ONEOK Announces Higher Second-Quarter 2026 Earnings:
Net Income up 13%, Adjusted EBITDA up 7%
Date
Aug 03, 2026
By
ONEOK Media
KEY HIGHLIGHTS
- Reported year-over-year growth in net income, adjusted EBITDA, earnings per share and operating income.
- Raised full-year 2026 financial guidance.
- Mechanically completed our refined products pipeline expansion in early August connecting Mid-Continent and Gulf Coast supply to the Greater Denver area and Denver International Airport.
- Achieved record quarterly NGL raw feed throughput volumes.
FINANCIAL SNAPSHOT
- Net Income: $967 Million
- Adjusted EBITDA: $2.12 Billion
- Operating Income: $1.59 Billion
OPERATIONS SUMMARY
Volume growth led by record quarterly NGL raw feed throughput:
- 7% increase in NGL raw feed throughput, led by 15% growth in the Gulf Coast/Permian region year over year
- 8% increase in refined products shipped year over year
- 2% increase in natural gas volumes processed year over year
Performance drivers: The quarter’s results were primarily driven by record quarterly NGL volumes and higher natural gas processing and refined products volumes across ONEOK’s systems. Increased optimization and marketing activity in the Natural Gas Pipelines, Refined Products and Crude and Natural Gas Liquids segments also benefited second-quarter results.
Operational milestone: Mechanically completed our refined products pipeline expansion connecting Mid-Continent and Gulf Coast supply to the Greater Denver area and Denver International Airport.
2026 GUIDANCE
- 2026 Net Income: $3.41B–$3.79B ($3.6B midpoint; increased)
- 2026 Adjusted EBITDA: $8.2B–$8.5B ($8.35B midpoint; increased)
- Capital Expenditures: $2.7B–$3.2B (unchanged)
Outlook drivers: Continued strong business segment performance and strategic opportunities across ONEOK’s systems, supported by a constructive market environment. Several strategic growth projects nearing completion are expected to build momentum into the second half of 2026 and support long-term value creation.
CEO QUOTE
Higher volumes across ONEOK’s businesses, including record NGL volumes, drove another consecutive quarter of earnings growth.
Pierce H. Norton II, President and CEO of ONEOK
“Higher volumes across ONEOK’s businesses, including record NGL volumes, drove another consecutive quarter of earnings growth. These results reflect the strength of our integrated system, the dedication of our employees and our ability to optimize our network and capture opportunities across the value chain.”
“Several strategic growth projects across our footprint are nearing completion, expanding connectivity across key markets and strengthening our ability to serve customers and communities. Combined with strong market fundamentals across our business, these investments build momentum into the second half of 2026, support our second guidance increase this year and reinforce our ability to deliver long-term value to stakeholders.”
DOWNLOADABLE DIGITAL ASSETS
ONEOK mechanically completed its refined products pipeline expansion connecting Mid-Continent and Gulf Coast supply to the Greater Denver area and Denver International Airport. The recently completed project strengthens a critical fuel corridor and expands capacity to meet growing demand at one of the nation’s busiest airports.
ONEOK achieves record NGL raw feed throughput volumes, driven by a 15% increase in the Gulf Coast/Permian region in second quarter 2026 compared with second quarter 2025.
ONEOK increases 2026 financial guidance for net income, earnings per diluted share and adjusted EBITDA.
Contacts:
Investor Relations:
Megan Patterson
918-561-5325
ONEOKInvestorRelations@oneok.com
Media Relations:
Charlsey Phillips
918-510-1664
Media@oneok.com
Forward-looking statements: Certain statements in this story are forward-looking and subject to risks and uncertainties. Actual results may differ materially from those projected. See a discussion of the factors that could affect such forward-looking statements in the accompanying earnings release.
Non-GAAP (generally accepted accounting principles) financial measures: This story includes adjusted EBITDA, a non-GAAP financial measure used by ONEOK to evaluate operating performance. Adjusted EBITDA should not be considered a substitute for net income or other GAAP measures. A reconciliation of adjusted EBITDA to the most directly comparable GAAP measure is available on ONEOK's website.(Financial tables)
At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.
ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.
For information about ONEOK, visit the website: oneok.com For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.
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