While some upstream firms have announced they are pulling back on production amid weaker natural gas prices, management at midstreamer Oneok Inc. is expecting another strong year.

“Higher natural gas and natural gas liquids volumes, and strong fee-based earnings are expected to contribute to higher earnings in 2023 as we continue to focus on both growing our base businesses and innovating for future opportunities,” CEO Pierce Norton said.

For 2023, management sees a 7% increase in natural gas liquids (NGL) raw feed throughput volumes. This would be driven by continued growth from producer activity, plant connections and plant expansions completed in 2022 and 2023. Management also sees higher average fee rates from inflation-based changes.

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