ONEOK reported its second-quarter 2018 net income totaled $281 million while operating income was up 40 percent and adjusted earnings increased 30 percent from a year ago.
The Tulsa-based utility said the net income was 68 cents a diluted share compared to 33 cents last year at this time. Distributable cash for the second quarter increased 37 percent compared to the second quarter of 2017.
The net income a year ago was $545.6 million. Adjusted earnings before interest, taxes, depreciation and amortization in this year’s second quarter totaled $601.8 million compared to $462.3 million last year.
The company said its higher second quarter operating income and adjusted earnings were driven by natural gas and NGL volume growth.
Over the past year, ONEOK has embarked on $4.3 billion in capital-growth projects including completion of a $200 million project this quarter involving a 120-mile lateral extension of the West Texas LPG pipeline. It is planning to finish a $130 million project involving a 60,000 barrel per day extension of the Sterling III in the fourth quarter of 2018.
The Elk Creek 900-mile pipeline from the Williston Basin to the Mid-Continent won’t be completed until the fourth quarter of 2019.
ONEOK said its $575 million fractionator project at Mont Belvieu, Texas won’t be completed until the first quarter of 2020.
Read the entire ONEOK report by clicking here.