ONEOK, Inc. reported significant financial growth in its 2025 fiscal year, with total revenues reaching $33.6 billion, a substantial increase from $21.7 billion in 2024. The company's net income also rose to $3.5 billion, compared to $3.1 billion the previous year, resulting in diluted earnings per share of $5.42, up from $5.17. This growth was primarily driven by a full year of earnings contributions from the EnLink and Medallion acquisitions, as well as increased volumes in natural gas and natural gas liquids (NGL) processing.
The company completed several strategic acquisitions in 2025, including the EnLink Acquisition on January 31, which involved the exchange of 41 million shares of ONEOK common stock valued at approximately $4.0 billion. Additionally, the Delaware Basin JV Acquisition was finalized on May 28 for $941 million, and the BridgeTex Additional Interest Acquisition was completed on July 22 for $270 million, increasing ONEOK's ownership interest in BridgeTex to 60%. These acquisitions have expanded ONEOK's operational footprint and integrated its service offerings across key energy markets.
Operationally, ONEOK's Natural Gas Gathering and Processing segment saw adjusted EBITDA increase by $654 million, largely due to higher volumes and the contributions from EnLink. The Natural Gas Liquids segment also reported a $236 million increase in adjusted EBITDA, driven by higher exchange services and optimization activities. However, the Natural Gas Pipelines segment experienced a decrease in adjusted EBITDA of $39 million, primarily due to the impact of an interstate pipeline divestiture in 2024. The company’s total capital expenditures for 2025 were $3.2 billion, reflecting ongoing investments in infrastructure and growth projects.
Looking ahead, ONEOK maintains a positive outlook, with expectations for continued growth driven by its extensive asset base and strategic initiatives. The company plans to focus on high-return capital projects and has authorized a $2.0 billion share repurchase program, with $62 million repurchased in 2025. Additionally, the Board of Directors increased the quarterly dividend to $1.07 per share, marking a 4% increase from the previous year. The company is well-positioned to navigate market conditions, with approximately 90% of its earnings being fee-based, reducing exposure to commodity price volatility.
About ONEOK INC /NEW/
ONEOK, Inc. is a leading North American midstream energy company providing gathering, processing, fractionation, transportation, storage, and export services for natural gas, NGLs, refined products, and crude oil. Its extensive pipeline network supports domestic and international markets, emphasizing safety, reliability, and environmental responsibility. The company generates primarily fee-based revenues from long-term contracts, focusing on sustainable growth, shareholder returns, and strategic asset expansion.
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