Tulsa-based ONEOK, Inc. posted second-quarter earnings of $134.4 million, or 32 cents per diluted share.
The midstream company's earnings were 57% lower than the same quarter in 2019, when it reported earnings of $312 million, or 75 cents per diluted share.
ONEOK also reported an operating income of $355.7 million and more than $945 million of cash and cash equivalents as of June 30.
Given continued market and industry uncertainty, including recent developments related to crude oil pipeline takeaway in the Williston Basin, the company said it 2020 net income and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) results to be at the low end of ranges provided on April 28.
Total capital expenditures for the second half of 2020 are expected to range from approximately $300 million to $400 million.
"I am proud of the way our employees continue to operate safely and responsibly and remain focused on providing excellent customer service in a challenging environment," Terry K. Spencer, ONEOK president and chief executive officer, said in a statement.
"Second-quarter results were interrupted by the pandemic’s effect on worldwide crude oil demand, the resulting extensive oil and associated natural gas production curtailments by producers across our operations and low commodity prices. As we return to volumes achieved during early March 2020, we expect our earnings run rate to be in line with our previous expectations."