OKE · 10-Q · 2026Q2 · Full report
Capital Expenditure Program
ONEOK INC /NEW/ · 2026-08-04 · Importance 55 · Surprise 50 · From source text
ONEOK invested $1.5 billion in capital expenditures during the six months ended June 30, 2026, compared with $1.4 billion in the prior-year period. The company expects total 2026 capital expenditures of $2.7 billion to $3.2 billion, funded typically through operating cash flows and short- and long-term debt. Major projects include the $700 million Texas City Logistics export terminal, $485 million Medford fractionator rebuild, $350 million Eiger Express Pipeline and $280 million MBTC Pipeline. The Bighorn plant is expected to cost $365 million, while the Greater Denver pipeline expansion is expected to cost $480 million and increase system capacity by 35 MBbl/d.
Key facts
- Texas City Logistics export terminal approximate cost: $700 million; scope: 400 MBbl/d liquified petroleum gas export terminal in Texas City, Texas; expected completion Early 2028. source
- Bighorn plant approximate cost: $365 million; expected completion Mid-2027; scope: 300 MMcf/d processing plant with carbon dioxide treater in the Permian Basin. source
- Greater Denver pipeline expansion approximate cost: $480 million; scope: increase total system capacity by 35 MBbl/d with additional expansion opportunities; expected completion Third Quarter 2026. source
- Medford fractionator approximate cost: $485 million; scope: rebuild our 210 MBbl/d NGL fractionation facility in Medford, Oklahoma. source
- MBTC Pipeline approximate cost: $280 million; scope: 24-inch pipeline from Mont Belvieu, Texas, storage facility to the new Texas City, Texas, export terminal; expected completion Early 2028. source
- Eiger Express Pipeline approximate cost: $350 million; scope: 450-mile, 48-inch natural gas pipeline from the Permian Basin to Katy, Texas, with capacity of 3.7 Bcf/d; expected completion Mid-2028. source
- We expect total capital expenditures of $2.7 billion - $3.2 billion in 2026. source
- Consolidated capital expenditures for the six months ended June 30, 2026: $1,477 million; for the six months ended June 30, 2025: $1,378 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | probable | +2.1% | We expect total capital expenditures of $2.7 billion - $3.2 billion in 2026. |
| cash | negative | probable | -2.1% | We expect total capital expenditures of $2.7 billion - $3.2 billion in 2026. |
| assets | positive | committed | +0.9% | Texas City Logistics export terminal approximate cost: $700 million; scope: 400 MBbl/d liquified petroleum gas export terminal in Texas… |
| cash | negative | committed | -0.9% | Texas City Logistics export terminal approximate cost: $700 million; scope: 400 MBbl/d liquified petroleum gas export terminal in Texas… |
| assets | positive | committed | +0.6% | Greater Denver pipeline expansion approximate cost: $480 million; scope: increase total system capacity by 35 MBbl/d with additional… |
| cash | negative | committed | -0.6% | Greater Denver pipeline expansion approximate cost: $480 million; scope: increase total system capacity by 35 MBbl/d with additional… |
| assets | positive | committed | +0.5% | Bighorn plant approximate cost: $365 million; expected completion Mid-2027; scope: 300 MMcf/d processing plant with carbon dioxide treater… |
| cash | negative | committed | -0.5% | Bighorn plant approximate cost: $365 million; expected completion Mid-2027; scope: 300 MMcf/d processing plant with carbon dioxide treater… |
| assets | positive | committed | +0.4% | Eiger Express Pipeline approximate cost: $350 million; scope: 450-mile, 48-inch natural gas pipeline from the Permian Basin to Katy,… |
| cash | negative | committed | -0.4% | Eiger Express Pipeline approximate cost: $350 million; scope: 450-mile, 48-inch natural gas pipeline from the Permian Basin to Katy,… |
| cash | negative | realized | -0.4% | Cash used in investing activities for the six months ended June 30, 2026: $(1,789) million; for the six months ended June 30, 2025:… |
| assets | positive | committed | +0.3% | MBTC Pipeline approximate cost: $280 million; scope: 24-inch pipeline from Mont Belvieu, Texas, storage facility to the new Texas City,… |