ONEOK to Release Q1 Earnings: Here's What You Need to Know

ONEOK Inc. OKE is scheduled to release first-quarter 2025 results on April 29, after market close. The company delivered an earnings surprise of 8.3% in the last reported quarter. (See the Zacks Earnings Calendar to stay ahead of market-making news.)

Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.

Key Factors That May Impact OKE's Q1 Results

In January 2025, ONEOK completed its acquisition of EnLink Midstream, LLC. This deal further enhances the company’s integrated midstream business and provides exceptional value to all stakeholders. The strategic acquisition is expected to have resulted in considerable cost savings and synergies, further enhancing OKE’s profitability in the to-be-reported quarter.

The bottom line is expected to have continued to gain from strong fee-based contracts, as more than 90% of its revenues are likely to have been fee-based.

In December 2025, ONEOK completed MB-6, a 125,000-barrel per day (bpd) natural gas liquids (NGL) fractionator in Mont Belvieu, TX, and the full looping of the West Texas NGL Pipeline system. By increasing the company's fractionation capacity to more than 1 million bpd, MB-6 eliminates the need for third-party fractionation and improves ONEOK's capability to meet the expanding demand of the NGL market. The capacity of the West Texas NGL Pipeline system has been increased to 515,000 bpd upon completion of the entire looping. This is likely to have contributed positively to the first-quarter earnings.

The company’s bottom line is also projected to have benefited from wells connected in its Rocky Mountain and Mid-Continent regions in the previous quarters. This should have further increased natural gas gathering and processing volumes.

However, higher depreciation and amortization might have offset some of the positives in the to-be-reported quarter.

Q1 Expectations for OKE

The Zacks Consensus Estimate for earnings is pegged at $1.28 per share, indicating a year-over-year increase of 17.4%. The Zacks Consensus Estimate for revenues is pinned at $7.53 billion, indicating an increase of 57.4% year over year.

The Zacks Consensus Estimate for Raw feed throughput is pinned at 1,369.48 thousand barrels of natural gas liquid per day, up 10.4% year over year. The Zacks Consensus Estimate for Natural gas transportation capacity contracted is pegged at 9,402.4 thousand dekatherms per day, up 16.3% year over year.

What Our Quantitative Model Predicts

Our proven model does not predict an earnings beat for ONEOK this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
 

ONEOK, Inc. Price and EPS Surprise

ONEOK, Inc. price-eps-surprise | ONEOK, Inc. Quote

Earnings ESP: The company’s Earnings ESP is -1.37%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Currently, ONEOK has a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here.

Stocks to Consider

Investors may consider the following players from the same sector, as these have the right combination of elements to come up with an earnings beat this reporting cycle.

Devon Energy DVN is expected to come up with an earnings beat when it reports first-quarter results on May 6, after market close. It has an Earnings ESP of +2.68% and a Zacks Rank #3 at present.

DVN’s long-term (three to five years) earnings growth rate is 11.01%. The Zacks Consensus Estimate for first-quarter earnings is pinned at $1.25 per share.

APA Corporation APA is expected to post an earnings beat when it announces first-quarter results on May 7, after market close. It has an Earnings ESP of +2.47% and a Zacks Rank #3 at present.

The Zacks Consensus Estimate for first-quarter earnings is pinned at 80 cents per share. The Zacks Consensus Estimate for sales is pegged at $2.18 billion, indicating year-over-year growth of 14.6%.

Cheniere Energy LNG is likely to come up with an earnings beat when it announces first-quarter results on May 8, before market open. It has an Earnings ESP of +0.23% and a Zacks Rank #3 at present.

The Zacks Consensus Estimate for first-quarter earnings is pinned at $2.90 per share. The company delivered an average earnings surprise of 74.4% in the trailing four quarters.

 

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This article originally published on Zacks Investment Research (zacks.com).

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