ONEOK (OKE) Misses Q2 EPS by 19c

ONEOK (NYSE: OKE) reported Q2 EPS of $0.32, $0.19 worse than the analyst estimate of $0.51.

Second Quarter 2020 Results:

• Net income of $134.3 million, resulting in 32 cents per diluted share.
• Adjusted EBITDA of $533.9 million.
• Operating income of $355.7 million.
• More than $945 million of cash and cash equivalents as of June 30, 2020.

"I am proud of the way our employees continue to operate safely and responsibly and remain focused on providing excellent customer service in a challenging environment," said Terry K. Spencer, ONEOK president and chief executive officer. "Second quarter results were interrupted by the pandemic's effect on worldwide crude oil demand, the resulting extensive oil and associated natural gas production curtailments by producers across our operations and low commodity prices. As we return to volumes achieved during early March 2020, we expect our earnings run rate to be in line with our previous expectations.

"The trends we are seeing in all of our operating areas are improving," added Spencer. "Volumes on our systems are sharply increasing as our customers bring production back online with improvements in commodity prices, which is positive for our business in the second half of the year."

For earnings history and earnings-related data on ONEOK (OKE) click here.

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