ONEOK reports marginally lower first-quarter profit on higher operating costs
April 29 (Reuters) - U.S. pipeline operator ONEOK (OKE.N), opens new tab on Tuesday reported a marginal fall in first-quarter profit, hurt by higher operating costs and divestments.
Shares were down 3.7% at $84.60 in extended trading.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Quarterly operating costs jumped about 32% to $752 million from a year earlier, weighed down by higher employee-related expenses.
The company has been diversifying its portfolio through acquisitions over the past two years, including a Gulf Coast NGL pipeline system from Easton Energy and the purchases of Medallion Midstream and EnLink Midstream.
ONEOK moved into transporting refined products and oil in 2023 following its acquisition of rival Magellan Midstream in an $18.8 billion deal.
ONEOK transports natural gas, natural gas liquids (NGLs), refined products and crude oil through its 60,000-mile-long network of pipelines.
The company had also divested three natural gas transmission pipelines to peer DT Midstream (DTM.N), opens new tab for $1.2 billion in cash in 2024.
However, quarterly adjusted core profit for all four of its segments rose on the back of higher contributions from its acquisitions of EnLink and Medallion.
The company continues to expect current-year net income of between $3.21 billion and $3.69 billion.
The Tulsa, Oklahoma-based company reported net income attributable of $636 million, or $1.04 per share, for the quarter ended March 31, compared with $639 million, or $1.09 per share, a year earlier.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Record
an hour ago
- Daily Record
Campaigners welcome decision to call in Flamingo Land's controversial Loch Lomond plans after government U-turn
The Scottish Government has called in plans for a major development on the banks of Loch Lomond. Campaigners have welcomed a decision by the Scottish Government to call in Flamingo Land's controversial plans for a £43.5million resort on the banks of Loch Lomond. Yorkshire-based theme park operator Flamingo Land, through its subsidiary Lomond Banks, had proposed to construct two hotels, over 100 lodges, a waterpark and monorail at Balloch. After a long-running battle, initial proposals were shelved in 2019 due to significant local opposition and concerns from bodies such as the Scottish Environmental Protection Agency (SEPA), the Woodland Trust and the National Trust for Scotland. Subsequent revised plans were unanimously turned down by the Loch Lomond and Trossachs National Park authority - however, an appeal by Lomond Banks was upheld by a Scottish Government reporter, who imposed 49 conditions on the developer and required them to reach an agreement with the authority before commencing construction. Despite pressure from MSPs, Public Finance Minister Ivan McKee had previously declined to step in regarding the decision to proceed with the plans. But in a statement released on Tuesday evening, he confirmed that the government would now recall the plans. "I have decided to recall the Lomond Banks appeal as the proposed development raises issues of national significance in view of its potential impact on Loch Lomond and the Trossachs National Park," the minister said. "This means that the appeal should be determined at a national level." Mr McKee had previously mentioned that "technical planning issues" were involved in the application, stating it was right for "objective planning judgment" to be used, hence the Government would not intervene. Following his remarks, a campaign spearheaded by the Scottish Greens saw over 50,000 individuals petitioning him to reconsider. Loch Lomond South Community Development Trust (LLSCDT) welcomed the decision and said it is actively working to shape and promote a "positive, community-ledalternative vision for the area—one that supports sustainable tourism, protects theenvironment, and truly benefits the people who live, work, and visit Loch Lomond". LLSCDT chairwoman, Lynne Somerville said: 'The people who live here must have a real say in the future of this place—not as an afterthought, but as equal partners. "The overwhelming response from the community shows not only opposition to inappropriate development, but also a clear appetite for something better—something rooted in fairness, sustainability, and local benefit. "Under the 2015 Community Empowerment Act, communities like ours are legally entitled to be heard and treated with respect in decisions that affect our land and future. It's time that legislation was meaningfully upheld.' The announcement arrived just a day before Scottish Labour planned to initiate a debate urging Government intervention, with Dumbarton MSP and the party's deputy leader Jackie Baillie suggesting ministers were apprehensive about a potential defeat. "The SNP face a motion tomorrow from Scottish Labour demanding that the application is recalled," she commented. "Thanks to cross party support for our motion, the SNP has U-turned before it was defeated in the chamber." In her statement, Ms Baillie remarked: "This is a welcome U-turn by the SNP, though it shouldn't have taken the fear of a defeat in Parliament to force them to reach this decision. "The SNP has ignored concerns time and time again – from politicians across the chamber and from local campaigners. "It is not right that a single reporter was allowed to overrule the National Park Authority's unanimous decision to reject the bid of the Flamingo Land resort. "This decision requires proper democratic oversight and I'm pleased ministers have finally accepted our calls and agreed to step in." Reacting to the announcement, Scottish Green MSP Ross Greer commended the decision, saying it was the "right move". "The evidence of the damage it would do to one of Scotland's most iconic locations is overwhelming," he added. "Once ministers consider the flood risk, loss of ancient woodland, hundreds of additional cars which would be brought onto notoriously congested roads and the litany of other devastating impacts it would have, I am sure they will reject the mega-resort application and finally end this decade-long saga. "People across Scotland expect their Government to protect our natural heritage. "Given previous mistakes, including the approval of Donald Trump's golf course despite local objections and serious environmental concerns, this is an opportunity for ministers to show that they have learned and will now put people and planet ahead of greedy developers."
Reuters
an hour ago
- Reuters
Exclusive: India's central bank to use cash reserve ratio more actively to manage liquidity, says source
MUMBAI, June 11 (Reuters) - India's central bank plans to use cash reserve ratio "more often" as a tool to manage liquidity and speed up monetary policy transmission, moving away from the practice of deploying it only in times of extreme cash swings, a source told Reuters on Wednesday. The person aware of the Reserve Bank of India's thinking declined to be identified because they are not authorised to speak to the media. The RBI did not reply to an email seeking comment. In a surprise move on Friday, the Reserve Bank of India announced a 100-basis-points reduction in the CRR to 3%, to be implemented in four equal tranches between September and November, releasing 2.5 trillion rupees ($29.25 billion) into the banking system. ($1 = 85.4790 Indian rupees)
Glasgow Times
an hour ago
- Glasgow Times
Council decides on plans for flats in town near Glasgow
The application for a brownfield site at 82 to 84 Cross Arthurlie Street in Barrhead was submitted to East Renfrewshire Council by Glasgow-based developer AS Homes. The plans, which show a mixture of one and two-bedroom properties, have been given the green light subject to 17 conditions. READ NEXT: Greggs store closes temporarily - here's why One of the conditions is that all 12 flats must be for/occupied as social rented housing which is to be provided by a registered social landlord, in perpetuity. The vacant site, which is overgrown, extends from Cross Arthurlie Street on its east side to Henry Street on its west side. The buildings that were on site were approved to be demolished in 2007 and the site has been vacant/undeveloped since the buildings were demolished. As part of the decision, approval was also granted for a parking court containing ten spaces at the rear of the block, a bin store and cycle store as well as housing for a sprinkler storage tank and pump. Access to the parking court will be from Henry Street. Another condition of the approval is that parking courtyard shall not slope towards Henry Street unless drainage infrastructure is installed to prevent water issuing onto the public road. READ NEXT: Plans revealed for new takeaway near Glasgow One objection was received to the plans which raised concerns about neighbour notification not being carried out, overshadowing and the loss of light to a living room and a bathroom. The application's report of handling issued by East Renfrewshire Council stated: 'With regard to the objection that has been received the following comments are made. 'Notices to neighbours were not originally issued when the application was validated as a result of an administrative error. 'The notices to neighbours were subsequently issued dated April 22, 2025 and the requisite time period given for any representations to be submitted before determining the application.'
