Strong Net Income and EBITDA Growth
ONEOK, Inc. (NYSE: OKE) announced higher third quarter 2025 financial results, highlighting steady performance across its assets and reaffirming full-year guidance for net income and adjusted EBITDA. The company reported net income of $940 million, equating to $1.49 per diluted share, and an adjusted EBITDA of $2.12 billion, which included $7 million in transaction costs.
These results represent a significant improvement compared to the third quarter of 2024. Notably, NGL raw feed throughput volumes increased by 17% in the Rocky Mountain region and 6% in the Mid-Continent region, while natural gas volumes processed rose 3% in the Rocky Mountain area.
ONEOK President and CEO Pierce H. Norton II
ONEOK President and CEO Pierce H. Norton II credited the strong performance to effective integration of recent acquisitions and steady demand across the company’s operations.
“ONEOK’s strong third quarter demonstrates the consistent execution of acquisition-related integration strategies by our employees, as well as the continued solid performance of our contiguously integrated assets,” Norton said.
“Recently completed organic growth and synergy projects increase ONEOK’s capacity to grow earnings by expanding and extending our integrated assets, driving long-term value for stakeholders.”
Acquisitions and Volume Growth Drive Performance
The EnLink and Medallion acquisitions had a positive impact across ONEOK’s system, contributing to both higher natural gas liquids (NGL) and natural gas processing volumes. Transaction costs from the EnLink deal totaled $7 million in the quarter.
Quarterly EBITDA Drivers
The increase in adjusted EBITDA from third quarter 2024 to 2025 reflects:
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A $56 million increase from EnLink’s adjusted EBITDA contribution.
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A $43 million rise in optimization and marketing, driven by higher sales of purity NGLs held in inventory and wider commodity price differentials.
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A $31 million boost in exchange services, including $44 million from higher volumes in the Rocky Mountain and Mid-Continent regions, partially offset by $18 million from lower fee rates in the Mid-Continent region.
Nine-Month 2025 Results Show Continued Strength
For the first nine months of 2025, ONEOK reported several key drivers behind its EBITDA growth compared to the same period in 2024:
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$171 million increase from EnLink’s contribution.
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$26 million rise in optimization and marketing earnings from NGL inventory sales.
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$21 million gain in exchange services, with:
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$74 million from higher volumes in the Rocky Mountain region.
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$29 million from higher average fee rates in that same region.
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Partially offset by:
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$41 million from lower fee rates in the Mid-Continent region.
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$15 million from reduced volumes in that region.
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$16 million from higher transportation costs.
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$6 million increase from unconsolidated affiliates, mainly due to higher deliveries to the Overland Pass Pipeline.
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Offset by a $20 million increase in operating costs, primarily from employee-related expenses tied to operational growth.
ONEOK’s Long-Term Outlook Remains Positive
ONEOK continues to emphasize integration, efficiency, and expansion as key elements of its growth strategy. With strong NGL and natural gas processing volumes across the Rocky Mountain and Mid-Continent regions, and benefits from major acquisitions, the company is positioned to deliver sustained earnings growth and value creation for stakeholders.