Double-digit Growth in NGL and Natural Gas
Processing Volumes
Increases Financial Guidance for the Second
Time in 2023
TULSA,
Okla., Oct. 31, 2023 /PRNewswire/ -- ONEOK, Inc.
(NYSE: OKE) today announced higher third quarter 2023 results and
increased its 2023 net income and adjusted EBITDA guidance
midpoints by $120 million and
$125 million, respectively, on a
ONEOK pre-acquisition basis to be comparable with the previous
guidance provided on August 7, 2023.
ONEOK also provided financial guidance on a consolidated basis that
includes the acquisition of Magellan Midstream Partners
(Magellan).
Third Quarter 2023 Results, Compared With Third Quarter
2022:
- 5% increase in net income to $454
million, resulting in 99 cents
per diluted share.
- 11% increase in adjusted EBITDA to $1.001 billion, which includes:
- $123 million in transaction
costs.
- $35 million of third-party
fractionation costs.
- $40 million contribution from six
days of the newly acquired refined products and crude
business.
- Excluding the items above, adjusted EBITDA would have
exceeded $1.1 billion.
- 18% increase in Gulf Coast/Permian region NGL raw feed
throughput volumes.
- 6% increase in Rocky Mountain region NGL raw feed throughput
volumes.
- 12% increase in natural gas volumes processed.
2023 Financial Guidance Update:
- Increased ONEOK pre-acquisition guidance – key drivers:
- Volume strength across ONEOK's operations.
- Higher average fee rates.
- Lower third-party NGL fractionation costs.
- Maintained capital expenditure guidance range of $1.475 billion to $1.675
billion.
- ONEOK consolidated guidance – key drivers:
- Strong performance from ONEOK's legacy businesses.
- Refined products and crude segment earnings following the
acquisition of Magellan on September 25,
2023, which include the unfavorable impact of
acquisition-related commodity inventory valuation discussed
below.
- Transaction costs of $175
million.
|
|
2023 Guidance
Range
|
(Millions of
dollars, except per share amounts)
|
|
|
|
|
|
Consolidated
Guidance
Midpoints(b)
|
|
|
ONEOK
Pre-Acquisition
Guidance
Midpoints
|
|
|
ONEOK,
Inc.
|
|
Previous(a)
|
|
|
Updated
|
|
|
Net income
|
|
$
2,490
|
|
|
$
2,610
|
|
|
$
2,600
|
Diluted earnings per
common share
|
|
$
5.54
|
|
|
$
5.81
|
|
|
$
5.36
|
Adjusted EBITDA
(c)
|
|
$
4,675
|
|
|
$
4,800
|
|
|
$
5,100
|
(a) Previously issued
on August 7, 2023.
(b) Includes $175
million of transaction costs and the unfavorable impact of
acquisition-related commodity
inventory valuation.
(c) Adjusted EBITDA is
a non-GAAP measure. A reconciliation to the relevant GAAP measure
is included in
this news release.
|
Notwithstanding the impact of the inventory valuation, the
refined products and crude segment contributions included in 2023
consolidated guidance reflect solid segment fundamentals and
performance in-line with previously increased Magellan
pre-acquisition expectations. Higher average transportation rates
and strong butane blending margins are expected to contribute to
performance through the remainder of 2023.
"ONEOK's businesses continued to perform extremely well in the
third quarter," said Pierce H. Norton
II, ONEOK president and chief executive officer.
"Double-digit volume growth in our natural gas liquids and natural
gas gathering and processing businesses year-over-year, as well as
sustained strength in our natural gas pipelines segment, drove our
increased 2023 guidance expectations.
"With the successful completion of our acquisition of Magellan,
we've added significant free cash flow through primarily fee-based
earnings from the new refined products and crude businesses and
expected tax synergies, setting up a solid foundation for 2024
performance," added Norton. "We remain focused on serving our
enhanced customer base, operating responsibly and fully integrating
our businesses. ONEOK's increased scale, scope and diversified
operations are already enabling us to create exceptional value for
our stakeholders."
THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Millions of
dollars, except per share amounts)
|
Net income (a)
(b)
|
$
454
|
|
$
432
|
|
$
1,971
|
|
$
1,237
|
Diluted earnings per
common share (a) (b)
|
$
0.99
|
|
$
0.96
|
|
$
4.36
|
|
$
2.76
|
Adjusted EBITDA (c)
(d)
|
$
1,001
|
|
$
902
|
|
$
3,689
|
|
$
2,652
|
Operating income
(c)
|
$
739
|
|
$
700
|
|
$
2,973
|
|
$
2,051
|
Operating
costs
|
$
352
|
|
$
286
|
|
$
981
|
|
$
827
|
Depreciation and
amortization
|
$
177
|
|
$
157
|
|
$
509
|
|
$
469
|
Equity in net earnings
from investments
|
$
49
|
|
$
39
|
|
$
132
|
|
$
111
|
Maintenance
capital
|
$
62
|
|
$
65
|
|
$
138
|
|
$
160
|
Capital expenditures
(includes maintenance)
|
$
398
|
|
$
327
|
|
$
992
|
|
$
886
|
(a) Amounts for the
three months ended September 30, 2023, include pre-tax impacts of
$123 million in transaction costs,
$35 million related to third-party fractionation costs, $26 million
in interest income and $13 million in interest expense
related to transaction financing, resulting in a total unfavorable
EPS impact of 24 cents per diluted share after-tax. Amounts
for the three months ended September 30, 2022 include a $5 million
property insurance deductible and an approximately
$30 million earnings impact from the 45-day waiting period for
business interruption coverage related to the Medford
incident, which together represent 6 cents per diluted share after
tax.
(b) Amounts for the
nine months ended September 30, 2023, include a pre-tax benefit of
$667 million related to the
Medford incident, including a one-time insurance settlement gain of
$779 million, offset partially by $112 million of third-
party fractionation costs incurred through the first nine months of
2023; and pre-tax impacts of $133 million in transaction
costs, $42 million in interest income and $21 million in interest
expense related to transaction financing, all resulting in a
net benefit of 93 cents per diluted share after tax.
(c) Amounts for the
three and nine months ended September 30, 2023, include $35 million
and $112 million, respectively,
in third-party fractionation costs and $123 million and $133
million, respectively, in transaction costs. The nine-month
period also includes a one-time insurance settlement gain of $779
million related to the Medford incident.
(d) Adjusted earnings
before interest, taxes, depreciation and amortization (adjusted
EBITDA) is a non-GAAP measure.
|
HIGHLIGHTS:
- In September 2023, ONEOK
completed the acquisition of Magellan. From a tax perspective,
ONEOK will benefit from the step-up of Magellan's basis from the
transaction, thus deferring the expected impact of the new
corporate alternative minimum tax from 2024 to 2027. The expected
benefit from this basis step-up is greater than the original
$1.5 billion estimated at the
acquisition announcement.
- In October 2023, ONEOK declared a
quarterly dividend of 95.5 cents per
share, or $3.82 per share on an
annualized basis.
- Connected 166 wells in the third quarter 2023 and 450 wells
through the first nine months in the Rocky Mountain Region.
- In August 2023, ONEOK completed a
$5.25 billion senior notes offering.
Net proceeds were used to fund the cash consideration relating to
the Magellan acquisition and other transaction costs.
THIRD QUARTER 2023 FINANCIAL PERFORMANCE
ONEOK's third quarter 2023 net income and adjusted earnings
before interest, taxes, depreciation and amortization (adjusted
EBITDA) increased, compared with the third quarter 2022, due
primarily to higher NGL volumes across ONEOK's operations, higher
natural gas processing volumes in the Rocky Mountain and
Mid-Continent regions, and increased transportation and storage
services in the natural gas pipelines segment.
Additionally, third-quarter 2023 results included $40 million of adjusted EBITDA in the refined
products and crude segment from six days of operations subsequent
to the closing of the Magellan acquisition on September 25, 2023.
ONEOK's third quarter 2023 adjusted EBITDA would have exceeded
$1.1 billion, excluding transaction
costs and third-party fractionation costs, and partial earnings
from the refined products and crude segment.
Due to the acquisition, commodity inventory balances within
ONEOK's refined products and crude segment were recorded at market
value, which was an approximate $50
million increase over the pre-acquisition value. ONEOK
expects to realize the majority of the related unfavorable impact
of this acquisition adjustment in the fourth quarter as the
acquired inventory is sold.
BUSINESS SEGMENT RESULTS:
Natural Gas Liquids Segment
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
Natural Gas Liquids
Segment
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Millions of
dollars)
|
Adjusted
EBITDA
|
$
614
|
|
$
485
|
|
$
2,425
|
|
$
1,530
|
Capital
expenditures
|
$
189
|
|
$
169
|
|
$
495
|
|
$
445
|
The increase in third quarter 2023 adjusted EBITDA, compared
with the third quarter 2022, primarily reflects:
- A $76 million increase in
exchange services due primarily to higher volumes across the
system;
- A $67 million increase in
optimization and marketing due primarily to higher earnings on
sales of purity NGLs held in inventory; and
- An $8 million increase due to
higher transportation and storage revenue; offset by
- A $22 million increase in
operating costs due primarily to higher employee-related costs and
higher outside services due to the growth of ONEOK's operations,
and higher property insurance premiums; and
- A $5 million decrease related to
the Medford incident, due to
$35 million in third-party
fractionation costs in 2023, compared with an approximately
$30 million unfavorable impact from
the 45-day waiting period in 2022.
The increase in adjusted EBITDA for the nine-month 2023 period,
compared with the same period last year, primarily reflects:
- A $697 million increase related
to the Medford incident, due to a
favorable impact of $667 million in
2023 from the settlement gain of $779
million, offset partially by $112
million of third-party fractionation costs, compared with a
$30 million unfavorable impact from
the 45-day waiting period in 2022;
- A $168 million increase in
exchange services due primarily to higher volumes in the Rocky
Mountain region and Permian Basin, offset partially by narrower
commodity price differentials and lower related volumes;
- A $60 million increase in
optimization and marketing due primarily to higher earnings on
sales of purity NGLs previously held in inventory;
- A $16 million increase due to
higher transportation and storage revenue, and
- A $14 million increase in equity
in net earnings from investments due primarily to higher volumes
delivered to the Overland Pass Pipeline; offset by
- A $62 million increase in
operating costs due primarily to higher employee-related costs and
higher outside services due to the growth of ONEOK's operations,
and higher property insurance premiums.
Natural Gas Gathering and Processing Segment
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
Natural Gas
Gathering and Processing Segment
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Millions of
dollars)
|
Adjusted
EBITDA
|
$
322
|
|
$
304
|
|
$
919
|
|
$
771
|
Capital
expenditures
|
$
126
|
|
$
104
|
|
$
308
|
|
$
321
|
The increase in third quarter 2023 adjusted EBITDA, compared
with the third quarter 2022, primarily reflects:
- A $54 million increase from
higher volumes due primarily to increased producer activity in the
Rocky Mountain and Mid-Continent regions; offset
by
- A $19 million increase in
operating costs due primarily to higher employee-related costs,
outside services and materials and supplies expense due primarily
to the growth of ONEOK's operations and higher property
insurance premiums; and
- A $14 million decrease due
primarily to lower realized NGL prices, net of hedging.
The increase in adjusted EBITDA for the nine-month 2023 period,
compared with the same period last year, primarily reflects:
- A $151 million increase from
higher volumes due primarily to increased producer activity in the
Rocky Mountain and Mid-Continent regions, and the impact of severe
weather in the Rocky Mountain region in the second quarter
2022; and
- A $51 million increase due
primarily to higher average fee rates, offset partially by lower
realized NGL prices, net of hedging; offset by
- A $47 million increase in
operating costs due primarily to higher employee-related costs,
outside services and materials and supplies expense due primarily
to the growth of ONEOK's operations, and higher property
insurance premiums.
Natural Gas Pipelines Segment
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
Natural Gas
Pipelines Segment
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Millions of
dollars)
|
Adjusted
EBITDA
|
$
125
|
|
$
117
|
|
$
396
|
|
$
357
|
Capital
expenditures
|
$
70
|
|
$
40
|
|
$
155
|
|
$
82
|
Third quarter 2023 adjusted EBITDA increased, compared with the
third quarter 2022, due primarily to a $9
million increase in transportation and storage services.
The increase in adjusted EBITDA for the nine-month 2023 period,
compared with the same period last year, primarily reflects:
- A $47 million increase in
transportation and storage services due primarily to higher storage
rates on renegotiated contracts, higher firm and interruptible
transportation volumes and higher short-term storage
activity; offset by
- An $18 million increase in
operating costs due primarily to higher employee-related costs and
outside services due to the timing of maintenance activities and
the growth of ONEOK's operations.
EARNINGS CONFERENCE CALL AND WEBCAST:
ONEOK executive management will conduct a conference call at
11 a.m. Eastern Daylight Time
(10 a.m. Central Daylight Time) on
Nov. 1, 2023. The call also will be
carried live on ONEOK's website.
To participate in the telephone conference call, dial
877-883-0383, entry number 3181064, or log on to 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 877-344-7529,
access code 2265530.
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), which is 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, allowance for equity funds used during
construction (equity AFUDC), 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
and storage services. Through our more than 50,000-mile pipeline
network, we transport the natural gas, natural gas liquids (NGLs),
refined products and crude 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 diversified 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, statements about the benefits of
the transaction involving us, including future financial and
operating results, our plans, objectives, expectations and
intentions, and other statements that are not historical facts,
including future results of operations, 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:
- the impact of inflationary pressures, including increased
interest rates, which may increase our capital expenditures and
operating costs, raise the cost of capital or depress economic
growth;
- the impact on drilling and production by factors beyond our
control, including the demand for natural gas, NGLs, Refined
Products and crude oil; producers' desire and ability to drill and
obtain necessary permits; regulatory compliance; reserve
performance; and capacity constraints and/or shut downs on the
pipelines that transport crude oil, natural gas, Refined Products
and NGLs from producing areas and our facilities;
- risks associated with adequate supply to our gathering,
processing, fractionation, pipeline and terminal facilities,
including production declines that outpace new drilling, the
shutting-in of production by producers, actions taken by federal,
state or local governments to require producers to prorate or to
cut their production levels as a way to address any excess market
supply situations or extended periods of ethane rejection;
- demand for our services and products in the proximity of our
facilities;
- economic climate and growth in the geographic areas in which we
operate;
- the risk of a slowdown in growth or decline in the United States or international economies,
including liquidity risks in United
States or foreign credit markets;
- risks related to the Magellan Acquisition, including litigation
risk and the risk that we may not realize the anticipated benefits
of the Magellan Acquisition or successfully integrate the two
companies;
- international terrorism and conflicts and the possibility or
occurrence of an outbreak of, or changes in, hostilities or changes
in the political conditions and conflicts throughout the
world;
- performance of contractual obligations by our customers,
service providers, contractors and shippers;
- the effects of changes in governmental policies and regulatory
actions, including changes with respect to income and other taxes,
pipeline safety, environmental compliance, cybersecurity, climate
change initiatives, emissions credits, carbon offsets, carbon
pricing, production limits and authorized rates of recovery of
natural gas and natural gas transportation costs;
- changes in demand for the use of natural gas, NGLs, Refined
Products and crude oil because of the development of new
technologies or other market conditions caused by concerns about
climate change;
- the impact of the transformation to a lower-carbon economy,
including the timing and extent of the transformation, as well as
the expected role of different energy sources, including natural
gas, NGLs, Refined Products and crude oil, in such a
transformation;
- the pace of technological advancements and industry innovation,
including those focused on reducing GHG emissions and advancing
other climate-related initiatives, and our ability to take
advantage of those innovations and developments;
- the effectiveness of our risk-management function, including
mitigating cyber- and climate-related risks;
- our ability to identify and execute opportunities, and the
economic viability of those opportunities, including those relating
to renewable natural gas, carbon capture, use and storage, other
renewable energy sources such as solar and wind and alternative low
carbon fuel sources such as hydrogen;
- the ability of our existing assets and our ability to apply and
continue to develop our expertise to support the growth of, and
transformation to, various renewable and alternative energy
opportunities, including through the positioning and optimization
of our assets;
- our ability to efficiently reduce our GHG emissions (both Scope
1 and 2 emissions), including through the use of lower carbon power
alternatives, management practices and system optimizations;
- the necessity to focus on maintaining and enhancing our
existing assets while reducing our Scope 1 and 2 GHG
emissions;
- the effects of weather and other natural phenomena and the
effects of climate change (including physical and
transformation-related effects) on our operations, demand for our
services and commodity prices;
- acts of nature, sabotage, terrorism or other similar acts that
cause damage to our facilities or our suppliers', customers' or
shippers' facilities;
- the inability of insurance proceeds to cover all liabilities or
incurred costs and losses, or lost earnings, resulting from a
loss;
- delays in receiving insurance proceeds from covered
losses;
- the risk of increased costs for insurance premiums, or less
favorable coverage;
- increased costs as a consequence of terrorist attacks,
including security related measures;
- the timing and extent of changes in energy commodity prices,
including changes due to production decisions by other countries,
such as the failure of countries to abide by agreements to reduce
production volumes;
- competition from other United
States and foreign energy suppliers and transporters, as
well as alternative forms of energy, including, but not limited to,
solar power, wind power, geothermal energy and biofuels such as
ethanol and biodiesel;
- the ability to market pipeline capacity on favorable terms,
including the effects of:
- future demand for and prices of natural gas, NGLs and
crude oil;
- competitive conditions in the overall energy market;
- availability of supplies of United
States natural gas and crude oil; and
- availability of additional storage capacity;
- the efficiency of our plants in processing natural gas and
extracting and fractionating NGLs;
- the composition and quality of the natural gas and NGLs and
condensate we gather and process in our plants and transport on our
pipelines;
- risks of marketing, trading and hedging activities, including
the risks of changes in commodity prices or the financial condition
of our counterparties;
- our ability to control operating costs and make cost-saving
changes;
- the risks inherent in the use of information systems in our
respective businesses and those of our counterparties and service
providers, including cyber-attacks, which, according to experts,
have increased in volume and sophistication since the beginning of
the COVID-19 (Coronavirus disease 2019, including variants thereof)
pandemic; implementation of new software and hardware; and the
impact on the timeliness of information for financial
reporting;
- the timely receipt of approval by applicable governmental
entities for construction and operation of our pipeline and other
projects and required regulatory clearances;
- the ability to recover operating costs and amounts equivalent
to income taxes, costs of property, plant and equipment and
regulatory assets in our state and FERC-regulated rates;
- the results of governmental actions, administrative proceedings
and litigation, regulatory actions, executive orders, rule changes
and receipt of expected clearances involving any local, state or
federal regulatory body, including the FERC, the National
Transportation Safety Board, Homeland Security, the Pipeline and
Hazardous Materials Safety Administration (PHMSA), the U.S.
Environmental Protection Agency (EPA), the U.S. Securities and
Exchange Commission (SEC), Homeland Security's Transportation
Security Administration, and the U.S. Commodity Futures Trading
Commission( CFTC);
- the mechanical integrity of facilities and pipelines
operated;
- the capital-intensive nature of our businesses;
- the impact of unforeseen changes in interest rates, debt and
equity markets, inflation rates, economic recession and other
external factors over which we have no control, including the
effect on pension and postretirement expense and funding resulting
from changes in equity and bond market returns;
- actions by rating agencies concerning our credit;
- our indebtedness and guarantee obligations could cause adverse
consequences, including making us vulnerable to general adverse
economic and industry conditions, limiting our ability to borrow
additional funds and placing us at competitive disadvantages
compared with our competitors that have less debt;
- our ability to access capital at competitive rates or on terms
acceptable to us;
- our ability to acquire all necessary permits, consents or other
approvals in a timely manner, to promptly obtain all necessary
materials and supplies required for construction, and to construct
gathering, processing, fractionation, transportation and storage
facilities without labor or contractor problems;
- our ability to control construction costs and completion
schedules of our pipelines and other projects;
- difficulties or delays experienced by trucks, railroads or
pipelines in delivering products to or from our terminals or
pipelines;
- the uncertainty of estimates, including accruals and costs of
environmental remediation;
- the impact of uncontracted capacity in our assets being greater
or less than expected;
- the impact of potential impairment charges;
- the profitability of assets or businesses acquired or
constructed by us;
- the risks associated with pending or possible acquisitions and
dispositions, including our ability to finance or integrate any
such acquisitions and any regulatory delay or conditions imposed by
regulatory bodies in connection with any such acquisitions and
dispositions;
- the risk that material weaknesses or significant deficiencies
in our internal controls over financial reporting could emerge or
that minor problems could become significant;
- the impact and outcome of pending and future litigation;
- the impact of recently issued and future accounting updates and
other changes in accounting policies; and
- the risk factors listed in the reports we have filed, which are
incorporated by reference, and may file with the SEC.
These reports are also available from the sources described
below. Forward-looking statements are based on the estimates and
opinions of management at the time the statements are
made. 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:
|
Brad
Borror
918-588-7582
|
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content:https://www.prnewswire.com/news-releases/oneok-announces-5-increase-in-third-quarter-2023-net-income-and-11-increase-in-adjusted-ebitda-including-transaction-costs-301973307.html
SOURCE Oneok, Inc.