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ONEOK Partners LP (OKS) - Oil & Gas - Deals and Alliances Profile
Summary ONEOK Partners, L.P. (ONEOK Partners), a subsidiary of Oneok, Inc., is a midstream energy company. The company carries out gathering, processing, and storage and transportation of natural gas. It operates through master limited partnerships. ONEK Partners owns natural gas liquids (NGL) systems in the US, which connects NGL supply in the Mid-Continent and Rocky Mountain regions with other major markets. The company operates a network of interstate and intrastate natural gas transmission ...
- Please Change Name John Thieroff
Moody's upgrades ONEOK, Inc. to Baa3, downgrades ONEOK Partners to Baa...
Rating Action: Moody's upgrades ONEOK, Inc. to Baa3, downgrades ONEOK Partners to Baa3. Global Credit Research- 05 Jul 2017. New York, July 05, 2017-- Moody's Investors Service, upgraded ONEOK Inc.' s senior unsecured notes rating to Baa3 from Ba1.
- Please Change Name John C Forrey
- Travis Miller
Adjusting Oneok's FVEs to Reflect Pending Merger
With Oneok Inc., and Oneok Partners headed toward the culmination of their proposed merger, we adjusted our fair value estimates to reflect year-to-date performance, an updated post-consolidation outlook, and the merger exchange ratio. Our fair value estimate for Oneok Inc., is now $52 per share, assuming the merger closes as expected on July 1. Our fair value estimate for Oneok Partners is now $51 per share, reflecting Oneok Inc.'s proposed 0.985 share exchange ratio. The primary valuation chan...
- John Buethe
Updating Fair Value Estimates and Uncertainty Ratings for Oneok and On...
As we transfer coverage of Oneok and Oneok Partners to a new analyst, we are changing our fair value estimates and uncertainty ratings for both companies. Our prior fair value estimates of $39 per unit for Oneok Partners and $37 per share for Oneok reflected a view that the trough of natural gas liquids production and its associated effect on the companies' returns would continue to pose a high risk to economic profits. Taking into consideration doggedly weak crude prices at the time and our lon...
- John Buethe
Oneok Partners will be acquired by general partner Oneok in the second...
We are placing our fair value estimates for Oneok, Oneok Partners, Energy Transfer Equity, Energy Transfer Partners, and Sunoco Logistics Partners under review as we transfer coverage to a new analyst. We expect to publish an updated analysis and fair value estimates for Oneok and Oneok Partners by April 25 and updates for Energy Transfer Equity, Energy Transfer Partners, and Sunoco Logistics Partners by May 2....
- Stephen Simko
Select Midstream Companies Under Review Pending Transfer to New Analys...
We are placing our fair value estimates for Oneok, Oneok Partners, Energy Transfer Equity, Energy Transfer Partners, and Sunoco Logistics Partners under review as we transfer coverage to a new analyst. We expect to publish an updated analysis and fair value estimates for Oneok and Oneok Partners by April 25 and updates for Energy Transfer Equity, Energy Transfer Partners, and Sunoco Logistics Partners by May 2....
- Stephen Simko
Slowing Bakken activity will be a headwind for Oneok.
Oneok Partners reported fourth-quarter and 2016 results roughly in line with expectations. The Partnership reported 2016 adjusted EBITDA of $1.84 billion, versus consensus expectations of $1.85 billion. In 2016, adjusted EBITDA grew 18% from 2015 due to contract restructuring of natural gas gathering and processing fees, which nearly doubled from rates charged in 2015. Natural gas volumes processed and natural gas liquids volumes fractionated were up 12% and 6%, respectively, for the year. Resul...
- Stephen Simko
Oneok Partners Finishes 2016 With Strong Execution; GP On Track to Acq...
Oneok Partners reported fourth-quarter and 2016 results roughly in line with expectations. The Partnership reported 2016 adjusted EBITDA of $1.84 billion, versus consensus expectations of $1.85 billion. In 2016, adjusted EBITDA grew 18% from 2015 due to contract restructuring of natural gas gathering and processing fees, which nearly doubled from rates charged in 2015. Natural gas volumes processed and natural gas liquids volumes fractionated were up 12% and 6%, respectively, for the year. Resul...
- Stephen Simko
Danger Zone: Coming Shale Growth Poses Major Risks to Oil Prices
OPEC's production cuts and strong demand growth have 2017 crude fundamentals in their best shape since oil prices crashed two years ago. The consensus outlook is that fundamentals are now strong enough to remain healthy even after OPEC's cuts lapse. This might have been possible a few months ago, but the odds of this scenario playing out have markedly worsened since. The reason is that major increases in shale activity now have U.S. production firmly on a path of rapid growth, even if rig counts...
- Stephen Simko
ONEOK to Acquire Outstanding Units of ONEOK Partners; Provides Strong ...
On Feb. 1, 2017, Oneok announced the acquisition of all outstanding units of Oneok Partners for $9.3 billion, a 22% premium over the Oneok Partners closing price from Jan. 27, 2017. This transaction continues the trend in the midstream energy patch of consolidating general partner and limited partner interests and eliminating burdensome incentive distribution rights in favor of accelerating distribution growth for all owners of the pro forma entity. We like this trend, as it lowers the cost of e...
Ford Equity US Rating and Forecast Report
Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.
- Stephen Simko
Nothing Novel About It: OPEC Adds a Twist to the Plot, but the Ending ...
OPEC's announced production cuts this week represent a positive near-term development for world oil markets, removing more than 1 million barrels per day from an oversupplied system. Even after factoring in the inevitable U.S. shale response to higher crude prices, OPEC's cuts point to a meaningful supply deficit next year. Consequently, we are raising our 2017 WTI price to $60 per barrel, up from $50 previously. Improved near-term fundamentals come at a cost, however. Even a modest recovery in ...
- Stephen Simko
Oil and Gas Sector Likely to Fare Well Under Trump Administration
For global energy markets, the potential knock-on impacts of a Donald Trump presidency could be meaningful in a few areas. With respect to U.S. oil and gas producers, we can say that the tail risk for regulation of hydraulic fracturing and methane emissions is now somewhat lower. Thus far, the Environmental Protection Agency has maintained that the systemic environmental impact of hydraulic fracturing is benign. A Trump-led EPA is less likely to reverse this view than a Hillary Clinton-led EPA. ...
- Stephen Simko
Q3 Results In Line on NGL Resilience; Well Positioned for Next Phase o...
Oneok Partners reported third-quarter results in line with expectations 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 $469 million versus consensus estimates of $471 million. Expectations for Oneok Partners have been high, given its favorable asset positioning near sources of midcontinent production. Management continues to deliver in spite of challenging NGL econ...
- Stephen Simko
OPEC Cuts, U.S. E&Ps Drill: Our Oil Price Outlook Remains Unchanged
In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels per day, representing a reduction of up to 700 mb/d from current production levels of 33.2 mmb/d. Oil prices rallied on the news, but our view for continued low prices of $50/bbl in 2017 (detailed in our Aug. 26 report) remains unchanged, as we do not believe the potential reduction will have a meaningful sustainable impact on oil prices. While the lo...
- Stephen Simko
Oneok Partners' 2Q EBITDA Increases 18% Year on Year
Oneok Partners reported decent second-quarter results with adjusted EBITDA of $456 million, up 18% versus $387 million a year ago. Distributable cash flow was $348 million, up 60% from last year. Coverage was 1.15 times versus 0.88 times last year and 1.06 last quarter. Growth during the quarter was driven by higher natural gas processing volumes (which increased 12% versus the prior-year period) and higher natural gas liquids volumes fractionated (which increased 10% versus the prior-year peri...
- Stephen Simko
Crude-Market Fundamentals Continue to Tighten, but the Recovery Still ...
Crude markets have tightened a good deal in recent months, as strong oil demand growth and supply issues have pulled forward the industry recovery by about a year compared with the outlook we published in April. Even so, 2017 fundamentals are far from robust from an oil price perspective, and don't appear supportive of prices moving much above the $50 per barrel threshold. Another large uptick in rig additions in the U.S. could be enough to eliminate near-term inventory draws altogether, which i...
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