ONEOK — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income for the three months ended September 30, 2026, was $1.38 billion, compared to $940 million in the same period in 2025.
• Net income attributable to ONEOK for the quarter was $1.35 billion ($2.13 per diluted share), up from $939 million ($1.49 per diluted share) in 2025.
• Adjusted EBITDA for the quarter was $2.24 billion, a 6% increase from $2.12 billion in 2025.
• For the nine months ended September 30, 2026, net income was $3.13 billion compared to $2.48 billion in 2025.
• Net income attributable to ONEOK for the nine-month period was $3.09 billion ($4.89 per diluted share), compared to $2.42 billion ($3.87 per diluted share) in 2025.
• Adjusted EBITDA for the nine-month period was $6.36 billion, up from $5.88 billion in 2025.
• Total revenues for the quarter were $12.46 billion, compared to $8.63 billion in 2025.
• Operating income for the quarter was $1.57 billion, compared to $1.56 billion in 2025.
• Capital expenditures for the quarter were $937 million, compared to $804 million in 2025.
• Cash and cash equivalents were $186 million as of September 30, 2026, compared to $78 million as of December 31, 2025.
• Long-term debt excluding current maturities was $26.94 billion as of September 30, 2026, down from $30.76 billion as of December 31, 2025.
• Net income includes a one-time noncash income tax benefit of $336 million ($0.53 per diluted share) related to the ONEOK, Inc. reorganization.
• Nine-month 2026 net income includes a $60 million pretax noncash charge for impairment of a joint-venture investment in the Refined Products and Crude segment.

Guidance and Future Outlook:

• ONEOK increased 2026 net income guidance to a midpoint of $4.18 billion (range: $4.09 billion to $4.27 billion).
• Net income attributable to ONEOK for 2026 is guided to a midpoint of $3.985 billion.
• Earnings per diluted share for 2026 is guided to a midpoint of $6.30.
• Adjusted EBITDA for 2026 is guided to a midpoint of $8.55 billion (range: $8.5 billion to $8.6 billion).
• Total 2026 capital expenditure guidance is approximately $3.5 billion.
• The 2026 guidance increase incorporates expected contributions from the Brazos Permian Midland acquisition of approximately $75 million, with $50 million expected in adjusted EBITDA net of transaction costs.
• Management expects meaningful earnings growth in 2027 from Brazos Permian Midland Basin assets, recently completed and advancing growth projects, and continued commercial optimization.
• Management anticipates capturing growing energy demand and delivering sustainable long-term value.

Business Segments and Product Lines:

• NGL Raw Feed Throughput: Increased 6% year-over-year, including a 16% increase in the Gulf Coast/Permian region.
• Refined Products Volumes: Increased 6% year-over-year.
• Permian Region Natural Gas Volumes: Increased 4% year-over-year.
• Natural Gas Liquids Segment: Adjusted EBITDA for the quarter was $718 million (down from $748 million in 2025); nine-month adjusted EBITDA was $2.08 billion (up from $2.06 billion in 2025).
• Refined Products and Crude Segment: Adjusted EBITDA for the quarter was $685 million (up from $582 million in 2025); nine-month adjusted EBITDA was $1.80 billion (up from $1.61 billion in 2025).
• Natural Gas Gathering and Processing Segment: Adjusted EBITDA for the quarter was $563 million (down from $566 million in 2025); nine-month adjusted EBITDA was $1.58 billion (down from $1.60 billion in 2025).
• Natural Gas Pipelines Segment: Adjusted EBITDA for the quarter was $231 million (up from $200 million in 2025); nine-month adjusted EBITDA was $867 million (up from $600 million in 2025).
• ONEOK completed the acquisition of Brazos Midstream's Permian Midland Basin assets.
• ONEOK completed a $9 billion minority equity investment.
• ONEOK extinguished nearly $5.5 billion of debt principal in September 2026.

Market and Competitive Landscape:

• ONEOK is a leading midstream operator with an approximately 60,000-mile pipeline network.
• ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.
• Credit ratings were upgraded to BBB+ by S&P Global Ratings and Fitch Ratings.
• Natural Gas Pipelines segment saw a 2% increase in contracted natural gas transportation capacity to 7,780 MDth/d as of September 30, 2026, compared to 7,246 MDth/d in 2025.
• Natural Gas Pipelines segment contracted capacity utilization was 92% as of September 30, 2026, compared to 90% in 2025.

Risks and Challenges:

• Risks include volatility in natural gas, NGL, refined products, and crude oil prices.
• Potential impacts from regulatory compliance, reserve performance, and capacity constraints on pipelines.
• Exposure to inflationary pressures increasing capital expenditures and operating costs.
• Risks associated with geopolitical instability, international terrorism, and conflicts.
• Dependence on producers, gathering systems, refineries, and pipelines owned by others.
• Risks related to ESG issues, climate change, and potential regulatory changes regarding greenhouse gas emissions.
• Operational hazards, unforeseen interruptions, and cybersecurity attacks.
• Risks associated with acquisitions, including integration challenges and regulatory delays.
• Credit risk of customers or counterparties and potential impairment charges.
• Risks related to rate regulation and changes in estimation of commodity types.

Management Commentary and Tone:

• Pierce H. Norton II, President and CEO, stated that higher Permian Basin volumes and system integration execution contributed to the third-quarter results.
• Management expressed confidence in raising 2026 financial guidance again, reflecting momentum across the business.
• Management highlighted ONEOK's assets, financial strength, and discipline to capture growing energy demand.
• The tone is positive and confident regarding future growth opportunities and the integration of the Brazos acquisition.

Other Key Points:

• In October 2026, ONEOK declared a quarterly dividend of $1.07 per share, or $4.28 per share annualized.
• A conference call and webcast with management is scheduled for October 28, 2026, at 11 a.m. Eastern time.
• The company reported a $53 million net benefit from minority equity and Brazos Midland transactions in the third quarter and nine months of 2026, primarily from corporate net gains on debt extinguishment.
• The company's balance sheet shows total assets of $74.29 billion as of September 30, 2026, compared to $66.64 billion as of December 31, 2025.
• Total equity increased to $32.46 billion as of September 30, 2026, from $22.57 billion as of December 31, 2025.