Oneok Inc.

Quarterly Performance and Outlook: For Q1 2025, ONEOK reported a net income of $636 million ($1.04 per share) with adjusted EBITDA of $1.78 billion, aligning with expectations. The company anticipates continued earnings growth driven by synergies from acquisitions, completion of organic growth projects, and increased volumes, affirming their 2025 financial guidance and optimistic for 2026.

Volume Growth: NGL volumes increased by 4% year-over-year, with a significant 15% growth in the Rocky Mountain region. The company sees momentum from improved weather conditions which are expected to boost volumes further, particularly in the refined products sector during the upcoming summer months, with additional support from a strong agricultural demand.

Synergies from Acquisitions: ONEOK is progressing towards realizing $250 million in incremental synergies from acquisitions of EnLink and Medallion. The company emphasizes that many of these synergies stem from operational efficiencies that are not entirely dependent on production volumes but rather on integrating systems and optimizing operations.