ONEOK, Inc. (OKE) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 3, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks：

Operator

Good day. And welcome to the ONEOK First Quarter 2023 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]

Please note, this event is being recorded. I would now like to turn the conference over to Andrew Ziola, VP of Investor Relations. Please go ahead.

Andrew Ziola

Thank you, Chad. And welcome to ONEOK’s first quarter 2023 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.

Just a reminder for Q&A, we ask that you limit yourself to one question and one quick follow-up in order to fit in as many of you as we can.

With that, I’ll turn the call over to Pierce Norton, President and Chief Executive Officer. Thank you.

Pierce Norton

Thanks, Andrew. Good morning, everyone, and thank you for joining us. On today’s call is Walt Hulse, our Chief Financial Officer and Executive Vice President, Investor Relations and Corporate Development; and Kevin Burdick, the Executive Vice President and Chief Commercial Officer. Also available to answer your questions are Sheridan Swords, Senior Vice President, Natural Gas Liquids and Natural Gas Gathering and Processing; and Chuck Kelley, Senior Vice President, Natural Gas Pipelines.

Yesterday, we announced first quarter 2023 earnings and affirmed our full year 2023 financial guidance. Strong first quarter results were supported by continued earnings growth in each of our businesses, with higher Natural Gas Processed and Natural Gas Liquids volumes, providing a solid start to the year.

Producer activity continues to drive new volume to our assets and recent conversations with customers point to additional activity through the remainder of the year. Crude prices well above breakeven economics in the Basins where we operate and continued strong demand for U.S. energy support, a constructive outlook for 2023.