ONEOK announced increased earnings for the second quarter of the year climbing from $691 million net income in the first quarter to $853 million three months later.
The second quarter highlights included $841 million in net income attributable to ONEOK resulting in a $1.34 per diluted share. In the first quarter, ONEOK’s net income attributable to the company was $636 million and $1.04 per share. The company’s adjusted EBITDA in the second quarter was $1.98 billion, stronger than the $1.78 billion in the first quarter.
“ONEOK’s higher second-quarter performance reflects the strategy of our contiguous integrated business model and sustained demand for the critical energy services we provide,” said Pierce H. Norton II, ONEOK president and chief executive officer.
“Our strategic acquisitions are delivering tangible benefits as we continue to make meaningful progress on acquisition-related synergies and organic growth.
“Our focused investments in high-return projects provide significant operating leverage and position us to capture incremental growth across key production regions, including our expanded and enhanced presence in the Permian Basin,” added Norton. “Backed by a strong balance sheet, long-standing and stable customer base and diversified earnings from across our value chain, ONEOK remains well positioned to deliver long-term value to stakeholders.”
NEOK reported second quarter 2025 net income attributable to ONEOK and adjusted EBITDA of $841 million and $1.98 billion, respectively.
Results were driven primarily by the positive impact of the EnLink and Medallion acquisitions across ONEOK’s system. Results were partially offset by the divestiture of certain assets in 2024.
Additionally, second quarter 2025 adjusted EBITDA included $21 million of transaction costs related primarily to the EnLink acquisition.
The increase in second quarter 2025 adjusted EBITDA, compared with second quarter 2024, primarily reflects:
- A $50 million increase due to adjusted EBITDA from EnLink; offset by
- An $11 million decrease in exchange services due primarily to lower average fee rates in the Mid-Continent region and higher inventory of unfractionated natural gas liquids (NGLs) due to unplanned outages, offset partially by higher volumes in the Rocky Mountain region.
The increase in adjusted EBITDA for the six-month 2025 period, compared with the same period last year, primarily reflects:
- A $115 million increase due to adjusted EBITDA from EnLink;
- An $8 million increase in transportation and storage due primarily to the acquisition of an NGL pipeline system from Easton Energy in June 2024; offset by
- A $17 million decrease in optimization and marketing due primarily to narrower product price differentials;
- A $16 million increase in operating costs due primarily to higher employee-related costs associated with the growth of ONEOK’s operations; and
- A $9 million decrease in exchange services due primarily to lower average fee rates and lower volumes in the Mid-Continent region and higher transportation costs, offset partially by higher volumes and higher average fee rates in the Rocky Mountain region.
- The increase in second quarter 2025 adjusted EBITDA, compared with second quarter 2024, primarily reflects:
- An $89 million increase due to adjusted EBITDA from Medallion and EnLink; and
- A $21 million decrease in operating costs due primarily to lower outside services and property taxes associated with timing; offset by
- An $8 million decrease in optimization and marketing due primarily to lower liquids blending differentials, offset partially by higher volumes; and
- A $7 million decrease in adjusted EBITDA from unconsolidated affiliates due primarily to lower BridgeTex earnings.
The increase in adjusted EBITDA for the six-month 2025 period, compared with the same period last year, primarily reflects:
- A $182 million increase due to adjusted EBITDA from Medallion and EnLink;
- A $34 million decrease in operating costs due primarily to lower outside services and property taxes associated with timing; and
- A $6 million increase in adjusted EBITDA from unconsolidated affiliates due primarily to higher Saddlehorn earnings from ONEOK’s 10% ownership interest increase in March 2024 and higher BridgeTex earnings; offset by
- A $35 million decrease in optimization and marketing due primarily to lower liquids blending differentials, offset partially by higher volumes; and
- A $16 million decrease in transportation and storage due primarily to timing of operational gains and losses and lower volumes on ONEOK’s legacy system.
