Description

ONEOK’s $8.35 Billion EBITDA Outlook — Is Its Next Big Midstream Growth Cycle Emerging?

ONEOK, Inc. reported second quarter 2026 results characterized by volume growth, expanded capacity, and improved financial guidance, balanced by certain margin pressures and ongoing commercial uncertainties. The company raised its full-year financial outlook for the second time in 2026, reflecting a net income midpoint of $3.6 billion and adjusted EBITDA of $8.35 billion, driven largely by record natural gas liquids (NGL) throughput and strong refined products demand. Operationally, ONEOK expanded processing and fractionation capacity across key U.S. basins, including the Permian and Powder River, with near-term projects such as the Denver refined products expansion and Medford fractionation on schedule. The company reported 13% year-over-year net income growth and a 7% increase in adjusted EBITDA, aided by organic volume increases and contributions from recently completed projects. Capital expenditure guidance remains unchanged at $2.7 billion to $3.2 billion, with anticipated acceleration in the second half of the year.