ONEOK Lifts 2026 Outlook After 13% Net Income Surge in Q2

summarizeSummary

ONEOK posted Q2 2026 net income of $967 million, a 13% year-over-year increase, and raised its full-year 2026 guidance for the second time this year, citing record NGL volumes and robust segment performance.

check_boxKey Events · Earnings and Guidance · OKE

• Q2 Earnings Beat

  Driven by record NGL raw feed throughput and an 8% increase in refined products volumes shipped, net income rose 13% to $967 million, or $1.53 per diluted share.

• Guidance Raised

  Full-year 2026 net income guidance was lifted to a midpoint of $3.6 billion, EPS to $5.68, and adjusted EBITDA to $8.35 billion—the second upward revision this year.

• Volume Growth Across Segments

  NGL raw feed throughput reached a record, with Gulf Coast/Permian volumes up 15%; natural gas processed rose 2%; and refined products volumes shipped increased 8%.

• Pipeline Expansion Completed

  The Greater Denver refined products pipeline expansion achieved mechanical completion in early August 2026, adding capacity to serve growing markets.

auto_awesomeAnalysis · OKE · Energy & Transportation

A standout second quarter saw net income climb 13% to $967 million and adjusted EBITDA rise 7% to $2.12 billion, fueled by record NGL volumes and stronger refined products shipments. Reflecting confidence in sustained volume growth and a favorable market backdrop, management raised full-year 2026 guidance across all key metrics—net income midpoint now $3.6 billion, EPS midpoint $5.68, and adjusted EBITDA midpoint $8.35 billion. The Greater Denver pipeline expansion, mechanically complete in early August, adds near-term capacity. This marks the second guidance increase this year, underscoring persistent operational momentum.