What is the revenue and EPS growth rate for Oneok year over year?

What does Oneok do and what are its main business segments?

What is Oneok's latest dividend and current dividend yield?

What were the key takeaways from Oneok's earnings call?

Did Oneok beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Oneok next quarter?

What factors drove the changes in Oneok's revenue and profit?

What were the key takeaways from Oneok’s earnings call?

- **Record Financial Performance**: Q3 2025 net income of $940 million, up 10% QoQ, with adjusted EBITDA of $2.12 billion, driven by $470 million from acquired assets.
- **Synergy Success**: $250 million in 2025 synergies, exceeding $500 million cumulative since 2023 acquisitions.
- **Project Pipeline**: 600,000 bpd NGL capacity and 550 MMcf/d Permian processing to support mid-2026 growth.
- **Tax Benefits**: $1.5 billion in deferred cash taxes over five years, enhancing free cash flow flexibility.
- **AI Opportunity**: Evaluating 30+ data center projects leveraging existing pipeline infrastructure.

**【CEO Summary Section】**
- ONEOK reported third-quarter 2025 net income of $940 million, up 10% from the second quarter, with adjusted EBITDA of $2.12 billion, driven by $470 million in contributions from acquired EnLink and Medallion assets.
- Management reaffirmed 2025 guidance: net income of $3.17 billion to $3.65 billion and adjusted EBITDA of $8 billion to $8.45 billion, excluding one-time transaction costs.
- Key projects include 600,000 barrels per day of NGL pipeline capacity, 550 million cubic feet per day of Permian natural gas processing, and refined product expansions in Denver, expected to be completed by mid-2026.
- Synergies from acquisitions are on track to deliver $250 million in 2025, with cumulative savings exceeding $500 million since the Magellan acquisition in 2023.

**【CFO Financial Commentary】**
- Third-quarter GAAP net income was $940 million, or $1.49 per share, with adjusted EBITDA of $2.12 billion, including $7 million in one-time transaction costs.
- Capital allocation included $600,000 in share buybacks and $500 million in senior note retirements, with $1.3 billion in debt extinguished year-to-date.
- Long-term leverage target of 3.5x is expected to be achieved by the fourth quarter of 2026. Cash tax payments are expected to be $1.5 billion less over the next five years due to tax reforms.
- 2025 capital expenditures are projected at $2.8 billion to $3.2 billion, with $250 million in synergy-related adjusted EBITDA expected.

**【Q&A Key Highlights】**
- **2026 Growth Outlook**: Tailwinds include $250 million in synergies, new projects (e.g., Denver expansion), and Permian Basin volume growth. Management expects mid-single to high-single-digit EBITDA growth but will provide specific guidance in Q1 2026.
- **Capital Allocation**: Share buybacks ($45 million in Q3) and debt reduction are balanced with project investments. CapEx is expected to trend downward as operating leverage is utilized.
- **Market Dynamics**: Permian Basin volumes are resilient, with 20 active rigs on dedicated acreage. Mid-Continent processing volumes set a record at 1.7 Bcf/day, driven by the Cherokee formation.
- **AI and Data Centers**: ONEOK is evaluating over 30 potential AI-driven data center projects, leveraging existing pipeline connectivity to meet demand for natural gas-powered electricity generation.
- **Tax and Cash Flow**: Deferred cash taxes of over $1.5 billion over five years will enhance free cash flow flexibility.

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