Key Highlights

  • ONEOK reported third quarter net income attributable to the company of USD 1.35 billion, or USD 2.13 per diluted share.
  • Adjusted EBITDA reached USD 2.24 billion, up 6% year over year, supported by record Permian Basin volumes.
  • The company extinguished nearly USD 5.5 billion of debt principal in September 2026 and completed a USD 9 billion minority equity investment.
  • ONEOK raised full year 2026 adjusted EBITDA guidance to a midpoint of USD 8.55 billion.

Record Volumes Drive Higher Earnings

ONEOK, Inc. (NYSE:OKE) reported third quarter net income of USD 1.38 billion, with net income attributable to the company of USD 1.35 billion, or USD 2.13 per diluted share. Results included a one-time noncash income tax benefit of USD 336 million, or USD 0.53 per diluted share, tied to a corporate reorganization related to a minority equity transaction. Adjusted EBITDA was USD 2.24 billion, up 6% from the prior year period.

Operational highlights included a 6% increase in natural gas liquids raw feed throughput volumes, including a 16% increase in the Gulf Coast and Permian region, alongside a 6% increase in refined products volumes shipped and a 4% increase in Permian region natural gas volumes processed.

Strategic Transactions Reshape Balance Sheet

During the quarter, the company extinguished nearly USD 5.5 billion of debt principal in September 2026 and completed a USD 9 billion minority equity investment. The company also completed the acquisition of Brazos Midstream's Permian Midland Basin assets, expanding its footprint in the region. Following these transactions, credit ratings agencies S&P Global Ratings and Fitch Ratings upgraded the company's credit rating to BBB+.

By segment, Refined Products and Crude adjusted EBITDA rose to USD 685 million from USD 582 million a year earlier, driven by higher liquids blending and crude marketing earnings. Natural Gas Pipelines adjusted EBITDA rose to USD 231 million from USD 200 million, supported by favorable price differentials between the Waha Hub and Katy, Texas markets.

Raised Full Year Guidance

The company increased full year 2026 net income guidance to a range of USD 4.09 billion to USD 4.27 billion and adjusted EBITDA guidance to a range of USD 8.5 billion to USD 8.6 billion. The guidance increase reflects strong year-to-date business performance and incorporates expected contributions of approximately USD 75 million in revenue from the recently completed Brazos Permian Midland acquisition.

Full year 2026 capital expenditure guidance was set at approximately USD 3.5 billion, reflecting enhanced growth opportunities tied to the Brazos acquisition. The company declared a quarterly dividend of USD 1.07 per share, or USD 4.28 per share annualized.

Integration and Guidance Metrics to Track

Integration progress on the Brazos Permian Midland assets relative to the roughly USD 75 million in expected revenue contribution, continued Permian Basin volume growth relative to the record levels reported this quarter, and full year adjusted EBITDA relative to the raised USD 8.5 billion to USD 8.6 billion guidance range are among the items the company has flagged for investors heading into 2027.