ONEOK, Inc. (OKE) Earnings Call Transcripts

ONEOK, Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, ONEOK, Inc. reported strong financial results, with net income of $967 million and adjusted EBITDA of $2.12 billion, reflecting year-over-year increases of 13% and 7%, respectively. The company raised its 2026 financial guidance for the second time, now expecting a net income midpoint of $3.6 billion and adjusted EBITDA of $8.35 billion, driven by record NGL throughput and robust demand across its segments. Management highlighted the positive momentum in their operations and the strategic positioning of their asset footprint, which could lead to continued growth in the back half of the year.

Reported metrics

Guidance from management

ONEOK raised its 2026 financial guidance, now expecting a net income midpoint of $3.6 billion and adjusted EBITDA of $8.35 billion. Capital expenditure guidance remains unchanged at $2.7 billion to $3.2 billion.

What management said

Yes. Our rates of the bucket are still extended for a period of time. We have -- really don't have anything of material coming up until late this decade and most of the stuff is into next decade. So we feel very good about our NGL rates out of the Bakken at this time.

The 35,000 is signed up by firm take-or-pay contracts. Obviously, there may be a little opportunity that always our operating team finds a way to squeeze a little bit of volume out there that we may be able to get -- be able to enjoy a little bit on a spread that happens there, but it's under majority almost all of this is under long-term contracts -- long-term firm contracts. .

What analysts pressed on

Analysts expressed concerns regarding margin compression in the NGL segment due to increased ethane production, which could impact overall profitability. Additionally, there were inquiries about the sustainability of the current growth trajectory and potential impacts from competition in the Bakken region.

Main topics on the call

• Increased Financial Guidance — ONEOK raised its 2026 financial guidance for the second time this year, now targeting a net income midpoint of $3.6 billion and adjusted EBITDA of $8.35 billion, which is an increase of $150 million and $250 million, res...
• Record NGL Throughput — The company reported record NGL throughput volumes, with a 7% year-over-year increase in rate throughput volumes across all regions. This growth was particularly strong in the Gulf Coast Permian region, which saw a 15% i...
• Operational Expansion Projects — Management highlighted ongoing and upcoming operational expansions, including a Denver area refined products expansion that adds 35,000 barrels per day of capacity. Additionally, they are on track to complete several maj...
• Strong Demand Fundamentals — Management noted that commercial activity remained robust across all segments, with solid volume growth driven by healthy domestic and international demand. They emphasized, "Demand fundamentals remain strong" and highli...

Read the full ONEOK, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 55 ONEOK, Inc. earnings call transcripts on record, spanning February 25, 2020 to August 4, 2026. Based on this history, ONEOK, Inc. reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

OKE

Exchange

NYSE

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

55

First call

February 25, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly