$OKE · ONEOK INC /NEW/
ONEOK reported Q3 2026 net income attributable to ONEOK of $1.35B ($2.13 diluted EPS) on total revenues of $12.455B, up from $939M ($1.49 EPS) a year ago. Adjusted EBITDA reached $2.24B, a 6% increase. The company raised full-year 2026 guidance: net income midpoint to $4.18B, EPS midpoint to $6.30, and adjusted EBITDA midpoint to $8.55B. Results were driven by record Permian Basin volumes, including a 16% NGL throughput increase in the Gulf Coast/Permian region.
- Q3 net income attributable to ONEOK was $1.35B, or $2.13 per diluted share, up from $939M/$1.49 a year ago.
- Adjusted EBITDA rose 6% YoY to $2.24B, driven by record Permian Basin volumes and higher optimization and marketing.
- 2026 EPS guidance raised to a midpoint of $6.30, with net income midpoint increased to $4.18B.
- Extinguished nearly $5.5B of debt principal in September 2026 and completed a $9B minority equity investment.
- Credit ratings upgraded to BBB+ by both S&P Global Ratings and Fitch Ratings.
Extended-hours trading shows minimal movement at $96.01, essentially flat vs the regular close. The muted reaction likely reflects the guidance raise being well-telegraphed given strong Permian volume trends already priced in for this $60.53B midstream giant.
A double-barreled beat-and-raise from a $60B midstream operator with credit upgrades, debt extinguishment, and a major Permian acquisition signals strong capital allocation and volume momentum.
ONEOK's results reflect the broader midstream tailwind from surging Permian Basin production. The Brazos Midstream acquisition and $9B minority equity transaction position it to capture further volume growth as Gulf Coast export capacity expands.
Forward-looking risks include demand for natural gas/NGLs, producer drilling activity, regulatory compliance, inflationary pressures on capex and opex, and the impact of announced or future tariffs. The $60M impairment of a JV investment in the Refined Products and Crude segment also signals portfolio risk.