Name: ONEOK Inc. (NYSE:OKE) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

Download chart

ONEOK Inc., income statement, revenues

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
NGL and condensate sales	18,260,082)	13,569,697)	6,477,869)	7,944,787)	10,301,496)
Residue natural gas sales	2,704,953)	1,599,393)	769,319)	965,975)	1,091,102)
Gathering, processing and exchange services revenue	690,928)	653,259)	630,517)	578,537)	568,070)
Transportation and storage revenue	710,524)	656,996)	638,413)	648,103)	583,426)
Other	20,405)	60,964)	26,124)	26,965)	49,102)
Revenues	22,386,892)	16,540,309)	8,542,242)	10,164,367)	12,593,196)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Total revenues exhibited a U-shaped trajectory between 2018 and 2022, characterized by a moderate decline in the first three years followed by an aggressive expansion. Total revenue decreased from approximately 12.59 billion USD in 2018 to a low of 8.54 billion USD in 2020, before surging to 22.39 billion USD by the end of 2022. This overall trend is heavily influenced by commodity-based sales rather than service-based fees.

NGL and Condensate Sales: This segment represents the primary driver of total revenue and demonstrates the highest volatility. Revenues in this category declined from 10.30 billion USD in 2018 to 6.48 billion USD in 2020. However, a sharp reversal occurred in 2021, with values jumping to 13.57 billion USD and continuing to rise to 18.26 billion USD in 2022, indicating a significant increase in sales volume or market pricing during this period.
Residue Natural Gas Sales: A pattern similar to NGL sales is observed in residue natural gas sales. After a steady decline from 1.09 billion USD in 2018 to 769 million USD in 2020, this revenue stream grew rapidly to 1.60 billion USD in 2021 and 2.70 billion USD in 2022, mirroring the broader recovery and growth seen in commodity sales.
Service-Based Revenues: In contrast to the volatility of commodity sales, gathering, processing, exchange, transportation, and storage revenues show stable, incremental growth. Gathering and processing revenue rose steadily from 568 million USD in 2018 to 691 million USD in 2022. Similarly, transportation and storage revenue grew from 583 million USD in 2018 to 711 million USD in 2022. These segments provide a consistent baseline of income that is less susceptible to the fluctuations affecting the sales segments.
Revenue Composition and Diversification: The analysis reveals an increasing concentration of revenue within the NGL and condensate sales segment. While the service-oriented revenue streams grew in absolute terms, their relative contribution to total revenue diminished as commodity sales grew exponentially between 2020 and 2022.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?