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ONEOK (OKE) Beats on Q2 Earnings, Raises '23 EPS View
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ONEOK Inc. (OKE - Free Report) reported second-quarter 2023 operating earnings per share (EPS) of $1.04, which beat the Zacks Consensus Estimate of $1 by 4%. The bottom line also improved 13% from the year-ago quarter’s figure of 92 cents.
Total Revenues
Operating revenues for the quarter totaled $3,732 million, which missed the Zacks Consensus Estimate of $4,127 million by 9.6%. The top line also declined 37.8% from $5,996 million in the prior-year quarter.
Adjusted EBITDA came in at $971 million, up 10% year over year.
Operating income totaled $737 million, up 7% from the prior-year quarter’s $689 million.
ONEOK incurred interest expenses of $180 million, up 5.3% from $171 million recorded in the year-ago period.
Total natural gas processed was 2,922 Billion British thermal units per day (BBtu/d), up 16.6% year over year. The Zacks Consensus Estimate for the same was pegged at 2,855 BBtu/d.
The company reported natural gas transportation capacity contracted of 7,656 million British thermal units per hour per day (MDth/d), up 5.5% year over year. The Zacks Consensus Estimate for the same was pegged at 7,257 MDth/d.
Financial Highlights
As of Jun 30, 2023, the company had cash and cash equivalents worth $106 million compared with $220 million as of Dec 31, 2022.
Long-term debt (excluding current maturities) totaled $12,742 million as of Jun 30, 2023, compared with $12,696 million as of Dec 31, 2022.
Cash provided by operating activities for the first six months of 2023 amounted to $1,993 million compared with $1,250 million in the corresponding period of 2022.
2023 Guidance
ONEOK increased its EPS estimation to the range of $5.32-$5.76 from the previously predicted band of $5.03-$5.69. The Zacks Consensus Estimate for the same is pegged at $5.55, a tad higher than the midpoint of the company’s guided range, $5.54 per share.
The company anticipates net income in the band of $2,390-$2,590 million compared with the previous guided range of $2,260-$2,560 million.
It expects adjusted EBITDA in the range of $4,575-$4,775 million compared with the former predicted band of $4,425-$4,725 million.
Devon Energy (DVN - Free Report) reported second-quarter 2023 earnings of $1.18 per share, which outpaced the Zacks Consensus Estimate of $1.17 by 0.8%.
Devon’s long-term (three- to five-year) earnings growth rate is 51.4%. It delivered an average earnings surprise of 0.8% in the last four quarters.
Murphy Oil Corporation (MUR - Free Report) reported second-quarter 2023 earnings of 92 cents per share, which beat the Zacks Consensus Estimate of 85 cents by 8.24%.
The Zacks Consensus Estimate for 2023 EPS is pinned at $4.37. It delivered an average earnings surprise of 14% in the last four quarters.
APA Corporation (APA - Free Report) reported second-quarter 2023 operating earnings of 85 cents per share, which outpaced the Zacks Consensus Estimate of 66 cents by 28.8%.
APA’s long-term earnings growth rate is 1.2%. It delivered an average earnings surprise of 13.9% in the last four quarters.
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ONEOK (OKE) Beats on Q2 Earnings, Raises '23 EPS View
ONEOK Inc. (OKE - Free Report) reported second-quarter 2023 operating earnings per share (EPS) of $1.04, which beat the Zacks Consensus Estimate of $1 by 4%. The bottom line also improved 13% from the year-ago quarter’s figure of 92 cents.
Total Revenues
Operating revenues for the quarter totaled $3,732 million, which missed the Zacks Consensus Estimate of $4,127 million by 9.6%. The top line also declined 37.8% from $5,996 million in the prior-year quarter.
ONEOK, Inc. Price, Consensus and EPS Surprise
ONEOK, Inc. price-consensus-eps-surprise-chart | ONEOK, Inc. Quote
Highlights of the Release
Adjusted EBITDA came in at $971 million, up 10% year over year.
Operating income totaled $737 million, up 7% from the prior-year quarter’s $689 million.
ONEOK incurred interest expenses of $180 million, up 5.3% from $171 million recorded in the year-ago period.
Total natural gas processed was 2,922 Billion British thermal units per day (BBtu/d), up 16.6% year over year. The Zacks Consensus Estimate for the same was pegged at 2,855 BBtu/d.
The company reported natural gas transportation capacity contracted of 7,656 million British thermal units per hour per day (MDth/d), up 5.5% year over year. The Zacks Consensus Estimate for the same was pegged at 7,257 MDth/d.
Financial Highlights
As of Jun 30, 2023, the company had cash and cash equivalents worth $106 million compared with $220 million as of Dec 31, 2022.
Long-term debt (excluding current maturities) totaled $12,742 million as of Jun 30, 2023, compared with $12,696 million as of Dec 31, 2022.
Cash provided by operating activities for the first six months of 2023 amounted to $1,993 million compared with $1,250 million in the corresponding period of 2022.
2023 Guidance
ONEOK increased its EPS estimation to the range of $5.32-$5.76 from the previously predicted band of $5.03-$5.69. The Zacks Consensus Estimate for the same is pegged at $5.55, a tad higher than the midpoint of the company’s guided range, $5.54 per share.
The company anticipates net income in the band of $2,390-$2,590 million compared with the previous guided range of $2,260-$2,560 million.
It expects adjusted EBITDA in the range of $4,575-$4,775 million compared with the former predicted band of $4,425-$4,725 million.
Zacks Rank
ONEOK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Devon Energy (DVN - Free Report) reported second-quarter 2023 earnings of $1.18 per share, which outpaced the Zacks Consensus Estimate of $1.17 by 0.8%.
Devon’s long-term (three- to five-year) earnings growth rate is 51.4%. It delivered an average earnings surprise of 0.8% in the last four quarters.
Murphy Oil Corporation (MUR - Free Report) reported second-quarter 2023 earnings of 92 cents per share, which beat the Zacks Consensus Estimate of 85 cents by 8.24%.
The Zacks Consensus Estimate for 2023 EPS is pinned at $4.37. It delivered an average earnings surprise of 14% in the last four quarters.
APA Corporation (APA - Free Report) reported second-quarter 2023 operating earnings of 85 cents per share, which outpaced the Zacks Consensus Estimate of 66 cents by 28.8%.
APA’s long-term earnings growth rate is 1.2%. It delivered an average earnings surprise of 13.9% in the last four quarters.