OKE · 10-Q · 2026Q2 · Full report

Market Demand Trends

ONEOK INC /NEW/ · 2026-08-04 · Importance 22 · Surprise 32

ONEOK reported higher second-quarter 2026 NGL, Refined Products and natural gas volumes, alongside increased optimization and marketing activity. Natural gas processed volumes rose 2.4% to 5,707 MMcf/d in the second quarter and 3.2% to 5,585 MMcf/d for the first six months, reflecting increased production in all regions. NGL raw feed throughput increased 6.8% to 1,630 MBbl/d in the second quarter and 10.7% to 1,562 MBbl/d for the first six months, also driven by higher production across the system. Refined Products volumes shipped increased 8.4% to 1,629 MBbl/d in the second quarter and 10.1% to 1,598 MBbl/d for the first six months, while crude volumes declined because of lower-margin short-haul movements and further asset integration.

Key facts

• Raw feed throughput: three months ended June 30, 2026: 1,630 MBbl/d; three months ended June 30, 2025: 1,527 MBbl/d; six months ended June 30, 2026: 1,562 MBbl/d; six months ended June 30, 2025: 1,411 MBbl/d. source
• Natural gas transportation capacity contracted: three months ended June 30, 2026: 7,735 MDth/d; three months ended June 30, 2025: 7,206 MDth/d; six months ended June 30, 2026: 7,786 MDth/d; six months ended June 30, 2025: 7,254 MDth/d. source
• Refined Products volumes shipped: three months ended June 30, 2026: 1,629 MBbl/d; three months ended June 30, 2025: 1,503 MBbl/d; six months ended June 30, 2026: 1,598 MBbl/d; six months ended June 30, 2025: 1,452 MBbl/d. source
• Crude oil volumes shipped: three months ended June 30, 2026: 1,766 MBbl/d; three months ended June 30, 2025: 1,782 MBbl/d; six months ended June 30, 2026: 1,690 MBbl/d; six months ended June 30, 2025: 1,814 MBbl/d. source
• ONEOK states that it may incur impacts from regulatory oversight and potential penalties on its business. source
• The accuracy of estimates of hydrocarbon reserves could result in lower than anticipated volumes. source