OKE · 10-Q · 2026Q2 · Full report
Segment Profitability
ONEOK INC /NEW/ · 2026-08-04 · Importance 54 · Surprise 40 · From source text
Consolidated operating income increased $162 million in the second quarter of 2026 and $370 million for the first six months, reaching $1.593 billion and $3.021 billion, respectively. Second-quarter operating-income growth included increases of $94 million in Natural Gas Pipelines and $77 million in Refined Products and Crude, partially offset by a $16 million decline in Natural Gas Liquids. Six-month growth was led by Natural Gas Pipelines, up $199 million, Refined Products and Crude, up $103 million, and Natural Gas Liquids, up $58 million, while Natural Gas Gathering and Processing declined $37 million. Natural Gas Pipelines benefited from favorable Waha Hub-to-Katy price differentials and higher firm transportation revenue, while Refined Products and Crude benefited from higher volumes, rates and crude marketing earnings.
Key facts
- Operating income for the three months ended June 30, 2026: $1,593 million; for the three months ended June 30, 2025: $1,431 million; increase of $162 million. source
- Net income for the three months ended June 30, 2026: $1,743 million; for the three months ended June 30, 2025: $1,544 million. source
- Net income attributable to ONEOK for the three months ended June 30, 2026: $1,740 million; for the three months ended June 30, 2025: $1,477 million. source
- Adjusted EBITDA for the three months ended June 30, 2026: $2,121 million; for the three months ended June 30, 2025: $1,981 million. source
- Adjusted EBITDA by segment for the three months ended June 30, 2026: Natural Gas Gathering and Processing $1,013 million; Natural Gas Liquids $1,365 million; Refined Products and Crude $1,119 million; Other $(8) million. source
- Diluted EPS for the three months ended June 30, 2026: $1.53; for the three months ended June 30, 2025: $1.34; increase $0.19. source
- During the first quarter of 2026, we recorded a noncash impairment charge of $60 million related to our 50% investment in Powder Springs. source
- Adjusted EBITDA increased $109 million for the three months ended June 30, 2026, for the Natural Gas Pipelines segment compared with the same period in 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +2.2% | Net income attributable to ONEOK for the three months ended June 30, 2026: $1,740 million; for the three months ended June 30, 2025:… |
| net_income | positive | realized | +1.6% | Net income for the three months ended June 30, 2026: $1,743 million; for the three months ended June 30, 2025: $1,544 million. |
| operating_income | positive | realized | +1.3% | Operating income for the three months ended June 30, 2026: $1,593 million; for the three months ended June 30, 2025: $1,431 million;… |
| operating_income | positive | realized | — | Adjusted EBITDA by segment for the three months ended June 30, 2026: Natural Gas Gathering and Processing $1,013 million; Natural Gas… |
| operating_income | positive | realized | — | Adjusted EBITDA by segment for the three months ended June 30, 2026: Natural Gas Gathering and Processing $1,013 million; Natural Gas… |
| operating_income | positive | realized | — | Adjusted EBITDA by segment for the three months ended June 30, 2026: Natural Gas Gathering and Processing $1,013 million; Natural Gas… |
| operating_income | negative | realized | — | Adjusted EBITDA by segment for the three months ended June 30, 2026: Natural Gas Gathering and Processing $1,013 million; Natural Gas… |