Record Rocky Mountain Region
Volumes
Announces 2024 Financial
Guidance
TULSA,
Okla., Feb. 26, 2024 /PRNewswire/ -- ONEOK, Inc.
(NYSE: OKE) today announced higher fourth quarter and full-year
2023 results and 2024 financial guidance.
Higher Fourth-quarter 2023 Results, Compared with Fourth
Quarter 2022:
- Net income of $688 million,
resulting in $1.18 per diluted
share.
- Adjusted EBITDA of more than $1.5
billion.
- 20% increase in Rocky Mountain region NGL raw feed throughput
volumes.
- 17% increase in Gulf Coast/Permian region NGL raw feed
throughput volumes.
- 17% increase in natural gas volumes processed.
- 15% increase in wells connected in the Rocky Mountain
region.
Higher Full-year 2023 Results,
Compared with Full Year 2022:
- Net income of approximately $2.7
billion, resulting in $5.48
per diluted share.
- Adjusted EBITDA of more than $5.2
billion.
- 19% increase in Gulf Coast/Permian region NGL raw feed
throughput volumes.
- 10% increase in Rocky Mountain region NGL raw feed throughput
volumes.
- 54% increase in total wells connected.
- 14% increase in natural gas volumes processed.
2024 Earnings Guidance:
- Net income midpoint of $2.8
billion.
- Adjusted EBITDA midpoint of $6.1
billion.
- Approximately $1.75 billion to
$1.95 billion in total capital
expenditures.
"Record volumes, strong financial performance and the closing of
the Magellan acquisition solidified 2023 as a year of significant
growth and transformation," said Pierce H.
Norton II, ONEOK president and chief executive officer.
"With volume momentum across our operations, a full-year earnings
contribution from the refined products and crude segment,
and the realization of acquisition-related synergies, we've
guided to double-digit adjusted EBITDA growth in 2024.
"Our confidence in ONEOK's underlying business fundamentals and
future performance support our commitment to maximize investor
value through disciplined capital-growth opportunities, maintaining
a strong balance sheet, dividend growth and share repurchases,"
added Norton. "With our larger scale and more diversified
operations, we're even better positioned to support our customers,
provide essential energy services and create value for our
stakeholders."
HIGHLIGHTS:
- In January 2024, ONEOK increased
its quarterly dividend 3.7% to 99
cents per share, or $3.96 per
share on an annualized basis.
- In January 2024, ONEOK authorized
a $2 billion share repurchase program
and targets it to be largely utilized over the next four
years.
- In 2023, ONEOK extinguished $1.3
billion of long-term debt.
- Capital-growth projects:
- ONEOK approved the Elk Creek Pipeline expansion to 435,000
barrels per day (bpd), which will increase natural gas liquids
(NGL) capacity out of the Rocky Mountain region to 575,000 bpd. The
expansion is expected to cost approximately $355 million and be completed in the first
quarter 2025.
- In February, the Federal Energy Regulatory Commission (FERC)
approved the Saguaro Connector Pipeline's Presidential Permit.
ONEOK expects a final investment decision on the pipeline by
mid-year 2024.
- 2023 Environmental, Social and Governance (ESG) highlights:
- ONEOK received an MSCI ESG Rating of AAA.
- ONEOK qualified for inclusion in the Dow Jones Sustainability
North American Index, part of the Dow Jones Sustainability Indices
(DJSI), which recognizes global sustainability leaders.
- ONEOK's ESG Risk Rating, as assessed by Morningstar
Sustainalytics, was in the top 20% of the refiners and pipelines
industry.
- As of Dec. 31, 2023:
- 3.46 times fourth-quarter 2023 annualized run-rate net
debt-to-EBITDA ratio (excluding transaction costs).
- No borrowings outstanding under ONEOK's $2.5 billion credit agreement.
- $338 million of cash and cash
equivalents.
FOURTH QUARTER AND FULL-YEAR 2023 FINANCIAL
HIGHLIGHTS
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Millions of
dollars, except per share amounts)
|
Net income (a)
(b)
|
$
688
|
|
$
485
|
|
$
2,659
|
|
$
1,722
|
Diluted earnings per
common share (a) (b)
|
$
1.18
|
|
$
1.08
|
|
$
5.48
|
|
$
3.84
|
Adjusted EBITDA (c)
(d)
|
$
1,514
|
|
$
967
|
|
$
5,243
|
|
$
3,620
|
Operating income
(c)
|
$
1,099
|
|
$
756
|
|
$
4,072
|
|
$
2,807
|
Operating
costs
|
$
554
|
|
$
322
|
|
$
1,535
|
|
$
1,149
|
Depreciation and
amortization
|
$
260
|
|
$
157
|
|
$
769
|
|
$
626
|
Equity in net earnings
from investments
|
$
70
|
|
$
37
|
|
$
202
|
|
$
148
|
Maintenance
capital
|
$
139
|
|
$
69
|
|
$
277
|
|
$
228
|
Capital expenditures
(includes maintenance)
|
$
603
|
|
$
316
|
|
$
1,595
|
|
$
1,202
|
(a) Amounts for the
three months ended Dec. 31, 2023, include pre-tax impacts of $37
million related to net gains on open
market repurchases of debt, $34 million related to third-party
fractionation costs, $25 million in transaction costs and $7
million in interest income, resulting in a total unfavorable EPS
impact of 2 cents per diluted share after-tax.
(b) Amounts for the
year ended Dec. 31, 2023, include a pre-tax benefit of $633 million
related to the Medford incident,
including a one-time insurance settlement gain of $779 million,
offset partially by $146 million of third-party fractionation
costs incurred in 2023; and pre-tax impacts of $158 million in
transaction costs, $49 million in interest income, $41 million
related to net gains on open market repurchases of debt and $21
million in interest expense related to the transaction-related
bridge facility commitment fees, all resulting in a net benefit of
87 cents per diluted share after tax.
(c) Amounts for the
three months and year ended Dec. 31, 2023, include $25 million and
$158 million, respectively, in
transaction costs; $34 million and $146 million, respectively, in
third-party fractionation costs; $37 million and $41 million
related to net gains on open market repurchases of debt; and $7
million and $49 million in interest income. Full-year 2023
also includes a one-time insurance settlement gain of $779 million
related to the Medford incident.
(d) Adjusted earnings
before interest, taxes, depreciation and amortization (adjusted
EBITDA) is a non-GAAP measure.
In 2023, ONEOK updated its calculation methodology of adjusted
EBITDA to include adjusted EBITDA from unconsolidated
affiliates. Prior periods, which have not been restated, included
equity in net earnings from investments.
|
FULL-YEAR 2023 FINANCIAL PERFORMANCE
ONEOK reported full-year 2023 net income and adjusted earnings
before interest, taxes, depreciation and amortization (adjusted
EBITDA) of $2.7 billion and
$5.2 billion, respectively.
Higher 2023 results were driven primarily by higher volumes
across ONEOK's systems, higher average fee rates, and higher
natural gas storage and transportation services. Results included
higher operating costs due primarily to higher employee-related
costs and higher outside services due to the growth of ONEOK's
operations.
Full-year 2023 results included $633
million related to the Medford incident and $158 million of transaction costs.
Additionally, 2023 results included $465
million of adjusted EBITDA in the refined products and crude
segment following the closing of the Magellan acquisition on
Sept. 25, 2023.
2024 GUIDANCE:
|
|
2024 Guidance
Range
|
|
|
(Millions of
dollars, except
per share amounts)
|
ONEOK,
Inc.
|
|
|
|
|
Net income
|
|
$2,610
|
-
|
$3,010
|
Diluted earnings per
common share
|
|
$4.45
|
-
|
$5.14
|
Adjusted EBITDA
(a)
|
|
$5,900
|
-
|
$6,300
|
Growth capital
expenditures
|
|
$1,390
|
-
|
$1,550
|
Maintenance capital
expenditures
|
|
$360
|
-
|
$400
|
Adjusted
EBITDA:
|
|
|
|
|
Natural Gas
Liquids
|
|
$2,390
|
-
|
$2,550
|
Refined Products and
Crude
|
|
$1,645
|
-
|
$1,765
|
Natural Gas Gathering
and Processing
|
|
$1,275
|
-
|
$1,355
|
Natural Gas
Pipelines
|
|
$565
|
-
|
$595
|
Other
|
|
$25
|
-
|
$35
|
(a) Adjusted EBITDA is
a non-GAAP measure. A reconciliation to the relevant GAAP measure
is included in this news release.
|
|
|
2024 Guidance
Range
|
|
|
|
Summary of 2024
Volume Guidance
|
|
|
|
|
Natural Gas Liquids Raw
Feed Throughput (MBbl/d)
|
|
1,330
|
-
|
1,430
|
Refined Products Volume
Shipped (MBbl/d)
|
|
1,500
|
-
|
1,600
|
Crude Oil Volume
Shipped (MBbl/d)
|
|
700
|
-
|
850
|
Natural Gas Processed
(MMcf/d)
|
|
2,240
|
-
|
2,570
|
|
2024 Financial Guidance:
ONEOK's 2024 net income and adjusted EBITDA guidance includes
higher earnings from all business segments (excluding the
Medford insurance settlement in
2023), includes a full-year contribution from the refined products
and crude segment and approximately $160
million to $190 million
(midpoint of $175 million) of total
realized annual cost and initial commercial synergy impacts in the
first year post the Magellan acquisition.
ONEOK continues to prioritize synergy opportunities primarily
based on three factors: time-to-market, economic value and capital
expenditure requirements.
Building off of the opportunities captured in 2024, ONEOK
expects additional annual synergies approaching $125 million in 2025 as a result of batching,
blending, supply chain synergies and system optimization.
Additional commercial synergies are expected in 2026 as necessary
capital expenditure projects are completed.
Capital Expenditures:
Total capital expenditures are expected to range between
$1.75 billion to $1.95 billion.
Capital expenditure guidance includes the MB-6 NGL fractionator,
West Texas NGL pipeline expansion project and the expansion of the
Elk Creek NGL pipeline, which will bring total capacity out of the
Rocky Mountain region to 575,000 barrels per day. Projects that
have not reached a final investment decision are not included in
2024 expectations.
Expected 2024 Performance Drivers:
Natural Gas Liquids
- Higher exchange services margins from an expected increase in
NGL raw feed throughput volumes in the Rocky Mountain and Gulf
Coast/Permian regions from producer activity, plant connections and
plant expansions completed in 2023 and 2024.
- More than 90% fee-based earnings.
Refined Products and Crude
- Full-year effect of higher refined products tariff rates driven
by a mid-year tariff increase of 11.5% in July 2023 and a mid-single digit tariff increase
expected in 2024.
- Higher volumes and margins related to liquids blending, offset
partially by lower contributions from joint ventures.
- More than 85% fee-based earnings.
Natural Gas Gathering and Processing
- Approximately 7% increase in natural gas volumes processed
driven by increasing producer activity in the Rocky Mountain
region.
- Approximately 530 to 600 Rocky Mountain region well connections
in 2024.
- Approximately 60 to 70 Mid-Continent region well connections in
2024.
- Approximately 85% fee-based earnings.
Natural Gas Pipelines
- More than 95% transportation capacity contracted.
- Increased demand for long-term pipeline and storage
capacity.
- More than 95% fee-based earnings.
Returning Value to Investors
- Targeting an annual dividend growth rate ranging between 3% to
4%.
- Combination of common dividends and share repurchases is
expected to trend towards a target of approximately 75% to 85% of
forecasted cash flow from operations after capital expenditures
over the next four years.
- Target debt-to-EBITDA ratio of approximately 3.5 times.
Additional guidance information:
https://ir.oneok.com/financial-information/financial-reports.
2023 BUSINESS SEGMENT RESULTS:
Natural Gas Liquids Segment
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
December
31,
|
Natural Gas Liquids
Segment
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Millions of
dollars)
|
Adjusted
EBITDA
|
$
613
|
|
$
565
|
|
$
3,045
|
|
$
2,095
|
Capital
expenditures
|
$
323
|
|
$
136
|
|
$
818
|
|
$
581
|
The increase in fourth quarter 2023 adjusted EBITDA, compared
with the fourth quarter 2022, primarily reflects:
- A $135 million increase in
exchange services due primarily to higher volumes across ONEOK's
system and lower volumes of unfractionated NGLs in inventory;
- An $11 million increase in
earnings from unconsolidated affiliates due primarily to higher
volumes delivered to the Overland Pass Pipeline and the change in
calculation methodology in 2023; offset by
- A $47 million decrease in
optimization and marketing due primarily to lower earnings on sales
of purity NGLs previously held in inventory, lower optimization
volumes and narrower location and commodity price
differentials;
- A $34 million increase in
third-party fractionation costs due to the Medford incident; and
- A $26 million increase in
operating costs due primarily to higher employee costs and property
insurance premiums.
The increase in adjusted EBITDA for the full year 2023, compared
with 2022, primarily reflects:
- A $663 million increase related
to the Medford incident, due to
the settlement gain of $779 million,
offset partially by $146 million of
third-party fractionation costs, compared with an approximately
$30 million unfavorable impact of the
45-day waiting period in 2022;
- A $303 million increase in
exchange services due primarily to higher volumes across ONEOK's
system, offset partially by narrower commodity price
differentials;
- A $32 million increase in
earnings from unconsolidated affiliates due primarily to higher
volumes delivered to the Overland Pass Pipeline and the change in
calculation methodology in 2023;
- A $20 million increase due
primarily to higher volumes on the ONEOK North System and higher
storage revenue; and
- A $12 million increase in
optimization and marketing due primarily to higher earnings on
sales of purity NGLs previously held in inventory; offset
by
- An $88 million increase in
operating costs due primarily to higher employee-related costs and
higher outside services due to the growth of ONEOK's operations,
and higher property insurance premiums.
Natural Gas Gathering and Processing Segment
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
December
31,
|
Natural Gas
Gathering and Processing Segment
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Millions of
dollars)
|
Adjusted
EBITDA
|
$
323
|
|
$
266
|
|
$
1,244
|
|
$
1,037
|
Capital
expenditures
|
$
140
|
|
$
124
|
|
$
448
|
|
$
445
|
|
|
|
|
|
|
|
|
The increase in fourth quarter 2023 adjusted EBITDA, compared
with the fourth quarter 2022, primarily reflects:
- A $76 million increase from
higher volumes due primarily to increased producer activity in the
Rocky Mountain and Mid-Continent regions and the impact of winter
weather in the Rocky Mountain region in the fourth quarter 2022;
offset by
- A $15 million increase in
operating costs due primarily to higher employee-related costs and
higher property insurance premiums.
The increase in adjusted EBITDA for full year 2023, compared
with 2022, primarily reflects:
- A $227 million increase from
higher volumes due primarily to increased producer activity in the
Rocky Mountain and Mid-Continent regions, and the impact of winter
weather in the Rocky Mountain region in the second and fourth
quarters of 2022; and
- A $49 million increase due
primarily to higher average fee rates and realized condensate
prices, net of hedging, offset partially by lower realized NGL
prices, net of hedging; offset by
- A $62 million increase in
operating costs due primarily to higher employee-related costs,
outside services and materials and supplies expense due primarily
to the growth of ONEOK's operations, and higher property insurance
premiums.
Natural Gas Pipelines Segment
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
December
31,
|
Natural Gas
Pipelines Segment
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Millions of
dollars)
|
Adjusted
EBITDA
|
$
132
|
|
$
131
|
|
$
559
|
|
$
488
|
Capital
expenditures
|
$
73
|
|
$
41
|
|
$
228
|
|
$
123
|
Fourth quarter 2023 adjusted EBITDA, compared with the fourth
quarter 2022, primarily reflects:
- An $11 million increase in
earnings from unconsolidated affiliates due to the change in
calculation methodology in 2023; offset by
- A $5 million decrease in storage
services due primarily to lower short-term storage activity;
and
- A $2 million increase in
operating costs due primarily to employee-related costs.
The increase in adjusted EBITDA for the full year 2023, compared
with 2022, primarily reflects:
- A $43 million increase in
transportation and storage services due primarily to higher storage
rates on renegotiated contracts, higher storage volumes related to
completed projects and higher firm and interruptible transportation
volumes; and
- A $42 million increase in
earnings from unconsolidated affiliates due to the change in
calculation methodology in 2023; offset by
- A $20 million increase in
operating costs due primarily to higher employee-related
costs.
Refined Products and Crude Segment
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
December
31,
|
Refined Products and
Crude Segment
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Millions of
dollars)
|
Adjusted
EBITDA
|
$
424
|
|
-
|
|
$
465
|
|
-
|
Capital
expenditures
|
$
51
|
|
-
|
|
$
52
|
|
-
|
Adjusted EBITDA was $465 million
for the period Sept. 25, 2023,
through Dec. 31, 2023, which includes
a $40 million unfavorable inventory
value adjustment, related to the closing of the Magellan
acquisition.
EARNINGS CONFERENCE CALL AND WEBCAST:
ONEOK executive management will conduct a conference call at
11 a.m. Eastern Standard Time
(10 a.m. Central Standard Time) on
Feb. 27, 2024. The call also will be
carried live on ONEOK's website.
To participate in the telephone conference call, dial
877-883-0383, entry number 2949750, or log on to www.oneok.com.
If you are unable to participate in the conference call or the
webcast, the replay will be available on ONEOK's website,
www.oneok.com, for one year. A recording will be available by phone
for seven days. The playback call may be accessed at 877-344-7529,
access code 2417359.
LINK TO EARNINGS TABLES AND PRESENTATION:
https://ir.oneok.com/financial-information/financial-reports
NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL
MEASURES:
ONEOK has disclosed in this news release adjusted earnings
before interest, taxes, depreciation and amortization (adjusted
EBITDA), which is a non-GAAP financial metric, used to measure the
company's financial performance. Adjusted EBITDA is defined as net
income adjusted for interest expense, depreciation and
amortization, noncash impairment charges, income taxes, noncash
compensation expense, and other noncash items; and includes
adjusted EBITDA from the company's unconsolidated affiliates using
the same recognition and measurement methods used to record equity
in net earnings of unconsolidated affiliates. Adjusted EBITDA from
unconsolidated affiliates is calculated consistently with the
definition above and excludes items such as interest, taxes,
depreciation and other noncash items.
Adjusted EBITDA is useful to investors because it and similar
measures are used by many companies in the industry as a measure of
financial performance and is commonly employed by financial
analysts and others to evaluate ONEOK's financial performance and
to compare the company's financial performance with the performance
of other companies within the industry. Adjusted EBITDA should not
be considered in isolation or as a substitute for net income or any
other measure of financial performance presented in accordance with
GAAP.
This non-GAAP financial measure excludes some, but not all,
items that affect net income. Additionally, this calculation may
not be comparable with similarly titled measures of other
companies. A reconciliation of net income to adjusted EBITDA is
included in the tables.
At ONEOK (NYSE: OKE), we deliver energy products and services
vital to an advancing world. We are a leading midstream operator
that provides gathering, processing, fractionation, transportation
and storage services. Through our more than 50,000-mile pipeline
network, we transport the natural gas, natural gas liquids (NGLs),
refined products and crude that help meet domestic and
international energy demand, contribute to energy security and
provide safe, reliable and responsible energy solutions needed
today and into the future. As one of the largest diversified energy
infrastructure companies in North
America, ONEOK is delivering energy that makes a difference
in the lives of people in the U.S. and around the world.
ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.
For information about ONEOK, visit the website:
www.oneok.com.
For the latest news about ONEOK, find us on LinkedIn, Facebook,
X and Instagram.
This news release contains certain "forward-looking statements"
within the meaning of federal securities laws. Words such as
"anticipates," "believes," "continues," "could," "estimates,"
"expects," "forecasts," "goal," "guidance," "intends," "may,"
"might," "outlook," "plans," "potential," "projects," "scheduled,"
"should," "target," "will," "would," and similar expressions may be
used to identify forward-looking statements. Forward-looking
statements are not statements of historical fact and reflect our
current views about future events. Such forward-looking statements
include, but are not limited to, statements about the benefits of
the transaction involving us, including future financial and
operating results, our plans, objectives, expectations and
intentions, and other statements that are not historical facts,
including future results of operations, projected cash flow and
liquidity, business strategy, expected synergies or cost savings,
and other plans and objectives for future operations. No assurances
can be given that the forward-looking statements contained in this
news release will occur as projected and actual results may differ
materially from those projected.
Forward-looking statements are based on current expectations,
estimates and assumptions that involve a number of risks and
uncertainties, many of which are beyond our control, and are not
guarantees of future results. Accordingly, there are or will be
important factors that could cause actual results to differ
materially from those indicated in such statements and, therefore,
you should not place undue reliance on any such statements and
caution must be exercised in relying on forward-looking statements.
These risks and uncertainties include, without limitation, the
following:
- the impact on drilling and production by factors beyond our
control, including the demand for natural gas, NGLs, Refined
Products and crude oil; producers' desire and ability to drill and
obtain necessary permits; regulatory compliance; reserve
performance; and capacity constraints and/or shut downs on the
pipelines that transport crude oil, natural gas, NGLs, and Refined
Products from producing areas and our facilities;
- the impact of unfavorable economic and market conditions,
inflationary pressures, including increased interest rates, which
may increase our capital expenditures and operating costs, raise
the cost of capital or depress economic growth;
- the impact of the volatility of natural gas, NGL, Refined
Products and crude oil prices on our earnings and cash flows, which
is impacted by a variety of factors beyond our control, including
international terrorism and conflicts and the geopolitical
instability;
- the impact of reduced volatility in energy prices or new
government regulations on our business;
- our dependence on producers, gathering systems, refineries and
pipelines owned and operated by others and the impact of any
closures, interruptions or reduced activity levels at these
facilities;
- the impact of increased attention to ESG issues, including
climate change, and risks associated with the physical impacts of
climate change;
- risks associated with operational hazards and unforeseen
interruptions at our operations;
- demand for our services and products in the proximity of our
facilities;
- risks associated with our ability to hedge against commodity
price risks or interest rate risks;
- a breach of information security, including a cybersecurity
attack, or failure of one or more key information technology or
operational systems;
- exposure to construction risk and supply risks if adequate
natural gas, NGL, Refined Products and crude oil supply is
unavailable upon completion of facilities;
- the accuracy of estimates of hydrocarbon reserves, which could
result in lower than anticipated volumes;
- our lack of ownership over all of the land on which our
property is located and certain of our facilities and
equipment;
- the impact of changes in estimation, type of commodity and
other factors on our measurement adjustments;
- excess capacity on our pipelines, processing, fractionation,
terminal and storage assets;
- risks associated with the period of time our assets have been
in service;
- our partial reliance on cash distributions from our
consolidated affiliates on our operating cash flows;
- our ability to cause our joint ventures to take or not take
certain actions unless some or all of our joint-venture
participants agree;
- our reliance on others to operate joint-venture assets and to
provide other services;
- increased regulation of exploration and production activities,
including hydraulic fracturing, well setbacks and disposable of
wastewater;
- impacts of regulatory oversight and potential penalties on our
business;
- risks associated with the rate regulation, challenges or
changes, which may reduce the amount of cash we generate;
- the impact of our gas liquids blending activities, which
subject us to federal regulations that govern renewable fuel
requirements in the U.S.;
- incurrence of significant costs to comply with the regulation
of GHG emissions;
- the impact of federal and state laws and regulations relating
to the protection of the environment, public health and safety on
our operations, as well as increased litigation and activism
challenging oil and gas development as well as changes to and/or
increased penalties from the enforcement of laws, regulations and
policies;
- the impact of unforeseen changes in interest rates, debt and
equity markets and other external factors over which we have no
control;
- actions by rating agencies concerning our credit;
- our indebtedness and guarantee obligations could cause adverse
consequences, including making us vulnerable to general adverse
economic and industry conditions, limiting our ability to borrow
additional funds and placing us at competitive disadvantages
compared with our competitors that have less debt;
- an event of default may require us to offer to repurchase
certain of our or ONEOK Partners' senior notes or may impair our
ability to access capital;
- the right to receive payments on our outstanding debt
securities and subsidiary guarantees is unsecured and effectively
subordinated to any future secured indebtedness and any existing
and future indebtedness of our subsidiaries that do not guarantee
the senior notes;
- use by a court of fraudulent conveyance to avoid or subordinate
the cross guarantees of our or ONEOK Partners' indebtedness;
- the risks associated with pending or possible acquisitions and
dispositions, including our ability to finance or integrate any
such acquisitions and any regulatory delay or conditions imposed by
regulatory bodies in connection with any such acquisitions and
dispositions;
- risks related to the Magellan Acquisition, including the risk
that we may not realize the anticipated benefits of the Magellan
Acquisition or successfully integrate the two companies;
- our ability to pay dividends;
- our exposure to the credit risk of our customers or
counterparties;
- a shortage of skilled labor;
- misconduct or other improper activities engaged in by our
employees;
- the impact of potential impairment charges;
- the impact of the changing cost of providing pension and
postretirement health care benefits to eligible employees and
qualified retirees;
- our ability to maintain an effective system of internal
controls; and
- the risk factors listed in the reports we have filed and may
file with the SEC.
These reports are also available from the sources described
below. Forward-looking statements are based on the estimates and
opinions of management at the time the statements are made. ONEOK
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
changes in circumstances, expectations or otherwise.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included herein and elsewhere,
including the Risk Factors included in the most recent reports on
Form 10-K and Form 10-Q and other documents of ONEOK on file with
the SEC. ONEOK's SEC filings are available publicly on the SEC's
website at www.sec.gov.
Analyst
Contact:
|
Megan
Patterson
918-561-5325
|
Media
Contact:
|
Brad
Borror
918-588-7582
|
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content:https://www.prnewswire.com/news-releases/oneok-announces-higher-fourth-quarter-and-full-year-2023-earnings-302071594.html
SOURCE ONEOK, Inc.