ONEOK Posts Higher Q2 Earnings, Cites Rocky Mountain NGL Volume Growth
ONEOK posted higher Q2 earnings on rising Rocky Mountain NGL volumes and benefits from acquisitions, reaffirming 2025 guidance and highlighting debt reduction.
(P&GJ) — ONEOK Inc. reported higher second-quarter earnings for 2025, driven by strong natural gas liquids throughput in the Rocky Mountain region and benefits from recent acquisitions, while reaffirming its full-year financial guidance.
The midstream operator posted net income of $853 million, up from $780 million a year earlier. Net income attributable to ONEOK was $841 million, or $1.34 per diluted share. Adjusted EBITDA rose to $1.98 billion from $1.62 billion in the same quarter of 2024.
CEO Pierce H. Norton II said the results reflect “the strategy of our contiguous integrated business model and sustained demand for the critical energy services we provide,” noting that acquisitions like EnLink and Medallion are “delivering tangible benefits” and creating “incremental growth across key production regions, including our expanded and enhanced presence in the Permian Basin.”
ONEOK highlighted an 11% year-over-year increase in Rocky Mountain NGL raw feed throughput volumes. The company also repaid nearly $600 million in senior notes during the quarter and expanded its ownership stake in the BridgeTex Pipeline to 60% in July.
Additional second-quarter activity included acquiring the remaining 49.9% interest in Delaware G&P LLC, part of its strategy to increase integration in the Delaware Basin. ONEOK also declared a quarterly dividend of $1.03 per share, or $4.12 annualized.
The company’s balance sheet showed no borrowings under its $3.5 billion credit facility as of June 30 and $97 million in cash and equivalents. It also received an AAA ESG rating from MSCI and was included in the FTSE4Good Index earlier this year.
ONEOK reaffirmed its 2025 financial outlook, citing strong demand fundamentals and ongoing organic growth projects, and expects to continue optimizing its portfolio while pursuing cost synergies from recent acquisitions.