Higher Year-Over-Year Rocky Mountain Region Volumes Volume Momentum Contributes to Higher 2024 Financial Expectations TULSA, Okla., April 30, 2024 /PRNewswire/ -- ONEOK, Inc. (NYSE:OKE) today announced first quarter 2024 results and increased full-year 2024 financial guidance. First Quarter 2024 Results, Compared With First Quarter 2023: Net income of $639 million, resulting in $1.09 per diluted share. Adjusted EBITDA of $1.44 billion. 12% increase in Rocky Mountain region NGL raw feed throughput volumes. 4% increase in natural gas volumes processed. 9% increase in Rocky Mountain region natural gas volumes processed. 7% increase in natural gas gathering and processing segment adjusted EBITDA. 4% increase in natural gas pipelines segment adjusted EBITDA. 2024 Guidance Increase: Net income increased $70 million to a midpoint of $2.88 billion. Earnings per diluted share increased to a midpoint of $4.92. Adjusted EBITDA increased $75 million to a midpoint of $6.175 billion. The increase in financial guidance reflects favorable industry fundamentals across ONEOK's system and continued confidence in synergy expectations. ONEOK increased 2024 net income guidance to a range of $2.73 billion to $3.03 billion, compared with the previously announced range of $2.61 billion to $3.01 billion. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) guidance increased to a range of $6.025 billion to $6.325 billion, compared with ONEOK's previously announced range of $5.9 billion to $6.3 billion. Total 2024 capital expenditure guidance remains unchanged at $1.75 billion to $1.95 billion. "ONEOK generated solid results during the first quarter, supported by higher year-over-year volumes in the Rocky Mountain region and contributions from the refined products and crude segment," said Pierce H. Norton II, ONEOK president and chief executive officer. "The strength of our business, underscored by accelerating volumes and a positive synergy outlook, resulted in an increase to our 2024 financial guidance and provides significant momentum into 2025. "The resiliency of our assets and employees was highlighted once again as we were able to quickly respond to winter weather during the first quarter," continued Norton. "We remain focused on integrating the Magellan assets and maximizing value for our stakeholders." FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS Three Months Ended March 31, 2024 2023 (Millions of dollars, except per share amounts) Net income (a) $                639 $             1,049 Diluted earnings per common share (a) $               1.09 $               2.34 Adjusted EBITDA (a) (b) $             1,441 $             1,733 Operating income (a) $             1,064 $             1,497 Operating costs $                572 $                296 Depreciation and amortization $                254 $                162 Equity in net earnings from investments $                  76 $                  40 Maintenance capital $                  74 $                  22 Capital expenditures (includes maintenance) $                512 $                289 (a) Amounts for the three months ended March 31, 2023, include a pre-tax benefit of $733 million related to the Medford incident, including a one-time insurance settlement gain of $779 million, offset partially by $46 million of third-party fractionation costs incurred during the first quarter 2023, resulting in a net EPS benefit of $1.26 per diluted share after tax.   (b) Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) is a non-GAAP measure. Beginning in 2023, ONEOK updated its calculation methodology of adjusted EBITDA to include adjusted EBITDA from unconsolidated affiliates. This change resulted in an additional $16 million of adjusted EBITDA in the first quarter of 2023.   HIGHLIGHTS: In January 2024, ONEOK authorized a $2 billion share repurchase program and targets it to be largely utilized over the next four years. In March 2024, ONEOK purchased an additional 10% interest in the Saddlehorn Pipeline Company, resulting in a 40% ownership interest at March 31, 2024. At the end of the first quarter of 2024, ONEOK completed the expansion of its refined products pipeline to El Paso, Texas. In April 2024, ONEOK declared a quarterly dividend of 99 cents per share, or $3.96 per share on an annualized basis. As of March 31, 2024: 3.8 times first-quarter 2024 annualized run-rate net debt-to-EBITDA ratio. No borrowings outstanding under ONEOK's $2.5 billion credit agreement. FIRST QUARTER 2024 FINANCIAL PERFORMANCE ONEOK reported first quarter 2024 net income and adjusted EBITDA of $639 million and $1.44 billion, respectively. Results were driven primarily by higher NGL and natural gas processing volumes in the Rocky Mountain region, increased transportation services in the natural gas pipelines segment and contributions from the refined products and crude segment, partially offset by higher operating costs primarily due to planned asset maintenance, higher property insurance premiums and the growth of ONEOK's operations. ONEOK's first ...