BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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ONEOK Reports Robust Growth in Q4 and Full-Year 2023 Earnings, Sets Positive 2024 Outlook
TULSA, Okla. – ONEOK, Inc. (NYSE: OKE) has released its financial results for the fourth quarter and the full year of 2023, showcasing significant growth and operational achievements. The company's strategic initiatives and expanded operations have culminated in remarkable earnings and increased throughput volumes, particularly in the Rocky Mountain and Gulf Coast/Permian regions.
Fourth Quarter Highlights:
- Net Income: ONEOK reported a net income of $688 million, translating to $1.18 per diluted share.
- Adjusted EBITDA: The company achieved an adjusted EBITDA of more than $1.5 billion.
- Throughput Volume Increases: Notably, the Rocky Mountain region saw a 20% increase in NGL raw feed throughput volumes, with the Gulf Coast/Permian region not far behind at a 17% increase. Natural gas volumes processed also rose by 17%, and there was a 15% increase in wells connected in the Rocky Mountain region.
Full-Year Achievements:
- Annual Net Income: For 2023, ONEOK posted a net income of approximately $2.7 billion, equating to $5.48 per diluted share.
- Annual Adjusted EBITDA: The adjusted EBITDA for the year exceeded $5.2 billion.
- Operational Growth: The Gulf Coast/Permian region experienced a 19% increase in NGL raw feed throughput volumes, with the Rocky Mountain region seeing a 10% increase. The company connected 54% more wells in total over the year and processed 14% more natural gas volumes.
2024 Financial Guidance and Capital Expenditures
Looking ahead, ONEOK is optimistic about its financial outlook for 2024, projecting a net income midpoint of $2.8 billion and an adjusted EBITDA midpoint of $6.1 billion. The company plans to invest approximately $1.75 billion to $1.95 billion in total capital expenditures to support further growth and operational efficiency.
Strategic Investments and Shareholder Returns
ONEOK's growth strategy includes significant capital-growth projects and shareholder value initiatives:
- Dividend Increase: In January 2024, the quarterly dividend was raised by 3.7% to 99 cents per share, annualized at $3.96.
- Share Repurchase Program: A $2 billion share repurchase program was authorized in January 2024, targeting significant utilization over the next four years.
- Debt Management: The company successfully extinguished $1.3 billion of long-term debt in 2023.
Capital-Growth Projects:
- The Elk Creek Pipeline expansion, expected to be completed in Q1 2025, will boost NGL capacity from the Rocky Mountain region significantly.
- The Saguaro Connector Pipeline received its Presidential Permit from the FERC in February, with a final investment decision expected by mid-year 2024.
Environmental, Social, and Governance (ESG) Achievements
ONEOK's commitment to sustainability and ethical operations has been recognized with several accolades:
- MSCI ESG Rating: ONEOK was awarded an AAA rating.
- Dow Jones Sustainability Index: The company qualified for the North American Index, a testament to its status as a sustainability leader.
- Sustainalytics ESG Risk Rating: ONEOK was ranked in the top 20% of its industry.
Financial Health and Liquidity
As of December 31, 2023, ONEOK demonstrated solid financial stability:
- A net debt-to-EBITDA ratio of 3.46 times, based on the fourth-quarter 2023 annualized run-rate.
- No outstanding borrowings under its $2.5 billion credit agreement.
- A strong liquidity position with $338 million in cash and cash equivalents.
Conclusion
ONEOK's impressive performance in 2023 and its positive outlook for 2024 reflect the company's successful operational strategies, financial discipline, and commitment to shareholder value. With significant capital projects underway and a firm focus on ESG principles, ONEOK is well-positioned for continued growth and industry leadership.
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