ONEOK raises 2026 outlook after Q1 adj EBITDA growth

ONEOK (Oklahoma)

28/04/2026 21:25

Overview

U.S. midstream operator's Q1 adjusted EBITDA rose and beat analyst expectations, EPS missed

Company raised 2026 net income and adjusted EBITDA guidance on strong segment performance

Results supported by higher NGL, natural gas processing and refined products volumes

Outlook

ONEOK raises 2026 net income guidance to $3.21 bln-$3.79 bln, midpoint $3.5 bln

2026 adj EBITDA guidance raised to $8.0 bln-$8.5 bln, midpoint $8.25 bln

ONEOK says improved outlook reflects strong segment performance and constructive market environment

Result Drivers

VOLUME GROWTH - Higher NGL raw feed, refined products, and natural gas processing volumes supported Q1 results

OPTIMIZATION AND MARKETING - Increased optimization and marketing activity in Natural Gas Pipelines and NGL segments contributed to Q1 performance

FAVORABLE PRICE DIFFERENTIALS - Natural Gas Pipelines segment benefited from favorable price differentials between Waha Hub and Katy, Texas, and the impact of Winter Storm Fern

Company press release: ID:nGNXbS0cMy

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
Miss
$1.23
$1.31 (16 Analysts)
Q1 Net Income
$776 mln
Q1 Adjusted EBITDA
Beat
$2 bln
$1.96 bln (17 Analysts)

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 12 "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 $91.00, about 3.7% above its April 27 closing price of $87.75

The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 12 three months ago

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.)