ONEOK reported this week it had higher second quarter earnings of $780 million in net income or $1.33 per share. It also had adjusted EBITDA of $1.6 bilion.
“Strong financial and operational performance during the second quarter, supported by record Rocky Mountain region volumes on our system and acquisition-related synergies, provide momentum heading into the second half of 2024,” said Pierce H. Norton II, ONEOK president and chief executive officer.
The company attributed some of the increased earnings with a 12% gain in its Rocky Mountain region NGL raw feed volumes, a 10% increase in processed natural gas volumes in the region and a 19% jump in Natural Gas Liquids segment adjusted EBITDA. In July, ONEOK announced a refined products pipeline expansion to the greater Denver area, increasing system capacity by 35,000 barrels per day.
“We continue to identify strategic growth opportunities across our system, including our recent NGL pipeline system acquisition in the Gulf Coast region and our announced refined products pipeline expansion to the greater Denver area,” explained Norton.
The company’s EBITDA earnings also reflected the explosion and fire at its Medford plant in 2023. The $734 million was the result of an insurance settlemlent gain lasat year of $779 million, offset partially by $45 million of lower third-party fractionation costs in 2024.
“Looking ahead to the remainder of the year, we expect favorable market fundamentals, strong performance across our operations and additional opportunities ahead,” he added. “With our continued growth, we remain focused on operating safely, reliably and environmentally responsibly as we provide the essential energy services needed today and into the future.”
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