Oneok, Inc. · NYSE:OKE
Oneok — Q3 2026 Earnings Presentation
17 slides from Oneok's earnings presentation, October 2026
Slide 1: Third-Quarter 2026 Results
Third-Quarter 2026 Results October 2026
Slide 2: Cautionary Statement
Cautionary Statement 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
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: Third-Quarter 2026 Highlights
Third-Quarter 2026 Highlights Q3 2026 Net Income of $1.38 billion Increased 2026 Financial Guidance Natural Gas Liquids Natural Gas • $4.18 billion net income midpoint Gathering and Processing $718 million • $8.55 billion adjusted EBITDA midpoint $563 million Accelerating Growth in the Permian Basin
Slide 5: Historical EPS Growth – ~13% CAGR
Historical EPS Growth – ~13% CAGR Diluted EPS (excluding major one-time items) 2017-2026G $6.15 - $6.45(e) $6.00 $5.42 $5.00 $4.87(d) $4.61(c) $3.84 • Strong EPS growth driven $4.00 $3.35 by fee-based earnings $3.07 $3.00 $2.78 $2.57(b) • Annual EPS growth rate: $2.00 $1.86(a) • ~13% (2017-2026G) $1
Slide 6: History of Sustainable Adjusted EBITDA Growth
History of Sustainable Adjusted EBITDA Growth Proven Growth Through Commodity Cycles (adjusted EBITDA $ in billions) $150 $9,000 $8.5-$8.6(e) $8.085(d) $8,000 • 12 consecutive years of adjusted EBITDA growth (2013-2025) ~$6.8(c) $7,000 $100 WTI (a) • 17% annual adjusted EBITDA growth rate WTI ($/Bbl
Slide 7: 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 8: Business Segment Performance
Business Segment Performance Q3 2026 vs. Q2 2026 Adjusted EBITDA Variances • Natural gas liquids increased: – $53 million increase in optimization and marketing due primarily to higher earnings on sales of purity NGLs in inventory and wider commodity price differentials. – $12 million increase in ex
Slide 9: Natural Gas Liquids
Natural Gas Liquids Segment Update Average Raw Feed Throughput Volumes(a) Average Bundled • NGL raw feed throughput (Q3 2026 vs. Q2 2026): Region Q3 2025 Q2 2026 Q3 2026 Rate (per gallon) – 9% increase in Gulf Coast/Permian region Rocky Mountain(b) 493 MBbl/d 478 MBbl/d 471 MBbl/d ~28 cents Mid-Cont
Slide 10: Refined Products and Crude
Refined Products and Crude Segment Update Average Throughput Volumes(a)(b) Q3 2025 Q2 2026 Q3 2026 • Volume shipped (Q3 2026 vs. Q3 2025): Total refined products volume shipped 1,526 MBbl/d 1,629 MBbl/d 1,615 MBbl/d – 10% increase in gasoline Gasoline 862 MBbl/d 943 MBbl/d 948 MBbl/d – 2% increase i
Slide 11: Natural Gas Gathering and Processing
Natural Gas Gathering and Processing Segment Update Average Processed Volumes(a) • Processed volumes (Q3 2026 vs. Q2 2026): Region Q3 2025 Q2 2026 Q3 2026 – 6% increase in Permian region Rocky Mountain 1,702 MMcf/d 1,673 MMcf/d 1,722 MMcf/d – 3% increase in Rocky Mountain region – 1% increase in Mid
Slide 12: Natural Gas Pipelines – Strategically Positioned
Natural Gas Pipelines – Strategically Positioned Well-positioned to benefit from natural gas demand growth driven by data centers, LNG and industrial demand. • LNG export and industrial demand: – Directly connected to major LNG and industrial customers – Exports provide brownfield storage expansion
Slide 13: Announced Organic Growth Projects
Announced Organic Growth Projects Project Region/Basin Scope OKE Ownership Expected Completion Natural Gas Liquids 100,000 bpd: Q4 2026 Medford fractionator Mid-Continent 210,000 bpd 100% 110,000 bpd: Q1 2027 Delaware NGL expansion Permian/Delaware 245,000 bpd 100% Q3 2027 Texas City Logistics expor
Slide 14: 2026 Updated Financial Guidance
2026 Updated Financial Guidance Non-GAAP Reconciliation 2026 Updated Guidance Range(a) Reconciliation of net income to adjusted EBITDA 2024 2025 ($ in millions) Net income $3,112 $3,462 $4,090 - $4,270 Interest expense, net of capitalized interest 1,371 1,783 1,675 - 1,645 Depreciation and amortizat
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended Reconciliation of net income to adjusted EBITDA ($ in millions) June 30, 2026 Sept. 30, 2026 Net income $967 $1,384 Interest expense, net of capitalized interest 434 415 Depreciation and amortization 387 395 Income tax expense (benefit) 299 (26) Adjusted EB
Slide 16: 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 17: October 2026
October 2026