ONEOK posted impressive second-quarter 2026 earnings, with net income surging to $967 million. This marks a 13% increase compared to the same period in 2025, translating into earnings of $1.53 per diluted share. The energy sector saw ONEOK stand out, with consistent financial performance reflecting strong operational and strategic moves.
The impressive earnings were primarily fueled by a 15% increase in NGL raw feed throughput volumes in the Gulf Coast/Permian region compared to the second quarter of 2025. This growth was a major contributor to ONEOK's record levels of throughput. In another key milestone, the company completed the mechanical phase of its refined products pipeline expansion by early August 2026. The project connects supply from the Mid-Continent and Gulf Coast regions to the Greater Denver area and Denver International Airport. This development broadens the company’s logistical reach and enhances its market access.
Updated Financial Outlook
ONEOK also announced an updated financial outlook, raising its full-year net income guidance to a range of $3.41 billion to $3.79 billion, with the midpoint now at $3.6 billion. Adjusted EBITDA guidance was boosted to between $8.2 billion and $8.5 billion. These adjustments stem from the continued strong performance of the company’s business segments and ongoing strategic efforts to drive growth.
Despite increased operating costs of $18 million, mainly driven by higher employee-related and external service expenses, ONEOK saw significant gains from improved optimization and marketing activities. This was particularly evident in its Natural Gas Pipelines and Crude and Natural Gas Liquids segments. In July 2026, ONEOK announced a quarterly dividend of $1.07 per share, equivalent to $4.28 annually.
Key Operational Performance Metrics
Gains in NGL Segment
In the Natural Gas Liquids (NGLs) segment, ONEOK recorded an $11 million boost in optimization and marketing, primarily due to higher profits from the sale of high-purity NGLs in inventory. Revenue from exchange services also rose by $28 million, driven by higher system-wide volumes. An additional $11 million in transportation and fractionation costs further contributed to the company’s adjusted EBITDA gains.
Over the first six months of 2026, compared to the same period in 2025, the company saw a $53 million increase in optimization and marketing activities. This increase was largely driven by $119 million in higher system-wide volumes, as well as improved performance in transportation and fractionation, and lower average fee rates. ONEOK's leadership attributes these results to the strength of the company's integrated operations and its ability to harness network efficiencies.
Leadership and Strategy
CEO Pierce H. Norton II highlighted that ONEOK’s recent performance reflects the company’s ability to execute on key growth opportunities and deliver long-term value to stakeholders. He pointed to several strategic growth projects nearing completion, which are set to expand market connectivity. These include critical infrastructure in the Gulf Coast and Mid-Continent regions. Norton emphasized that these developments are expected to build on the company's momentum, especially in the second half of 2026, and further strengthen its financial outlook.
The company’s 2026 capital expenditure guidance remains unchanged at approximately $2.7 billion to $3.2 billion, reflecting ongoing focus on infrastructure and capacity optimization. ONEOK’s strategic approach aligns with a constructive market environment, which is expected to support continued performance gains and operational scalability across its business segments.
The NGL raw feed throughput growth of 7% overall in the second quarter of 2026, alongside the 8% increase in refined products volumes shipped and the 2% increase in natural gas volumes processed, further illustrate the breadth of ONEOK’s operational success. These performance indicators are key benchmarks in the energy sector and highlight the company’s ability to adapt and scale in response to market dynamics.
Norton also mentioned that the refined products pipeline expansion, a cornerstone of the company’s 2026 strategic initiatives, is expected to enhance supply flexibility and customer access in the Greater Denver area.