ONEOK said operating income for Q1 2024 decreased $433 million from the same period a year earlier. The company cited lower operating income in its Natural Gas Liquids segment, $710 million in 2023, as due primarily to an insurance settlement gain related to the Medford incident and higher operating costs.

1. 01

   ONEOK said operating income for Q1 2024 decreased $433 million from the same period a year earlier. The company cited lower operating income in its Natural Gas Liquids segment, $710 million in 2023, as due primarily to an insurance settlement gain related to the Medford incident and higher operating costs.

2. 02

   ONEOK said its Refined Products and Crude segment contributed $262 million to operating income for Q1 2024, due to the impact of the Magellan Acquisition. The company also said it began allocating corporate costs to this segment in Q1 2024, which reduced allocations to the other segments.

3. 03

   ONEOK said its Board of Directors approved a share repurchase program of up to $2.0 billion in January 2024, which will terminate upon completion of the repurchase program or on January 1, 2029, whichever occurs first. The company said no shares had been repurchased under the program as of April 22, 2024. It also said it paid a quarterly common stock dividend of 99 cents per share in February 2024.

4. 04

   ONEOK said capital expenditures, excluding AFUDC, were $512 million for Q1 2024 and $289 million for Q1 2023, and it expects total capital expenditures, excluding AFUDC, of $1.75 to $1.95 billion in 2024. The company also said it had a working capital deficit of $1.2 billion as of March 31, 2024.

Key figures

Quarter ended March 31, 2024

Revenue

$4.8B

Operating income

$1.1B

Net income

$639M

EPS

$1.09

Operating cash flow

$596M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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