Oneok Benefiting From Energy Supply and Demand Growth in Its Regions
We are reaffirming our $52 fair value estimate and narrow moat and stable moat trend ratings for Oneok after the company reported earnings per share of $0.33 in the second quarter, its last reporting period before closing the merger with Oneok Partners on June 30.Rising production volumes in all of Oneok's primary regions contributed to an increase in second-quarter EBITDA to $462 million from $460 million in the second quarter of 2016. Management updated its adjusted EBITDA guidance to $1.89 ...
Oneok is a midstream service provider. The company's segments include: Natural Gas Gathering and Processing, which provides midstream services to producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma; natural gas liquids (NGLs), which owns and operates facilities that gather, fractionate, treat and distribute NGLs and store NGL products, primarily in Oklahoma, Kansas, Texas, New Mexico and the Rocky Mountain region; and Natural Gas Pipelines, which provides transportation and storage services to end users through its wholly owned assets and its ownership interests in Northern Border Pipeline Company and Roadrunner Gas Transmission, LLC.
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