Higher second quarter earnings were reported Tuesday by ONEOK, Inc. which said its net income of $342.1 million resulted in 77-cents per diluted share toping analysts predictions by 3 cents.
The Tulsa-based firm’s net income was more than double the $134.3 million reported a year earlier.
The company had a 50% increase in adjusted EBITDA of $801.5 million compared to the second quarter a year ago.
It also had an 86% increase in Rocky Mountain region NGL raw feed throughout volumes and a 52% increase in Rocky Mountain region natural gas volumes processed.
The company leadership stated that based on year-to-date results, expected volumes and commodity prices, it now expects 2021 net income and adjusted earnings to be above the midpoints of the ranges provided in April and be between $3,050 million and $3,350 million.
“Increasing volumes across our systems due to accelerating producer activity, continued strengthening of the gas-to-oil ratio in the Williston Basin and increased ethane recovery contributed to a strong second quarter,” said Pierce H. Norton II, ONEOK president and chief executive officer. “Our performance through the first half of the year and our expectations for 2021 provide a tailwind into 2022.
At the end of June, ONEOK had no borrowings outstanding under its $2.5 billion credit agreement and it had a 4.30 times annualized run-rate net debt-to-EBITDA radio.
ONEOK executive management will conduct a conference call at 11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time) on Aug. 4, 2021. The call also will be carried live on ONEOK’s website.
Click here for ONEOK press release
