ONEOK, Inc. reported significant financial performance improvements in its latest 10-Q filing for the three and nine months ended September 30, 2024. The company achieved revenues of $5,023 million for Q3 2024, up from $4,189 million in Q3 2023, marking an increase of $834 million. For the nine-month period, revenues rose to $14,698 million from $12,442 million, an increase of $2,256 million.
Net income for Q3 2024 was $693 million, compared to $454 million in the same quarter of the previous year, while net income for the nine months reached $2,112 million, up from $1,971 million. Adjusted EBITDA also saw substantial growth, with Q3 2024 figures at $1,545 million, up from $1,015 million in Q3 2023, and nine-month adjusted EBITDA increasing to $4,610 million from $3,729 million.
The company's operational gains were driven by several factors, including increased transportation services in the Natural Gas Pipelines segment and contributions from the Refined Products and Crude segment, particularly following the Magellan Acquisition. The Natural Gas Gathering and Processing segment reported intersegment revenues of $1.9 billion for the nine months ended September 30, 2024.
ONEOK has been active in expanding its portfolio through acquisitions. Notably, the company completed the acquisition of a controlling interest in EnLink for approximately $3.3 billion on October 15, 2024. This acquisition is expected to enhance ONEOK's scale and integrated value chain in the Permian Basin and other regions. Additionally, the company is set to finalize the Medallion Acquisition for $2.6 billion in Q4 2024, which will further bolster its midstream services in West Texas.
Financially, ONEOK completed a public offering of $7.0 billion in senior unsecured notes in September 2024, with net proceeds intended for acquisitions and general corporate purposes. The company also repaid $484 million of its senior notes at maturity using cash on hand. As of September 30, 2024, ONEOK reported a working capital deficit of $681 million, primarily due to current maturities of long-term debt.
The company’s capital expenditures for the nine months ended September 30, 2024, totaled $1.5 billion, an increase from $992 million in the same period in 2023. This increase reflects ongoing capital projects, including expansions and enhancements to its pipeline and processing capabilities.
Overall, ONEOK's strategic acquisitions and operational efficiencies have contributed to its improved financial metrics, positioning the company for continued growth in the midstream energy sector.
About ONEOK INC /NEW/
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