Permian News. By: The Shale Experts ONEOK, Inc. raised its 2026 adjusted EBITDA guidance, a non-GAAP measure, to $8.5-8.6 billion from the $8.2-8.5 billion it gave in August, and lifted its capital budget to about $3.5 billion from $2.7-3.2 billion, the Tulsa midstream company said in its third-quarter release on October 27. It said the higher budget reflects expanded growth opportunities and capital spending tied to the Midland Basin natural gas gathering and processing assets it bought from Brazos Midstream, a purchase it announced as completed on October 6. Track Oil Prices ONEOK expects the Brazos assets to contribute about $75 million this year, about $50 million of it in adjusted EBITDA net of transaction costs. Its net income guidance, which counts the share owed to noncontrolling interests and a one-time tax benefit, rose to $4.09-4.27 billion from $3.41-3.79 billion. Third quarter, 2026 vs 2025. * Net income attributable to ONEOK: $1.35 billion, or $2.13 a diluted share, vs $939 million, or $1.49. The 2026 figure includes a one-time, noncash tax benefit of $336 million from a corporate reorganization tied to the Apollo investment described below. * Adjusted EBITDA (non-GAAP): $2.24 billion vs $2.12 billion, up 6%. It includes a $53 million net one-time benefit, mainly gains on retiring debt, against $22 million of such gains a year earlier. * NGL raw feed throughput: 1.66 million barrels a day vs 1.57 million, up 6%. ONEOK put the Gulf Coast/Permian region's gain at 16%. * Natural gas processed: 5,866 MMcf/d vs 5,852 MMcf/d, with the Permian region up 4%, according to ONEOK. * Refined products and crude oil shipped: refined products rose to 1.62 million barrels a day from 1.53 million; crude fell 7% to 1.69 million from 1.81 million. "Higher Permian Basin volumes and the continued execution by our employees to integrate our systems contributed to ONEOK's third-quarter results," said President and Chief Executive Pierce H. Norton II. Track Oil Prices | Segment | Q3 2026 adjusted EBITDA | Q3 2025 adjusted EBITDA | | Natural gas liquids | $718 million | $748 million | | Refined products and crude | $685 million | $582 million | | Natural gas gathering and processing | $563 million | $566 million | | Natural gas pipelines | $231 million | $200 million | | Other | $41 million | $23 million | | Total | $2,238 million | $2,119 million | Discover more Study Geology Hire Lawyers In natural gas liquids, ONEOK cited a $45 million hit from higher inventory of unfractionated NGLs and $27 million of higher operating costs, against $29 million more from optimization and marketing and $28 million from higher volumes, mostly in the Gulf Coast/Permian region. Refined products and crude gained $87 million from optimization and marketing, including $67 million from liquids blending. In gathering and processing, higher volumes from rising production in all regions added $11 million and higher operating costs took away $19 million. Favorable price differentials between the Waha hub in West Texas and Katy, Texas, added $22 million of optimization and marketing earnings in natural gas pipelines. Track Oil Prices Balance sheet. An Apollo affiliate's $9 billion minority investment in ONEOK Holdings, L.L.C., a newly formed holding company, closed on September 10. ONEOK had said the money would fund the Brazos purchase and about $5 billion of debt reduction; it says it retired almost $5.5 billion of debt principal in September. S&P Global Ratings and Fitch Ratings raised its credit ratings to BBB+, the company said. It declared a quarterly dividend of $1.07 a share. Discover more Track Oil Prices Read Company News Hire Accountants

ONEOK raises 2026 profit forecast on higher Permian volumes. ONEOK raised its 2026 net income forecast to $4.09 billion to $4.27 billion as third-quarter net income attributable to the company reached $1.35 billion, or $2.13 per diluted share. By Yash Upadhyaya Oct 27, 2026 Key takeaways. * ONEOK Inc. (OKE) raised its 2026 net income guidance to a range of $4.09 billion to $4.27 billion, and adjusted EBITDA guidance to $8.5 billion to $8.6 billion, in results for the quarter ended Sept. 30, 2026, released Oct. 27. Net income attributable to ONEOK was $1.35 billion, or $2.13 per diluted share. ONEOK Inc. (OKE) raised its 2026 net income and adjusted EBITDA forecasts on Oct. 27, 2026, after reporting higher third-quarter results, the company said in an earnings release furnished with an 8-K filing. Net income attributable to ONEOK was $1.35 billion, or $2.13 per diluted share, for the quarter ended Sept. 30. That figure includes a one-time noncash income tax benefit of $336 million, or 53 cents per diluted share, tied to the ONEOK, Inc. reorganization related to its minority equity transaction. ONEOK provides gathering, processing, fractionation, transportation, storage and marine export services, and it operates a pipeline network of about 60,000 miles, according to the release. Here's how the company did: * Diluted EPS: $2.13 vs. $1.49 a year earlier * Revenue: $12.455 billion vs. $8.634 billion a year earlier * Adjusted EBITDA: $2.238 billion, up 6% from a year earlier Results benefited from higher natural gas liquids, refined products and natural gas volumes, along with higher optimization and marketing activity, the company said. Revenue has risen in each of the last three quarters, from $8.63 billion in the third quarter of 2025 to $12.05 billion in the second quarter of 2026, according to its SEC filings. 2026 guidance. ONEOK raised its 2026 net income guidance to a range of $4.09 billion to $4.27 billion, up from the $3.21 billion to $3.79 billion range it gave on April 28. Adjusted EBITDA guidance rose to $8.5 billion to $8.6 billion, from $8.0 billion to $8.5 billion. The company also raised its midpoint for earnings per diluted share to $6.30, from a midpoint of $5.53 in April. The increase includes expected contributions from the Brazos Permian Midland acquisition of about $75 million, with about $50 million expected to show up in adjusted EBITDA net of transaction costs. Total 2026 capital expenditure guidance is about $3.5 billion, reflecting enhanced growth opportunities and capital spending tied to the Brazos deal. Norton said the results reflected higher Permian Basin volumes. "Higher Permian Basin volumes and the continued execution by our employees to integrate our systems contributed to ONEOK's third-quarter results," said President and CEO Pierce H. Norton II. "Based on this performance and our outlook for the remainder of the year, we are once again raising our 2026 financial guidance, reflecting the momentum we continue to see across the business." Segment results. Natural gas liquids adjusted EBITDA was $718 million, down from $748 million a year earlier. The company cited a $45 million decrease tied to higher inventory of unfractionated NGLs in exchange services. Refined products and crude adjusted EBITDA rose to $685 million from $582 million. Optimization and marketing rose $87 million, on higher liquids blending earnings and higher crude marketing earnings. Natural gas gathering and processing adjusted EBITDA was $563 million, compared with $566 million a year earlier. Natural gas pipelines adjusted EBITDA rose to $231 million from $200 million, driven by favorable price differentials between the Waha Hub and Katy, Texas, markets. Capital, charges and capital returns. The company reported $937 million of capital expenditures in the quarter, up from $804 million a year earlier. For the nine months, it recorded a pretax noncash charge of $60 million related to the impairment of a joint-venture investment in its refined products and crude segment. ONEOK said it completed a $9 billion minority equity investment and extinguished nearly $5.5 billion of debt principal in September 2026. Credit ratings were upgraded to BBB+ by S&P Global Ratings and Fitch Ratings. In October, the company declared a quarterly dividend of $1.07 per share, or $4.28 per share annualized.

Enterprise Products Partners would pay income investors more than ONEOK over the next 10 years, according to a TIKR comparison of the two pipeline companies. Enterprise yields 6.1% against ONEOK's 4.9%. At those rates, $10,000 invested in Enterprise would pay about $7,338 over a decade, versus about $5,354 for ONEOK, assuming each grows its payout at its five-year rate. ONEOK has the wider cushion. Its distributable cash flow covered its dividend 2.25x in fiscal 2025, against 1.69x at Enterprise, though ONEOK carries more debt. Even at ONEOK's faster current dividend growth of 4.0%, Enterprise would still pay about $1,207 more over 10 years. ONEOK's next dividend announcement is the one to watch.