OKE · ONEOK, Inc.

ONEOK’s first-quarter 2026 results reflect broad-based operational strength across its integrated midstream platform, with volume growth and improved margin capture driving financial outperformance. Net income rose 12% year-over-year to $776 million, supported by a 15% increase in NGL raw feed throughput, 12% higher refined products volumes shipped, and 5% more natural gas processed — all enabled by strategic infrastructure deployment, including the relocation of a 150 MMcf/d processing plant to the Permian Basin. Adjusted EBITDA grew 13% to $2.0 billion, with particularly strong contributions from the Natural Gas Pipelines segment (+$127M), where optimization and marketing activity surged due to favorable Waha-Katy price differentials and Winter Storm Fern-related opportunities. The Natural Gas Liquids segment gained $71M in adjusted EBITDA, led by higher optimization earnings and exchange services, while Refined Products and Crude added $21M despite a $24M decline from unconsolidated affiliates. Notably, the Gathering and Processing segment declined $24M year-over-year, primarily due to lower NGL and natural gas prices net of hedging, though this was partially offset by volume growth and reduced methane fees. Management explicitly tied the upward revision to full-year 2026 guidance — raising net income and adjusted EBITDA midpoints by $200 million and $250 million, respectively — to sustained execution and a more constructive market environment emerging late in Q1. The company also advanced its capital structure in April 2026 by retiring $491 million of near-term debt and securing a $1.2 billion term loan, while maintaining its $2.7–$3.2 billion capital expenditure plan. CEO Pierce H. Norton II emphasized that momentum is building through the year, reinforcing confidence in the raised outlook.