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27.04.2021 22:20
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ONEOK Announces Higher First Quarter 2021 Earnings; Increases 2021 Financial Guidance
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PR Newswire
TULSA, Okla., April 27, 2021
TULSA, Okla., April 27, 2021 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher first quarter 2021 results and increased 2021 financial guidance.
Higher First Quarter 2021 Results, Compared With First Quarter 2020:
- Net income of $386.2 million, resulting in 86 cents per diluted share.
- 24% increase in adjusted EBITDA to $866.4 million.
- 20% increase in Rocky Mountain region NGL raw feed throughput volumes.
- 5% increase in Rocky Mountain region natural gas volumes processed.
- $1.04 per MMBtu average fee rate in the natural gas gathering and processing segment.
Increased 2021 Guidance:
- Net income midpoint increase to $1.35 billion.
- Diluted earnings per common share midpoint increase to $3.02.
- Adjusted EBITDA midpoint increase to $3.2 billion.
FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS
| | | Three Months Ended | ||||||
| | | March 31, | ||||||
| | | 2021 | | 2020 | ||||
| | | (Millions of dollars, except | ||||||
| Net income (loss) (a) | | $ | 386.2 | | | $ | (141.9) | |
| Diluted earnings (loss) per common share (a) | | $ | 0.86 | | | $ | (0.34) | |
| Adjusted EBITDA (b) (c) | | $ | 866.4 | | | $ | 700.8 | |
| DCF (b) | | $ | 661.9 | | | $ | 522.3 | |
| DCF in excess of dividends paid (b) | | $ | 245.6 | | | $ | 135.7 | |
| Dividend coverage ratio (b) | | 1.59 | | | 1.35 | | ||
| Operating income (loss) (d) | | $ | 664.7 | | | $ | (83.5) | |
| Operating costs | | $ | 251.7 | | | $ | 207.1 | |
| Depreciation and amortization | | $ | 157.1 | | | $ | 132.4 | |
| Equity in net earnings from investments | | $ | 33.3 | | | $ | 44.6 | |
| Capital expenditures | | $ | 176.7 | | | $ | 949.7 | |
| | |||||||
| (a) Amounts for the three months ended March 31, 2020, include benefits of $18.8 million, (b) Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), (c) Amount for the three months ended March 31, 2020, includes a benefit of $15.8 million (d) Amount for the three months ended March 31, 2020, includes noncash impairment charges |
"Despite the extraordinary winter weather conditions in the first quarter, we continued to meet the needs of our customers," said Terry K. Spencer, ONEOK president and chief executive officer. "Volumes on our system are on an increasing trend, and our outlook for the year continues to improve. Increasing producer activity, higher commodity prices and strengthening energy markets contributed to the increase to our 2021 financial guidance.
"The hard work and preparation of our employees and the capability of our integrated assets enabled us to perform well in the first quarter," added Spencer. "ONEOK employees worked around the clock to keep our assets operational in difficult conditions while serving the critical needs of our customers."
FIRST QUARTER 2021 FINANCIAL PERFORMANCE
ONEOK's first quarter 2021 net income and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased, compared with the first quarter 2020. Higher results benefited from increased natural gas sales in the natural gas pipelines segment, increased natural gas liquids (NGL) volumes in the Rocky Mountain region and lower realized commodity prices in the first quarter 2020 in the natural gas gathering and processing segment. Net income for the period also increased due to noncash impairment charges in the natural gas gathering and processing segment in the first quarter 2020.
Winter Storm Uri impacted all three operating segments, resulting in a net positive impact to financial results, as ONEOK's ability to meet increased demand for natural gas and NGLs during the first quarter 2021 more than offset unfavorable volume impacts. Results were impacted by decreased volumes and increased electricity costs across ONEOK's operations due to severe weather, and higher employee-related costs, property taxes and supplies expenses. Net income also was impacted by higher interest expense related to an increased debt balance and lower capitalized interest, and higher depreciation expense due to capital projects placed in service.
HIGHLIGHTS:
- First quarter 2021 adjusted EBITDA of $866.4 million, a 24% increase compared with first quarter 2020.
- $104.9 million increase in adjusted EBITDA from natural gas sales in the natural gas pipelines segment.
- The 200 million cubic feet per day (MMcf/d) Bear Creek natural gas processing plant expansion and related infrastructure in the Williston Basin is expected to be completed in the fourth quarter 2021.
- A $773 million reduction in capital expenditures, an 80% decrease, compared with the first quarter 2020.
- In April 2021, declaring a quarterly dividend of 93.5 cents per share, or $3.74 per share on an annualized basis.
- As of March 31, 2021:
- 3.98 times annualized run-rate net debt-to-EBITDA ratio.
- No borrowings outstanding under ONEOK's $2.5 billion credit agreement.
- $402.4 million of cash and cash equivalents.
UPDATED 2021 GUIDANCE:
| | | 2021 Guidance Range | ||||||
| | | (Millions of dollars, except per | ||||||
| ONEOK, Inc. | | | | | ||||
| Net income | | $ | 1,200 | | - | $ | 1,500 | |
| Diluted earnings per common share | | $ | 2.69 | | - | $ | 3.35 | |
| Adjusted EBITDA (a) | | $ | 3,050 | | - | $ | 3,350 | |
| Distributable cash flow (a) | | $ | 2,140 Werbung Mehr Nachrichten zur Oneok Aktie kostenlos abonnieren
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