ONEOK's quarterly profit climbs on acquisition gains

Aug 4 (Reuters) - U.S. pipeline operator ONEOK OKE.N reported a rise in second-quarter profit on Monday, boosted by additional contributions from acquisitions.

Late last year, the company acquired a 43% controlling interest in Enlink Midstream for about $3.3 billion in cash, boosting its presence in the Permian Basin.

ONEOK completed the acquisition of the remaining publicly-held shares of EnLink Midstream on January 31, 2025.

The company's second-quarter adjusted core profit for its natural gas gathering and processing segment jumped nearly 46% to $540 million from a year earlier, driven by the acquisition.

ONEOK has further expanded its portfolio through other acquisitions, including Medallion Midstream and an NGL pipeline system from Easton Energy.

"Our recent strategic acquisitions are delivering synergies and strengthening our position as a leading midstream player," CEO Pierce Norton II said in a statement.

The company had entered the refined products and crude transportation market in 2023 after acquiring rival Magellan Midstream in an $18.8 billion deal.

Earnings were also boosted as Rocky Mountain natural gas liquids (NGL) raw feed volumes increased by 11% compared to the prior year.

ONEOK operates a 60,000-mile network of pipelines, transporting natural gas, NGLs, refined products and crude oil.

The Tulsa, Oklahoma-based company reported net income attributable to shareholders of $841 million, or $1.34 per share, for the quarter ended June 30, up from $780 million, or $1.33 per share, in the same period a year earlier.