ONEOK, Inc. announced higher third quarter 2024 results on October 29, 2024, reporting net income of $693 million, a significant increase from $454 million in the third quarter of 2023. Diluted earnings per common share rose to $1.18 from $0.99 year-over-year.
Adjusted EBITDA for the third quarter of 2024 reached $1.55 billion, up from $1.015 billion in the prior-year quarter. This performance was primarily driven by higher NGL and natural gas processing volumes in the Rocky Mountain region, increased natural gas transportation services, and contributions from the Refined Products and Crude segment.
The company increased its consolidated 2024 net income guidance to a range of $2.895 billion to $3.095 billion, and adjusted EBITDA guidance to $6.525 billion to $6.725 billion, which includes expected contributions from EnLink and the pending Medallion acquisition. Stand-alone 2024 adjusted EBITDA guidance also increased to a range of $6.20 billion to $6.35 billion, reflecting confidence in synergy opportunities and fee-based earnings strength.
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