ONEOK Announces Higher Third Quarter 2025 Earnings and Affirms 2025 Net Income and Adjusted EBITDA Guidance Ranges
Record Rocky Mountain Region Volumes
TULSA, Okla., Oct. 28, 2025 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher third quarter 2025 results and affirmed full-year 2025 net income and adjusted EBITDA guidance ranges.
Higher Third Quarter 2025 Results, Compared With Third Quarter 2024:
"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," said Pierce H. Norton II, ONEOK president and chief executive officer. "We continued to benefit from steady demand across our businesses and increasing production in all of the basins where we operate.
"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," added Norton.
THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS
Three Months Ended
Nine Months Ended
Sept. 30,
Sept. 30,
2025
2024
2025
2024
(Millions of dollars, except per share amounts)
Net income (a)
$ 940
$ 693
$ 2,484
$ 2,112
Net income attributable to ONEOK (a)
$ 939
$ 693
$ 2,416
$ 2,112
Diluted earnings per common share (a)
$ 1.49
$ 1.18
$ 3.87
$ 3.60
Adjusted EBITDA (b)
$ 2,119
$ 1,545
$ 5,875
$ 4,610
Operating income (a)
$ 1,558
$ 1,128
$ 4,209
$ 3,421
Operating costs
$ 738
$ 582
$ 2,196
$ 1,720
Depreciation and amortization
$ 378
$ 274
$ 1,126
$ 790
Equity in net earnings from investments
$ 92
$ 92
$ 281
$ 256
Maintenance capital
$ 162
$ 109
$ 362
$ 275
Capital expenditures (includes maintenance)
$ 804
$ 468
$ 2,182
$ 1,459
(a) Amounts for the three and nine months ended Sept. 30, 2025, include pretax impacts of $10 million and $74 million, respectively, of transaction costs, related primarily to the EnLink acquisition, resulting in a net impact of 1 cent and 9 cents per diluted share after tax, respectively.
(b) Amounts for the three and nine months ended Sept. 30, 2025, include $7 million and $59 million, respectively, of transaction costs related primarily to the EnLink acquisition. Transaction costs of $3 million and $15 million, respectively, were noncash and not included in adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure and is explained in greater detail in the Non- GAAP Financial Measures section.
ORGANIC GROWTH HIGHLIGHTS:
FINANCIAL HIGHLIGHTS:
THIRD QUARTER 2025 FINANCIAL PERFORMANCE
ONEOK reported third quarter 2025 net income and adjusted EBITDA of $940 million and $2.12 billion, respectively.
Results were driven primarily by the positive impact of the EnLink and Medallion acquisitions across ONEOK's system and higher natural gas liquids (NGLs) and natural gas processing volumes.
Additionally, third quarter 2025 adjusted EBITDA included $7 million of transaction costs related primarily to the EnLink acquisition.
BUSINESS SEGMENT RESULTS:
Natural Gas Liquids Segment
Three Months Ended
Nine Months Ended
Sept. 30,
Sept. 30,
Natural Gas Liquids Segment
2025
2024
2025
2024
(Millions of dollars)
Adjusted EBITDA
$ 748
$ 624
$ 2,056
$ 1,847
Capital expenditures
$ 218
$ 247
$ 524
$ 785
The increase in third quarter 2025 adjusted EBITDA, compared with third quarter 2024, primarily reflects:
The increase in adjusted EBITDA for the nine-month 2025 period, compared with the same period last year, primarily reflects:
Refined Products and Crude Segment
Three Months Ended
Nine Months Ended
Sept. 30,
Sept. 30,
Refined Products and Crude Segment
2025
2024
2025
2024
(Millions of dollars)
Adjusted EBITDA
$ 582
$ 441
$ 1,610
$ 1,289
Capital expenditures
$ 214
$ 45
$ 539
$ 120
The increase in third quarter 2025 adjusted EBITDA, compared with third quarter 2024, primarily reflects:
The increase in adjusted EBITDA for the nine-month 2025 period, compared with the same period last year, primarily reflects:
Natural Gas Gathering and Processing Segment
Three Months Ended
Nine Months Ended
Sept. 30,
Sept. 30,
Natural Gas Gathering and Processing Segment
2025
2024
2025
2024
(Millions of dollars)
Adjusted EBITDA
$ 566
$ 318
$ 1,597
$ 995
Capital expenditures
$ 302
$ 102
$ 884
$ 319
The increase in third quarter 2025 adjusted EBITDA, compared with third quarter 2024, primarily reflects:
The increase in adjusted EBITDA for the nine-month 2025 period, compared with the same period last year, primarily reflects:
Natural Gas Pipelines Segment
Three Months Ended
Nine Months Ended
Sept. 30,
Sept. 30,
Natural Gas Pipelines Segment
2025
2024
2025
2024
(Millions of dollars)
Adjusted EBITDA
$ 200
$ 166
$ 600
$ 483
Capital expenditures
$ 55
$ 56
$ 169
$ 187
The increase in third quarter 2025 adjusted EBITDA, compared with third quarter 2024, primarily reflects:
The increase in adjusted EBITDA for the nine-month 2025 period, compared with the same period last year, primarily reflects:
EARNINGS CONFERENCE CALL AND WEBCAST:
Members of ONEOK's management team will participate in a conference call at 11 a.m. Eastern (10 a.m. Central) on Oct. 29, 2025. The call will also be webcast.
To participate in the conference call, dial 800-343-4136, conference ID: OKE3Q25, or log on to the webcast at www.oneok.com.
If you are unable to participate in the conference call or the webcast, the replay will be available on ONEOK's website, www.oneok.com, for one year. A recording will be available by phone for seven days. The playback call may be accessed at 800-934-3639.
LINK TO EARNINGS TABLES AND PRESENTATION:
https://ir.oneok.com/financial-information/financial-reports
NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES:
ONEOK has disclosed in this news release adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), a non-GAAP financial metric used to measure the company's financial performance. Adjusted EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, noncash impairment charges, income taxes, noncash compensation expense, and other noncash items; and includes adjusted EBITDA from the company's unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. Adjusted EBITDA from unconsolidated affiliates is calculated consistently with the definition above and excludes items such as interest expense, depreciation and amortization, income taxes and other noncash items.
Adjusted EBITDA is useful to investors because it and similar measures are used by many companies in the industry as a measure of financial performance and is commonly employed by financial analysts and others to evaluate ONEOK's financial performance and to compare the company's financial performance with the performance of other companies within the industry. Adjusted EBITDA should not be considered in isolation or as a substitute for net income or any other measure of financial performance presented in accordance with GAAP.
This non-GAAP financial measure excludes some, but not all, items that affect net income. Additionally, this calculation may not be comparable with similarly titled measures of other companies. A reconciliation of net income to adjusted EBITDA is included in the tables.
At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.
ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma. For information about ONEOK, visit the website: www.oneok.com.
For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.
This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates," "believes," "continues," "could," "estimates," "expects," "forecasts," "goal," "guidance," "intends," "may," "might," "outlook," "plans," "potential," "projects," "scheduled," "should," "target," "will," "would," and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect our current views about future events. Such forward-looking statements include, but are not limited to, future financial and operating results, our plans, objectives, expectations and intentions, and other statements that are not historical facts, including future results of operations, adjusted EBITDA, projected cash flow and liquidity, business strategy, expected synergies or cost savings, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected.
Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties, many of which are beyond our control, and are not guarantees of future results. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. These risks and uncertainties include, without limitation, the following:
Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Other than as required under securities laws, ONEOK undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or changes in circumstances, expectations or otherwise.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in the most recent reports on Form 10-K and Form 10-Q and other documents of ONEOK on file with the SEC. ONEOK's SEC filings are available publicly on the SEC's website at www.sec.gov.
Analyst Contact:
Megan Patterson
918-561-5325
Media Contact:
Alicia Buffer
918-861-3749
SOURCE Oneok, Inc.