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Wall Street analysts expect Oneok Inc. (OKE - Free Report) to post quarterly earnings of $1.46 per share in its upcoming report, which indicates a year-over-year decline of 2%. Revenues are expected to be $11.77 billion, up 36.3% from the year-ago quarter.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 2.3% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

That said, let's delve into the average estimates of some Oneok metrics that Wall Street analysts commonly model and monitor.

Analysts expect 'Raw feed throughput - Natural Gas Liquids' to come in at 1,622.48 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 1,574.00 thousands of barrels of oil per day.

The average prediction of analysts places 'Adjusted EBITDA- Natural Gas Liquids' at $739.00 million. The estimate compares to the year-ago value of $748.00 million.

The consensus among analysts is that 'Adjusted EBITDA- Refined Products & Crude' will reach $596.29 million. The estimate compares to the year-ago value of $582.00 million.

According to the collective judgment of analysts, 'Adjusted EBITDA- Natural Gas Pipelines' should come in at $227.08 million. The estimate compares to the year-ago value of $200.00 million.

Analysts' assessment points toward 'Adjusted EBITDA- Natural Gas Gathering and Processing' reaching $568.12 million. Compared to the present estimate, the company reported $566.00 million in the same quarter last year.

View all Key Company Metrics for Oneok here>>>

Oneok shares have witnessed a change of +3% in the past month, in contrast to the Zacks S&P 500 composite's -1.2% move. With a Zacks Rank #3 (Hold), OKE is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

TULSA, Okla., Oct. 14, 2026 (GLOBE NEWSWIRE) -- The board of directors of ONEOK, Inc. (NYSE: OKE) today declared a quarterly dividend of $1.07 per share, unchanged from the previous quarter, resulting in an annualized dividend of $4.28 per share.

The dividend is payable Nov. 16, 2026, to shareholders of record at the close of business Nov. 2, 2026.
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At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK, Inc. is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit www.oneok.com. For the latest news, visit the ONEOK newsroom or find us on LinkedIn, Facebook, X and Instagram.

Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to our anticipated financial performance and results (including projected levels of quarterly and annual dividends), liquidity, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities laws and other applicable laws.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "might," “outlook,” "plan," "potential," "project," "scheduled," "should," "will," "would" and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, services, dividends and results. These and other risks are described in greater detail in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in the other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC’s website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.

Contacts:

Investor Relations:
Megan Patterson
918-561-5325
[email protected]

Media Relations:
Alicia Keenom
918-861-3749
[email protected]

TULSA, Okla., Oct. 05, 2026 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) will release third-quarter 2026 earnings after the market closes on Oct. 27, 2026. Members of ONEOK’s management team will participate in a conference call the following day.

What:                 ONEOK third-quarter 2026 earnings conference call and webcast

When:                Oct. 28, 2026, at 11 a.m. Eastern (10 a.m. Central)

Where:              1) Conference call: Dial 800-330-6710 and use confirmation code: 5105567
                2) Webcast: Join at www.oneok.com

If you are unable to participate in the conference call or the webcast, a recording will be available at www.oneok.com for one year.
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At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK, Inc. is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit www.oneok.com. For the latest news, visit the ONEOK newsroom or find us on LinkedIn, Facebook, X and Instagram.

Contacts:
Investor Relations:
Megan Patterson
918-561-5325
[email protected]

Media Relations:
Alicia Keenom
918-861-3749
[email protected] 

TULSA, Okla., Sept. 15, 2026 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) today announced the results to date of ONEOK, L.L.C.’s (“OpCo”) previously announced cash tender offers (the “Tender Offers”) to purchase up to an aggregate principal amount that will not result in an aggregate purchase price that exceeds $2 billion (subject to increase or decrease by OpCo, the “Aggregate Maximum Tender Amount”) of OpCo’s debt securities listed in the table below (the “Notes” and, each series, a “series of Notes”), subject to the order of priority as set forth in the table below under “Acceptance Priority Level,” upon the terms and subject to the conditions set forth in the Offer to Purchase, dated August 30, 2026 (the “Offer to Purchase”), in order to accept all of the Notes that were validly tendered and not validly withdrawn at or prior to the Early Tender Deadline (as defined below). As a result of the reorganization transactions described in the Offer to Purchase, the Notes are fully and unconditionally guaranteed by ONEOK, as Parent Guarantor.

According to information received from D.F. King & Co., Inc., the Information and Tender Agent for the Tender Offers, as of 5:00 p.m., New York City time, on September 14, 2026 (the “Early Tender Deadline”), OpCo had received valid tenders from the registered holders (the “Holders”) of the Notes that were not validly withdrawn as set forth in the table below.

Acceptance
Priority Level(1)Title of
NotesPrincipal
Amount
Outstanding
(in millions)CUSIP
NumberReference
U.S. Treasury
SecurityFixed Spread
(Basis
Points)Aggregate
Principal Amount
Tendered at Early
Tender Deadline13.950% Senior Notes due 2050$797682680CA95.000% UST due May 15, 2056+ 100$368,067,00024.200% Senior Notes due 2047$500682680BY85.125% UST due August 15, 2046+ 95$197,563,00034.500% Senior Notes due 2050$271682680BC65.000% UST due May 15, 2056+ 105$100,821,00044.200% Senior Notes due 2045$250682680BW25.125% UST due August 15, 2046+ 100$63,789,00054.250% Senior Notes due 2046$500682680BX05.125% UST due August 15, 2046+ 95$203,342,00064.450% Senior Notes due 2049$380682680AZ65.125% UST due August 15, 2046+ 100$85,954,00074.200% Senior Notes due 2042$250682680BU65.125% UST due August 15, 2046+ 95$25,679,00084.850% Senior Notes due 2049$500682680BZ55.125% UST due August 15, 2046+ 100$195,395,00094.950% Senior Notes due 2047$407682680AT05.125% UST due August 15, 2046+ 100$158,978,000105.050% Senior Notes due 2045$413682680CY75.125% UST due August 15, 2046+ 95$166,881,000115.200% Senior Notes due 2048$753682680AV55.125% UST due August 15, 2046+ 95$369,646,000125.150% Senior Notes due 2043$550682680BV45.125% UST due August 15, 2046+ 90$149,698,000135.450% Senior Notes due 2047$448682680DA85.125% UST due August 15, 2046+ 100$296,908,000145.700% Senior Notes due 2054$1,480682680CF85.000% UST due May 15, 2056+ 110$862,308,000155.850% Senior Notes due 2064$722682680CG65.000% UST due May 15, 2056+ 120$345,431,000165.600% Senior Notes due 2044$340682680CW15.125% UST due August 15, 2046+ 100$165,176,000173.100% Senior Notes due 2030$780682680BB84.375% UST due August 31, 2031+ 35$472,793,000183.250% Senior Notes due 2030$500682680BS14.375% UST due August 31, 2031+ 35$210,140,000193.400% Senior Notes due 2029$714682680AY94.250% UST due August 15, 2029+ 30$421,157,000205.050% Senior Notes due 2034$1,600682680CE14.625% UST due August 15, 2036+ 75$1,042,539,000
(1) Subject to the satisfaction or waiver of the conditions of the Tender Offers described in the Offer to Purchase, including the Aggregate Maximum Tender Amount and proration, the principal amount of each series of Notes accepted for purchase will be determined in accordance with the applicable Acceptance Priority Level specified in the table above (with 1 being the highest Acceptance Priority Level and 20 being the lowest Acceptance Priority Level). Notes tendered at or prior to the Early Tender Deadline will be accepted for purchase in priority to Notes tendered after the Early Tender Deadline, regardless of the Acceptance Priority Level of such later-tendered Notes, as described in the Offer to Purchase under “Description of the Offers—Aggregate Maximum Tender Amount; Acceptance Priority Levels; Proration.”

The determination of the Early Tender Consideration (as defined in the Offer to Purchase) will occur at 9:00 a.m., New York City time, on September 15, 2026. The settlement date for the Notes that are validly tendered at or prior to the Early Tender Deadline is expected to be September 17, 2026.

Although the Tender Offers are scheduled to expire at 5:00 p.m., New York City time, on September 29, 2026, because the aggregate principal amount of all Notes validly tendered and not validly withdrawn by the Early Tender Deadline is equal to the Aggregate Maximum Tender Amount, OpCo does not expect to accept for purchase any tenders of Notes after the Early Tender Deadline. Any Notes tendered after the Early Tender Deadline will be promptly credited to the account of the Holders of such Notes maintained at the Depository Trust Company and otherwise returned in accordance with the Offer to Purchase.

Full details of the terms and conditions of the Tender Offers are described in the Offer to Purchase, which was sent by OpCo to Holders of the Notes. Holders of the Notes are encouraged to read the Offer to Purchase as it contains important information regarding the Tender Offers.

OpCo has retained Barclays Capital Inc. to serve as Dealer Manager for the Tender Offers. D.F. King & Co., Inc. has been retained to serve as the Information and Tender Agent for the Tender Offers. Questions regarding the Tender Offers may be directed to Barclays Capital Inc. at 745 Seventh Avenue, 5th Floor, New York, New York 10019, (800) 438-3242 (toll free) or (212) 528-7581 (collect). Requests for the Offer to Purchase may be directed to D.F. King & Co., Inc. at 28 Liberty Street, 53rd Floor, New York, New York 10005, (646) 690-9645 (for banks and brokers) or (800) 967-7510 (for all others), or by email ([email protected]). OpCo is making the Tender Offers only by, and pursuant to, the terms of the Offer to Purchase. None of OpCo, the Dealer Manager, or the Information and Tender Agent make any recommendation as to whether Holders should tender or refrain from tendering their Notes. Holders must consult their own investment and tax advisors and make their own decisions as to whether to tender their Notes and, if so, the principal amount of the Notes to tender. The Tender Offers are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offers to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of OpCo by the Dealer Manager, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

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At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We operate as a holding company, and our operations are conducted through OpCo and its subsidiaries. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.

This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this communication that address activities, events or developments that ONEOK expects, believes or anticipates will or may occur in the future are forward-looking statements.

These forward-looking statements include, but are not limited to, statements regarding timing and consummation of the purchase of the Notes, risks and uncertainties related to the satisfaction of the conditions related to the purchase of the Notes. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include the risk that changes in ONEOK’s capital structure could have adverse effects on the market value of its securities; the risk that ONEOK may be unable to reduce expenses or access financing or liquidity; risks related to the impact of any economic downturn and any substantial decline in commodity prices; risks related to ONEOK’s ability to effectively manage our expanded operations following closing of recent acquisitions and other important factors that could cause actual results to differ materially from those projected.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “project,” “scheduled,” “should,” “will,” “would” and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. These and other risks are described in greater detail in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in the other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC’s website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.

Contacts:

Investor Relations:
Megan Patterson
918-561-5325
[email protected]

Media Relations:
Alicia Keenom
918-861-3749
[email protected]

It has been about a month since the last earnings report for Oneok Inc. (OKE - Free Report) . Shares have added about 9.2% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Oneok due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.

ONEOK Q2 Earnings & Sales Surpass Estimates on Record NGL Volumes

ONEOK Inc. reported second-quarter 2026 operating earnings per share (EPS) of $1.53, which beat the Zacks Consensus Estimate of $1.39 by 10.07%. The bottom line increased 14.2% from the year-ago quarter’s figure of $1.34.

The results benefited from record natural gas liquids raw feed throughput, higher natural gas processing and refined products volumes, and increased optimization and marketing activity.

OKE’s Total RevenuesOperating revenues for the second quarter totaled $12.05 billion, which beat the Zacks Consensus Estimate of $10.66 billion by 13.03%. The top line improved 52.8% from $7.89 billion in the prior-year quarter.

ONEOK’s Profitability and Cost TrendsAdjusted EBITDA was $2.12 billion, up 7.1% year over year.

Operating income totaled $1.59 billion, up 11.3% from the prior-year level of $1.43 billion.

Operations and maintenance expenses increased to $715 million from $618 million, reflecting a larger operating footprint and project-related spending.

ONEOK incurred interest expenses of $434 million, down 0.91% from $438 million recorded in the year-ago period.

ONEOK's NGL Volumes Set a RecordNatural Gas Liquids adjusted EBITDA slipped 2.1% year over year to $659 million. Higher operating costs and lower transportation and storage volumes more than offset gains from optimization, marketing and exchange services.

NGL raw feed throughput rose 6.7% year over year to 1,630 thousand barrels per day. Raw feed throughput increased across the system. Gulf Coast/Permian volumes rose 15.2% year over year to 605 MBbl/d. Rocky Mountain volumes increased to 478 MBbl/d, while Mid-Continent throughput reached 547 MBbl/d.

The Medford fractionator expansion remains a key capacity project. Phase I, adding 100,000 barrels per day, is expected to be completed in the fourth quarter of 2026. Phase II, providing another 110,000 barrels per day, is scheduled for completion in the first quarter of 2027.

OKE's Refined Products and Crude StrengthRefined Products and Crude adjusted EBITDA increased 12.6% year over year to $627 million. The improvement reflected higher refined products volumes and rates, along with stronger crude marketing earnings. Higher employee-related costs, property taxes and outside-service expenses partly offset these gains.

Refined products volumes shipped rose 8.4% to 1,629 MBbl/d. Gasoline volumes reached 943 MBbl/d, distillates totaled 577 MBbl/d and aviation and other volumes were 109 MBbl/d. The average refined products tariff rate increased to 5.5 cents per gallon from 5.3 cents.

Crude oil volumes declined slightly year over year to 1,766 MBbl/d. ONEOK mechanically completed its Greater Denver refined products pipeline expansion in early August, increasing capacity by 35,000 barrels per day.

ONEOK's Gas Businesses Show Mixed TrendsNatural Gas Gathering and Processing adjusted EBITDA edged up 1.1% year over year to $546 million. Higher production volumes and improved realized condensate prices were partly offset by higher operating costs and weaker realized NGL pricing.

Natural gas processed increased 2.4% to 5,707 million cubic feet per day. Volumes benefited from increased production across all operating regions.

Natural Gas Pipelines' adjusted EBITDA jumped 58.0% to $297 million. Favorable price differentials between the Waha Hub and Katy, TX, markets, higher firm transportation revenues and stronger contributions from Northern Border Pipeline and Matterhorn Express Pipeline supported the increase.

Transportation capacity contracted rose to 7,735 thousand dekatherms per day from 7,206 thousand a year ago. Contracted capacity represented 92% of available capacity compared with 90% in the prior-year quarter.

OKE's Cash Flow and Balance SheetCash and cash equivalents amounted to $161 million as of June 30, 2026, compared with $78 million at the end of 2025.

As of June 30, 2026, short-term borrowings increased to $1.50 billion from $820 million as of Dec. 31, 2025.

As of June 30, 2026, long-term debt (excluding current maturities) totaled $30.77 billion compared with $30.76 billion as of Dec. 31, 2025.

Cash provided by operating activities totaled $2.99 billion for the first six months of 2026, up from $2.43 billion a year earlier. Capital expenditures totaled $1.48 billion, while dividends paid amounted to $1.35 billion.

ONEOK Raises 2026 GuidanceONEOK increased its 2026 net income guidance to $3.41-$3.79 billion, resulting in an earnings per common share range of $5.38-$5.99. The Zacks Consensus Estimate for 2026 earnings per share is pegged at $5.56.

Adjusted EBITDA is projected to be in the range of $8.20-$8.50 billion in 2026.

The company kept its 2026 capital expenditure guidance unchanged at $2.70-$3.20 billion. Management cited continued segment strength, strategic opportunities across the system and a constructive market environment.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.

VGM ScoresAt this time, Oneok has a nice Growth Score of B, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Oneok has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerOneok is part of the Zacks Oil and Gas - Production Pipeline - MLB industry. Over the past month, Enterprise Products Partners (EPD - Free Report) , a stock from the same industry, has gained 3%. The company reported its results for the quarter ended June 2026 more than a month ago.

Enterprise Products reported revenues of $18.27 billion in the last reported quarter, representing a year-over-year change of +60.8%. EPS of $0.84 for the same period compares with $0.66 a year ago.

Enterprise Products is expected to post earnings of $0.75 per share for the current quarter, representing a year-over-year change of +23%. Over the last 30 days, the Zacks Consensus Estimate has changed +4.7%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Enterprise Products. Also, the stock has a VGM Score of A.

ONEOK (OKE.N) said on Sunday it has agreed to buy ​Brazos Midstream's Permian Midland Basin natural gas gathering ‌and processing assets for around $4.43 billion, more than doubling the U.S. pipeline operator's processing capacity in the region.

The acquisition comes as ​pipeline operators in the U.S. are benefiting from ​increased oil and gas output in the Permian ⁠Basin, and rising natural gas demand amid record LNG ​exports.

The deal, which is expected to close in the fourth ​quarter of 2026, is also expected to immediately add to earnings per share and free cash flow for ONEOK, the company ​said.

ONEOK said the acquisition would be funded through a $9 ​billion non-voting minority equity investment from funds and affiliates managed by Apollo ‌Global ⁠Management (APO.N).

The acquired Brazos Midland assets will add to ONEOK's existing Permian Basin platform, which is currently supported by 14 active drilling rigs from leading Permian producers including ​ExxonMobil (XOM.N), Diamondback Energy (FANG.O) ​and Double ⁠Eagle.

ONEOK, which transports natural gas, natural gas liquids, refined products and crude oil through ​its 60,000-mile-long network of pipelines, said Apollo will ​invest $9 ⁠billion in exchange for a Class B interest in a newly formed holding company, ONEOK Holdings, L.L.C.

The Tulsa, Oklahoma-based ⁠company ​said it intends to extinguish about $5 ​billion of existing debt, in addition to funding the purchase.

Record NGL Raw Feed Throughput Volumes

ONEOK Increases 2026 Financial Guidance

TULSA, Okla., Aug. 03, 2026 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) today announced higher second-quarter 2026 results and increased 2026 financial guidance. Unless otherwise noted, all results are compared with the same period in 2025.

Highlights:

Higher second-quarter 2026 results: 13% increase in net income to $967 million, resulting in $1.53 per diluted share7% increase in adjusted EBITDA to $2.12 billion Volume highlights: 8% increase in refined products volumes shipped7% increase in NGL raw feed throughput volumes, including a 15% increase in the Gulf Coast/Permian region2% increase in natural gas volumes processed Greater Denver refined products pipeline expansion mechanically complete early August 2026 Guidance Increase:

Net income increased to a midpoint of $3.6 billionEarnings per diluted share increased to a midpoint of $5.68Adjusted EBITDA increased to a midpoint of $8.35 billion The increase in financial guidance reflects continued strong business segment performance and strategic opportunities across ONEOK’s system supported by a constructive market environment.

ONEOK increased 2026 net income guidance to a range of $3.41 billion to $3.79 billion. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) guidance increased to a range of $8.2 billion to $8.5 billion.

Total 2026 capital expenditure guidance remains unchanged at approximately $2.7 billion to $3.2 billion.

"Higher volumes across ONEOK's businesses, including record NGL volumes, drove another consecutive quarter of earnings growth,” said Pierce H. Norton II, ONEOK president and CEO. “These results reflect the strength of our integrated system, the dedication of our employees and our ability to optimize our network and capture opportunities across the value chain.”

"Several strategic growth projects across our footprint are nearing completion, expanding connectivity across key markets and strengthening our ability to serve customers and communities," added Norton. "Combined with strong market fundamentals across our business, these investments build momentum into the second half of 2026, support our second guidance increase this year and reinforce our ability to deliver long-term value to stakeholders."

SECOND-QUARTER 2026 FINANCIAL HIGHLIGHTS:

 Three Months EndedSix Months Ended June 30,June 30,  2026 2025 2026 2025 (Millions of dollars, except per share amounts)Net income (a) (b)$967$853$1,743$1,544Net income attributable to ONEOK (a) (b)$966$841$1,740$1,477Diluted earnings per common share (a)$1.53$1.34$2.75$2.38Adjusted EBITDA (c)$2,121$1,981$4,118$3,756Operating income$1,593$1,431$3,021$2,651Operating costs$823$706$1,569$1,458Depreciation and amortization$387$368$765$748Equity in net earnings from investments$103$81$192$189Maintenance capital$101$126$229$200Capital expenditures (includes maintenance)$613$749$1,477$1,378(a) Amounts for the six months ended June 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.
(b) Amounts for the three and six months ended June 30, 2025, include pretax impacts of $22 million and $64 million, respectively, of transaction costs.
(c) Amounts for the three and six months ended June 30, 2025, include $21 million and $52 million, respectively, of transaction costs. Transaction costs of $1 million and $12 million, respectively, were noncash and not included in adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure used in this release and is explained in greater detail in the Non-GAAP Financial Measures section.
Second-Quarter 2026 Financial Performance:

ONEOK reported second-quarter 2026 net income and adjusted EBITDA of $967 million and $2.12 billion, respectively.

Results benefited from record quarterly natural gas liquids (NGLs) volumes and higher natural gas processing and refined products volumes across ONEOK’s system. Increased optimization and marketing activity in the Natural Gas Pipelines, Refined Products and Crude and Natural Gas Liquids segments also benefited second-quarter results.

In July 2026, ONEOK declared a quarterly dividend of $1.07 per share, or $4.28 per share annualized.

BUSINESS SEGMENT RESULTS:

Natural Gas Liquids Segment

 Three Months EndedSix Months Ended June 30,June 30,Natural Gas Liquids Segment 2026 2025 2026 2025 (Millions of dollars)Adjusted EBITDA$659$673$1,365$1,308Capital expenditures$202$135$512$306
The decrease in second-quarter 2026 adjusted EBITDA, compared with second quarter 2025, primarily reflects:

An $18 million increase in operating costs due primarily to $9 million from higher employee-related costs and $8 million from higher outside services associated with the growth of ONEOK’s operations; andA $6 million decrease in transportation and storage due primarily to lower volumes; offset byAn $11 million increase in optimization and marketing due primarily to higher earnings on sales of purity NGLs held in inventory; andA $2 million increase in exchange services due primarily to: $28 million from higher volumes across ONEOK’s system;$12 million from higher transportation and fractionation costs;$11 million due primarily to fewer product price differentials captured. The increase in adjusted EBITDA for the six-month 2026 period, compared with the same period last year, primarily reflects:

A $53 million increase in optimization and marketing due primarily to higher earnings on sales of purity NGLs held in inventory; andA $26 million increase in exchange services due primarily to: $119 million from higher volumes across ONEOK’s system;$71 million from lower average fee rates and narrower product price differentials in the Gulf Coast/Permian and Mid-Continent regions;$23 million of higher transportation and fractionation costs; A $14 million increase in operating costs due primarily to the growth of ONEOK’s operations; andA $6 million decrease in transportation and storage due primarily to lower volumes. Refined Products and Crude Segment

 Three Months EndedSix Months Ended June 30,June 30,Refined Products and Crude Segment 2026 2025 2026 2025 (Millions of dollars)Adjusted EBITDA$627$557$1,119$1,028Capital expenditures$191$184$371$325
The increase in second-quarter 2026 adjusted EBITDA, compared with second quarter 2025, primarily reflects:

A $79 million increase in transportation and storage due primarily to higher refined products volumes and rates; andA $40 million increase in optimization and marketing due primarily to $48 million from higher crude marketing earnings, offset partially by $8 million from lower liquids blending earnings; offset byA $48 million increase in operating costs due primarily to: $14 million from higher outside services related to the timing of projects;$13 million from higher employee-related costs associated with the growth of ONEOK’s operations;$9 million from higher property taxes associated with the growth of ONEOK’s operations. The increase in adjusted EBITDA for the six-month 2026 period, compared with the same period last year, primarily reflects:

A $108 million increase in transportation and storage due primarily to higher refined products volumes and rates; andA $64 million increase in optimization and marketing due primarily to $81 million from higher crude marketing earnings, offset partially by $17 million from lower liquids blending earnings; offset byA $51 million increase in operating costs due primarily to: $17 million from higher employee-related costs associated with the growth of ONEOK’s operations;$16 million from higher outside services related to the timing of projects;$10 million from higher property taxes associated with the growth of ONEOK’s operations; and A $23 million decrease in adjusted EBITDA from unconsolidated affiliates due primarily to losses on Powder Springs Logistics, a 50% owned joint venture. Natural Gas Gathering and Processing Segment

 Three Months EndedSix Months Ended June 30,June 30,Natural Gas Gathering and Processing Segment 2026 2025 2026 2025 (Millions of dollars)Adjusted EBITDA$546$540$1,013$1,031Capital expenditures$185$341$502$582
The increase in second-quarter 2026 adjusted EBITDA, compared with second quarter 2025, primarily reflects:

A $20 million increase from higher volumes due to increased production in all regions; and
A $13 million increase due primarily to higher realized condensate prices, net of hedging, offset partially by lower realized NGL prices, net of hedging; offset by
A $22 million increase in operating costs due primarily to a $13 million methane fee accrual reversal in 2025 and $11 million from higher outside services related to the timing of projects. The decrease in adjusted EBITDA for the six-month 2026 period, compared with the same period last year, primarily reflects:

A $53 million decrease due primarily to lower realized NGL and natural gas prices, net of hedging, offset partially by higher realized condensate prices, net of hedging; andAn $8 million increase in operating costs due primarily to the growth of ONEOK’s operations; offset byA $49 million increase from higher volumes due to increased production in all regions. Natural Gas Pipelines Segment

 Three Months EndedSix Months Ended June 30,June 30,Natural Gas Pipelines Segment 2026 2025 2026 2025 (Millions of dollars)Adjusted EBITDA$297$188$636$400Capital expenditures$15$52$61$114
The increase in second-quarter 2026 adjusted EBITDA, compared with second quarter 2025, primarily reflects:

A $77 million increase in optimization and marketing activity due primarily to favorable price differentials between the Waha Hub and Katy, Texas, markets;A $19 million increase in transportation services due primarily to higher firm transportation revenue; andA $17 million increase in adjusted EBITDA from unconsolidated affiliates due primarily to higher earnings on Northern Border Pipeline and Matterhorn Express Pipeline. The increase in adjusted EBITDA for the six-month 2026 period, compared with the same period last year, primarily reflects:

A $169 million increase in optimization and marketing activity due primarily to favorable price differentials between the Waha Hub and Katy, Texas, markets;A $42 million increase in transportation services due primarily to higher firm transportation revenue; andA $34 million increase in adjusted EBITDA from unconsolidated affiliates due primarily to higher earnings on Northern Border Pipeline and Matterhorn Express Pipeline. EARNINGS CONFERENCE CALL AND WEBCAST:

Members of ONEOK’s management team will participate in a conference call at 11 a.m. Eastern (10 a.m. Central) on Aug. 4, 2026. The call will also be webcast.

To participate in the conference call, dial 800-330-6710 and use confirmation code: 3334626, or log on to the webcast at www.oneok.com.

If you are unable to participate in the conference call or the webcast, a recording will be available at www.oneok.com for one year.

LINK TO EARNINGS TABLES AND PRESENTATION:

https://ir.oneok.com/financial-information/financial-reports

NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES:

ONEOK has disclosed in this news release adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), a non-GAAP financial metric used to measure the company’s financial performance. Adjusted EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, noncash impairment charges, income taxes, noncash compensation expense, and other noncash items; and includes adjusted EBITDA from the company’s unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. Adjusted EBITDA from unconsolidated affiliates is calculated consistently with the definition above and excludes items such as interest expense, depreciation and amortization, income taxes and other noncash items.

Adjusted EBITDA is useful to investors because it and similar measures are used by many companies in the industry as a measure of financial performance and is commonly employed by financial analysts and others to evaluate ONEOK’s financial performance and to compare the company’s financial performance with the performance of other companies within the industry. Adjusted EBITDA should not be considered in isolation or as a substitute for net income or any other measure of financial performance presented in accordance with GAAP.

This non-GAAP financial measure excludes some, but not all, items that affect net income. Additionally, this calculation may not be comparable with similarly titled measures of other companies. A reconciliation of net income to adjusted EBITDA is included in the tables available on ONEOK’s website.

At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit the website: www.oneok.com.

For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.

This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “projects,” “scheduled,” “should,” “target,” “will,” “would,” and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect our current views about future events. Such forward-looking statements include, but are not limited to, future financial and operating results, our plans, objectives, expectations and intentions, and other statements that are not historical facts, including future results of operations, projected cash flow and liquidity, business strategy, expected synergies or cost savings, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected.

Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties, many of which are beyond our control, and are not guarantees of future results. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. These risks and uncertainties include, without limitation, the following:

the impact on drilling and production by factors beyond our control, including the demand for natural gas, NGLs, Refined Products and crude oil; producers’ desire and ability to drill and obtain necessary permits; regulatory compliance; reserve performance; and capacity constraints and/or shut downs on the pipelines that transport crude oil, natural gas, NGLs, and Refined Products from producing areas and our facilities;the impact of unfavorable economic and market conditions, inflationary pressures, which may increase our capital expenditures and operating costs, raise the cost of capital or depress economic growth;the economic or other impact of announced or future tariffs, including inflationary impacts;the impact of the volatility of natural gas, NGL, Refined Products and crude oil prices on our earnings and cash flows, which is impacted by a variety of factors beyond our control, including international terrorism and conflicts and geopolitical instability (including instability in the Middle East and Venezuela);the impact of reduced volatility in energy prices or new government regulations that could discourage our storage customers from holding positions in Refined Products, crude oil and natural gas;our dependence on producers, gathering systems, refineries and pipelines owned and operated by others and the impact of any closures, interruptions or reduced activity levels at these facilities;the impact of scrutiny and conflicting stakeholder expectations regarding ESG issues, including climate change, and risks associated with the physical and financial impacts of climate change;risks associated with operational hazards and unforeseen interruptions at our operations;the inability of insurance proceeds to cover all liabilities or incurred costs and losses, or lost earnings, resulting from a loss;the risk of increased costs for insurance premiums or less favorable coverage;demand for our services and products in the proximity of our facilities;risks associated with our ability to hedge against commodity price risks or interest rate risks;a breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, and terrorist attacks, including cyber sabotage;exposure to construction risk and supply risks if adequate natural gas, NGL, Refined Products and crude oil supply is unavailable upon completion of facilities;the accuracy of estimates of hydrocarbon reserves, which could result in lower than anticipated volumes;our lack of ownership over all of the land on which our property is located and certain of our facilities and equipment;the impact of changes in estimation, type of commodity and other factors on our measurement adjustments;excess capacity on our pipelines, processing, fractionation, terminal and storage assets;risks associated with the period of time our assets have been in service;our partial reliance on cash distributions from our unconsolidated affiliates on our operating cash flows;our ability to cause our joint ventures to take or not take certain actions unless some or all of our joint-venture participants agree;our reliance on others to construct and/or operate certain joint-venture assets and to provide other services;our ability to use net operating losses and certain tax attributes;increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal of wastewater;impacts of regulatory oversight and potential penalties on our business;risks associated with the rate regulation, challenges or changes, which may reduce the amount of cash we generate;the impact of our gas liquids blending activities, which subject us to federal regulations that govern renewable fuel requirements in the U.S.;incurrence of significant costs to comply with the regulation of greenhouse gas emissions;the impact of federal and state laws and regulations relating to the protection of the environment, public health and safety on our operations, as well as increased litigation and activism challenging oil and gas development as well as changes to and/or increased penalties from the enforcement of laws, regulations and policies;the impact of unforeseen changes in interest rates, debt and equity markets and other external factors over which we have no control;actions by rating agencies concerning our credit;our indebtedness and guarantee obligations could cause adverse consequences, including making us vulnerable to general adverse economic and industry conditions, limiting our ability to borrow additional funds and placing us at competitive disadvantages compared with our competitors that have less debt;an event of default may require us to offer to repurchase certain of our or ONEOK Partners’ senior notes or may impair our ability to access capital;the right to receive payments on our outstanding debt securities and subsidiary guarantees is unsecured and effectively subordinated to any future secured indebtedness and any existing and future indebtedness of our subsidiaries that do not guarantee the senior notes;use by a court of fraudulent conveyance to avoid or subordinate the cross guarantees of our or ONEOK Partners’ indebtedness;the risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions;our ability to effectively manage our expanded operations following closing of recent and potential future acquisitions;our ability to pay dividends;our exposure to the credit risk of our customers or counterparties;a shortage of skilled labor;misconduct or other improper activities engaged in by our employees;the impact of potential impairment charges;the impact of the changing cost of providing pension and health care benefits, including postretirement health care benefits, to eligible employees and qualified retirees;our ability to maintain an effective system of internal controls; andthe risk factors listed in the reports we have filed and may file with the SEC. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Other than as required under securities laws, ONEOK undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or changes in circumstances, expectations or otherwise.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in the most recent reports on Form 10-K and Form 10-Q and other documents of ONEOK on file with the SEC. ONEOK's SEC filings are available publicly on the SEC's website at www.sec.gov.

Contacts:

Investor Relations:
Megan Patterson
918-561-5325
[email protected]

Media Relations:
Charlsey Phillips
918-510-1664
[email protected]

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/9eb2b994-fd8e-4d8b-8303-ba25fab61660

https://www.globenewswire.com/NewsRoom/AttachmentNg/c8fc468e-17e7-4053-a7cf-99f98cb3d07a

TULSA, Okla., July 15, 2026 (GLOBE NEWSWIRE) -- The board of directors of ONEOK, Inc. (NYSE: OKE) today declared a quarterly dividend of $1.07 per share, unchanged from the previous quarter, resulting in an annualized dividend of $4.28 per share.

The dividend is payable Aug. 14, 2026, to shareholders of record at the close of business Aug. 3, 2026.
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At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit the website: www.oneok.com. For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.

Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to our anticipated financial performance (including projected levels of quarterly and annual dividends), liquidity, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities laws and other applicable laws.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "might," “outlook,” "plan," "potential," "project," "scheduled," "should," "will," "would" and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. These and other risks are described in greater detail in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in the other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC’s website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise. 

Contacts: 
Investor Relations:
Megan Patterson
918-561-5325
[email protected]

Media Relations:
Charlsey Phillips
918-510-1664
[email protected]