Oneok Inc Stock Price, News & Analysis

ONEOK (NYSE: OKE) reported strong Q3 2024 results with net income of $693 million ($1.18 per diluted share) and adjusted EBITDA of $1.55 billion. The company increased its 2024 financial guidance for the second time, with consolidated guidance including EnLink and Medallion contributions showing net income midpoint of $2.995 billion and adjusted EBITDA midpoint of $6.625 billion. Performance was driven by 7% increase in Rocky Mountain region NGL throughput, 5% increase in natural gas volumes, and 22% increase in Natural Gas Pipelines segment adjusted EBITDA. The company completed a $7 billion senior notes offering and acquired GIP's 43% stake in EnLink Midstream for $3.3 billion.

ONEOK, Inc. (NYSE: OKE) has declared a quarterly dividend of 99 cents per share, unchanged from the previous quarter. This results in an annualized dividend of $3.96 per share. The dividend is payable on Nov. 14, 2024, to shareholders of record at the close of business on Nov. 1, 2024.

ONEOK is a leading midstream operator with a 50,000-mile pipeline network, providing gathering, processing, fractionation, transportation, and storage services for natural gas, natural gas liquids (NGLs), refined products, and crude oil. The company is also the managing member of EnLink Midstream, (NYSE: ENLC), owning 43% of EnLink's outstanding common units.

EnLink Midstream (NYSE: ENLC) announced changes to its Board of Directors following ONEOK's acquisition of Global Infrastructure Partner's (GIP) 43% equity interest in ENLC and EnLink Manager. Three new directors from ONEOK have been appointed:

1. Pierce H. Norton II - Board Chairman and Chairman of Governance and Compensation Committee
2. Walter S. Hulse III - Member of Sustainability Committee
3. Lyndon C. Taylor - Member of Governance and Compensation Committee

These appointments reflect ONEOK's new controlling interest. Leldon E. Echols remains as Lead Independent Director. The departing directors are Matthew C. Harris, Benjamin M. Daniel, and Scott E. Telesz from GIP. EnLink's CEO, Jesse Arenivas, expressed gratitude for GIP's contributions and welcomed the new ONEOK directors, highlighting their extensive midstream and energy experience.

ONEOK has successfully completed its acquisition of Global Infrastructure Partners' (GIP) entire interest in EnLink Midstream, for approximately $3.3 billion. The acquisition includes 43% of EnLink's outstanding common units at $14.90 per unit and 100% of the interests in the managing member for $300 million. This strategic move expands ONEOK's integrated assets in key production basins, including the Permian Basin, and establishes a new asset position in Louisiana.

With this transaction, ONEOK gains control of EnLink's managing member and has appointed new board members. The company intends to pursue the acquisition of the publicly held common units of EnLink in a tax-free transaction. The combined asset bases are expected to enhance synergies, reduce leverage, and increase accretion to ONEOK shareholders. EnLink will become a consolidated subsidiary of ONEOK for GAAP financial reporting purposes, while both companies' stocks will continue to be publicly traded on the NYSE.

ONEOK, Inc. (NYSE: OKE) has scheduled its third quarter 2024 earnings release for October 29, 2024, after market close. A conference call and webcast will follow on October 30, 2024, at 11 a.m. Eastern (10 a.m. Central). Participants can join via phone at 877-883-0383 (entry number 6520132) or through the webcast at www.oneok.com. A replay will be available on ONEOK's website for one year and by phone for seven days.

ONEOK is a leading midstream operator with a 50,000-mile pipeline network, providing gathering, processing, fractionation, transportation, and storage services for natural gas, NGLs, refined products, and crude oil. As an S&P 500 company headquartered in Tulsa, Oklahoma, ONEOK plays a important role in meeting domestic and international energy demand.

ONEOK (NYSE: OKE) has announced a $7.0 billion senior notes offering with various maturities and coupon rates. The net proceeds, expected to be approximately $6.92 billion, will primarily fund the acquisition of Global Infrastructure Partners' interests in EnLink Midstream, and Medallion Midstream, . The offering includes:

• $1.25 billion of 3-year notes at 4.25%
• $600 million of 5-year notes at 4.40%
• $1.25 billion of 7-year notes at 4.75%
• $1.60 billion of 10-year notes at 5.05%
• $1.50 billion of 30-year notes at 5.70%
• $800 million of 40-year notes at 5.85%

The offering is expected to close around September 24, 2024, subject to customary conditions. Any remaining proceeds will be used for general corporate purposes, including potential debt repayment.

ONEOK (NYSE: OKE), a leading midstream energy operator, is set to participate in the Barclays CEO Energy-Power Conference on Sept. 4-5, 2024, in New York. The company's management team will engage in a fireside chat session on Wednesday, Sept. 4, at 2:25 p.m. Eastern Time. This session will be webcast live on ONEOK's website and available for replay.

ONEOK operates a 50,000-mile pipeline network, providing essential services in gathering, processing, fractionation, transportation, and storage of natural gas, NGLs, refined products, and crude oil. As an S&P 500 company headquartered in Tulsa, Oklahoma, ONEOK plays a important role in meeting domestic and international energy demand, contributing to energy security, and delivering responsible energy solutions for the future.

ONEOK (NYSE: OKE) has announced two major acquisitions valued at $5.9 billion, significantly expanding its presence in the Permian Basin and other key regions. The company will acquire Global Infrastructure Partners' (GIP) 43% stake in EnLink Midstream (NYSE: ENLC) for $3.3 billion and Medallion Midstream for $2.6 billion. These transactions are expected to be immediately accretive to earnings per share and free cash flow, while maintaining ONEOK's strong investment-grade credit ratings.

The acquisitions will establish a fully integrated Permian Basin platform at scale, expand ONEOK's footprint in the Mid-Continent, North Texas, and Louisiana, and provide significant synergies through complementary asset positions. ONEOK anticipates annual synergies of $250-450 million within three years. The company also intends to pursue a tax-free acquisition of the publicly held interests in EnLink following the closing of these transactions.

ONEOK (NYSE: OKE) announced its participation in investor meetings at the Citi Midstream and New Energy Infrastructure Conference from August 13-14, 2024, in Las Vegas. As a leading midstream operator, ONEOK provides essential energy services through its extensive 50,000-mile pipeline network, including gathering, processing, fractionation, transportation, and storage of natural gas, NGLs, refined products, and crude oil.

ONEOK plays a important role in meeting domestic and international energy demand, contributing to energy security, and delivering responsible energy solutions. As an S&P 500 company headquartered in Tulsa, Oklahoma, ONEOK is committed to providing energy that makes a difference in people's lives across the U.S. and globally. Investors can access ONEOK's latest materials at www.oneok.com.