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Mar 31, 2025
ONEOK Q1 2025 Earnings Report
ONEOK announced higher first quarter 2025 earnings and affirmed full-year 2025 financial guidance.
Key Takeaways
ONEOK reported strong first quarter 2025 results, driven by a full quarter of adjusted EBITDA from EnLink and Medallion acquisitions, and increased natural gas liquids and natural gas processing volumes in the Rocky Mountain region. The company affirmed its full-year 2025 financial guidance.
Net income for Q1 2025 was $691 million, including noncontrolling interests.
Diluted earnings per common share were $1.04.
Adjusted EBITDA reached $1.78 billion, including $31 million in transaction costs.
Rocky Mountain region NGL raw feed throughput volumes increased by 15%, and natural gas volumes processed increased by 7%.
Revenue by Segment
Forward Guidance
ONEOK affirmed its full-year 2025 financial guidance, expecting continued execution on acquisition-related synergies, completion of organic growth projects, and sustained demand for services to support growth.
Positive Outlook
- Continued execution on acquisition-related synergies.
- Completion of organic growth projects.
- Demand for services to support growth throughout 2025.
- Creation of additional shareholder value.
- Solid first quarter results highlighting the strength of the integrated system and disciplined growth strategy.
Challenges Ahead
- Increased operating costs due primarily to higher employee-related costs from growth of operations.
- No earnings in 2025 from assets divested in 2024.
- Lower earnings on sales of purity NGLs held in inventory.
- Lower realized NGL prices, net of hedging, and lower average fee rates in Natural Gas Gathering and Processing segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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