• Net Income: $693 million or $1.18 per share for Q3 2024.

• Adjusted EBITDA: $1.55 billion for Q3 2024.

• 2024 Consolidated Net Income Guidance: Midpoint of approximately $3 billion.

• 2024 Consolidated Adjusted EBITDA Guidance: Midpoint of $6.625 billion.

• 2024 Stand-Alone Net Income Guidance: Midpoint of $2.945 billion.

• 2024 Stand-Alone Adjusted EBITDA Guidance: Midpoint of $6.275 billion.

• Capital Expenditures: Expected range of $1.75 billion to $1.95 billion for 2024.

• Rocky Mountain NGL Volumes: Increased 7% year-over-year.

• Total Refined Products Volumes: Nearly 1.6 million barrels per day, a new record.

• Crude Oil Volumes: Increased 10% year-over-year on wholly owned assets.

• Rocky Mountain Region Processing Volumes: Averaged nearly 1.7 Bcf per day, a record for Q3 2024.

• Warning! GuruFocus has detected 10 Warning Signs with OKE.

Release Date: October 30, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• ONEOK Inc (NYSE:OKE) increased its full-year 2024 financial guidance for the second time this year, highlighting strong fee-based earnings and synergy opportunities.

• The company's stand-alone 2024 adjusted EBITDA guidance is more than double its adjusted EBITDA from five years ago, showcasing significant growth.

• ONEOK Inc (NYSE:OKE) completed the acquisition of controlling interest in Midstream and is finalizing the Medallion acquisition, expanding its footprint and growth potential.

• The company expects its total combined EBITDA for 2025 to be comfortably above $8 billion, indicating strong future financial performance.

• ONEOK Inc (NYSE:OKE) reported record volumes in its refined products segment, driven by robust demand and strategic tariff adjustments.

Negative Points

• The completion of two third-party processing plants in the Permian Basin was delayed, impacting expected volume contributions.

• Ethane demand remains flat, with limited economic opportunities for recovery in certain regions, affecting potential revenue streams.

• The company experienced planned and unplanned outages in the Rocky Mountain region, impacting processing volumes.

• ONEOK Inc (NYSE:OKE) faces challenges from severe weather events, such as wildfires in North Dakota, which disrupted operations and volumes.

• The integration of new acquisitions like EnLink and Medallion may present initial challenges in realizing expected synergies and efficiencies.

Q & A Highlights

Q: Can you discuss how ONEOK's assets are positioned to capitalize on the growing demand for natural gas infrastructure, particularly with the rise of data centers? A: Sheridan Swords, Senior Vice President, explained that ONEOK's assets are well-positioned, with 23 projects in discussion, 10 of which are specifically targeting demand centers. The integration of EnLink's assets further strengthens ONEOK's ability to capture growth in natural gas demand for data centers.