ONEOK Reports 53% Revenue Growth to $12.05 Billion in Latest Quarter

ONEOK, Inc. reported significant financial growth in its latest quarterly results, with total revenues reaching $12.05 billion for the three months ended June 30, 2026, compared to $7.89 billion for the same period in 2025. This represents a 53% increase year-over-year, driven primarily by higher commodity sales, which surged to $10.81 billion from $6.73 billion. The company’s net income also rose to $967 million, or $1.53 per diluted share, up from $853 million, or $1.34 per diluted share, in the prior year. For the first half of 2026, ONEOK reported total revenues of $21.67 billion, a 36% increase from $15.93 billion in the first half of 2025, with net income climbing to $1.74 billion from $1.48 billion.

The company experienced notable operational improvements across its segments. The Natural Gas Gathering and Processing segment saw an increase in adjusted EBITDA, attributed to higher volumes and realized prices, despite some cost pressures. The Natural Gas Liquids segment reported a decrease in adjusted EBITDA due to increased operating costs, while the Natural Gas Pipelines segment benefited from higher optimization and marketing activities, leading to a significant increase in adjusted EBITDA. The Refined Products and Crude segment also reported growth, driven by higher volumes and rates, despite facing increased operating costs.

Strategically, ONEOK completed the acquisition of the remaining 49.9% interest in the Delaware Basin joint venture in May 2025, enhancing its operational footprint. The company has also been actively investing in capital projects, with total capital expenditures amounting to $1.48 billion for the first half of 2026, compared to $1.38 billion in the same period last year. Key projects include the Bighorn plant in the Permian Basin and the Medford fractionator rebuild, which are expected to bolster the company’s processing capabilities.

In terms of operational metrics, ONEOK reported processing volumes of 5,707 MMcf/d for the second quarter of 2026, an increase from 5,573 MMcf/d in the same quarter of 2025. The company’s natural gas transportation capacity contracted increased to 7,735 MDth/d, reflecting ongoing expansion efforts. As of June 30, 2026, ONEOK had a working capital deficit of $1.9 billion, primarily due to current maturities of long-term debt, but management does not anticipate this will adversely affect cash flows or operations.

Looking ahead, ONEOK expects its consolidated earnings to remain approximately 90% fee-based in 2026, supported by long-term contracts with investment-grade counterparties. The company is well-positioned to navigate the current volatile commodity price environment, leveraging its integrated midstream network to optimize operations and capture market opportunities. The outlook remains positive, with continued focus on capital projects and strategic growth initiatives aimed at enhancing operational efficiency and expanding market reach.