Short answer
Oneok (OKE) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $21.7B (+22.7% year over year) and net income of $3.0B.
- Top risk flagged: Legal risk: Medford incident insurance settlement gain $779 million in 2023 affected 2024 earnings comparability
FY2024 key financial metrics · XBRL
- Revenue
- $21.7B
- +22.7% YoY
- Net income
- $3.0B
- +14.1% YoY
- Operating margin
- 23.0%
- −0.0 pp YoY
- EPS (diluted)
- $5.17
- −5.7% YoY
- ROE
- 17.8%
- +1.7 pp YoY
- Operating cash flow
- $4.9B
- +10.6% YoY
Source: XBRL data from the Oneok (OKE) FY2024 10-K on SEC EDGAR. USD.
Oneok FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core midstream energy infrastructure business operates approx. 60,000-mile pipeline network for natural gas, NGLs, crude oil, refined products transportation
- Completed EnLink controlling interest acquisition Oct 15, 2024, for $3.3B cash to expand scale and assets in Permian Basin, Mid-Continent, North Texas, Louisiana
- Finalized all-stock EnLink merger Jan 31, 2025; issued 41M shares valued at $4.0B, making EnLink wholly owned subsidiary
- Financing included $7.0B senior unsecured notes public offering in Sept 2024 to fund acquisitions
- Strategic shift toward integrated value chain expansion and consolidation in key U.S. energy basins
Management Discussion & Analysis
- Revenue impact not explicitly stated; significant scale increase through acquisitions totaling approx. $6.18B cash and $4.0B stock consideration
- No specific operating margin or profitability % changes detailed for FY2025
- Best performing segment: Natural Gas Liquids with $280M Gulf Coast NGL Pipelines acquisition, expanding midstream footprint
- Divestiture net cash proceeds $1.2B from sale of interstate gas pipelines; repaid related term loans with proceeds
- Capital allocation: $7.0B senior unsecured notes issued; funded EnLink and Medallion acquisitions totaling $5.9B; $4.0B stock issued for EnLink merger
- Forward outlook: synergies expected from combined assets, integration and mid-2025 connections planned for Gulf Coast assets
Risk Factors
- Legal risk: Medford incident insurance settlement gain $779 million in 2023 affected 2024 earnings comparability
- Macroeconomic threat: Decrease in NGL volumes in Permian Basin amid expiration of low-margin contracts impacting revenues
- Operational risk: Completion of Elk Creek pipeline expansion reaching full 435 MBbl/d capacity expected mid-2025 critical for Rocky Mountain volumes
- Competitive risk: Full-year contribution from Magellan Acquisition increased Refined Products and Crude segment adjusted EBITDA by $1.354 billion in 2024
- Financial risk: $7.0 billion senior unsecured notes issuance in Sept. 2024 increased interest expense by $505 million vs prior year
Generated from the filing text; verify against the original. How to read a 10-K
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