ONEOK, Inc. (NYSE: OKE) revealed its first quarter 2024 results and a boost in full-year 2024 financial guidance, citing favorable industry fundamentals and confidence in synergy expectations. According to Pierce H. Norton II, president and CEO of ONEOK, the company's performance was driven by various factors, including increased volumes in the Rocky Mountain region.
Norton stated, "ONEOK generated solid results during the first quarter, supported by higher year-over-year volumes in the Rocky Mountain region and contributions from the refined products and crude segment." He further highlighted the company's business strength, expressed through escalating volumes and a positive synergy outlook, leading to an upward revision in the 2024 financial guidance and setting a promising trajectory for 2025.
Emphasizing the resilience of ONEOK's assets and workforce, Norton acknowledged their ability to swiftly adapt to challenges, such as responding to winter weather conditions. He reiterated the company's commitment to integrating the Magellan assets and delivering value to stakeholders.
In the first quarter of 2024, ONEOK reported net income of $639 million and adjusted EBITDA of $1.44 billion, primarily attributed to increased NGL and natural gas processing volumes in the Rocky Mountain region, augmented transportation services, and contributions from the refined products and crude segment.
The company is set to conduct an earnings conference call on May 1, 2024, providing stakeholders with further insights into its financial performance and strategic outlook. Participants can access the call through dial-in or the company's website.
ONEOK's dedication to delivering essential energy products and services is evident through its extensive pipeline network, catering to domestic and international energy demands. As a prominent player in the energy infrastructure sector, ONEOK continues to play a vital role in meeting energy needs sustainably.
For more information about ONEOK, visit www.oneok.com.