Oneok Reports Third Quarter Refined Product Shipments Increased 1-3% from Q2
Oneok on Wednesday reported its third quarter financial results, which showed refined product shipments in the quarter were up by about 1-3% from quarter two.
The company said it shipped 1.526 million b/d of refined products in the quarter, up from 1.503 million b/d in Q2, which represents an increase of a little more than 1.5%.
Total Q3 gasoline volumes averaged 862,000 b/d, up from 853,000 b/d in the previous quarter, or a rise of about 1%.
Distillate shipments in the period averaged 552,000 b/d, more than 3% higher than Q2’s 535,000 b/d
Total aviation and other fuel shipments in the third quarter were 112,000 b/d, a slight downturn from 115,000 b/d in Q2.
Oneok also reported crude oil volumes in the third quarter averaged 1.813 million b/d, a nearly 1.75% increase from the 1.782 million b/d average in Q2.
The company said it expects refined product shipments this year will average 1.5 to 1.6 million b/d, while estimated crude oil shipments will range from 1.9 to 2.1 million b/d.
Additionally, Oneok noted a $47 million increase in transportation and storage pointing to higher refined products tariff rates from mid-year escalations, higher seasonal volumes on the refined products system and timing of operational gains and losses.
Oneok also said the expansion of its refined products pipeline into the Denver area will expand its system-wide capacity by 35,000 b/d. The project is expected to be completed by the middle of next year.
–Reporting by Jason Titze, jtitze@opisnet.com; Editing by Andrew Atwal, aatwal@opisnet.com
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