ONEOK, Inc. reported a significant increase in financial performance for the first quarter of 2026, with total revenues reaching $9.618 billion, up from $8.043 billion in the same period of 2025. This 19.6% increase was driven primarily by higher commodity sales, which rose to $8.445 billion from $6.912 billion, alongside a modest increase in service revenues. The company's operating income also saw a notable rise, climbing to $1.428 billion compared to $1.220 billion a year earlier. Net income attributable to ONEOK increased to $774 million, or $1.23 per diluted share, compared to $636 million, or $1.04 per diluted share, in the prior year.
The financial results reflect a strategic focus on optimizing marketing activities and increasing processing volumes across various segments. The Natural Gas Liquids segment, in particular, contributed significantly to the revenue growth, with adjusted EBITDA rising to $706 million from $635 million, attributed to higher optimization and marketing activities. The Natural Gas Pipelines segment also reported a substantial increase in adjusted EBITDA, driven by higher firm transportation revenue and optimization activities. However, the Natural Gas Gathering and Processing segment experienced a decrease in adjusted EBITDA due to lower realized prices for NGLs and natural gas, despite increased processing volumes.
In terms of operational developments, ONEOK has been actively pursuing capital projects, with capital expenditures totaling $864 million in the first quarter, up from $629 million in the same period last year. Key projects include the construction of a new processing plant in the Permian Basin and the rebuilding of the Medford fractionator in Oklahoma. The company also completed the relocation of a processing plant to the Permian Basin, which is expected to enhance its operational capacity. As of March 31, 2026, ONEOK's total assets stood at $68.203 billion, reflecting a strategic investment in infrastructure to support future growth.
Looking ahead, ONEOK anticipates continued growth in its fee-based earnings, which are expected to constitute approximately 90% of consolidated earnings in 2026. The company remains well-positioned to navigate the volatile commodity price environment, leveraging its integrated midstream network to optimize operations and capture market differentials. Additionally, ONEOK has entered into a $1.2 billion term loan agreement to support its working capital and capital expenditures, further enhancing its financial flexibility. The company declared a quarterly dividend of $1.07 per share, marking a 4% increase from the previous year, reflecting its commitment to returning value to shareholders while maintaining a strong liquidity position.
About ONEOK INC /NEW/
ONEOK, Inc. is a leading North American midstream energy company providing gathering, processing, fractionation, transportation, storage, and export services for natural gas, NGLs, refined products, and crude oil. Its extensive pipeline network supports domestic and international markets, emphasizing safety, reliability, and environmental responsibility. The company generates primarily fee-based revenues from long-term contracts, focusing on sustainable growth, shareholder returns, and strategic asset expansion.
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