#USA #Tulsa #ONEOK #EnLink #Medallion

ONEOK's Q3 2025 Financial Highlights

On October 28, 2025, ONEOK, Inc. (NYSE: OKE) revealed its financial results for the third quarter of 2025, showcasing significant growth compared to the previous year. The company reported a net income of $940 million or $1.49 per diluted share, a noteworthy increase from $693 million or $1.18 per diluted share in Q3 2024. Adjusted EBITDA for this quarter reached $2.12 billion, influenced by successful acquisition integrations, specifically EnLink and Medallion, as well as increased volumes in natural gas liquids (NGLs) and processing operations.

Performance Overview

This financial success is attributed to several pivotal factors:

• - A 17% increase in NGL raw feed throughput volumes in the Rocky Mountain region.
• - A 6% increase in Mid-Continent region NGL throughput.
• - A 3% increase in natural gas volumes processed in the Rocky Mountain area.

Pierce H. Norton II, the President and CEO of ONEOK, stated: "Our strong third quarter reflects our team's effective execution of integration strategies and the solid performance of our integrated assets. The steady demand across our sectors, coupled with rising production in all operational basins, has driven our growth. Recent projects enhance our capacity to increase returns, further benefitting stakeholders."

Financial Metrics

Here are some key financial metrics for the three and nine months ending September 30, 2025, compared with the same periods in 2024:

• - Net Income:

- Q3 2025: $940 million
- Q3 2024: $693 million
- YTD 2025: $2,484 million
- YTD 2024: $2,112 million

• - Diluted Earnings Per Share:

- Q3 2025: $1.49
- Q3 2024: $1.18
- YTD 2025: $3.87
- YTD 2024: $3.60

• - Adjusted EBITDA:

- Q3 2025: $2,119 million
- Q3 2024: $1,545 million
- YTD 2025: $5,875 million
- YTD 2024: $4,610 million

• - Operating Income:

- Q3 2025: $1,558 million
- Q3 2024: $1,128 million

These figures highlight a consistent upward trend, showcasing ONEOK's ability to capitalize on market opportunities and enhance operational efficiencies.

Strategic Developments

Throughout Q3 2025, ONEOK continued to pursue organic growth initiatives. Notable announcements included:

• - A plan to construct the Bighorn natural gas processing plant in the Permian Basin, anticipated to have a capacity of 300 million cubic feet per day (MMcf/d), targeted for completion by mid-2027.
• - A joint venture for the construction of the Eiger Express Pipeline, a 450-mile natural gas pipeline extending from the Permian Basin to Katy, Texas.

Such projects illustrate ONEOK's commitment to expanding its infrastructure and service capabilities.

Financial Stability and Future Outlook

In August 2025, ONEOK successfully completed a $3 billion senior notes offering, illustrating strong investor confidence. The company maintained a solid cash position, with approximately $1.2 billion in cash and cash equivalents as of September 30, 2025. Furthermore, in October 2025, the organization declared a quarterly dividend of $1.03 per share, signaling a robust financial health.

As part of their capital strategy, ONEOK repurchased $119 million of senior notes for a total repurchase price of $96 million in Q3. Additionally, the company repurchased over 611,000 shares of common stock, reinforcing its commitment to returning value to shareholders.

Conclusion

ONEOK’s strong results in Q3 2025 reinforce its position as a leading energy infrastructure company. With its continued focus on strategic acquisitions and organic growth, coupled with strong operational metrics, the company remains well-positioned to meet stakeholder expectations and adapt to market demands. Looking forward, ONEOK has affirmed its financial guidance for the full year, solidifying its aim for sustained growth and profitability in the energy sector.

For further insights, ONEOK's management is scheduled to share more details in an earnings conference call set for October 29, 2025, at 11 a.m. Eastern Time. This call will provide additional information on their strategic direction and financial performance moving forward.