ONEOK, Inc. reported significant financial growth in its latest quarterly results, with total revenues reaching $8.634 billion for the three months ended September 30, 2025, compared to $5.023 billion in the same period last year. This represents a 72% increase, driven primarily by a substantial rise in commodity sales, which surged to $7.416 billion from $4.083 billion. The company's net income also saw a notable increase, rising to $940 million, or $1.49 per diluted share, up from $693 million, or $1.18 per diluted share, in the prior year. For the nine months ended September 30, 2025, total revenues were $24.564 billion, compared to $14.698 billion in 2024, while net income increased to $2.484 billion from $2.112 billion.
The financial performance reflects the impact of several strategic acquisitions, including the EnLink Acquisition completed on January 31, 2025, and the Delaware Basin JV Acquisition finalized on May 28, 2025. These acquisitions contributed significantly to the company's operating income, which increased to $1.558 billion for the third quarter, up from $1.128 billion in the same quarter of 2024. The Natural Gas Gathering and Processing segment, in particular, benefited from higher volumes and the operational contributions from EnLink, leading to a $192 million increase in operating income for the quarter.
Operationally, ONEOK has expanded its asset base and capabilities, with capital expenditures totaling $804 million for the third quarter and $2.182 billion for the nine months ended September 30, 2025. The company is actively investing in projects such as the Bighorn natural gas processing plant and the Eiger Express Pipeline, which are expected to enhance its operational capacity and market reach. The total assets of ONEOK increased to $66.616 billion as of September 30, 2025, compared to $64.069 billion at the end of 2024, reflecting the growth from recent acquisitions and capital investments.
In terms of market dynamics, ONEOK is closely monitoring commodity price fluctuations and their potential impact on production volumes. The company anticipates that its fee-based earnings will constitute approximately 90% of its consolidated earnings in 2025, supported by long-term contracts with investment-grade counterparties. Despite the challenges posed by market conditions and regulatory changes, ONEOK remains optimistic about its growth trajectory, bolstered by its strategic acquisitions and ongoing capital projects.
Looking ahead, ONEOK expects to continue leveraging its integrated asset base to drive growth and enhance shareholder value. The company has authorized a share repurchase program of up to $2 billion and plans to maintain its quarterly dividend of $1.03 per share, reflecting a commitment to returning capital to shareholders while investing in future growth opportunities. The outlook remains positive, with management confident in the company's ability to navigate market challenges and capitalize on emerging opportunities in the energy sector.
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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