Oneok, Inc. · NYSE:OKE
Oneok — Q1 2026 Earnings Presentation
15 slides from Oneok's earnings presentation, Apr 29, 2026
Slide 1: First-Quarter 2026 Results
First-Quarter 2026 Results April 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this presentation regarding company expectations, outlooks, targets, predictions and other similar statements should be considered forward-looking statements that are covered by the safe harbor protections provided under federal securities legislati
Slide 3: A Premier Energy Infrastructure Leader
A Premier Energy Infrastructure Leader Extensive and Regionally Diversified Operations • Strategically located, ~60,000-mile pipeline network – Gathering, fractionation, transportation and storage of NGLs – Gathering, processing, transportation and storage of natural gas – Transportation, storage an
Slide 4: First-Quarter 2026 Highlights
First-Quarter 2026 Highlights Q1 2026 Net Income of $776 million Increases 2026 Financial Guidance Natural Gas Liquids Natural Gas Gathering and Processing • $3.5 billion net income midpoint $706 million $467 million • $8.25 billion adjusted EBITDA midpoint Strong Year-Over-Year Growth Q1 2026 • 12%
Slide 5: Seasonal Factors Drive Earnings Timing
Seasonal Factors Drive Earnings Timing Seasonal dynamics affect the timing of earnings within the year, while full-year results are driven by volumes, fees and operational execution. Relative Earnings Contribution (Illustrative) • Sustained volumes • Optimal operating conditions • Weather variabilit
Slide 6: Historical Earnings Seasonality
Historical Earnings Seasonality Seasonal dynamics affect the timing of earnings within the year. Quarterly Adjusted EBITDA ($ in millions) $2,500 $2,174 (d) $2,145 $2,119 ~$227MM asset $2,000 divestiture $1,981(f) $1,997 Q1 Seasonal Drivers: $1,775 (e) • Severe weather volume impacts $1,624(b) $1,51
Slide 7: Business Segment Performance
Business Segment Performance Q1 2026 vs. Q4 2025 Adjusted EBITDA Variances Q1 2026 sequential variances reflect normal seasonality across the business. • Natural gas liquids decreased: – $34 million decrease in exchange services from lower volumes across ONEOK’s system due in part to seasonality, of
Slide 8: Natural Gas Liquids
Natural Gas Liquids Segment Update Average Raw Feed Throughput Volumes(a) First Quarter Fourth Quarter First Quarter Average • NGL raw feed throughput (Q1 2026 vs. Q1 2025): Region 2025 2025 2026 Bundled Rate (per gallon) – 31% increase in Gulf Coast/Permian region Rocky Mountain(b) 413 MBbl/d 472 M
Slide 9: Refined Products and Crude
Refined Products and Crude Segment Update Average Throughput Volumes(a)(b) First Quarter Fourth Quarter First Quarter • Refined products volumes (Q1 2026 vs. Q1 2025): 2025 2025 2026 – 16% increase in gasoline Total refined products 1,401 MBbl/d 1,670 MBbl/d 1,568 MBbl/d volume shipped – 12% increas
Slide 10: Natural Gas Gathering and Processing
Natural Gas Gathering and Processing Segment Update Average Processed Volumes(a) First Quarter Fourth Quarter First Quarter Region • Processed volumes (Q1 2026 vs. Q1 2025): 2025 2025 2026 – 7% increase in Mid-Continent region Rocky Mountain 1,583 MMcf/d 1,642 MMcf/d 1,602 MMcf/d – 4% increase in Pe
Slide 11: Natural Gas Pipelines – Strategically Positioned
Natural Gas Pipelines – Strategically Positioned Well-positioned to benefit from natural gas demand growth driven by data centers, LNG and industrial demand. • LNG export and industrial demand: – Directly connected to major LNG and industrial customers – Exports provide brownfield storage expansion
Slide 12: 2026 Updated Financial Guidance
2026 Updated Financial Guidance Non-GAAP Reconciliation 2026 Updated Guidance Range Reconciliation of net income to adjusted EBITDA 2024 2025 ($ in millions) Net income $3,112 $3,462 $3,210 - $3,790 Interest expense, net of capitalized interest 1,371 1,783 1,835 - 1,735 Depreciation and amortization
Slide 13: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended Reconciliation of net income to adjusted EBITDA Dec. 31, March 31, June 30, Sept. 30, Dec. 31, March 31, June 30, Sept. 30, Dec. 31, March 31, ($ in millions) 2023(a) 2024 2024(b) 2024(c) 2024(d) 2025(e) 2025(f) 2025 2025 2026 Net income $688 $639 $780 $693
Slide 14: Safe Harbor Statement
Safe Harbor Statement This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as “estimates,” “expects,” “forecasts,” “guidance,” “outlook,” “plans,” “projects,” “scheduled,” “should,” “will,” “would,” and similar expressions may be u
Slide 15: April 2026
April 2026