ONEOK, Inc. has reported higher fourth-quarter and full-year 2023 results, along with providing financial guidance for 2024.
In the fourth quarter of 2023, the company achieved a net income of $688 million, equivalent to $1.18 per diluted share. Adjusted EBITDA exceeded $1.5 billion, showcasing significant growth compared to the previous year. Notable increases were observed in various operational metrics, including a 20 percent rise in Rocky Mountain region NGL raw feed throughput volumes, a 17 percent increase in Gulf Coast/Permian region NGL raw feed throughput volumes, and a 17percent increase in natural gas volumes processed.
For the full year of 2023, ONEOK reported a net income of approximately $2.7 billion, resulting in $5.48 per diluted share, with adjusted EBITDA surpassing $5.2 billion. Key highlights included a 19 percent increase in Gulf Coast/Permian region NGL raw feed throughput volumes, a 10 percent increase in Rocky Mountain region NGL raw feed throughput volumes, and a substantial 54 percent increase in total wells connected.
Looking ahead to 2024, ONEOK expects continued growth, with a net income midpoint projection of $2.8 billion and an adjusted EBITDA midpoint of $6.1 billion. The company anticipates capital expenditures ranging from approximately $1.75 billion to $1.95 billion.
Pierce H. Norton II, president and CEO of ONEOK, expressed confidence in the company’s future performance, citing record volumes, strong financial results, and the completion of the Magellan acquisition as drivers of growth and transformation in 2023. Norton emphasised ONEOK’s commitment to maximising investor value through disciplined capital-growth opportunities, maintaining a strong balance sheet, dividend growth, and share repurchases.
Key highlights for 2024 include a quarterly dividend increase, the authorisation of a $2 billion share repurchase programme, and the extinguishment of $1.3 billion of long-term debt in 2023.
Additionally, ONEOK provided updates on capital-growth projects, environmental, social, and governance (ESG) initiatives, and financial performance metrics for the fourth quarter and full year of 2023.
Overall, ONEOK’s robust financial performance in 2023 and optimistic outlook for 2024 underscore its commitment to delivering value to shareholders while prioritising sustainability and responsible business practices.
For more information visit : www.oneok.com
