ONEOK, Inc. (OKE) Q4 2024 Earnings Call Transcript

For the period ending March 31, 2022

February 25, 2025 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to ONEOK's Fourth Quarter 2024 Earnings Call. 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, Vice President and Investor Relations. Please go ahead.

Andrew Ziola

Thank you, White, and good morning, and welcome to ONEOK's fourth quarter year-end 2024 earnings call. After the markets closed yesterday, we issued news releases announcing our 2024 results and our 2025 guidance and 2026 outlook. 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 a 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. Pierce?

Pierce Norton

Thanks, Andrew. Good morning, and thank you for joining us. On today's call is Walt Hulse, Chief Financial Officer, Treasurer, Executive Vice President of Investor Relations and Corporate Development; and Sheridan Swords, Executive Vice President and Chief Commercial Officer. Also on the call today is Randy Lentz, Executive Vice President and Chief Operating Officer. Randy joined us from Medallion Midstream, and we welcome him to the ONEOK team.

Yesterday, we announced higher fourth quarter and full year 2024 earnings driven by contributions from multiple strategic acquisitions, volume growth, and continued execution on the synergies identified in our refined products and crude oil businesses acquired in 2023. We also announced 2025 financial guidance, and they provided a 2026 growth outlook.

For 2025, we expect strong earnings growth driven by our expanded operations completed projects and higher volumes. For our 2026 growth outlook, we expect greater than 15% earnings per share growth and adjusted EBITDA growth approaching 10%. And compared with our 2025 guidance midpoints. Walt and Sheridan will provide additional details on those guidance and the growth outlook shortly.