ONEOK Inc beats Q2 EPS estimates on record natural gas liquids volumes, raises 2026 outlook

ONEOK (Oklahoma)

03/08/2026 21:31

Overview
U.S. midstream operator's Q2 adjusted EPS beat analyst expectations
Q2 adjusted EBITDA slightly beat analyst expectations
Company raised 2026 financial guidance, citing record NGL volumes and higher throughput

Outlook
ONEOK raises 2026 net income guidance to $3.41 bln-$3.79 bln
Company lifts 2026 adj EBITDA guidance to $8.2 bln-$8.5 bln
ONEOK says strategic growth projects and strong market fundamentals support 2H 2026 outlook

Result Drivers
RECORD NGL VOLUMES - Co said earnings growth was driven by record natural gas liquids volumes, including a 15% increase in the Gulf Coast/Permian region
HIGHER THROUGHPUT - Co cited increased refined products volumes shipped and higher natural gas volumes processed across its system
OPTIMIZATION AND MARKETING - Co said increased optimization and marketing activity in Natural Gas Pipelines, Refined Products and Crude and Natural Gas Liquids segments benefited Q2 results

Company press release: ID:nGNX5j63SH

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
Beat
$1.53
$1.46 (15 Analysts)
Q2 Net Income
 
$967 mln
 
Q2 Adjusted EBITDA
Slight Beat*
$2.12 bln
$2.10 bln (17 Analysts)
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 16 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas transportation services peer group is "buy"
Wall Street's median 12-month price target for ONEOK Inc is $95.00, about 4.6% above its July 31 closing price of $90.81
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 16 three months ago

Reuters Recommended Reads
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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)