Oneok (OKE) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$1.46

$1.30$1.63

vs $1.34+9.2%

13 analysts

Next Qtr

$1.46

$1.36$1.65

vs $1.49-2.1%

12 analysts

Current Yr

$5.71

$5.42$6.09

vs $5.42+5.4%

15 analysts

Next Yr

$6.15

$5.58$6.74

vs $5.71+7.6%

16 analysts

Revenue Estimates

Current Qtr

$8.97B

$6.46B$12.03B

vs $7.89B+13.7%

5 analysts

Next Qtr

$9.50B

$7.40B$11.84B

vs $8.63B+10.0%

5 analysts

Current Yr

$38.53B

$32.12B$48.63B

vs $33.63B+14.6%

9 analysts

Next Yr

$37.62B

$27.56B$52.55B

vs $38.53B-2.3%

10 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for OKE on EDGAR.

OKE filing events and research context
Filed	Item	Context
Apr 29, 2026	mda_quarterly	ONEOK’s first-quarter 2026 Adjusted EBITDA rose to $1.997 billion, driven by increased optimization and marketing activity and higher volumes of NGLs, refined products, and natural gas processing. The company expects approximately 90% of its 2026 earnings to be fee-based, supported by long-term contracts with investment-grade counterparties across the Permian, Gulf Coast, Rocky Mountain, and Mid-Continent regions. Growth is underpinned by a capital expenditure program projected at $2.7 billion to $3.2 billion for 2026, featuring key projects such as the Bighorn processing plant in the Permian Basin, the Medford fractionator rebuild, and the Texas City Logistics export terminal. Liquidity remains robust via a $3.5 billion credit agreement and a new $1.2 billion term loan agreement, enabling a 4% increase in the quarterly dividend to $1.07 per share. Despite overall growth, the company recorded a $60 million noncash impairment charge related to its Powder Springs investment. Financial performance remains sensitive to commodity price volatility and geopolitical instability in the Middle East, though the company leverages its integrated network to capture product and location differentials to mitigate downside exposure.
Feb 24, 2026	business	OKE operates a midstream energy infrastructure business focused on natural gas, natural gas liquids (NGLs), refined products, and crude oil. To mitigate commodity price volatility, the company utilizes a primarily fee-based earnings model and employs derivatives and physical-forward contracts. Specific risks include percentage-of-proceeds (POP) contracts in the Natural Gas Gathering and Processing segment—where OKE targets a 75% hedge of monthly equity volumes—and location differentials between Conway, Mont Belvieu, and Louisiana within the NGL segment. Operations are strategically concentrated in the Mid-Continent, Rocky Mountain, and Permian Basin regions. Seasonality significantly impacts demand, with winter driving natural gas and propane consumption and summer increasing gas-fired electric generation and agricultural use. Extreme weather, such as freeze-offs, poses operational risks to flow. OKE competes with other midstream firms and integrated oil companies based on asset proximity to supply and market centers and producer drilling activity. Its diverse customer base includes producers, petrochemical firms, and utilities; the latter provide stable revenue streams that are generally independent of commodity price fluctuations.
Feb 24, 2026	mda	ONEOK’s 2025 financial performance was driven by the integration of EnLink and Medallion, resulting in Adjusted EBITDA of $8.0 billion and operating income of $5.7 billion. Strategic expansion included the $4.0 billion EnLink acquisition, the $941 million Delaware Basin JV acquisition, and increasing ownership in BridgeTex to 60%. The company is aggressively expanding its Permian and Rocky Mountain footprints through major capital projects, including the 3.7 Bcf/d Eiger Express Pipeline, the 400 MBbl/d Texas City LPG export terminal, and the Bighorn processing plant. While the divestiture of interstate natural gas pipelines pressured segment results, these losses were offset by EnLink’s contributions and higher NGL processing volumes. To optimize its capital structure, OKE issued $3.0 billion in senior unsecured notes and extinguished $3.1 billion in debt. Liquidity is supported by a $3.5 billion credit agreement and a $3.5 billion commercial paper program. The company increased its annual dividend by 4% to $4.12 per share and expects the One Big Beautiful Bill Act to reduce cash taxes beginning in 2025. Capital expenditures for 2026 are projected between $2.7 billion and $3.2 billion.

Filed

Item

Context

Apr 29, 2026

mda_quarterly

ONEOK’s first-quarter 2026 Adjusted EBITDA rose to $1.997 billion, driven by increased optimization and marketing activity and higher volumes of NGLs, refined products, and natural gas processing. The company expects approximately 90% of its 2026 earnings to be fee-based, supported by long-term contracts with investment-grade counterparties across the Permian, Gulf Coast, Rocky Mountain, and Mid-Continent regions. Growth is underpinned by a capital expenditure program projected at $2.7 billion to $3.2 billion for 2026, featuring key projects such as the Bighorn processing plant in the Permian Basin, the Medford fractionator rebuild, and the Texas City Logistics export terminal. Liquidity remains robust via a $3.5 billion credit agreement and a new $1.2 billion term loan agreement, enabling a 4% increase in the quarterly dividend to $1.07 per share. Despite overall growth, the company recorded a $60 million noncash impairment charge related to its Powder Springs investment. Financial performance remains sensitive to commodity price volatility and geopolitical instability in the Middle East, though the company leverages its integrated network to capture product and location differentials to mitigate downside exposure.

Feb 24, 2026

business

OKE operates a midstream energy infrastructure business focused on natural gas, natural gas liquids (NGLs), refined products, and crude oil. To mitigate commodity price volatility, the company utilizes a primarily fee-based earnings model and employs derivatives and physical-forward contracts. Specific risks include percentage-of-proceeds (POP) contracts in the Natural Gas Gathering and Processing segment—where OKE targets a 75% hedge of monthly equity volumes—and location differentials between Conway, Mont Belvieu, and Louisiana within the NGL segment. Operations are strategically concentrated in the Mid-Continent, Rocky Mountain, and Permian Basin regions. Seasonality significantly impacts demand, with winter driving natural gas and propane consumption and summer increasing gas-fired electric generation and agricultural use. Extreme weather, such as freeze-offs, poses operational risks to flow. OKE competes with other midstream firms and integrated oil companies based on asset proximity to supply and market centers and producer drilling activity. Its diverse customer base includes producers, petrochemical firms, and utilities; the latter provide stable revenue streams that are generally independent of commodity price fluctuations.

Feb 24, 2026

mda

ONEOK’s 2025 financial performance was driven by the integration of EnLink and Medallion, resulting in Adjusted EBITDA of $8.0 billion and operating income of $5.7 billion. Strategic expansion included the $4.0 billion EnLink acquisition, the $941 million Delaware Basin JV acquisition, and increasing ownership in BridgeTex to 60%. The company is aggressively expanding its Permian and Rocky Mountain footprints through major capital projects, including the 3.7 Bcf/d Eiger Express Pipeline, the 400 MBbl/d Texas City LPG export terminal, and the Bighorn processing plant. While the divestiture of interstate natural gas pipelines pressured segment results, these losses were offset by EnLink’s contributions and higher NGL processing volumes. To optimize its capital structure, OKE issued $3.0 billion in senior unsecured notes and extinguished $3.1 billion in debt. Liquidity is supported by a $3.5 billion credit agreement and a $3.5 billion commercial paper program. The company increased its annual dividend by 4% to $4.12 per share and expects the One Big Beautiful Bill Act to reduce cash taxes beginning in 2025. Capital expenditures for 2026 are projected between $2.7 billion and $3.2 billion.

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OKE filing events and research context

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