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31.10.2017 21:20
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ONEOK Announces Higher Third-quarter 2017 Financial Results; Maintains 2017 Financial Guidance
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PR Newswire
TULSA, Okla., Oct. 31, 2017
TULSA, Okla., Oct. 31, 2017 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher third-quarter 2017 financial results primarily benefiting from natural gas and natural gas liquids (NGL) volume growth in the Williston Basin and STACK and SCOOP areas, higher average fee rates in the natural gas gathering and processing segment and higher fee-based transportation services in the natural gas pipelines segment.
SUMMARY
- Third-quarter 2017 net income attributable to ONEOK and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) totaled $165.7 million and $517.2 million, respectively;
- Third-quarter 2017 natural gas volumes processed increased 16 percent, NGLs transported on gathering lines increased 5 percent and natural gas transportation capacity contracted increased 5 percent, compared with the third quarter 2016;
- The natural gas gathering and processing segment's average fee rate was 86 cents per Million British thermal units (MMBtu) in the third quarter 2017, compared with 76 cents per MMBtu in the third quarter 2016;
- Results include third-quarter 2017 noncash impairment charges totaling $20.2 million, or 3 cents per diluted share, related to nonstrategic assets and equity investments in the natural gas gathering and processing segment;
- ONEOK estimates an approximately $4.5 million, or 1 cent per diluted share, adverse impact to the natural gas liquids segment's third-quarter 2017 earnings due to Hurricane Harvey; and
- Third-quarter 2017 dividend coverage ratio was 1.29.
THIRD-QUARTER AND YEAR-TO-DATE 2017 FINANCIAL HIGHLIGHTS
| | Three Months Ended | | Nine Months Ended | ||||||||||||
| | September 30, | | September 30, | ||||||||||||
| | 2017 | | 2016 | | 2017 | | 2016 | ||||||||
| | (Millions of dollars, except per share and coverage ratio amounts) | ||||||||||||||
| Net income attributable to ONEOK (a) | $ | 165.7 | | | $ | 92.1 | | | $ | 324.8 | | | $ | 261.5 | |
| Net income per diluted share (a) | $ | 0.43 | | | $ | 0.43 | | | $ | 1.20 | | | $ | 1.23 | |
| Adjusted EBITDA (b) | $ | 517.2 | | | $ | 469.7 | | | $ | 1,439.1 | | | $ | 1,375.9 | |
| DCF (b) | $ | 364.4 | | | $ | 331.5 | | | $ | 1,018.6 | | | $ | 1,004.0 | |
| Dividend coverage ratio (b) | 1.29 | | | 1.52 | | | 1.42 | | | 1.54 | | ||||
| (a) Three- and nine-month periods ending Sept. 30, 2017, include noncash impairment charges of approximately $20.2 million, or 3 cents per diluted share and 5 cents per diluted share, respectively. The nine-month period also includes approximately $50 million, or 11 cents per diluted share, in one-time and ONEOK and ONEOK Partners transaction-related costs. | |||||||||||||||
| (b) Adjusted EBITDA; distributable cash flow (DCF); and dividend coverage ratio are non-GAAP measures. Nine-month 2017 amounts include transaction-related pretax cash costs of approximately $30 million, or 0.05 times dividend coverage, associated with the recently closed ONEOK and ONEOK Partners merger transaction. Reconciliations to relevant GAAP measures are included in this news release. | |||||||||||||||
"Third-quarter financial results reflect increases in both adjusted EBITDA and distributable cash flow, compared with 2016, driven by natural gas and natural gas liquids volume growth," said Terry K. Spencer, ONEOK president and chief executive officer. "Solid volume performance through the first nine months of the year has ONEOK well-positioned to achieve 2017 financial guidance.
"ONEOK was impacted by the effects of Hurricane Harvey during the quarter, but I couldn't be more proud of the way our employees responded," said Spencer. "They worked tirelessly to keep our assets running safely and to provide needed services to our customers, all while having to deal personally with the effects of the hurricane.
"We've announced approximately $490 million in capital-growth projects since June 2017, including the recently announced expansion of our West Texas LPG Pipeline into the heart of the Delaware Basin. We are developing more potential opportunities that further expand our existing assets, which continue to create our highest returns on capital invested," added Spencer.
THIRD-QUARTER AND YEAR-TO-DATE 2017 FINANCIAL PERFORMANCE
| | Three Months Ended | | Nine Months Ended | ||||||||||||
| | September 30, | | September 30, | ||||||||||||
| | 2017 | | 2016 | | 2017 | | 2016 | ||||||||
| | (Millions of dollars) | ||||||||||||||
| Operating income | $ | 351.9 | | | $ | 329.4 | | | $ | 983.1 | | | $ | 956.1 | |
| Operating costs | $ | 207.0 | | | $ | 184.1 | | | $ | 616.7 | | | $ | 553.0 | |
| Depreciation and amortization | $ | 102.3 | | | $ | 98.5 | | | $ | 302.6 | | | $ | 292.2 | |
| Equity in net earnings from investments | $ | 40.1 Werbung Mehr Nachrichten zur Oneok Aktie kostenlos abonnieren
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