ONEOK Inc. Files 10-Q for Q2 2024

TL;DR

ONEOK's Q2 2024 10-Q is in. Check the financials.

AI Summary

ONEOK Inc. reported its second quarter 2024 results, ending June 30, 2024. The company's financial performance for the period is detailed in this 10-Q filing. Specific revenue and profit figures for the quarter and year-to-date are presented, alongside balance sheet information as of June 30, 2024, and prior fiscal year-ends.

Why It Matters

This filing provides investors and analysts with the official financial performance data for ONEOK Inc. for the second quarter of 2024, crucial for understanding the company's operational health and future outlook.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, but without specific performance metrics or forward-looking statements, it's difficult to assess immediate risk without further analysis.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20240806 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• ONEOK Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — registered Common stock, par value of $0.01 OKE New York Stock Exchange Indicate
• $2.5 Billion — rterly Report are defined as follows: $2.5 Billion Credit Agreement ONEOK's $2.5 billion a
• $2.5 billion — $2.5 Billion Credit Agreement ONEOK's $2.5 billion amended and restated revolving credit a
• $120 million — Guardian's senior unsecured three-year $120 million term loan agreement dated June 2022 In
• $60 million — nt Viking's senior unsecured three-year $60 million term loan agreement dated March 2023 X

Filing Documents

• oke-20240630.htm (10-Q) — 1803KB
• okeq22024exhibit221.htm (EX-22) — 19KB
• okeq22024exhibit311.htm (EX-31.1) — 8KB
• okeq22024exhibit312.htm (EX-31.2) — 8KB
• okeq22024exhibit321.htm (EX-32.1) — 4KB
• okeq22024exhibit322.htm (EX-32.2) — 4KB
• oke-20240630_g1.jpg (GRAPHIC) — 13KB
• 0001039684-24-000138.txt ( ) — 7896KB
• oke-20240630.xsd (EX-101.SCH) — 42KB
• oke-20240630_cal.xml (EX-101.CAL) — 60KB
• oke-20240630_def.xml (EX-101.DEF) — 188KB
• oke-20240630_lab.xml (EX-101.LAB) — 452KB
• oke-20240630_pre.xml (EX-101.PRE) — 314KB
• oke-20240630_htm.xml (XML) — 1562KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 6 Consolidated Statements of Income - Three and Six Months Ended June 3 0 , 2024 and 2023 6 Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 3 0 , 2024 and 2023 6 Consolidated Balance Sheets - June 30, 2024 , and December 31, 2023 7 Consolidated Statements of Cash Flows - Six Months Ended June 3 0 , 2024 and 2023 9 Consolidated Statements of Changes in Equity - Three and Six Months Ended June 30, 2024 and 2023 10

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 12 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 Part II. Other Information 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 38 Signature 40 As used in this Quarterly Report, references to "we," "our" or "us" refer to ONEOK, Inc., an Oklahoma corporation, and its predecessors and subsidiaries, unless the context indicates otherwise. The statements in this Quarterly Report that are not historical information, including statements concerning plans and objectives of management for future operations, economic performance or related assumptions, are forward-looking statements. Forward-looking statements may include words such as "anticipates," "believes," "continues," "could," "estimates," "expect," "forecasts," "goal," "guidance," "intends," "may," "might," "outlook," "plans," "potential," "projects," "scheduled," "should," "target," "will," "would" and other words and terms of similar meaning. Although we believe that our expectations regarding future events are based on reasonable assumptions, we can give no assurance that such expectations or assumptions will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements are described under Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations "Forward-Looking Statements," and Part II, Item 1A, "Risk Factors," in this Quarterly Report and under Part I, Item 1A, "Risk Factors," in our Annual Report. INFORMATION AVAILABLE ON OUR WEBSITE We make available, free of charge, on our website (www.oneok.com) copies of our Annual Reports, Quarterly Reports, Current Reports on Form 8-K, amendments to those reports filed or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act and reports of holdings of our securities filed by our officers and directors under Section 16 of the Ex

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ONEOK, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Six Months Ended June 30, June 30, ( Unaudited ) 2024 2023 2024 2023 ( Millions of dollars, except per share amounts ) Revenues Commodity sales $ 3,994 $ 3,371 $ 7,922 $ 7,527 Services 900 361 1,753 726 Total revenues (Note K) 4,894 3,732 9,675 8,253 Cost of sales and fuel (exclusive of items shown separately below) 2,891 2,482 5,788 5,829 Operations and maintenance 490 296 976 535 Depreciation and amortization 262 170 516 332 General taxes 83 47 169 104 Other operating income, net (Note C) ( 61 ) — ( 67 ) ( 781 ) Operating income 1,229 737 2,293 2,234 Equity in net earnings from investments (Note I) 88 43 164 83 Other income, net 4 13 11 21 Interest expense (net of capitalized interest of $ 16 , $ 6 , $ 28 and $ 24 , respectively) ( 298 ) ( 180 ) ( 598 ) ( 346 ) Income before income taxes 1,023 613 1,870 1,992 Income taxes ( 243 ) ( 145 ) ( 451 ) ( 475 ) Net income 780 468 1,419 1,517 Less: Preferred stock dividends — — — — Net income available to common shareholders $ 780 $ 468 $ 1,419 $ 1,517 Basic EPS (Note H) $ 1.33 $ 1.04 $ 2.43 $ 3.38 Diluted EPS (Note H) $ 1.33 $ 1.04 $ 2.42 $ 3.38 Average shares (millions) Basic 584.6 448.3 584.4 448.2 Diluted 585.8 449.0 585.7 449.0 See accompanying Notes to Consolidated Financial Statements. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended Six Months Ended June 30, June 30, ( Unaudited ) 2024 2023 2024 2023 (Millions of dollars) Net income $ 780 $ 468 $ 1,419 $ 1,517 Other comprehensive income (loss), net of tax Change in fair value of derivatives, net of tax of $( 3 ), $( 15 ), $ 19 and $( 22 ), respectively 11 51 ( 64 ) 74 Derivative amounts reclassified to net income, net of tax of $( 3 ), $ 7 , $ 3 and $ 10 , respectively 13 ( 25 ) ( 8 ) ( 37 ) Changes in benefit plan obligations and other, net of tax of $ — , $ — , $ — and $ 1 , res

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2023 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report. Recently Issued Accounting Standards Update - Changes to GAAP are established by the FASB in the form of ASUs to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. There have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us during the quarter, and no material updates to recently issued standards disclosed in our Annual Report. B. ACQUISITIONS Gulf Coast NGL Pipelines Acquisition - In June 2024, we completed the acquisition of a system of NGL pipelines from Easton Energy, a Houston-based midstream company, for approximately $ 280 million. This acquisition in our Natural Gas Liquids segment includes approximately 450 miles of liquids products pipelines located in the strategic Gulf Coast market centers for NGLs, Refined Products and crude oil. A portion of the Easton assets are already connected to our Mont Belvieu assets. We expect to add connections to our Houston-based assets beginning in mid-2025 through the end of 2025. Magellan Acquisition - On September 25, 2023, we completed the Magellan Acquisition. The acquisition strateg

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View this 10-Q filing on SEC EDGAR