ONEOK Inc. (NYSE:OKE)

Revenues

Revenues exhibit a fluctuating trajectory over the examined period. Initially, revenues increased from approximately 12.7 billion US dollars in 2005, peaking near 16.2 billion in 2008. Following this peak, a decline was noted, reaching a low point around 7.76 billion in 2015. From 2015 onwards, a recovery trend is evident, culminating in a significant rise to approximately 22.4 billion by the end of 2022. This indicates a strong rebound, particularly in the latter years.

Operating Income

Operating income displayed relative stability with moderate growth from 2005 (approximately 799 million US dollars) through 2011 (around 1.16 billion). Thereafter, fluctuations occurred with slight decreases and increases, followed by a pronounced upward trend beginning around 2014. By 2022, operating income reached about 2.81 billion, representing a substantial growth compared to the initial period. This upward movement in operating income towards the end of the series suggests improved operational efficiency or favorable market conditions.

Net Income

Net income fluctuated considerably over the years. Starting at approximately 547 million in 2005, it experienced a decline to nearly 305 million by 2007 and 2009, showing a period of relative stability at lower levels during those years. Thereafter, net income generally increased, with some volatility, notably surging from about 387 million in 2017 to over 1.7 billion by 2019. Although a drop to around 613 million occurred in 2020, net income recovered again, reaching approximately 1.72 billion in 2022. This pattern illustrates earnings variability potentially tied to external factors but with an overall improvement in recent years.

Summary Insights

The data indicates cyclical trends in revenue and profitability, with peaks and troughs reflecting operational challenges and recoveries. The significant upward trends in both operating and net income towards the end of the period suggest enhanced profitability and possibly better management or market conditions. The divergence between the lowest revenue point around 2015 and the subsequent strong revenue growth implies strategic adjustments or expansion initiatives. Overall, the financial performance demonstrates resilience and an ability to recover from downturns, with strong positive momentum in the most recent years.

Current Assets

Current assets exhibited a declining trend from 2005 through 2015, decreasing from approximately 4.4 billion USD in 2005 to below 1 billion USD in 2015, reaching the lowest point in 2015. This decline indicates potential tightening in liquidity or reduced short-term resources over this period.

From 2015 onward, current assets showed a moderate recovery, rising steadily each year and reaching about 2.5 billion USD by 2022. This rebound suggests an improvement in short-term asset holdings or working capital management in recent years.

Total Assets

Total assets demonstrated consistent growth from 2005 to 2014, increasing from roughly 10 billion USD to over 15 billion USD, highlighting ongoing asset accumulation or investments during this timeframe.

There was a slight dip in total assets around 2014-2015, but the trend quickly reversed with assets rising substantially thereafter, culminating in over 24 billion USD by 2022. This sustained growth after 2015 reflects significant expansion of asset base or acquisition activities.

Relative Trends and Insights

While total assets grew steadily over the entire period, the contrasting sharp decline and subsequent recovery in current assets suggest varying liquidity and short-term financial strategies. The initial current asset decrease amid growing total assets might imply increased investment in long-term assets or changes in asset composition.

The recovery in current assets from 2015 onwards, coinciding with accelerated total asset growth, may indicate a balanced approach toward asset management, enhancing both liquidity and overall financial strength.

The data depicts the liability and equity position over an 18-year period. Current liabilities fluctuate noticeably, starting at approximately 4.8 billion USD in 2005, then decreasing sharply to around 2.06 billion USD in 2006. Following this, the amount oscillates within a range between roughly 1.3 and 4.2 billion USD, showing no consistent upward or downward trend. Recent years indicate a stabilization around 3 billion USD.

Short-term borrowings and long-term debt exhibit a general upward trajectory overall. Beginning at about 3.57 billion USD in 2005, debt increases steadily to reach over 13.6 billion USD by 2022. Some fluctuations are observable; for example, the total climbs rapidly from 2007 through 2009, peaks slightly, then continues to grow with minor declines between 2021 and 2022. The persistent rise in debt suggests increasing leverage or capital financing activities over the period examined.

Shareholders’ equity shows more variation. Starting near 1.79 billion USD in 2005, the value increases through 2006 but then declines with some volatility until 2016, reaching a low point below 200 million USD in 2016. From 2017 onward, equity grows substantially, hitting nearly 6.5 billion USD in 2022. Notably, there is a sharp increase in 2017, indicating possible capital infusions, retained earnings growth, or other equity-related adjustments. The recovery and growth in equity post-2016 suggests improved profitability or capital restructuring efforts.

Current liabilities

Exhibit variability with significant decreases early on followed by fluctuating but generally stable values in recent years around 3 billion USD.

Debt (short-term borrowings and long-term)

Shows a marked increasing trend, rising almost fourfold from 2005 to 2022, indicating an expanding debt base and higher financial leverage.

Shareholders’ equity

Experienced notable declines until 2016, then a substantial increase thereafter, suggesting improved financial health or capital structure adjustments in the later years.

The financial data over the examined periods reveals significant fluctuations across operating, investing, and financing cash flows.

Operating Activities

The cash provided by operating activities generally exhibits a positive trend with some variability. Starting from a negative value in 2005, cash flow sharply improved in 2006 and maintained an upward trajectory with occasional minor declines. Notably, substantial increases were recorded between 2013 and 2018, peaking around 2018 with over $2 billion in thousands, followed by sustained high levels through 2022. This indicates an overall improvement in the company’s operational efficiency and cash generation capability over time.

Investing Activities

The cash used in investing activities consistently remains negative throughout the entire period, reflecting ongoing investment expenditures. The magnitude of outflows varies significantly, reaching extreme levels in years like 2013, 2014, and 2018, with dips exceeding $2 billion to $3 billion. However, there were periods such as 2010 and 2016 where the outflows were relatively smaller, suggesting phases of reduced investment activity. Overall, these trends imply continued capital investment, though the scale and timing fluctuate considerably.

Financing Activities

The cash flow from financing activities is characterized by pronounced volatility. In several years, including 2006, 2009, and parts of the 2010s, the company exhibited large negative cash flows in financing, indicating significant debt repayments or dividend payments. Contrarily, other periods, such as 2005, 2008, and notably in 2019 and 2020, show strong positive cash inflows, likely from issuing debt or equity. The pronounced swings in financing cash flows suggest active management of capital structure in response to operational needs and investment activities.

In summary, the company demonstrates robust operating cash generation with periods of intensified investment outflows, balanced by strategic financing activities marked by large issuances and repayments. This pattern indicates an adaptable financial strategy aimed at supporting operational growth while managing investment and capital costs amid varying market and business conditions over the years.

Basic Earnings Per Share (EPS)

The basic earnings per share demonstrates notable volatility over the period analyzed. Initially, EPS decreased sharply from 2.72 in 2005 to 1.37 in 2006, then showed a mild upward trend from 2006 through 2008. A decline follows in 2013, dropping to 1.29 from 1.75 in 2012. After fluctuating around the 1.1 to 1.7 range between 2013 and 2017, a significant increase occurs in 2018 and 2019, peaking at 3.09 in 2019. A pronounced reduction is observed in 2020 at 1.42, followed by a recovery and further increase to 3.85 by 2022, representing the highest value recorded in the data span.

Diluted Earnings Per Share

The diluted earnings per share closely mirrors the basic earnings per share trends, consistently showing slightly lower values. The pattern of decline, recovery, and subsequent growth aligns with the basic EPS, reflecting similar operational and market impacts on earnings while accounting for the dilution effect over time.

Dividend Per Share

The dividend per share displays a strong and consistent upward trajectory throughout the period. Starting from a relatively low base of 0.55 in 2005, dividends increase steadily each year without any decrease or stagnation. The growth accelerates notably from 2012 onward, reaching 3.74 in 2020 and maintaining this level through 2022. This indicates a commitment to returning value to shareholders with regular dividend increments despite fluctuations in earnings.