ONEOK Shares Drop 5.17% Amid $710M Volume Surge to 150th Market Activity Rank as Q2 Earnings Align with Guidance and Strategic Expansions Drive 61.2% Revenue Growth

On August 5, 2025, ONEOK (OKE) shares fell 5.17% amid a 157.71% surge in trading volume to $0.71 billion, ranking 150th in market activity. The company reported Q2 2025 earnings of $1.34 per share, aligning with estimates, while revenue rose 61.2% year-over-year to $7.89 billion. Adjusted EBITDA hit $1.98 billion, up 22%, driven by strategic acquisitions and operational gains. Natural gas processing volumes increased 139.6% to 5,573 MMcf/d, underscoring production resilience. Despite higher interest expenses and reduced cash reserves, ONEOK reaffirmed 2025 guidance for $3.17–$3.65 billion net income and $8–$8.45 billion adjusted EBITDA.

Strategic investments, including a new Delaware Basin processing plant, aim to expand capacity to 1.1 Bcf/d by mid-2027. The company anticipates tax benefits from revised legislation, delaying meaningful cash taxes until 2028. Management highlighted synergy captures from integrated assets, with $250 million in 2025 synergies and incremental growth expected in 2026. However, downward revisions to 2026 EBITDA by 2% reflect cautious macroeconomic assumptions, particularly in commodity price spreads.

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