Oneok Lifts 2026 Profit Guidance for a Third Time

The Tip Desk · October 30, 2026 · 3 min read

Adjusted EBITDA rose 6% to $2.24 billion in the third quarter as the midstream operator again raised full-year targets.

ONEOK, Inc. (OKE) reported third-quarter 2026 net income attributable to ONEOK of $1.35 billion, or $2.13 a share, and raised 2026 financial guidance for a third consecutive quarter.

The Tulsa-based midstream operator said adjusted EBITDA rose 6% to $2.24 billion from a year earlier, after a 7% increase to $2.12 billion in the second quarter and a 13% increase to $2.00 billion in the first. Results benefited from higher natural gas liquids, refined products and natural gas volumes and higher optimization and marketing activity, the company said.

Net income attributable to ONEOK included a one-time noncash income tax benefit of $336 million, or $0.53 a share, from the ONEOK, Inc. reorganization tied to a minority equity transaction. Net income was $1.38 billion.

NGL raw feed throughput volumes increased 6%, including a 16% increase in the Gulf Coast/Permian region. Refined products volumes shipped rose 6%. Permian region natural gas volumes processed increased 4%. President and Chief Executive Officer Pierce H. Norton II said higher Permian Basin volumes and continued integration of systems contributed to the quarter’s results.

The company completed a $9 billion minority equity investment, extinguished nearly $5.5 billion of debt principal in September 2026, and closed the acquisition of Brazos Midstream’s Permian Midland Basin assets. Credit ratings were upgraded to BBB+ by S&P Global Ratings and Fitch Ratings. Adjusted EBITDA for the three months included a $53 million net benefit from the minority equity and Brazos Midland transactions, related primarily to corporate net gains on extinguishment of debt, offset by costs.

Refined Products and Crude segment adjusted EBITDA was $685 million, up from $582 million a year earlier, led by an $87 million increase in optimization and marketing and a $36 million increase in transportation and storage. Natural Gas Pipelines adjusted EBITDA was $231 million, up from $200 million, on a $22 million increase in optimization and marketing and an $18 million increase in transportation services.

Natural Gas Liquids segment adjusted EBITDA was $718 million, down from $748 million a year earlier, as a $27 million drop in exchange services—including a $45 million hit from higher unfractionated NGL inventory—and a $27 million rise in operating costs more than offset a $29 million gain in optimization and marketing. Natural Gas Gathering and Processing adjusted EBITDA was $563 million, slightly below $566 million a year earlier, as a $19 million increase in operating costs more than offset an $11 million volume gain and a $6 million price gain.

ONEOK increased 2026 net income guidance to a range of $4.09 billion to $4.27 billion, a midpoint of $4.18 billion, from a midpoint of $3.60 billion after the second quarter. Adjusted EBITDA guidance increased to a range of $8.5 billion to $8.6 billion, a midpoint of $8.55 billion. Earnings-per-share guidance increased to a midpoint of $6.30. The company said the increase reflects strong year-to-date performance and volumes and incorporates expected contributions from the Brazos Permian Midland acquisition of approximately $75 million, with about $50 million expected in adjusted EBITDA net of transaction costs. Total 2026 capital expenditure guidance is expected to be approximately $3.5 billion.

Norton said that as the company looks to 2027, it expects meaningful earnings growth from the Brazos Permian Midland Basin assets, recently completed and advancing growth projects, and continued commercial optimization across its systems. In October 2026, ONEOK declared a quarterly dividend of $1.07 a share, or $4.28 annualized.