Feb 24 (Reuters) - Pipeline operator ONEOK OKE.N forecast annual income growth of about 11% and reported a 34.2% rise in fourth-quarter profit on Monday, helped by higher demand and accretive contributions from the EnLink acquisition.
In November, the company said it would buy the remaining shares of EnLink Midstream for $4.3 billion, following its acquisition of a 43% controlling interest in the peer from Global Infrastructure Partners for about $3.3 billion.
The company also reported a 3% growth in the Rocky Mountain region natural gas liquids $(NGL)$ raw feed throughput volumes and a 4% increase in crude oil volume shipped.
Last year, ONEOK acquired an NGL pipeline system from Easton Energy to broaden its NGL asset portfolio, and also expanded its refined products pipeline to the Greater Denver area.
Its quarterly core profit from the NGL segment was up 13.5% at $696 million from a year earlier, while its quarterly core profit from the refined products and crude segment was up 42.2% at $603 million.
Earnings were also boosted by adjusted core profit from its natural gas pipelines segment, which more than tripled to $417 million on the back of the company selling three of its pipelines to peer DT Midstream DTM.N for $1.2 billion.
The company now expects current-year net income between $3.21 billion and $3.69 billion, the mid-point of which was up about 11% from last year.
The pipeline operator also expects annual capital expenditure between $2.8 billion and $3.2 billion, which was higher than Wall Street expectation of $2.24 billion, according to data compiled by LSEG.
The Tulsa, Oklahoma-based company reported net income attributable of $923 million, or $1.57 per share, for the quarter ended December 31, compared with $688 million, or $1.18 per share, a year earlier.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Alan Barona)
((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal))
免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。