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Jun 30, 2025
ONEOK Q2 2025 Earnings Report
ONEOK reported higher earnings and adjusted EBITDA in the second quarter of 2025.
Key Takeaways
ONEOK saw strong earnings growth in Q2 2025, driven by the EnLink and Medallion acquisitions and record Rocky Mountain NGL throughput volumes.
Net income attributable to ONEOK reached $841 million for the quarter.
Adjusted EBITDA rose to $1.98 billion, including $21 million in transaction costs.
Rocky Mountain region NGL raw feed throughput volumes increased by 11%.
The company repaid nearly $600 million in senior notes during the quarter.
Forward Guidance
ONEOK affirmed its full-year 2025 financial guidance, citing continued momentum from acquisitions and strategic investments.
Positive Outlook
- Strong balance sheet with no borrowings under the $3.5B credit facility.
- Continued integration benefits from EnLink and Medallion acquisitions.
- Ongoing investments in high-return growth projects.
- Record performance in key throughput metrics like Rocky Mountain NGL volumes.
- Improved operating leverage across key production regions.
Challenges Ahead
- Transaction costs from acquisitions impacted net income.
- Divestiture of certain non-strategic assets offset some segment gains.
- Lower NGL prices, net of hedging, impacted earnings in gathering and processing.
- Decreased exchange services revenue due to unplanned outages and fee pressures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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