increased its quarterly dividend by 4% to $1.03 per share and has repurchased 1.675 million shares for $171.7 million under its $2 billion share repurchase program.
Key developments include the completion of MB-6 fractionator, West Texas NGL Pipeline expansion, Elk Creek pipeline expansion, and strategic acquisitions of Medallion Midstream and EnLink Midstream. The company also divested an interstate natural gas pipeline for $1.2 billion and announced plans for a new 400,000-bpd LPG export terminal joint venture in Texas City.
ONEOK (NYSE: OKE) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, con aumenti significativi rispetto al 2023. Il reddito netto del quarto trimestre, inclusi gli interessi non controllanti, ha raggiunto 1,0 miliardo di dollari, con un reddito netto per azione diluita di 1,57 dollari. I risultati dell'intero anno hanno mostrato un reddito netto di 3,1 miliardi di dollari e un EBITDA rettificato di 6,78 miliardi di dollari.
L'azienda ha dimostrato una crescita operativa con un aumento del 3% nel throughput di NGL nella regione delle Rocky Mountains, un incremento del 4% nelle spedizioni di petrolio greggio e un aumento dell'11% nel numero totale di pozzi collegati durante il quarto trimestre. A gennaio 2025, ONEOK ha aumentato il suo dividendo trimestrale del 4% a 1,03 dollari per azione e ha riacquistato 1,675 milioni di azioni per 171,7 milioni di dollari nell'ambito del suo programma di riacquisto di azioni da 2 miliardi di dollari.
I principali sviluppi includono il completamento del frazionatore MB-6, l'espansione del gasdotto NGL del Texas occidentale, l'espansione del gasdotto Elk Creek e acquisizioni strategiche di Medallion Midstream ed EnLink Midstream. L'azienda ha anche ceduto un gasdotto interstatale per 1,2 miliardi di dollari e ha annunciato piani per una nuova joint venture di un terminale di esportazione di GPL da 400.000 bpd a Texas City.
ONEOK (NYSE: OKE) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con aumentos notables en comparación con 2023. El ingreso neto del cuarto trimestre, incluyendo intereses no controladores, alcanzó los 1.0 mil millones de dólares, con un ingreso neto por acción diluida de 1.57 dólares. Los resultados del año completo mostraron un ingreso neto de 3.1 mil millones de dólares y un EBITDA ajustado de 6.78 mil millones de dólares.
La compañía demostró un crecimiento operativo con un aumento del 3% en el volumen de NGL en la región de Rocky Mountain, un incremento del 4% en los envíos de crudo y un aumento del 11% en el total de pozos conectados durante el cuarto trimestre. En enero de 2025, ONEOK aumentó su dividendo trimestral en un 4% a 1.03 dólares por acción y ha recomprado 1.675 millones de acciones por 171.7 millones de dólares bajo su programa de recompra de acciones de 2 mil millones de dólares.
Los desarrollos clave incluyen la finalización del fraccionador MB-6, la expansión del gasoducto NGL de Texas Occidental, la expansión del gasoducto Elk Creek y adquisiciones estratégicas de Medallion Midstream y EnLink Midstream. La compañía también vendió un gasoducto interestatal por 1.2 mil millones de dólares y anunció planes para una nueva empresa conjunta de un terminal de exportación de GLP de 400,000 bpd en Texas City.
ONEOK (NYSE: OKE)는 2024년 4분기 및 연간 재무 결과를 발표했으며, 2023년 대비 주목할 만한 증가를 보였습니다. 4분기 순이익은 비지배 지분을 포함하여 10억 달러에 도달했으며, 희석 주당 순이익은 1.57달러였습니다. 연간 결과는 순이익 31억 달러와 조정 EBITDA 67억 8천만 달러를 나타냈습니다.
회사는 Rocky Mountain 지역의 NGL 처리량 3% 증가, 원유 선적 4% 증가, 4분기 동안 연결된 총 우물 수 11% 증가로 운영 성장을 보여주었습니다. 2025년 1월, ONEOK는 분기 배당금을 4% 인상하여 주당 1.03달러로 조정하였으며, 20억 달러 규모의 자사주 매입 프로그램을 통해 167만 5천 주를 1억 7천 170만 달러에 재매입했습니다.
주요 개발 사항으로는 MB-6 분별기 완공, 서부 텍사스 NGL 파이프라인 확장, 엘크 크릭 파이프라인 확장 및 Medallion Midstream과 EnLink Midstream의 전략적 인수가 포함됩니다. 또한 회사는 12억 달러에 주간 가스 파이프라인을 매각하고 텍사스 시티에 40만 bpd LPG 수출 터미널 합작 투자 계획을 발표했습니다.
ONEOK (NYSE: OKE) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024, avec des augmentations notables par rapport à 2023. Le revenu net du quatrième trimestre, y compris les intérêts non contrôlants, a atteint 1,0 milliard de dollars, avec un revenu net par action diluée de 1,57 dollar. Les résultats de l'année entière ont affiché un revenu net de 3,1 milliards de dollars et un EBITDA ajusté de 6,78 milliards de dollars.
L'entreprise a démontré une croissance opérationnelle avec une augmentation de 3 % du débit de NGL dans la région des Rocky Mountains, une augmentation de 4 % des expéditions de pétrole brut et une augmentation de 11 % du nombre total de puits connectés au cours du quatrième trimestre. En janvier 2025, ONEOK a augmenté son dividende trimestriel de 4 % à 1,03 dollar par action et a racheté 1,675 million d'actions pour 171,7 millions de dollars dans le cadre de son programme de rachat d'actions de 2 milliards de dollars.
Les développements clés comprennent l'achèvement du fractionneur MB-6, l'expansion du pipeline NGL du Texas occidental, l'expansion du pipeline Elk Creek et des acquisitions stratégiques de Medallion Midstream et EnLink Midstream. L'entreprise a également cédé un pipeline de gaz naturel interétatique pour 1,2 milliard de dollars et a annoncé des projets pour une nouvelle coentreprise de terminal d'exportation de GPL de 400 000 bpd à Texas City.
ONEOK (NYSE: OKE) berichtete über starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024, mit bemerkenswerten Steigerungen im Vergleich zu 2023. Der Nettogewinn im vierten Quartal, einschließlich nicht beherrschender Anteile, betrug 1,0 Milliarden Dollar, mit einem Nettogewinn pro verwässerter Aktie von 1,57 Dollar. Die Jahresergebnisse zeigten einen Nettogewinn von 3,1 Milliarden Dollar und ein bereinigtes EBITDA von 6,78 Milliarden Dollar.
Das Unternehmen demonstrierte operatives Wachstum mit einem Anstieg des NGL-Durchsatzes in der Rocky-Mountain-Region um 3%, einem Anstieg der Rohölverschiffungen um 4% und einem Anstieg der insgesamt verbundenen Brunnen um 11% im vierten Quartal. Im Januar 2025 erhöhte ONEOK seine vierteljährliche Dividende um 4% auf 1,03 Dollar pro Aktie und hat 1,675 Millionen Aktien für 171,7 Millionen Dollar im Rahmen seines 2-Milliarden-Dollar-Aktienrückkaufprogramms zurückgekauft.
Wesentliche Entwicklungen umfassen den Abschluss des MB-6-Fraktionierers, die Erweiterung der West-Texas-NGL-Pipeline, die Erweiterung der Elk-Creek-Pipeline und strategische Übernahmen von Medallion Midstream und EnLink Midstream. Das Unternehmen hat auch eine interstaatliche Erdgasleitung für 1,2 Milliarden Dollar verkauft und Pläne für ein neues gemeinsames LPG-Exportterminal mit einer Kapazität von 400.000 bpd in Texas City angekündigt.
- Net income increased to $3.1 billion for full-year 2024
- Adjusted EBITDA reached $6.78 billion in 2024
- 4% dividend increase to $1.03 per share quarterly
- $171.7 million in share repurchases executed
- $1.2 billion received from pipeline divestiture
- 11% increase in total wells connected
- 8% increase in Rocky Mountain region NGL volumes
- Increased operating costs due to higher employee-related expenses
- Higher transportation costs in Gulf Coast/Permian and Mid-Continent regions
- Lower volumes in Gulf Coast/Permian and Mid-Continent regions
Insights
ONEOK's fourth quarter and full-year 2024 results showcase a compelling transformation story, marked by both organic growth and strategic acquisitions. The company's adjusted EBITDA of $6.78 billion for 2024 demonstrates the successful integration of multiple growth initiatives.
The Natural Gas Liquids segment's performance reflects operational excellence, with an 8% increase in Rocky Mountain region throughput volumes. This growth, combined with higher average fee rates and wider commodity price differentials, indicates strong underlying business fundamentals. The completion of MB-6 fractionator and the West Texas NGL Pipeline expansion positions ONEOK to capture additional value in high-growth regions.
The Refined Products and Crude segment has become a significant contributor following the Magellan acquisition, while the Natural Gas Gathering and Processing segment benefited from increased production in the Rocky Mountain region. The strategic divestitures, including the
ONEOK's financial position remains solid with a 3.6x debt-to-EBITDA ratio and enhanced liquidity through an expanded
The newly announced LPG export terminal joint venture represents a strategic move into high-value export markets, potentially creating additional fee-based revenue streams. This vertical integration strategy, combined with the completed pipeline expansions, positions ONEOK to capture value across the entire midstream value chain.
Completed Projects and Expanded Asset Base Provide a Platform For Growth
Higher Fourth-quarter 2024 Results, Compared With Fourth Quarter 2023:
- Net income including noncontrolling interests of
$1.0 billion - Net income excluding noncontrolling interests of
$923 million $1.57 - Adjusted EBITDA of
$2.17 billion 3% increase in Rocky Mountain region NGL raw feed throughput volumes.4% increase in crude oil volume shipped.11% increase in total wells connected.
Higher Full-year 2024 Results, Compared with Full Year 2023:
- Net income including noncontrolling interests of
$3.1 billion - Net income excluding noncontrolling interests of
$3.0 billion $5.17 - Adjusted EBITDA of
$6.78 billion 8% increase in Rocky Mountain region NGL raw feed throughput volumes.6% increase in Rocky Mountain region natural gas volumes processed.
"ONEOK's strong performance in 2024 was driven by contributions from multiple strategic acquisitions, volume growth and fee-based earnings," said Pierce H. Norton II, ONEOK president and chief executive officer.
"Over the past two years, strategic acquisitions and steady organic growth have transformed ONEOK into an even more geographically diversified and integrated midstream infrastructure company," added Norton. "Our disciplined and intentional growth strategy continues with our current slate of projects, including the recently announced LPG export terminal joint venture. These strategic investments align with ONEOK's capital allocation strategy, further positioning the company for long-term growth and delivering value to shareholders."
HIGHLIGHTS:
- Returning value to shareholders:
- In January 2025, ONEOK increased its quarterly dividend
4% to$1.03 $4.12 - As of Feb. 17, 2025, ONEOK has repurchased 1.675 million shares of common stock for
$171.7 million $2 billion
- In January 2025, ONEOK increased its quarterly dividend
- In February 2025, ONEOK announced joint ventures to construct a 400,000-barrel per day (bpd) liquified petroleum gas (LPG) export terminal in
Texas City, Texas , and a pipeline connecting ONEOK'sMont Belvieu storage facility to the new terminal. - Recently completed capital-growth projects:
- In December 2024, ONEOK completed construction of MB-6, a 125,000-bpd natural gas liquids (NGL) fractionator in
Mont Belvieu, Texas . - In December 2024, ONEOK completed the full looping of the West Texas NGL Pipeline system, expanding capacity to 515,000 bpd. Additional pump stations are expected to be completed in mid-2025 and will increase system capacity to 740,000 bpd.
- In January 2025, ONEOK completed construction of the Elk Creek pipeline expansion. The project will increase capacity to 575,000 bpd out of the Rocky Mountain region following the supply of full power capability in mid-2025.
- In December 2024, ONEOK completed construction of MB-6, a 125,000-bpd natural gas liquids (NGL) fractionator in
- In October 2024, ONEOK completed the acquisition of Medallion Midstream (Medallion).
- In December 2024, ONEOK completed an interstate natural gas pipeline divestiture for
$1.2 billion - In January 2025, ONEOK completed the acquisition of EnLink Midstream (EnLink).
- 2024 Environmental, Social and Governance (ESG) highlights:
- ONEOK received an MSCI ESG Rating of AAA.
- ONEOK's ESG Risk Rating, as assessed by Morningstar Sustainalytics, was in the top
20% of the refiners and pipelines industry. - As of year-end 2024, ONEOK had achieved combined Scope 1 and Scope 2 emissions reductions totaling approximately 1.7 million metric tons (MMT), or
77% toward the company's targeted 2.2 MMT 2030 reduction target.
- As of Dec. 31, 2024:
- 3.6 times fourth-quarter 2024 annualized run-rate net debt-to-EBITDA ratio.
- No borrowings outstanding under ONEOK's
$2.5 billion
- In February 2025, ONEOK amended and restated its credit agreement, increasing the capacity to
$3.5 billion
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL HIGHLIGHTS
Three Months Ended | Years Ended | |||
2024 | 2023 | 2024 | 2023 | |
(Millions of dollars, except per share amounts) | ||||
Net income (a) (c) | $ 1,000 | $ 688 | $ 3,112 | $ 2,659 |
Net income attributable to ONEOK (a) (c) | $ 923 | $ 688 | $ 3,035 | $ 2,659 |
Diluted earnings per common share (a) (c) | $ 1.57 | $ 1.18 | $ 5.17 | $ 5.48 |
Adjusted EBITDA (b) (c) (d) | $ 2,174 | $ 1,514 | $ 6,784 | $ 5,243 |
Operating income (b) (c) | $ 1,568 | $ 1,099 | $ 4,989 | $ 4,072 |
Operating costs | $ 776 | $ 554 | $ 2,496 | $ 1,535 |
Depreciation and amortization | $ 344 | $ 260 | $ 1,134 | $ 769 |
Equity in net earnings from investments | $ 183 | $ 70 | $ 439 | $ 202 |
Maintenance capital | $ 136 | $ 139 | $ 411 | $ 277 |
Capital expenditures (includes maintenance) | $ 562 | $ 603 | $ 2,021 | $ 1,595 |
(a) Amounts for the three months and year ended Dec. 31, 2024, include pre-tax gains of | |
(b) Amounts for the three months and year ended Dec. 31, 2024, include | |
(c) The year ended Dec. 31, 2023, includes a benefit of | |
(d) Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) is a non-GAAP measure. | |
FULL-YEAR 2024 FINANCIAL PERFORMANCE
ONEOK reported full-year 2024 net income including noncontrolling interests and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) of
Higher 2024 results were driven primarily by a full year of earnings from the Refined Products and Crude segment, higher volumes in the Rocky Mountain region and the gain from the interstate pipeline divestiture. Results included increased operating costs due primarily to higher employee-related costs and higher outside services from the growth of ONEOK's operations.
Additionally, 2024 results included
BUSINESS SEGMENT RESULTS:
Natural Gas Liquids Segment
Three Months Ended | Years Ended | |||
Natural Gas Liquids Segment | 2024 | 2023 | 2024 | 2023 |
(Millions of dollars) | ||||
Adjusted EBITDA | $ 696 | $ 613 | $ 2,543 | $ 3,045 |
Capital expenditures | $ 202 | $ 323 | $ 987 | $ 818 |
The increase in fourth quarter 2024 adjusted EBITDA, compared with fourth quarter 2023, primarily reflects:
- A
$59 million - A
$34 million - A
$21 million Medford incident due to lower third-party fractionation costs in the current quarter; offset by - A
$19 million - A
$16 million
The decrease in adjusted EBITDA for the full year 2024, compared with 2023, primarily reflects:
- A
$695 million Medford incident, due primarily to an insurance settlement gain in 2023 of$779 million $84 million - A
$77 million - A
$9 million - A
$184 million - A
$59 million - A
$31 million
Refined Products and Crude Segment
Three Months Ended | Years Ended | |||
Refined Products and Crude Segment | 2024 | 2023 | 2024 | 2023(a) |
(Millions of dollars) | ||||
Adjusted EBITDA | $ 603 | $ 424 | $ 1,892 | $ 465 |
Capital expenditures | $ 96 | $ 51 | $ 216 | $ 52 |
(a) - Includes results subsequent to the Magellan acquisition beginning Sept. 25, 2023. | ||||
The increase in fourth quarter 2024 adjusted EBITDA, compared with fourth quarter 2023, primarily reflects:
- A
$98 million - A
$73 million - A
$39 million - A
$38 million
The increase in adjusted EBITDA for the full year 2024, compared with 2023, primarily reflects:
- A
$1,354 million $88 million - A
$73 million
Natural Gas Gathering and Processing Segment
Three Months Ended | Years Ended | |||
Natural Gas Gathering and Processing Segment | 2024 | 2023 | 2024 | 2023 |
(Millions of dollars) | ||||
Adjusted EBITDA | $ 489 | $ 323 | $ 1,484 | $ 1,244 |
Capital expenditures | $ 173 | $ 140 | $ 492 | $ 448 |
The increase in fourth quarter 2024 adjusted EBITDA, compared with fourth quarter 2023, primarily reflects:
- A
$200 million - A
$10 million - A
$25 million - A
$17 million
The increase in adjusted EBITDA for the full year 2024, compared with 2023, primarily reflects:
- A
$200 million - A
$77 million - A
$59 million Kansas ; offset by - A
$54 million - A
$44 million
Natural Gas Pipelines Segment
Three Months Ended | Years Ended | |||
Natural Gas Pipelines Segment | 2024 | 2023 | 2024 | 2023 |
(Millions of dollars) | ||||
Adjusted EBITDA | $ 417 | $ 132 | $ 900 | $ 559 |
Capital expenditures | $ 71 | $ 73 | $ 258 | $ 228 |
The increase in fourth quarter 2024 adjusted EBITDA, compared with fourth quarter 2023, primarily reflects:
- A
$227 million - A
$41 million - A
$19 million
The increase in adjusted EBITDA for the full year 2024, compared with 2023, primarily reflects:
- A
$227 million - A
$75 million - A
$41 million - A
$16 million - A
$19 million
EARNINGS CONFERENCE CALL AND WEBCAST:
Members of ONEOK's management team will participate in a conference call at 11 a.m. Eastern (10 a.m. Central) on Feb. 25, 2025. The call also will be carried live on ONEOK's website.
To participate in the conference call, dial 877-883-0383, entry number 0386035, 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 5294827.
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), 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 expense, depreciation and amortization, income taxes 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.
This news release includes or references certain forward-looking, non-GAAP financial measures. Because ONEOK provides these measures on a forward-looking basis, it can not reasonably predict certain of the necessary components of the most directly comparable forward- looking GAAP financial measures, such as future depreciation, EBITDA from unconsolidated affiliates and other noncash items. Accordingly, ONEOK is unable to present a quantitative reconciliation of such forward-looking, non-GAAP financial measures to the respective most directly comparable forward-looking GAAP financial measure. ONEOK believes that these forward-looking, non-GAAP measures may be a useful tool for the investment community in comparing ONEOK's forecasted financial performance to the forecasted financial performance of other companies in the industry.
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 approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil 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 Tulsa, Oklahoma.
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, 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 geopolitical instability;
- 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 and financial impacts of climate change;
- risks associated with operational hazards and unforeseen interruptions at our operations;
- the inability of insurance proceeds to cover all liabilities or incurred costs and losses, or lost earnings, resulting from a loss;
- the risk of increased costs for insurance premiums or less favorable coverage;
- 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 unconsolidated 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 certain joint-venture assets and to provide other services;
- increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal 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 greenhouse gas 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;
- 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 health care benefits, including postretirement health care benefits, to eligible employees and qualified retirees;
- our ability to maintain an effective system of internal controls; and
- disruptions to our business due to acquisitions and other significant transactions, including the EnLink Acquisition and the Medallion Acquisition;
- the risk that our, EnLink's and Medallion's businesses will not be integrated successfully;
- the risk that cost savings, synergies and growth from the EnLink Acquisition and the Medallion Acquisition may not be fully realized or may take longer to realize than expected; 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 |
Media Contact: | Brad Borror |
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SOURCE ONEOK, Inc.
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