SEATTLE (Oil Monster): ONEOK reported notable jump in net profits during the second quarter of the year.
The company posted attributable net profit of $841million and adjusted EBITDA of $1.98 billion during the quarter. The higher results were mainly driven by the integration of EnLink and Medallion acquisitions and rising volumes in the Rocky Mountain region.
During the quarter, the company completed the purchase of the remaining 49.9% interest in Delaware G&P LLC, thus strengthening its position in the Permian Basin. The group also increased its stake in BridgeTex Pipeline Company, LLC to 60%.
RELATED NEWS:
ONEOK Acquired Remaining Stake in the Delaware Basin Joint Venture
ONEOK Closed Acquisition of Medallion Midstream
The natural gas liquids segment generated adjusted EBITDA of $673 million for the quarter. In the refined products and crude oil sector, adjusted EBITDA reached $557 million. The natural gas gathering and processing segment saw a marked increase, with adjusted EBITDA of $540 million. In the meantime, the natural gas pipelines segment generated adjusted EBITDA of $188 million.
The group reported cash and cash equivalents of $97 million. Also, it announced payment of a quarterly dividend of $1.03 per share.
The company noted that its operations continue to be supported by a stable customer base and a diversified geographical footprint. The company maintained its financial objectives for the current year, mainly supported by its balance sheet strength and revenue stream diversification.
