ONEOK, Inc. has announced higher 4Q24 and full-year 2024 results.
Higher 4Q24 results, compared to 4Q23:
- Net income including noncontrolling interests of US$1.0 billion.
- Net income excluding non-controlling interests of US$923 million (most of which is related to the EnLink acquisition closing on 31 January 2025), resulting in US$1.57 per diluted share.
- Adjusted EBITDA of US$2.17 billion.
- 3% increase in Rocky Mountain region NGL raw feed throughput volumes.
- 4% increase in crude oil volume shipped.
- 11% increase in total wells connected.
Higher full-year 2024 results, compared with full year 2023:
- Net income including noncontrolling interests of US$3.1 billion.
- Net income excluding noncontrolling interests of US$3.0 billion (most of which is related to the EnLink acquisition closing on 31 January 2025), resulting in US$5.17 per diluted share.
- Adjusted EBITDA of US$6.78 billion.
- 8% increase in Rocky Mountain region NGL raw feed throughput volumes.
- 6% increase in Rocky Mountain region natural gas volumes processed.
"ONEOK's strong performance in 2024 was driven by contributions from multiple strategic acquisitions, volume growth, and fee-based earnings," said Pierce H. Norton II, ONEOK president and CEO.
"Over the past two years, strategic acquisitions and steady organic growth have transformed ONEOK into an even more geographically diversified and integrated midstream infrastructure company," added Norton. "Our disciplined and intentional growth strategy continues with our current slate of projects, including the recently announced LPG export terminal joint venture. These strategic investments align with ONEOK's capital allocation strategy, further positioning the company for long-term growth and delivering value to shareholders."
Highlights:
Returning value to shareholders:
- In January 2025, ONEOK increased its quarterly dividend 4% to US$1.03 per share, or US$4.12 per share annualised.
- As of 17 February 2025, ONEOK has repurchased 1.675 million shares of common stock for US$171.7 million under its US$2 billion share repurchase programme.
- In February 2025, ONEOK announced joint ventures to construct a 400 000 bpd liquified petroleum gas (LPG) export terminal in Texas City, Texas, and a pipeline connecting ONEOK's Mont Belvieu storage facility to the new terminal.
Recently completed capital-growth projects:
- In December 2024, ONEOK completed construction of MB-6, a 125 000 bpd natural gas liquids (NGL) fractionator in Mont Belvieu, Texas.
- In December 2024, ONEOK completed the full looping of the West Texas NGL Pipeline system, expanding capacity to 515 000 bpd. Additional pump stations are expected to be completed in mid-2025 and will increase system capacity to 740 000 bpd.
- In January 2025, ONEOK completed construction of the Elk Creek pipeline expansion. The project will increase capacity to 575 000 bpd out of the Rocky Mountain region following the supply of full power capability in mid-2025.
- In October 2024, ONEOK completed the acquisition of Medallion Midstream (Medallion).
- In December 2024, ONEOK completed an interstate natural gas pipeline divestiture for US$1.2 billion.
- In January 2025, ONEOK completed the acquisition of EnLink Midstream (EnLink).
2024 Environmental, Social and Governance (ESG) highlights:
- ONEOK received an MSCI ESG Rating of AAA.
- ONEOK's ESG Risk Rating, as assessed by Morningstar Sustainalytics, was in the top 20% of the refiners and pipelines industry.
- As of year-end 2024, ONEOK had achieved combined Scope 1 and Scope 2 emissions reductions totalling approximately 1.7 million t, or 77% toward the company's targeted 2.2 million t 2030 reduction target.
As of 31 December 2024:
- 3.6 times 4Q24 annualised run-rate net debt-to-EBITDA ratio.
- No borrowings outstanding under ONEOK's US$2.5 billion credit agreement.
- In February 2025, ONEOK amended and restated its credit agreement, increasing the capacity to US$3.5 billion and extending the expiration to February 2030.
For a full and comprehensive look at the financial results, please follow the link here.