OKE · 10-Q · 2026Q2 · Full report
Operating Cash Flow Trends
ONEOK INC /NEW/ · 2026-08-04 · Importance 59 · Surprise 48 · From source text
Cash provided by operating activities increased $558 million to $2.987 billion in the first six months of 2026 from $2.429 billion in the prior-year period. Operating cash flow before changes in operating assets and liabilities increased $518 million, primarily because of higher earnings from NGL, Refined Products and natural gas volumes and greater optimization and marketing activity. Changes in operating assets and liabilities reduced 2026 operating cash flow by $249 million, an improvement from the $289 million reduction in 2025. Cash used in investing activities increased $281 million to $1.789 billion, mainly because of higher capital-project spending and contributions to unconsolidated affiliates.
Key facts
- For the six months ended June 30, 2026, our cash flows from operations exceeded dividends paid by $1.6 billion. source
- Total cash provided by operating activities for the six months ended June 30, 2026: $2,987 million; for the six months ended June 30, 2025: $2,429 million; increase $558 million (table shows $2,987 and $2,429). source
- Cash and cash equivalents at end of period decreased by $636 million for the six months ended June 30, 2026 versus 2025; cash and cash equivalents at beginning of period decreased by $655 million. source
- Cash flows from operating activities, before changes in operating assets and liabilities for the six months ended June 30, 2026, increased $518 million compared with the same period in 2025. source
- Natural gas processed volumes: three months ended June 30, 2026: 5,707 MMcf/d; three months ended June 30, 2025: 5,573 MMcf/d; six months ended June 30, 2026: 5,585 MMcf/d; six months ended June 30, 2025: 5,412 MMcf/d. source
- Changes in operating assets and liabilities decreased operating cash flows $249 million for the six months ended June 30, 2026, compared with a decrease of $289 million for the same period in 2025. source
- ONEOK partially relies on cash distributions from its unconsolidated affiliates for its operating cash flows. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +2.3% | For the six months ended June 30, 2026, our cash flows from operations exceeded dividends paid by $1.6 billion. |
| cash | positive | realized | +0.8% | Total cash provided by operating activities for the six months ended June 30, 2026: $2,987 million; for the six months ended June 30,… |