Oneok Q3 Results Show Strength of NGL Enterprise but Also Largely Reflected in Share Price
Oneok reported modestly better-than-expected third-quarter results on the strength of higher fee-based volumes in the NGL-rich STACK and SCOOP plays and higher natural gas prices across its pipeline system. The company reported adjusted EBITDA of $465 million, versus consensus estimates of $461 million. Expectations for Oneok have been high, given its favorable asset positioning near sources of midcontinent production. And management continues to deliver in spite of challenging natural gas liqui...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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