ONEOK, Inc. – Barclays Energy-Power Conference
Company Participants
Pierce Norton – President, CEO & Director
Walter Hulse – CFO, Treasurer and Executive VP of Investor Relations & Corporate Development
Sheridan Swords – Executive VP & Chief Commercial Officer
Conference Call Participants
Theresa Chen – Barclays Bank PLC, Research Division
Presentation
Operator
Good afternoon, everyone. My name is Theresa Chen, and I’m the Midstream and Refining analyst here at Barclays. It is my pleasure to introduce our next company, ONEOK. Joining me from ONEOK are President and CEO, Pierce Norton; CFO, Walter Hulse; Chief Commercial Officer, Sheridan Swords. Welcome, everyone.
Pierce Norton
President, CEO & Director
Thank you.
Question-and-Answer Session
Theresa Chen
Barclays Bank PLC, Research Division
So as ONEOK works to integrate all of its recently acquired assets, progress on the synergy targets and 2025 guidance remains a key focus amongst investors. I want to start there. Can you talk more about where ONEOK is currently tracking with respect to the goal of the $250 million in synergies in 2025? And have your expectations relative to the synergies changed at all since initially putting forth this guidance.
Walter Hulse
CFO, Treasurer and Executive VP of Investor Relations & Corporate Development
Well, no, our expectations haven’t changed. I think, if anything, I think you got to put it into buckets. The one that we’re furthest along on is our Magellan acquisition. If you think about it, Magellan, we bought in September of ’23. So we had kind of the fourth quarter to get things set up and we hit the ground running and had all of ’24 and now we’re into ’25. Most of those opportunities were opportunities that were completely within our control. So at this point in time, I think we’re well ahead of our expectation as it relates to Magellan and really pleased with the opportunities that have presented themselves that we didn’t know about
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