ONEOK, Inc. (NYSE:OKE), an American diversified corporation focused primarily on the natural gas industry, stock fell 2.63% (As on Mar 1, 12:03:57 AM UTC-4, Source: Google Finance) after the company’s earnings came in at $379.4 million for the fourth quarter of FY 21, compared with $308.0 million, in last year’s fourth quarter. The company has reported full-year 2021 net income and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) of $1,499.7 million and $3,379.7 million, respectively. Higher 2021 results were driven primarily by natural gas liquids (NGL) volume growth across ONEOK’s operations, natural gas processing volume growth in the Rocky Mountain region, higher commodity prices and increased natural gas sales in the natural gas pipelines segment. The results included higher operating costs due primarily to higher employee costs related to short-term incentives, increased property taxes and higher outside services expenses in 2021. Net income was also impacted by higher depreciation expense due to completed capital-growth projects placed in service.

OKE in the fourth quarter of FY 21 has reported the adjusted earnings per share of 85 cents, missing the analysts’ estimates for the adjusted earnings per share of 89 cents, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue of $5.42 billion in the fourth quarter of FY 21. The company delivered fourth quarter 2021 adjusted EBITDA of $846.6 million, which is a 14% increase compared with fourth quarter 2020.

Additionally, the company in January 2022, declared a quarterly dividend of 93.5 cents per share, or $3.74 per share on an annualized basis. As of Dec. 31, 2021, there are no borrowings outstanding under its $2.5 billion credit agreement. As of Dec. 31, 2021, there was $146.4 million of cash and cash equivalents.

For fiscal 2022, the company expects 13% increase of net income midpoint to $1.69 billion, 7% increase of adjusted EBITDA midpoint to $3.62 billion and the total capital expenditures midpoint of $975 million.

Meanwhile, In November 2021, the company had announced the restart of construction activities on Demicks Lake III, a 200 million cubic feet per day (MMcf/d) natural gas processing plant in the Williston Basin, expected to cost $140 million to complete and MB-5, a 125,000-barrel per day (bpd) NGL fractionator in Mont Belvieu, Texas, expected to cost $250 million to complete.