ONEOK INC /NEW/ [OKE] reports annual net loss of $2.7 billion
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Company Reports Revenue of $17.7 billion
ONEOK INC /NEW/ [OKE] has reported a net loss of $2.7 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $17.7 billion
Based in TULSA, Oklahoma, ONEOK INC /NEW/ operates in the TRANSPORT sector.
In the annual report comparison between the twelve months ended December 31, 2023, and the same period in 2022 and 2021, the following financial performance metrics were observed:
Total revenues for the period ending December 31, 2023, amounted to $17.68 million, compared to $22.39 million in 2022 and $16.54 million in 2021. There was a decrease from the previous year, primarily due to lower commodity sales revenue.
Cost of sales and fuel, excluding separate items, totaled $11.93 million in 2023, $17.91 million in 2022, and $12.26 million in 2021. The decrease in 2023 aligned with the reduced revenue and overall performance.
Operating income for the period increased to $4.07 million in 2023, up from $2.81 million in 2022 and $2.60 million in 2021. This improvement can be attributed to cost-cutting measures and operational efficiency enhancements.
Net income for the current period was $2.66 million, compared to $1.72 million in 2022 and $1.50 million in 2021. The growth in net income reflected the improved operating performance and effective expense management.
Earnings per share (EPS) for basic and diluted shares also showed positive trends. Basic EPS for 2023 was $5.49, up from $3.85 in 2022 and $3.36 in 2021. Similarly, diluted EPS increased to $5.48 in 2023 compared to $3.84 in 2022 and $3.35 in 2021.
Average shares outstanding increased from 447.5 million in 2022 to 484.3 million in 2023 for basic EPS and from 448.4 million in 2022 to 485.4 million in 2023 for diluted EPS.
Overall, the financial performance for the twelve months ended December 31, 2023, showed an upward trajectory in revenue, operating income, net income, and earnings per share compared to the previous periods, demonstrating positive growth and strategic financial management.
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