Earnings rose for ONEOK, Inc. in the third quarter of the year. The company announced higher third quarter 2024 results and provided 2024 financial guidance on a consolidated basis that includes contributions from EnLink Midstream and the pending Medallion Midstream acquisition.
ONEOK also increased its 2024 financial guidance on a stand-alone basis to be comparable with the previous guidance provided on April 30, 2024.
Net income for the quarter was $693 million or $1.18 per share, an increase of $65 million while adjusted EBITDA totaled $1.55 billion. The company reported the increased net income reached a midpoint of $2.945 billion compared with a previous midpoint of $2.88 billion. Adjusted EBITDA also increased by $100n million to a midpoint of $6.275 billion compared with a previous midpoint of $6.175 billion.
“ONEOK delivered solid results in the third quarter, supported by continued Rocky Mountain region strength, record refined products volumes, increased demand for natural gas transportation services and acquisition-related synergies,” said Pierce H. Norton II, ONEOK president and chief executive officer.
“Our ability to continue delivering on synergy opportunities through asset integration and connectivity efforts, coupled with strong fee-based earnings, drove ONEOK’s second financial guidance increase in 2024,” added Norton. “This combination of value creation through new and existing platforms demonstrates the strength of ONEOK’s integrated system and continued commitment to delivering exceptional value.”
ONEOK’s consolidated 2024 net income guidance range is $2.895 billion to $3.095 billion, with an adjusted EBITDA guidance range of $6.525 billion to $6.725 billion, which excludes related transaction costs.
ONEOK increased 2024 net income guidance to a range of $2.87 billion to $3.02 billion, compared with the previous range of $2.73 billion to $3.03 billion. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) guidance increased to a range of $6.20 billion to $6.35 billion, compared with ONEOK’s previous range of $6.025 billion to $6.325 billion.
Increased financial guidance reflects continued confidence in 2024 synergy expectations and fee-based earnings strength across ONEOK’s operations.
Total 2024 stand-alone capital expenditure guidance remains unchanged at $1.75 billion to $1.95 billion.