Record Permian Basin Volumes
ONEOK announces higher third-quarter 2026 earnings and increases 2026 financial guidance.
ONEOK increases financial guidance to reflect strong year-to-date business performance and volumes and incorporates expected contributions from the recently completed Brazos Permian Midland acquisition.
TULSA, Okla., Oct. 27, 2026 (GLOBE NEWSWIRE) — ONEOK, Inc. (NYSE: OKE) today announced higher third-quarter 2026 results and increased 2026 financial guidance. Unless otherwise noted, all results are compared with the same period in 2025.
Higher Third-Quarter 2026 Results:
-
Net income of $1.38 billion
-
Net income attributable to ONEOK of $1.35 billion; $2.13 per diluted share
-
Adjusted EBITDA of $2.24 billion, up 6%
Operational and Strategic Highlights:
-
6% increase in NGL raw feed throughput volumes, including a 16% increase in the Gulf Coast/Permian region
-
6% increase in refined products volumes shipped
-
4% increase in Permian region natural gas volumes processed
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Extinguished nearly $5.5 billion of debt principal in September 2026
-
Completed $9 billion minority equity investment
-
Completed the acquisition of Brazos Midstream’s Permian Midland Basin assets
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Credit ratings upgraded to BBB+ by S&P Global Ratings and Fitch Ratings
2026 Guidance Increase:
-
Net income increased to a midpoint of $4.18 billion
-
Net income attributable to ONEOK increased to a midpoint of $3.985 billion
-
Earnings per diluted share increased to a midpoint of $6.30
-
Adjusted EBITDA increased to a midpoint of $8.55 billion
“Higher Permian Basin volumes and the continued execution by our employees to integrate our systems contributed to ONEOK’s third-quarter results,” said Pierce H. Norton II, president and CEO. “Based on this performance and our outlook for the remainder of the year, we are once again raising our 2026 financial guidance, reflecting the momentum we continue to see across the business.”
“As we look to 2027, we expect meaningful earnings growth from our Brazos Permian Midland Basin assets, recently completed and advancing growth projects and continued commercial optimization across our systems,” added Norton. “ONEOK has the assets, financial strength and discipline to capture growing energy demand and deliver sustainable long-term value for investors.”
2026 Guidance:
The increase in financial guidance reflects strong year-to-date business performance and volumes, and incorporates expected contributions from the recently completed Brazos Permian Midland acquisition of approximately $75 million, with approximately $50 million expected to be reflected in adjusted EBITDA net of transaction costs.
ONEOK increased 2026 net income guidance to a range of $4.09 billion to $4.27 billion. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) guidance increased to a range of $8.5 billion to $8.6 billion.
Total 2026 capital expenditure guidance is expected to be approximately $3.5 billion. The update reflects enhanced growth opportunities and capital expenditures related to the Brazos Permian Midland acquisition.
THIRD-QUARTER 2026 FINANCIAL HIGHLIGHTS:
Three Months Ended
Nine Months Ended
Sept. 30,
Sept. 30,
2026
2025
2026
2025
(Millions of dollars, except per share amounts)
Net income (a) (b)
$
1,384
$
940
$
3,127
$
2,484
Net income attributable to ONEOK (a) (b)
$
1,350
$
939
$
3,090
$
2,416
Diluted earnings per common share (a) (b)
$
2.13
$
1.49
$
4.89
$
3.87
Adjusted EBITDA (c)
$
2,238
$
2,119
$
6,356
$
5,875
Operating income
$
1,568
$
1,558
$
4,589
$
4,209
Operating costs
$
861
$
738
$
2,430
$
2,196
Depreciation and amortization
$
395
$
378
$
1,160
$
1,126
Equity in net earnings from investments
$
103
$
92
$
295
$
281
Maintenance capital
$
162
$
162
$
391
$
362
Capital expenditures (includes maintenance)
$
937
$
804
$
2,414
$
2,182
(a) Amounts for the three and nine months ended Sept. 30, 2026, include a one-time noncash income tax benefit of $336 million, or $0.53 per diluted share, resulting from the ONEOK, Inc. reorganization related to the minority equity transaction. Net income includes $33 million, or $0.05 per diluted share, attributable to noncontrolling interests related to the minority equity investment.
(b) Amounts for the nine months ended Sept. 30, 2026, include a pretax noncash charge of $60 million related to the impairment of a joint-venture (JV) investment in the Refined Products and Crude segment.
(c) Amounts for the three and nine months ended Sept. 30, 2026, include 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. The three and nine months ended Sept. 30, 2025, include corporate net gains on extinguishment of debt of $22 million and $58 mil
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
