ONEOK (OKE) Misses Q4 EPS by 4c. Offers FY21 EPS Mid-Point Guidance Below Consensus

ONEOK (NYSE: OKE) reported Q4 EPS of $0.69, $0.04 worse than the analyst estimate of $0.73.

Fourth Quarter 2020 Results, Compared With Fourth Quarter 2019:

• 11% increase in operating income to $538.7 million.
• 12% increase in adjusted EBITDA to $742.0 million.
• 24% increase in Rocky Mountain region NGL raw feed throughput volumes.
• 11% increase in Rocky Mountain region natural gas volumes processed.
• $1.04 per MMBtu average fee rate in the natural gas gathering and processing segment.

"Despite a global pandemic, ONEOK's resilient business, led by the hard work of our dedicated employees, experienced annual adjusted EBITDA growth in 2020 and is expected to achieve double-digit growth in 2021," said Terry K. Spencer, ONEOK president and chief executive officer. "We expect volume and earnings growth in 2021 to be supported by increasing producer activity and new capacity from completed projects.

"As energy markets strengthen, we remain focused on profitability, reliable service and the safety and health of our employees," added Spencer. "ONEOK is well-positioned to serve our customers' current and future needs while applying our core midstream capabilities in a safe and environmentally responsible way."

GUIDANCE:

ONEOK sees FY2021 EPS of $2.40-$3.08, versus the consensus of $3.03.

For earnings history and earnings-related data on ONEOK (OKE) click here.

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