Stock Analysis on Net
Stock Analysis on Net

ONEOK Inc. (NYSE:OKE)

$22.49

This company has been moved to the archive! The financial data has not been updated since August 8, 2023.

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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ONEOK Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Commodity sales
Services
Revenues
Cost of sales and fuel
Net margin
Operations and maintenance
Depreciation and amortization
Impairment charges
General taxes
Other operating income (expense), net
Operating income (loss)
Equity in net earnings from investments
Impairment of equity investments
Allowance for equity funds used during construction
Other income (expense), net
Interest expense, net of capitalized interest
Income (loss) before income taxes
Income taxes
Net income (loss)
Net income attributable to noncontrolling interests
Net income (loss) attributable to ONEOK
Preferred stock dividends
Net income (loss) available to common shareholders

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Revenue Trends
Overall revenues demonstrate a fluctuating yet generally upward trend from 2018 through mid-2022, peaking in the quarter ending December 2021 at $5,420 million and the subsequent quarters showing high values near this peak. Commodity sales constitute the bulk of the revenue, experiencing notable volatility with a sharp decline in early 2020, likely impacted by market conditions, followed by a rapid recovery and growth through 2021 and early 2022 before tapering off in 2023. Service revenues are relatively stable, maintaining a consistent range around $300 to $370 million across the periods.
Cost of Sales and Fuel
The cost of sales and fuel closely follow the commodity sales trend but with significant variability. Costs decreased markedly in early 2020, paralleling the decline in commodity sales, then increased sharply from late 2020 through 2022, peaking at nearly $4,878 million in September 2022, reflecting increased commodity prices or volume. The costs moderate in 2023, following the reduction in revenues.
Net Margin and Operating Income
The net margin remains stable, maintaining a range mostly between $700 million to $1,250 million over the period, with a dip in early 2020 corresponding to the downturn in commodity sales. Operating income also reflects this pattern, experiencing a loss in March 2020 (-$83 million) but recovering strongly thereafter. Notable operating income spikes are evident in mid-2023, reaching a peak of $1,497 million, suggesting operational efficiency or favorable market conditions during this period.
Operating Expenses
Operations and maintenance expenses fluctuate moderately but tend to increase towards the end of the period, reaching up to $296 million in June 2023, which may indicate higher operational activity or inflationary pressures. Depreciation and amortization exhibit a gradual upward trend over time, reflecting capital expenditure or asset base growth. General taxes increase as well, aligning with increased earnings and operational scale.
Impairment Charges and Equity Investments
Impairment charges are sporadic, with a significant charge noted in September 2020 (-$604 million) and smaller charges in other periods. Equity in net earnings from investments remains mostly stable, averaging in the $30 million to $45 million range, indicating consistent performance from associated investments. Impairment of equity investments is limited, with a single noted charge in late 2019.
Other Income and Expenses
Other operating income is typically minimal but shows unusual spikes in December 2022 ($98 million) and March 2023 ($781 million), which may reflect one-time items or non-recurring gains. Other income and expenses net values show minor fluctuations, without significant trends.
Interest Expense
Interest expense remains relatively stable throughout the period, generally in the $110 million to $180 million range, with a peak in early 2020, possibly reflecting increased borrowing or higher interest rates during that time.
Profitability and Net Income
Net income displays considerable volatility aligned with revenue and operating income changes. There is a pronounced loss in March 2020 (-$142 million) coinciding with market disruptions, followed by recovery and growth to a record high of $1,049 million in March 2023. Net income attributable to common shareholders shows similar patterns, reinforcing the company's ability to rebound after market downturns.