ONEOK shares declined 1.1% following the quarter, reflecting investor caution despite management's raised guidance and volume growth, likely due to concerns over margin trends or cautious long-term execution risks rather than top-line momentum.
- Q2 net income was $967 million, or $1.53 per diluted share, up 13% year-over-year.
- Adjusted EBITDA reached $2.12 billion, a 7% increase supported by volume growth and strong segment performance.
- Raised 2026 financial guidance for the second time, with net income midpoint at $3.6 billion and adjusted EBITDA at $8.35 billion.
- Capital expenditure guidance remains $2.7-3.2 billion, with spending expected to accelerate in H2 as large projects near completion.
- Management highlighted operational execution and expanding processing capacity in the Permian Basin, with new projects coming online through 2027.
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