ONEOK INC /NEW/ (OKE) Company Report

ONEOK reported Q3 2025 net income of $940 million ($1.49/share) and adjusted EBITDA of $2.12 billion, up 10% and 7% sequentially, driven by volume growth and contributions from acquired NLink and Medallion assets.
The company affirmed 2025 guidance with net income of $3.17 billion–$3.65 billion, adjusted EBITDA of $8.0 billion–$8.45 billion, and total capex of $2.8 billion–$3.2 billion, excluding $59 million of YTD transaction costs.
Q3 capital allocation included repurchasing >600,000 shares and retiring >$500 million of senior notes, bringing YTD debt extinguishment to >$1.3 billion, while targeting a 3.5× leverage ratio by Q4 2026.
Operational highlights included a record 490,000 bpd in the Rocky Mountain NGL region, Permian gas processing volumes of 1.55 Bcf/d, and continued progress on projects adding significant pipeline, fractionation, and processing capacity.

Oct 29, 2025, 3:00 PM

Transcript

ONEOK reports Q3 2025 results

OKE

Earnings

Guidance Update

Share Buyback

In Q3 2025, ONEOK posted $940 million net income ($1.49/share), up 10% QoQ, and $2.12 billion adjusted EBITDA, including $7 million of one‐time costs; EnLink and Medallion contributed ~$470 million of EBITDA.
The company repurchased over 600,000 shares and retired more than $500 million in senior notes during the quarter; year‐to‐date senior note retirements exceed $1.3 billion.
Reaffirmed 2025 guidance: net income $3.17 B–$3.65 B, adjusted EBITDA $8.0 B–$8.45 B, and capex $2.8 B–$3.2 B; expects ~$250 million in synergies and deferred cash taxes until 2029.
Gas gathering and processing volumes rose across all regions vs Q2: Permian +5% to 1.55 bcf/d, Mid‐Continent +6%, Rocky Mountain 1.7 bcf/d (+4%, record).

Oct 29, 2025, 3:00 PM

Transcript

ONEOK reports Q3 2025 results

OKE

Earnings

Guidance Update

Share Buyback

ONEOK reported Q3 2025 net income of $940 million ($1.49 per share) and adjusted EBITDA of $2.12 billion, up 10% and 7% sequentially, respectively.
The company affirmed its full-year 2025 net income guidance of $3.17 billion–$3.65 billion and adjusted EBITDA guidance of $8.0 billion–$8.45 billion, excluding one-time costs.
Acquired NLink and Medallion assets contributed $470 million in Q3 adjusted EBITDA; ONEOK expects $250 million of synergy-related EBITDA in 2025, having realized nearly $500 million since the Magellan acquisition in September 2023.
Q3 volumes increased across key segments, including Permian gas processing averaging 1.55 Bcf/d (+5%), Rocky Mountain NGL throughput at >490 k bpd (+5%), and Gulf Coast Permian NGL at ~570 k bpd (+8%).
Year-to-date capital allocation included repurchasing >600,000 shares and retiring >$1.3 billion in senior notes; ONEOK targets leverage of 3.5× EBITDA by Q4 2026.

Oct 29, 2025, 3:00 PM

Transcript

ONEOK announces Q3 2025 results

OKE

Earnings

Dividends

Guidance Update

ONEOK Q3 2025 net income of $940 million (up 10% QoQ) and adjusted EBITDA of $2.119 billion (up 7% QoQ).
Volume growth: NGL throughput up 8% in Gulf Coast/Permian and 5% in Rocky Mountain regions; natural gas volumes processed rose 5% sequentially.
Declared quarterly dividend of $1.03/share ($4.12 annualized), repurchased $45 million of shares, and extinguished over $500 million of long-term debt.
2025 adjusted EBITDA guidance set at $8.0 – 8.45 billion, including ~$250 million of annual synergies.

Oct 29, 2025, 3:00 PM

Presentation

ONEOK reports higher Q3 2025 earnings and affirms 2025 guidance

OKE

Earnings

Guidance Update

Dividends

Third quarter net income of $940 million, or $1.49 per diluted share, and Adjusted EBITDA of $2.12 billion, driven by acquisition contributions and higher volumes.
Affirmed full-year 2025 net income and Adjusted EBITDA guidance ranges.
NGL raw feed throughput rose 17% in the Rocky Mountain region and 6% in the Mid-Continent region; Rocky Mountain natural gas processing volumes increased 3% year-over-year.
Declared a $1.03 per share dividend (annualized $4.12) and repurchased 611,237 shares for $45 million, alongside $119 million of senior notes, in Q3 2025.

Oct 28, 2025, 8:43 PM

8-K

ONEOK reports higher Q3 2025 earnings

OKE

Earnings

Guidance Update

ONEOK reported Q3 2025 net income of $940 million ($1.49 per diluted share) and adjusted EBITDA of $2.12 billion.
The company saw volume growth with 17% higher Rocky Mountain NGL throughput, 6% higher Mid-Continent NGL throughput, and 3% more Rocky Mountain natural gas processed year-over-year.
ONEOK affirmed full-year 2025 net income and adjusted EBITDA guidance ranges, underscoring confidence in its operational and acquisition integration strategy.

Oct 28, 2025, 8:15 PM

Press Release

ONEOK outlines strategic growth and integration plans

OKE

M&A

Guidance Update

New Projects/Investments

ONEOK executed five acquisitions in two years (Magellan, Easton, EnLink, Medallion, NGP) to diversify its footprint and is now focused on integration and extending contiguous assets before pursuing additional M&A.
Summer volumes in key basins are recovering: Bakken volumes are now near seasonal highs after winter-related delays, Mid-Continent output is outpacing expectations due to the Cherokee formation, and Permian throughput continues to grow with ongoing CDP hook-ups.
The company targets mid-to-upper-single-digit EBITDA growth in 2026, driven by modest volume increases and stair-step synergies from projects including the Magellan–East Houston link, Conway frac connectivity, Denver refined products expansion, and Medallion crude integrations.
Growth CapEx of ~$3 billion is forecast for 2025–2026 before declining in 2027–2029, while 100% bonus depreciation will yield ~$1 billion in incremental cash flow; leverage is expected to reach ~3.5× net debt/EBITDA by YE2026, enabling potential stock buybacks.
ONEOK is conducting a binding open season for the 24-inch Sunbelt Connector pipeline (El Paso–Phoenix), offering phased capacity growth with minimal initial pumping requirements, a ~2-year permitting timeline, and 1–2 years of construction.

Sep 30, 2025, 5:25 PM

Transcript

ONEOK outlines synergy progress and growth investments

OKE

New Projects/Investments

Share Buyback

ONEOK remains on track to deliver $250 million of synergies in 2025 across its Magellan, Medallion and EnLink acquisitions, with Magellan synergies notably ahead of plan.
Integration of NGL and refined-product systems is expected to halve butane blending logistics costs from $0.20 to $0.10 per gallon by 2026.
The company’s Denver refined-products pipeline will enter initial service mid-2026 at 30 k bpd, with optional expansion to 250 k bpd via pump additions at minimal incremental capital.
Capital allocation focuses on organic growth and deleveraging, targeting a 3.6× net-debt/EBITDA run rate in 2026, bolstered by $1.3 billion of tax-driven free cash flow over five years and potential share buybacks.

Sep 3, 2025, 9:46 PM

ONEOK announces Permian-to-Gulf Coast pipeline JV

OKE

New Projects/Investments

ONEOK, MPLX and Enbridge, via the Matterhorn JV, unveiled the 450-mile, 42-inch Eiger Express Pipeline designed to transport up to 2.5 Bcf/d of natural gas from the Permian Basin to the Gulf Coast.
ONEOK holds a 25.5% total interest in the pipeline, including its 15% direct stake plus its share of the Matterhorn JV’s 70% ownership.
The project is backed by firm transportation agreements with terms of 10 years or longer, linking to markets in Katy, Corpus Christi and LNG export facilities.
WhiteWater will construct and operate the pipeline, with commercial operations expected by mid-2028, pending regulatory approvals.

Aug 25, 2025, 11:44 AM

Press Release

ONEOK completes $3.0 B senior notes offering

OKE

Debt Issuance

ONEOK underwrote the sale of $750 million of 4.950% notes due 2032, $1.0 billion of 5.400% notes due 2035 and $1.25 billion of 6.250% notes due 2055.
The notes are unconditionally guaranteed by ONEOK Partners, ONEOK Partners Intermediate, Magellan Midstream Partners, EnLink Midstream Partners and Elk Merger Sub II.
ONEOK expects to use approximately $2.959 billion of net proceeds to repay outstanding commercial paper and its September 15, 2025 senior notes, with any remainder for general corporate purposes.
The securities are issued under ONEOK’s January 26, 2012 indenture, as supplemented by the Thirty-Third, Thirty-Fourth and Thirty-Fifth Supplemental Indentures dated August 12, 2025.

Aug 13, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for ONEOK INC /NEW/.

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