ONEOK
Q1 2022 Earnings Call
May 04, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, and welcome to the first quarter 2022 ONEOK earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Andrew Ziola. Please go ahead, sir.
Andrew Ziola -- Vice President, Investor Relations and Corporate Affairs
Thank you, Paula, and welcome to ONEOK's first quarter 2022 earnings call. We issued our earnings release and presentation after the markets closed yesterday, and those materials are on our website. After our prepared remarks, management will be available to take your questions. Statements made during this call that might include ONEOK's expectations or predictions should be considered forward-looking statements and are covered by the safe harbor provision of the Securities Acts of 1933 and 1934.
Actual results could differ materially from those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our SEC filings. [Operator instructions] With that, I'll turn the call over to president and chief executive officer. Pierce?
Pierce Norton -- President and Chief Executive Officer
Thanks, Andrew. Good morning, everyone, and thank you for joining us today. We appreciate your interest and investment in our company. On today's call is Walt Hulse, chief financial officer and executive vice president, investor relations and corporate development; and Kevin Burdick, executive vice president and chief commercial officer.
Also available to answer your questions are Sheridan Swords, senior vice president of natural gas liquids and natural gas gathering and processing; and Chuck Kelley, senior vice president of natural gas pipelines. Yesterday, we announced first quarter 2022 results, which highlighted year-over-year natural gas and NGL volume growth. Earnings significantly increased year over year when adjusting for the favorable winter storm Uri impact in the first quarter of 2021. We Customer and producer conversations continue to point to additional activity through the remainder of the year, supported by strong demand for U.S.
energy and commodity prices far exceeding basin breakeven economics. Our built-in operating leverage and a proven track record of disciplined and intentional growth have positioned us well to support increasing producer activity levels. Our systems have significant capacity to grow alongside the needs of our customers. And because of our large infrastructure projects are complete, we now have opportunities for bolt-on expansion projects with quicker in-service dates, attractive returns, and minimal capital requirements.