2Q 2026 Earnings Recap

Research evidence excerpt

2Q 2026 Earnings Recap

Update

August 3, 2026 10:35 PM GMT

Morgan Stanley & Co. LLCMOneok Inc. | North America Robert S Kad

Equity Analyst

2Q 2026 Earnings Recap Robert.Kad@morganstanley.comJoy Golub +1 212 761-0065

Research Associate

Joy.Golub@morganstanley.com +1 212 761-4924

AlphaSignals Earnings Reaction Victoria Xiong, CFA

Unchanged In-line Largely unchanged Victoria.Xiong@morganstanley.com +1 212 761-0228

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Oneok Inc. (OKE.N, OKE UN)

Source: Company data, Morgan Stanley Research

Midstream Energy Infrastructure | United States of

America

Key Takeaways Stock Rating Equal-weight

Industry View Attractive

Adjusted EBITDA: $2.121Bn (cons: $2.091Bn / MS: $2.057Bn), +1.5% vs. consensus Price target $103.00

Shr price, close (Aug 3, 2026) $88.24

Mkt cap, curr (mm) $55,812

2Q26 results were in line, primarily driven by strong NGL volumes, higher natural 52-Week Range $96.00-64.02

gas processing and refined products volumes across OKE's system, and stronger

optimization and marketing activity in the Natural Gas Pipelines, Refined Products &

Crude, and NGL segments. These benefits were partially offset by higher operating

costs.

• The NGL segment was impacted by higher operating costs associated with

the growth of OKE's operations and lower transportation and storage

volumes, partially offset by increased optimization and marketing driven by

higher earnings on purity NGL inventory sales and stronger exchange

services from higher volumes.

• The Natural Gas G&P segment benefited from higher production-driven

volumes across all regions and stronger realized condensate prices (net of

hedging), partially offset by lower realized NGL prices (net of hedging) and