ONEOK Inc (NYSE:OKE), a premier energy infrastructure leader with approximately 60,000 miles of pipeline network, stock fell 6.66% (As on August 5, 11:22:02 AM UTC-4, Source: Google Finance) after the company matches the earnings expectations for the second quarter of FY25. ONEOK reported a net income of $853 million for Q2 2025, representing a substantial 23% increase from the $691 million reported in Q1 2025. Adjusted EBITDA reached $1.981 billion, up 12% from $1.775 billion in the previous quarter. The results were driven primarily by the positive impact of the EnLink and Medallion acquisitions across ONEOK’s system. Results were partially offset by the divestiture of certain assets in 2024. Additionally, second quarter 2025 adjusted EBITDA included $21 million of transaction costs related primarily to the EnLink acquisition. NGL volumes increased by 18%, refined products volumes grew by 7%, and natural gas processed volumes rose by 6% compared to the first quarter.

Moreover, the Natural Gas Liquids segment saw raw feed throughput rising 20% in both the Gulf Coast/Permian and Mid-Continent regions, and 13% in the Rocky Mountain region. Total NGL raw feed throughput reached 1,527,000 barrels per day in Q2, up from 1,293,000 barrels per day in Q1. The Refined Products and Crude segment reported a 7% overall increase in refined products volumes in Q2 2025 compared to Q1, with gasoline volumes up 9% and distillates up 7%. Total refined products volume shipped reached 1,503,000 barrels per day in Q2, compared to 1,401,000 barrels per day in Q1. This segment saw substantial adjusted EBITDA improvements, including a $64 million increase in optimization and marketing, a $34 million increase in transportation and storage, and a $7 million benefit from lower operating costs. The Natural Gas Gathering and Processing segment reported processed volumes of 5,573 MMcf/d in Q2 2025, a 6% increase from 5,250 MMcf/d in Q1.

OKE in the second quarter of FY25 has reported the adjusted earnings per share of $1.34, which is inline with the analysts’ estimates for the adjusted earnings per share of $1.34, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $7.89 billion in the second quarter of FY25, missing the analysts’ estimates for revenue by 7.91%.

The company’s 2025 guidance range for adjusted EBITDA is $8 billion to $8.45 billion, which includes annual synergies of $250 million, with additional synergies expected in 2026 and beyond. The company projects net income to be between $3,168 million and $3,648 million.