ONEOK (OKE) investor relations material

Executive summary

• Second-quarter 2026 net income rose to $967 million, with adjusted EBITDA at $2.12 billion, reflecting strong sequential and year-over-year growth, record NGL throughput, and robust refined products and natural gas volumes.

• 2026 financial guidance was raised for the second time, with a net income midpoint of $3.6 billion and adjusted EBITDA midpoint of $8.35 billion, driven by strong performance and momentum.

• Fee-based, regionally diversified operations and an integrated asset platform support stable cash flow and long-term growth.

• The business remains approximately 90% fee-based, supported by long-term contracts with investment-grade counterparties.

• Strategic growth projects and strong market fundamentals contributed to the guidance increase.

Financial highlights

• Q2 2026 net income was $967 million ($1.53 per diluted share), up 13% year-over-year and 25% sequentially; adjusted EBITDA was $2.12 billion, up 7% year-over-year.

• Revenues for Q2 2026 were $12.05 billion, up from $7.89 billion in Q2 2025.

• Operating income for Q2 2026 reached $1.59 billion, up from $1.43 billion year-over-year.

• Quarterly dividend increased 4% year-over-year to $1.07 per share.

• 2026 net income guidance midpoint: $3.6 billion; adjusted EBITDA guidance midpoint: $8.35 billion.

Outlook and guidance

• 2026 adjusted EBITDA guidance raised to $8.2–$8.5 billion, net income guidance to $3.41–$3.79 billion, and EPS guidance midpoint to $5.68.

• Capital expenditure guidance for 2026 remains $2.7–$3.2 billion, with spending expected to accelerate in the second half.

• Consolidated earnings are expected to remain approximately 90% fee-based in 2026.

• Long-term leverage target of 3.5x debt to EBITDA remains in place.

• Dividend growth is expected to continue, supported by strong operating cash flows.