ONEOK Inc. (OKE) Q4 Results - Feb 25

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

ONEOK Inc. (OKE) Q4 Results - Feb 25

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Higher 2020 Expectations Driven by Volume Growth from Completed Projects

Announces Additional Expansions While Lowering 2020 Growth Capital By 32%

TULSA, Okla., Feb. 24, 2020 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher fourth quarter and full-year 2019 results, compared with the same periods in 2018, and announced 2020 financial guidance and a 2021 outlook.

Higher Full-year 2019 Results, Compared With The Full Year 2018:

11% increase in net income to $1,278.6 million, resulting in $3.07 per diluted share. < Compares to my forecast of $1,286.6 million, $3.10 per share.
5% increase in adjusted EBITDA to $2,580.2 million.
1.38 times dividend coverage ratio. < This is why OKE has a high safety rating.
7% increase in NGL raw feed throughput volumes.
7% increase in natural gas volumes processed.
98% natural gas transportation capacity contracted.

Higher 2020 Earnings Guidance, Compared With Full-year 2019 Results:

16% increase of net income midpoint to $1.480 billion.
25% increase of adjusted EBITDA midpoint to $3.225 billion.
32% decrease of growth capital midpoint to $2.490 billion.
Distributable Cash flow in 2020 is forecast by OKE to be $2,245 to $2,730 million < This compares to my estimated 2020 dividends of $1,626 million ($3.90/share).
Dan Steffens
Energy Prospectus Group
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