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OFFON

ONEOK, INC.

(OKE)
  Report
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ONEOK : Second Quarter 2021 Earnings Results

08/03/2021 | 04:23pm EDT

ONEOK Announces Higher Second Quarter 2021 Earnings

Aug. 3, 2021

Page 1

ONEOK, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended

Six Months Ended

June 30,

June 30,

(Unaudited)

2021

2020

2021

2020

(Thousands of dollars, except per share amounts)

Revenues

Commodity sales

$

3,074,773

$

1,343,557

$

5,910,882

$

3,152,177

Services

314,191

317,172

672,761

645,224

Total revenues

3,388,964

1,660,729

6,583,643

3,797,401

Cost of sales and fuel (exclusive of items shown separately below)

2,366,979

940,458

4,488,489

2,217,386

Operations and maintenance

212,319

190,138

419,477

365,234

Depreciation and amortization

156,921

140,416

314,041

272,769

Impairment charges

-

-

-

604,024

General taxes

41,940

34,326

86,379

66,270

Gain on sale of assets

(707)

(339)

(976)

(543)

Operating income

611,512

355,730

1,276,233

272,261

Equity in net earnings from investments

25,720

25,328

59,040

69,955

Impairment of equity investments

-

-

-

(37,730)

Allowance for equity funds used during construction

426

3,854

1,238

19,263

Other income

7,005

17,693

7,220

34,168

Other expense

(7,498)

(6,176)

(12,735)

(18,124)

Interest expense (net of capitalized interest of $5,443, $16,473,

(184,957)

(218,968)

(370,480)

(359,584)

$10,538, and $47,618,respectively)

Income (loss) before income taxes

452,208

177,461

960,516

(19,791)

Income tax (expense) benefit

(110,069)

(43,140)

(232,201)

12,255

Net income (loss)

342,139

134,321

728,315

(7,536)

Less: Preferred stock dividends

275

275

550

550

Net income (loss) available to common shareholders

$

341,864

$

134,046

$

727,765

$

(8,086)

Basic earnings (loss) per common share

$

0.77

$

0.32

$

1.63

$

(0.02)

Diluted earnings (loss) per common share

$

0.77

$

0.32

$

1.63

$

(0.02)

Average shares (thousands)

446,337

446,116

Basic

419,722

417,002

Diluted

446,903

420,116

446,894

417,002

-more-

ONEOK Announces Higher Second Quarter 2021 Earnings

Aug. 3, 2021

Page 2

ONEOK, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

June 30,

December 31,

(Unaudited)

2021

2020

Assets

(Thousands of dollars)

Current assets

Cash and cash equivalents

$

374,377

$

524,496

Accounts receivable, net

1,091,982

829,796

Materials and supplies

144,824

143,178

NGLs and natural gas in storage

454,760

227,810

Commodity imbalances

14,873

11,959

Other current assets

154,807

132,536

Total current assets

2,235,623

1,869,775

Property, plant and equipment

Property, plant and equipment

23,393,034

23,072,935

Accumulated depreciation and amortization

4,211,515

3,918,007

Net property, plant and equipment

19,181,519

19,154,928

Investments and other assets

Investments in unconsolidated affiliates

800,351

805,032

Goodwill and net intangible assets

768,509

773,723

Other assets

451,246

475,296

Total investments and other assets

2,020,106

2,054,051

Total assets

$

23,437,248

$

23,078,754

-more-

ONEOK Announces Higher Second Quarter 2021 Earnings

Aug. 3, 2021

Page 3

ONEOK, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Continued)

June 30,

December 31,

(Unaudited)

2021

2020

Liabilities and equity

(Thousands of dollars)

Current liabilities

Current maturities of long-term debt

$

536,107

$

7,650

Accounts payable

1,052,561

719,302

Commodity imbalances

244,582

186,372

Accrued taxes

94,048

89,428

Accrued interest

244,669

245,153

Operating lease liability

14,570

13,610

Other current liabilities

208,064

83,032

Total current liabilities

2,394,601

1,344,547

Long-term debt, excluding current maturities

13,637,581

14,228,421

Deferred credits and other liabilities

Deferred income taxes

881,711

669,697

Operating lease liability

81,707

87,610

Other deferred credits

531,262

706,081

Total deferred credits and other liabilities

1,494,680

1,463,388

Commitments and contingencies

Equity

ONEOK shareholders' equity:

Preferred stock, $0.01 par value:

-

-

authorized and issued 20,000 shares at June 30, 2021, and at December 31, 2020

Common stock, $0.01 par value:

authorized 1,200,000,000 shares; issued 474,916,234 shares and outstanding

445,817,509 shares at June 30, 2021; issued 474,916,234 shares and outstanding

4,749

4,749

444,872,383 shares at December 31, 2020

Paid-in capital

7,247,334

7,353,396

Accumulated other comprehensive loss

(601,443)

(551,449)

Retained earnings

-

-

Treasury stock, at cost: 29,098,725 shares at June 30, 2021, and 30,043,851 shares

(740,254)

(764,298)

at December 31, 2020

Total equity

5,910,386

6,042,398

Total liabilities and equity

$

23,437,248

$

23,078,754

-more-

ONEOK Announces Higher Second Quarter 2021 Earnings

Aug. 3, 2021

Page 4

ONEOK, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWSSix Months Ended

June 30,

(Unaudited)

2021

2020

(Thousands of dollars)

Operating activities

Net income (loss)

$

728,315

$

(7,536)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

314,041

272,769

Impairment charges

-

641,754

Equity in net earnings from investments

(59,040)

(69,955)

Distributions received from unconsolidated affiliates

58,486

71,656

Deferred income tax expense (benefit)

226,963

(13,541)

Other, net

39,837

(25,944)

Changes in assets and liabilities:

Accounts receivable

(268,541)

220,558

NGLs and natural gas in storage

(226,950)

103,043

Accounts payable

363,694

(240,841)

Risk-management assets and liabilities

(158,927)

(139,724)

Other assets and liabilities

60,105

(75,821)

Cash provided by operating activities

1,077,983

736,418

Investing activities

Capital expenditures (less allowance for equity funds used during construction)

(324,122)

(1,543,961)

Distributions received from unconsolidated affiliates in excess of cumulative earnings

11,695

18,081

Other, net

(12,138)

(29,006)

Cash used in investing activities

(324,565)

(1,554,886)

Financing activities

Dividends paid

(833,083)

(773,961)

Repayment of short-term borrowings, net

-

(220,000)

Issuance of long-term debt, net of discounts

-

3,244,777

Repayment of long-term debt

(68,787)

(1,406,119)

Issuance of common stock

16,327

954,423

Other

(17,994)

(55,878)

Cash provided by (used in) financing activities

(903,537)

1,743,242

Change in cash and cash equivalents

(150,119)

924,774

Cash and cash equivalents at beginning of period

524,496

20,958

Cash and cash equivalents at end of period

$

374,377

$

945,732

-more-

ONEOK Announces Higher Second Quarter 2021 Earnings

Aug. 3, 2021

Page 5

ONEOK, Inc. and Subsidiaries

INFORMATION AT A GLANCE

Three Months Ended

Six Months Ended

June 30,

June 30,

(Unaudited)

2021

2020

2021

2020

(Millions of dollars, except as noted)

Natural Gas Liquids

$

121.1

$

237.1

Operating costs, excluding noncash compensation adjustments

$

99.2

$

193.6

Depreciation and amortization

$

74.2

$

69.1

$

148.7

$

126.9

Equity in net earnings from investments

$

5.1

$

7.8

$

8.7

$

23.1

Adjusted EBITDA

$

480.3

$

337.6

$

915.9

$

748.6

Raw feed throughput (MBbl/d) (a)

1,209

1,010

1,123

1,050

Average Conway-to-Mont Belvieu OPIS price differential -

$

-

$

(0.01)

ethane in ethane/propane mix ($/gallon)

$

-

$

0.01

Capital expenditures

$

60.0

$

459.8

$

172.0

$

1,206.0

(a) - Represents physical raw feed volumes on which ONEOK

charges a fee for transportation and/or fractionation services.

Natural Gas Gathering and Processing

$

82.0

$

162.7

Operating costs, excluding noncash compensation adjustments

$

74.7

$

162.4

Depreciation and amortization

$

67.3

$

55.4

$

134.3

$

114.2

Equity in net earnings from investments

$

0.4

$

(2.1)

$

2.2

$

(1.3)

Adjusted EBITDA

$

229.3

$

88.7

$

434.0

$

248.4

Natural gas gathered (BBtu/d) (a)

2,732

2,225

2,661

2,497

Natural gas processed (BBtu/d) (a) (b)

2,481

2,067

2,431

2,317

Average fee rate ($/MMBtu) (a)

$

1.06

$

0.71

$

1.05

$

0.78

Capital expenditures

$

56.9

$

118.2

$

96.5

$

299.8

  1. - Includes volumes for consolidated entities only.
  2. - Includes volumes ONEOK processed at company-owned and third-party facilities.

Natural Gas Pipelines

$

36.2

$

76.2

Operating costs, excluding noncash compensation adjustments

$

30.9

$

65.6

Depreciation and amortization

$

14.5

$

14.9

$

29.0

$

29.7

Equity in net earnings from investments

$

20.2

$

19.7

$

48.2

$

48.2

Adjusted EBITDA

$

94.7

$

109.8

$

320.9

$

222.4

Natural gas transportation capacity contracted (MDth/d) (a)

7,280

7,314

7,362

7,553

Transportation capacity contracted (a)

93 %

94 %

94 %

97 %

Capital expenditures

$

27.8

$

10.9

$

49.0

$

27.5

(a) - Includes volumes for consolidated entities only.

-more-

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Oneok Inc. published this content on 03 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 20:22:07 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2021 13 400 M - -
Net income 2021 1 485 M - -
Net Debt 2021 13 576 M - -
P/E ratio 2021 19,7x
Yield 2021 5,72%
Capitalization 29 021 M 29 021 M -
EV / Sales 2021 3,18x
EV / Sales 2022 2,86x
Nbr of Employees 2 886
Free-Float 93,3%
Chart ONEOK, INC.
Duration : Period :
ONEOK, Inc. Technical Analysis Chart | OKE | US6826801036 | MarketScreener
Technical analysis trends ONEOK, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 23
Last Close Price 65,12 $
Average target price 57,95 $
Spread / Average Target -11,0%
EPS Revisions
Managers and Directors
Pierce H. Norton President, Chief Executive Officer & Director
Walter S. Hulse CFO, Treasurer, EVP-Strategy & Corporate Affairs
John William Gibson Non-Executive Chairman
Brien H. Brown Chief Information Officer & Vice President
Kevin L. Burdick Chief Operating Officer & Executive Vice President
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