ONEOK recorded a notable increase in its financial results for the second quarter of 2025, with attributable net profit of $841mn and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $1.98bn. The performance was driven by the contribution from the recent acquisitions of EnLink Midstream LLC (EnLink) and Medallion, as well as an 11% increase in natural gas liquids (NGL) raw feed throughput in the Rocky Mountain region.
Acquisitions and deleveraging support ONEOK’s strategy
During the quarter, ONEOK completed the purchase of the remaining 49.9% interest in Delaware G&P LLC (Delaware Basin JV), further strengthening its position in the Permian Basin. At the same time, the company repaid nearly $600mn in bond debt, including the repurchase of $169mn in senior notes and the maturity repayment of $422mn in 4.15% notes. The group also increased its stake in BridgeTex Pipeline Company, LLC to 60%, continuing its strategic infrastructure expansion.
Management confirmed that the strength of the balance sheet and the diversification of revenue streams enabled ONEOK to maintain its financial objectives for 2025. The group reported cash and cash equivalents of $97mn and no utilisation of its $3.5bn credit facility at quarter-end.
Segment performance and investments
The natural gas liquids segment generated adjusted EBITDA of $673mn for the quarter, mainly driven by a $50mn contribution from EnLink. However, this growth was tempered by lower average fee rates in the Mid-Continent region and increased inventory due to unplanned outages. Investments in this segment amounted to $135mn.
In the refined products and crude oil sector, adjusted EBITDA reached $557mn, supported by the combined contribution of Medallion and EnLink. Capital expenditures in this area amounted to $184mn. The natural gas gathering and processing segment saw a marked increase, with adjusted EBITDA of $540mn and investments of $341mn, benefiting from the integration of EnLink and higher volumes, despite the divestment of non-strategic assets in 2024.
Market positioning and outlook
The natural gas pipelines segment generated adjusted EBITDA of $188mn, strengthened by the integration of EnLink, while the divestment of an interstate pipeline limited this growth. The strategy of targeted acquisitions and rapid deleveraging demonstrates ONEOK’s aim to optimise its capital structure and meet the growing demand for energy infrastructure.
ONEOK also announced the payment of a quarterly dividend of $1.03 per share, or $4.12 annualised. The group’s operations continue to be supported by a stable customer base and a diversified geographical footprint, with a reinforced presence in key gas and liquids markets.
