ONEOK raises 2026 guidance as adjusted EBITDA grows 6%

ONEOK raised its 2026 outlook after third-quarter adjusted EBITDA grew 6% to $2.24 billion, according to its earnings release filed with an 8-K.

The midstream company reported net income attributable to ONEOK of $1.35 billion, or $2.13 per diluted share.

Volumes up, especially in the Permian

Natural gas liquids raw feed throughput rose 6% from a year earlier, including a 16% increase in the Gulf Coast and Permian region, the release said. Raw feed is the volume of unprocessed natural gas liquids flowing into ONEOK's fractionation and pipeline system, and it drives much of the company's fee-based revenue.

Balance sheet work

ONEOK said it retired about $5.5 billion of debt, completed a $9 billion minority equity investment and closed its Brazos Midland transaction. S&P and Fitch both upgraded the company's credit rating to BBB+, according to the release.

Guidance raised

The company raised its 2026 guidance midpoints to earnings per share of $6.30, adjusted EBITDA of $8.55 billion and net income of $4.18 billion. Pierce H. Norton II is president and chief executive.

Why it matters

ONEOK has grown through a string of acquisitions and is now focused on paying down debt and integrating those assets. Two rating upgrades in the same period suggest credit agencies are comfortable with its progress, which can lower borrowing costs over time.

Strong growth in Permian volumes is a key driver, since the basin is the fastest-growing source of U.S. natural gas liquids. Investors will watch whether that growth continues and how the company uses its added financial flexibility.

Sources

1. ONEOK, Inc. Form 8-K with third-quarter 2026 results, filed Oct. 27, 2026 (accession 0001039684-26-000036)

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