By Josee Rose
ONEOK reported slightly lower first-quarter earnings, but revenue rose on strong performance from its Rocky Mountain region.
The Oklahoma company said first-quarter net income fell to $636 million, or $1.04 a share, from $639 million, or $1.09 a share a year earlier.
Analysts polled by FactSet expected, on average, earnings of $1.24 a share and adjusted earnings of $1.21 a share.
ONEOK said first-quarter revenue rose to $8.04 billion from $4.78 billion a year ago. Analysts had been expecting revenue of $6.57 billion.
The quarter was helped by "higher year-over-year volumes in the Rocky Mountain region, along with contributions from recent strategic acquisitions and growth initiatives," President and Chief Executive Pierce H. Norton II said. The region had a 15% increase in natural gas liquids raw feed throughput volumes, and a 7% increase in natural gas volumes processed.
For the full year, ONEOK expects earnings of $4.97 to $5.77 a share. "We expect continued execution on acquisition-related synergies, the completion of organic growth projects and the demand for our services to support growth throughout 2025," Norton said.
Write to Josee Rose at josee.rose@wsj.com
(END) Dow Jones Newswires
April 29, 2025 16:40 ET (20:40 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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