Oneok Reports Strong 3Q; Ramps Up Capital Spending
Oneok reported strong third-quarter results, and we plan to maintain our $65 fair value estimate and narrow moat rating. Broadly, we think the results support our assertion that the environment for NGLs in particular is improving, with $490 million in new organic projects announced since June 2017. The bulk of these investments focus on the STACK play and illustrate Oneok’s strong competition position and ability to use it to source attractive organic efforts. Still, ethane rejection averaged mo...
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