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ONEOK (OKE) Q2 Earnings Top Estimates, Revenues Miss
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ONEOK Inc. (OKE - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of $1.33, which surpassed the Zacks Consensus Estimate of $1.18 by 12.7%. The bottom line also improved 27.9% from the year-ago quarter’s figure of $1.04 per share.
Total Revenues
Operating revenues totaled $4.89 billion, which missed the Zacks Consensus Estimate of $5.52 billion by 11.3%. However, the top line improved 31.1% from $3.73 billion in the prior-year quarter.
Adjusted EBITDA came in at $1.62 billion, up 65.5% year over year.
Operating income totaled $1.23 billion, up 66.7% from the prior-year quarter’s level of $0.74 billion.
ONEOK incurred interest expenses of $298 million, up 65.5% from $180 million recorded in the year-ago period.
Total natural gas processed was 3,102 billion British thermal units per day (BBtu/d), up 6.2% year over year.
The company reported natural gas transportation capacity contracted of 7,991 million British thermal units per hour per day (MDth/d), which increased 4.4% year over year.
Financial Highlights
As of Jun 30, 2024, cash and cash equivalents amounted to $36 million compared with $338 million as of Dec 31, 2023.
As of Jun 30, 2024, long-term debt (excluding current maturities) totaled $20.3 billion compared with $21.2 billion as of Dec 31, 2023.
Cash provided by operating activities for the first six months of 2024 amounted to $2.03 billion compared with $1.99 billion in the corresponding period of 2023.
2024 Guidance
ONEOK continues to expect its consolidated 2024 net income in the band of $2.73-$3.03 billion. It expects adjusted EBITDA to be in the range of $6.03-$ 6.33 billion.
Interest expense, net of capitalized interest, is expected to be in the range of $1.195-$1.165 billion.
Occidental Petroleum (OXY - Free Report) is scheduled to report second-quarter results on Aug 7, after market close. The Zacks Consensus Estimate for second-quarter earnings is pegged at 77 cents per share.
The Zacks Consensus Estimate for second-quarter sales is pinned at $7.18 billion. The company delivered an average earnings surprise of 11.5% in the trailing four quarters.
Energy Transfer (ET - Free Report) is slated to report second-quarter results on Aug 7, after market close. The Zacks Consensus Estimate for earnings is pegged at 36 cents per unit.
The Zacks Consensus Estimate for sales is pinned at $24.64 billion, implying a year-over-year increase of 34.5%.
Murphy Oil Corporation (MUR - Free Report) is scheduled to report second-quarter results on Aug 8, before market open. The Zacks Consensus Estimate for earnings is pegged at 73 cents per share.
The Zacks Consensus Estimate for sales is pinned at $802.8 million. The company delivered an average earnings surprise of 3.3% in the trailing four quarters.
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ONEOK (OKE) Q2 Earnings Top Estimates, Revenues Miss
ONEOK Inc. (OKE - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of $1.33, which surpassed the Zacks Consensus Estimate of $1.18 by 12.7%. The bottom line also improved 27.9% from the year-ago quarter’s figure of $1.04 per share.
Total Revenues
Operating revenues totaled $4.89 billion, which missed the Zacks Consensus Estimate of $5.52 billion by 11.3%. However, the top line improved 31.1% from $3.73 billion in the prior-year quarter.
ONEOK, Inc. Price, Consensus and EPS Surprise
ONEOK, Inc. price-consensus-eps-surprise-chart | ONEOK, Inc. Quote
Highlights of the Release
Adjusted EBITDA came in at $1.62 billion, up 65.5% year over year.
Operating income totaled $1.23 billion, up 66.7% from the prior-year quarter’s level of $0.74 billion.
ONEOK incurred interest expenses of $298 million, up 65.5% from $180 million recorded in the year-ago period.
Total natural gas processed was 3,102 billion British thermal units per day (BBtu/d), up 6.2% year over year.
The company reported natural gas transportation capacity contracted of 7,991 million British thermal units per hour per day (MDth/d), which increased 4.4% year over year.
Financial Highlights
As of Jun 30, 2024, cash and cash equivalents amounted to $36 million compared with $338 million as of Dec 31, 2023.
As of Jun 30, 2024, long-term debt (excluding current maturities) totaled $20.3 billion compared with $21.2 billion as of Dec 31, 2023.
Cash provided by operating activities for the first six months of 2024 amounted to $2.03 billion compared with $1.99 billion in the corresponding period of 2023.
2024 Guidance
ONEOK continues to expect its consolidated 2024 net income in the band of $2.73-$3.03 billion. It expects adjusted EBITDA to be in the range of $6.03-$ 6.33 billion.
Interest expense, net of capitalized interest, is expected to be in the range of $1.195-$1.165 billion.
Zacks Rank
ONEOK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Occidental Petroleum (OXY - Free Report) is scheduled to report second-quarter results on Aug 7, after market close. The Zacks Consensus Estimate for second-quarter earnings is pegged at 77 cents per share.
The Zacks Consensus Estimate for second-quarter sales is pinned at $7.18 billion. The company delivered an average earnings surprise of 11.5% in the trailing four quarters.
Energy Transfer (ET - Free Report) is slated to report second-quarter results on Aug 7, after market close. The Zacks Consensus Estimate for earnings is pegged at 36 cents per unit.
The Zacks Consensus Estimate for sales is pinned at $24.64 billion, implying a year-over-year increase of 34.5%.
Murphy Oil Corporation (MUR - Free Report) is scheduled to report second-quarter results on Aug 8, before market open. The Zacks Consensus Estimate for earnings is pegged at 73 cents per share.
The Zacks Consensus Estimate for sales is pinned at $802.8 million. The company delivered an average earnings surprise of 3.3% in the trailing four quarters.