ONEOK Sees Pipeline Growth Fuel Record Earnings
ONEOK reported significant growth in its second-quarter net income and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). The Tulsa-based midstream company's net income rose by 13% year-over-year to $967 million, or $1.53 per diluted share.
This increase was driven by higher volumes and pipeline marketing activity across its business segments. Record quarterly natural gas liquids volumes were a major contributor to the growth, with NGL raw feed throughput increasing by 7% from the same period last year.
The company's operating gains were also supported by favorable price differentials between the Waha gas hub in West Texas and the Katy market near Houston. ONEOK's natural gas pipelines delivered the largest segment-level earnings improvement, with adjusted EBITDA rising to $297 million from $188 million.