OKE Q2 2026 - Preliminary Earnings Alert

Event: Quartr Q2 2026 event Retrieved: 2026-08-04T03:07:06Z Comparison mode: aggressive Scorecard contract: v1 Source status: release=available | financials=not yet available | transcript=not yet available

Consensus scorecard

Reported results and guidance

• Second-quarter net income rose 13% to $967 million, or $1.53 per diluted share; adjusted EBITDA rose 7% to $2.12 billion.
• Volume records led the quarter: NGL raw feed throughput up 7% (Gulf Coast/Permian up 15%), refined products volumes shipped up 8%, and natural gas volumes processed up 2%.
• 2026 guidance was increased for the second time this year: net income to $3.41-$3.79 billion (midpoint $3.6 billion), diluted EPS midpoint to $5.68, and adjusted EBITDA to $8.2-$8.5 billion (midpoint $8.35 billion); capital expenditure guidance is unchanged at $2.7-$3.2 billion.
• In July 2026, ONEOK declared a quarterly dividend of $1.07 per share ($4.28 annualized).

Key bullish aspects

• Natural Gas Pipelines segment adjusted EBITDA rose to $297 million from $188 million, driven by optimization and marketing gains on Waha-to-Katy price differentials and higher firm transportation revenue.
• Refined Products and Crude segment adjusted EBITDA rose $70 million year over year on higher volumes, rates, and crude marketing earnings, and the company recorded record NGL raw feed throughput.
• A second guidance increase in the same year signals management confidence in second-half momentum as several growth projects near completion.

Key bearish aspects

• Natural Gas Liquids segment adjusted EBITDA declined year over year ($659 million versus $673 million) on higher employee and outside-services costs and lower transportation and storage volumes.
• Operating costs rose 17% year over year to $823 million, and the six-month period includes a $60 million pretax impairment of a joint-venture investment in the Refined Products and Crude segment, plus losses at the Powder Springs Logistics joint venture.

Key uncertainties

• How durable the optimization and marketing uplift is, since it depends heavily on favorable Waha-to-Katy natural gas price differentials that can compress.
• The trajectory of realized NGL and natural gas prices, which pressured Gathering and Processing results in the first half despite higher volumes.

Market context

• API Ninjas snapshot: $88.24 (NYSE, volume 3,583,726) at 2026-08-04T03:06:42Z. This is an overnight snapshot after an after-market release and is not evidence of a complete market reaction.

Source limitations

• The Quartr release document does not contain a company-wide revenue figure and Quartr standardized financials for the quarter are not yet populated, so no formal revenue comparison is published; the same-event API Ninjas revenue estimate is shown alone per policy.
• The API Ninjas estimate row for 2026-08-03 did not populate fiscal-year or fiscal-quarter fields; the match was made on exact ticker and release date. Its actual and difference fields were unavailable and are diagnostics only.
• The company did not report an adjusted EPS figure, so GAAP diluted EPS is used per the aggressive-mode fallback.

Source links

• Quartr earnings release
• Quartr release financial highlights page