ONEOK's quarterly profit climbs on acquisition gains
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ONEOK reported a rise in second-quarter profit, driven by acquisitions, including a 43% stake in Enlink Midstream for $3.3 billion. Adjusted core profit for its natural gas segment surged nearly 46% to $540 million. The company also expanded its portfolio with acquisitions like Medallion Midstream and an NGL pipeline from Easton Energy. Net income attributable to shareholders reached $841 million, or $1.34 per share, for the quarter ending June 30, up from $780 million, or $1.33 per share, a year earlier.
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