ONEOK shares closed up 3.0% following first quarter earnings, as the company raised 2026 guidance for net income and adjusted EBITDA. Management cited improved market conditions and solid volume growth, offsetting a non-cash joint venture impairment in the quarter.

• 2026 guidance raised: Net income now projected at ~$3.5 billion and adjusted EBITDA to ~$8.25 billion midpoint, reflecting improved market dynamics and segment outperformance.
• Q1 net income was $776 million ($1.23 per diluted share), up 12% year-over-year, despite a $60 million after-tax noncash impairment in the refined products and crude joint venture.
• Adjusted EBITDA reached approximately $2 billion for the quarter, a 13% increase from the prior year, driven by volume growth across integrated systems.
• Balance sheet actions included redeeming $500 million in debt and entering a $1.2 billion term loan, maintaining capital flexibility.
• Capital expenditure guidance for 2026 remains unchanged at $2.7 to $3.2 billion; operational execution continues in line with annual seasonal patterns.