ONEOK Reports 60% Revenue Growth to $7.887 Billion in Latest Quarter

ONEOK, Inc. reported significant financial growth in its latest quarterly results, with total revenues reaching $7.887 billion for the three months ended June 30, 2025, compared to $4.894 billion in the same period last year. This represents an increase of 60% year-over-year, driven primarily by a substantial rise in commodity sales, which surged to $6.726 billion from $3.994 billion. The company also reported a net income of $853 million, up from $780 million in the prior year, resulting in a diluted earnings per share (EPS) of $1.34, slightly higher than the $1.33 reported in the same quarter of 2024.

The financial performance reflects a notable increase in operating income, which rose to $1.431 billion from $1.229 billion year-over-year. This growth was attributed to the contributions from recent acquisitions, particularly the EnLink and Medallion acquisitions, which enhanced operational capabilities across various segments. The company’s adjusted EBITDA also saw a significant increase, reaching $1.981 billion compared to $1.624 billion in the previous year, indicating improved operational efficiency and profitability.

Strategically, ONEOK has been active in expanding its portfolio through acquisitions. The company completed the Delaware Basin JV Acquisition for $927 million on May 28, 2025, and the EnLink Acquisition on January 31, 2025, which involved the issuance of 41 million shares of common stock valued at approximately $4 billion. These acquisitions have positioned ONEOK to leverage its extensive network in key shale basins and enhance its service offerings. Additionally, the company announced plans for joint ventures to construct a liquefied petroleum gas export terminal and a pipeline, further solidifying its growth strategy.

Operationally, ONEOK reported an increase in natural gas processed, with volumes rising to 5,573 MMcf/d for the three months ended June 30, 2025, compared to 2,326 MMcf/d in the same period last year. The company’s capital expenditures also increased significantly, totaling $749 million for the quarter, reflecting ongoing investments in infrastructure and growth initiatives. As of June 30, 2025, ONEOK had a working capital deficit of $2.8 billion, primarily due to current maturities of long-term debt, but the company maintains a strong liquidity position with $97 million in cash and no outstanding borrowings under its $3.5 billion credit agreement.

Looking ahead, ONEOK anticipates continued growth driven by its fee-based revenue model, which is expected to account for approximately 90% of consolidated earnings in 2025. The company is closely monitoring market conditions and geopolitical factors that could impact commodity prices but remains optimistic about its operational resilience and strategic positioning in the energy sector. The recent passage of the One Big Beautiful Bill Act (OBBBA) is expected to provide additional tax benefits, further supporting the company’s financial outlook.