ONEOK, Inc.: 2Q26 EBITDA In-Line; 2026 EBITDA Guidance Tightened with Midpoint Lifted; LT Growth Commentary in Focus

Research evidence excerpt

ONEOK, Inc.: 2Q26 EBITDA In-Line; 2026 EBITDA Guidance Tightened with Midpoint Lifted; LT Growth Commentary in Focus

J P M O R G A N North America Equity Research

03 August 2026

ONEOK, Inc.

2Q26 EBITDA In-Line; 2026 EBITDA Guidance Neutral

Tightened with Midpoint Lifted; LT Growth Commentary OKE, OKE US

in Focus Price (03 Aug 26):$88.24

Head of North America Power,

OKE reported 2Q26 adj EBITDA of $2,121mm, matching the $2,111mm JPMe Utilities, Midstream, LNG, and

Nuclear

and in-line with the $2,098mm Street median. NGL (-$67mm vs JPMe) and

NatGas Pipelines (-$7mm vs JPMe) weakness offset Refined Products & Crude Jeremy Tonet, CFA AC

(+$50mm vs JPMe) and NatGas G&P (+$20mm vs JPMe) outperformance. (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

Alongside the print, OKE lifted the 2026 Adj EBITDA guide midpoint to $8.35bn

North American Midstream

($8.36bn JPMe/$8.35bn Street Median) from $8.25bn, citing strong segment

performance, volume growth, and strategic opportunities supported by a Vrathan Reddy

constructive market environment. Separately, the Denver RP pipeline expansion (1-212) 622-4692

vrathan.reddy@jpmchase.com

reached mechanical completion in early August. On the call tomorrow, we look for

Eli Jossen, CFAfurther specifics around the guidance raise, longer-term EBITDA growth ($10bn

(1-212) 622-4113

internal target), incremental organic growth opportunities, how attractive M&A eli.jossen@jpmchase.com

appears in the current environment, and optimization opportunities. We see call

Francina Kolluri

commentary around forward growth expectations and the organic opportunity set (1-212) 270-5796

shaping trading tomorrow given the absence of major positive updates versus francina.kolluri@jpmchase.com

likely negative positioning already in place. J.P. Morgan Securities LLC