Oil and gas pipeline operator ONEOK Partners, L.P. reported fourth-quarter 2016 earnings of 60 cents per unit, missing the Zacks Consensus Estimate of 65 cents by 7.7%.
Full-year 2016 earnings were $2.25 per share, missing the Zacks Consensus Estimate of $2.29 by 1.8%. Earnings, however, improved 208.2% from the year-ago tally of 73 cents.
Total Revenue
In the quarter under review, ONEOK Partners reported total revenue of $2,653.5 million, beating the Zacks Consensus Estimate of $2,591 million by 2.4%. Quarterly revenues were also up 37.5% from $1,930.4 million in the year-ago quarter.
Full-year 2016 revenues came in at $8,918.5 million, surpassing the Zacks Consensus Estimate of $8,710 million by 2.4%. Yearly earnings grew 14.9% from the prior-year tally of $7,761.1 million.
Operational Results
ONEOK Partners’ adjusted earnings before interest, tax, depreciation and amortization (EBITDA) stood at $470.5 million, up 4.5%.
Cost of sales and fuel was $2,021.5 million, up 51.6% from $1,333.3 million a year ago.
The partnership reported operating income of $335.9 million, up 38.9%.
ONEOK Partners’ interest expenses were $88.5 million, up 4.1% from $85 million reported a year ago.
Financial Condition
As of Dec 31, 2016, ONEOK Partners had cash and cash equivalents of $0.4 million, down from $5.1 million as of Dec 31, 2015.
Long-term debt (excluding current maturities) as of Dec 31, 2016, was $6,291.3 million, down from $6,695.3 million as of Dec 31, 2015.
The partnership’s cash flow from operating activities was $1,487 million in 2016, up 38.7% from $1,072 million in the year-ago period.
Capital expenditure in 2016 was $621.7 million, down 47.6% from the prior-year level of $1,186.1 million.
Distributable cash flow (“DCF”) was $232.3 million in the fourth quarter, almost flat with the year-ago tally.
Upcoming Peer Releases
Buckeye Partners, L.P. reported fourth-quarter 2016 earnings of 78 cents per unit, lagging the Zacks Consensus Estimate of $1.05 by 25.7%.
CONE Midstream Partners LP reported fourth-quarter 2016 earnings of 38 cents per unit, lagging the Zacks Consensus Estimate of 39 cents by 2.6%.
Archrock Partners, L.P. reported fourth-quarter 2016 earnings of 16 cents per unit, beating the Zacks Consensus Estimate of 14 cents by 14.3%.
Zacks Rank
ONEOK Partners currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Full-Blown Technological Breakthrough in the Making
Zacks’ Aggressive Growth Strategist Brian Bolan explores autonomous cars in our latest Special Report, Driverless Cars: Your Roadmap to Mega-Profits Today. In addition to who will be selling them and how the auto industry will be impacted, Brian reveals 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>
Image: Bigstock
ONEOK Partners (OKS) Misses Q4 Earnings, Beats Revenues
Oil and gas pipeline operator ONEOK Partners, L.P. reported fourth-quarter 2016 earnings of 60 cents per unit, missing the Zacks Consensus Estimate of 65 cents by 7.7%.
Full-year 2016 earnings were $2.25 per share, missing the Zacks Consensus Estimate of $2.29 by 1.8%. Earnings, however, improved 208.2% from the year-ago tally of 73 cents.
Total Revenue
In the quarter under review, ONEOK Partners reported total revenue of $2,653.5 million, beating the Zacks Consensus Estimate of $2,591 million by 2.4%. Quarterly revenues were also up 37.5% from $1,930.4 million in the year-ago quarter.
Full-year 2016 revenues came in at $8,918.5 million, surpassing the Zacks Consensus Estimate of $8,710 million by 2.4%. Yearly earnings grew 14.9% from the prior-year tally of $7,761.1 million.
Operational Results
ONEOK Partners’ adjusted earnings before interest, tax, depreciation and amortization (EBITDA) stood at $470.5 million, up 4.5%.
Cost of sales and fuel was $2,021.5 million, up 51.6% from $1,333.3 million a year ago.
The partnership reported operating income of $335.9 million, up 38.9%.
ONEOK Partners’ interest expenses were $88.5 million, up 4.1% from $85 million reported a year ago.
ONEOK Partners, L.P. Price, Consensus and EPS Surprise
ONEOK Partners, L.P. Price, Consensus and EPS Surprise | ONEOK Partners, L.P. Quote
Financial Condition
As of Dec 31, 2016, ONEOK Partners had cash and cash equivalents of $0.4 million, down from $5.1 million as of Dec 31, 2015.
Long-term debt (excluding current maturities) as of Dec 31, 2016, was $6,291.3 million, down from $6,695.3 million as of Dec 31, 2015.
The partnership’s cash flow from operating activities was $1,487 million in 2016, up 38.7% from $1,072 million in the year-ago period.
Capital expenditure in 2016 was $621.7 million, down 47.6% from the prior-year level of $1,186.1 million.
Distributable cash flow (“DCF”) was $232.3 million in the fourth quarter, almost flat with the year-ago tally.
Upcoming Peer Releases
Buckeye Partners, L.P. reported fourth-quarter 2016 earnings of 78 cents per unit, lagging the Zacks Consensus Estimate of $1.05 by 25.7%.
CONE Midstream Partners LP reported fourth-quarter 2016 earnings of 38 cents per unit, lagging the Zacks Consensus Estimate of 39 cents by 2.6%.
Archrock Partners, L.P. reported fourth-quarter 2016 earnings of 16 cents per unit, beating the Zacks Consensus Estimate of 14 cents by 14.3%.
Zacks Rank
ONEOK Partners currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Full-Blown Technological Breakthrough in the Making
Zacks’ Aggressive Growth Strategist Brian Bolan explores autonomous cars in our latest Special Report, Driverless Cars: Your Roadmap to Mega-Profits Today. In addition to who will be selling them and how the auto industry will be impacted, Brian reveals 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>