Oneok Earnings: Higher Volumes and Fees Boost Outlook; Details Magellan Synergies

Oneok’s second-quarter earnings were strong, as the firm boosted its guidance by $100 million at the midpoint to $4.675 billion. The main drivers of the change were higher volumes and fees in the natural gas liquids segment, lower-than-expected third-party fractionation costs, and better storage and transportation fees from its natural gas pipelines business. 2023 EBITDA guidance includes a one-time $539 million positive impact due to an insurance settlement due to the Medford incident and does not include anything from Magellan.