Core Insights - ONEOK Inc. (OKE) reported fourth-quarter 2025 operating earnings per share (EPS) of $1.55, exceeding the Zacks Consensus Estimate of $1.48 by 4.73%, but down 1.27% from $1.57 in the same quarter last year [1] - For the full year 2025, OKE's EPS was $5.42, a 5.22% increase from $5.17 in 2024 [1] Revenue Performance - Operating revenues for Q4 2025 totaled $9.07 billion, missing the Zacks Consensus Estimate of $9.49 billion by 4.50%, but up 29.5% from $7.0 billion in Q4 2024 [2] - Total revenues for 2025 reached $33.63 billion, a significant increase of 54.99% compared to $21.7 billion in 2024 [2] Earnings and Financial Metrics - Adjusted EBITDA for the quarter was $2.15 billion, reflecting a year-over-year decrease of 1.33% [3] - Operating income was reported at $1.53 billion, down 2.30% from $1.57 billion in the previous year [3] - Interest expenses increased to $453 million, up 1.12% from $448 million in the prior year [3] - Natural gas processed reached 5,706 million cubic feet per day (MMcf/d), a substantial increase of 143.64% year over year [3] Capacity and Debt - Natural gas transportation capacity contracted to 7,509 million dekatherms per day (MDth/d), a decrease of 10.55% year over year [4] - As of December 31, 2025, cash and cash equivalents were $78 million, down from $733 million a year earlier [5] - Long-term debt totaled $30.76 billion, a slight decrease from $31.02 billion as of December 31, 2024 [5] - Cash provided by operating activities for 2025 was $5.59 billion, compared to $4.89 billion in 2024 [5] 2026 Guidance - ONEOK anticipates consolidated net income for 2026 to be between $3.19 billion and $3.71 billion, with adjusted EBITDA expected in the range of $7.9 billion to $8.30 billion [6] - EPS for 2026 is projected to be between $5.04 and $5.87 [6] - Capital expenditure is expected to be in the range of $2.7 billion to $3.2 billion [6][7]

Core Insights - ONEOK (OKE) has experienced a significant increase of nearly 13% since the beginning of 2026, indicating a positive market sentiment towards the company [1] Company Analysis - The company is part of the midstream industry, which has seen a notable uptick in performance recently [1] - The focus is on undervalued and disliked companies with strong fundamentals and good cash flows, particularly in sectors like Oil & Gas [1] - Energy Transfer is highlighted as another company that has gained attention after being previously overlooked [1] Investment Strategy - The investment approach emphasizes long-term value investing while also considering potential deal arbitrage opportunities [1] - There is a preference for companies that are understandable, avoiding high-tech and certain consumer goods sectors [1] - The company aims to connect with like-minded investors through platforms like Seeking Alpha to share insights and foster a collaborative investment community [1]

Oneok (NYSE: OKE) is coming off a strong year. The pipeline company delivered double-digit earnings growth in 2026, fueled by higher volumes and its ability to continue capturing synergies from several acquisitions completed in recent years. It has now grown its earnings at a double-digit compound annual rate for the past several years. While Oneok expects to continue growing in 2026, its growth rate will slow considerably. However, that doesn't mean the high-yielding pipeline stock has run out of fuel. W ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. Commission file number 001-13643 ONEOK, Inc. (Exact name of registrant as specified in its charter) Oklahoma 73-1520922 (State or other jurisdictio ...

Shares of natural gas-focused midstream company Oneok (NYSE: OKE) fell on Tuesday, falling as much as 7% before recovering to a 4.9% decline as of 3:09 p.m. EDT. Oneok reported earnings last night, and while the company actually beat Wall Street's expectations for the fourth quarter, its 2026 guidance left investors wanting. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » Oneok forec ...

Financial Data and Key Metrics Changes - In 2025, net income attributable to ONEOK increased by 12% to $3.39 billion, resulting in earnings of $5.42 per share [4][9] - Adjusted EBITDA rose by 18% to $8.02 billion, marking 12 consecutive years of growth [5][9] - For 2026, net income is expected to reach approximately $3.45 billion, with an Adjusted EBITDA midpoint of approximately $8.1 billion [10][14] Business Line Data and Key Metrics Changes - The company achieved nearly $500 million in total synergies from the Magellan acquisition, with $250 million realized in 2025 alone [6][7] - Approximately 90% of earnings are fee-based, which limits commodity exposure and supports valuation durability [7] - The natural gas pipeline segment exceeded guidance in 2025, benefiting from strategic locations in the Permian Basin and Louisiana [23] Market Data and Key Metrics Changes - In the Bakken, there are 5,000 identified wells yet to be drilled, equating to approximately 15+ years of inventory at current rig rates [8] - The company expects a low single-digit growth rate for Bakken volumes at $55-$60 per barrel crude prices [79] - The Permian Basin is projected to grow by more than 1 Bcf per year, with ONEOK well-positioned to capture this growth [26] Company Strategy and Development Direction - ONEOK aims to deliver durable growth through a disciplined capital allocation strategy and has integrated major acquisitions to enhance its platform [4][5] - The company is focused on organic expansions and capturing synergies from acquisitions to drive future growth [7][16] - The strategy includes maintaining a high-quality earnings mix and limiting commodity exposure [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to integrate acquisitions and capture expected synergies, generating additional cash flow [8] - Despite lower crude oil prices potentially slowing drilling, there is visibility into growth for 2026 and beyond [7][8] - The company remains cautious about commodity prices while maintaining confidence in the durability of its integrated asset base [8] Other Important Information - The company returned nearly $2.7 billion to shareholders through dividends and share repurchases in 2025 [10] - A quarterly dividend increase of 4% was recently announced, reinforcing the commitment to shareholder returns [10] Q&A Session Summary Question: Can you discuss the conservatism in the 2026 guidance? - Management indicated that they are planning for lower crude prices and have been intentional in their projections, which could allow for upside if prices strengthen [34] Question: What optimization opportunities exist? - Management highlighted successful discretionary ethane recovery and spot offloads in the Permian as examples of past optimization opportunities [35][36] Question: When can we expect announcements regarding power opportunities? - Advanced negotiations are ongoing with hyperscalers, and announcements are expected in the near future [39] Question: What is the outlook for Waha basis spreads? - Management noted that there is open capacity on the Eiger pipeline system, and they see potential upside if spreads remain favorable [43][44] Question: Can you elaborate on the drivers of NGL throughput volumes? - Management explained that a contract loss in the Bakken and increased ethane rejection in the Mid-Continent are tempering growth expectations [72] Question: What are the plans for capturing more third-party volumes in the Permian? - Management stated that they have significant capacity on the West Texas NGL Pipeline and are actively pursuing opportunities to attract third-party volumes [80][81]

Financial Data and Key Metrics Changes - In 2025, net income attributable to ONEOK increased by 12% to $3.39 billion, resulting in earnings of $5.42 per share [4][9] - Adjusted EBITDA rose by 18% to $8.02 billion, marking 12 consecutive years of growth [5][9] - For 2026, net income is expected to reach approximately $3.45 billion, with an adjusted EBITDA midpoint of about $8.1 billion [10][14] Business Line Data and Key Metrics Changes - The company achieved nearly $500 million in total synergies from the Magellan acquisition, with $250 million realized in 2025 alone [6][7] - Approximately 90% of earnings are fee-based, which limits commodity exposure and supports valuation durability [7] - The natural gas pipeline segment exceeded guidance in 2025, benefiting from strategic locations in the Permian Basin and Louisiana [23] Market Data and Key Metrics Changes - In the Bakken region, there are 5,000 identified wells yet to be drilled, equating to approximately 15 years of inventory at current rig rates [8] - The company expects a low single-digit growth rate for Bakken volumes at $55-$60 per barrel crude prices [79] - The Permian Basin is projected to grow by more than 1 Bcf per year, with ONEOK well-positioned to capture this growth [26] Company Strategy and Development Direction - ONEOK aims to deliver durable growth through a disciplined capital allocation strategy and has integrated major acquisitions to enhance its platform [4][5] - The company is focused on organic expansions and capturing synergies from acquisitions to drive future growth [7][16] - Management emphasizes the importance of safety and operational excellence while pursuing long-term value [31] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that lower crude oil prices may slow drilling but maintains visibility into growth for 2026 and beyond [7][8] - The company is cautious about commodity prices but remains confident in the durability of its integrated asset base [8][10] - Management highlighted the importance of employee contributions in driving strategy and operational success [31] Other Important Information - The company returned nearly $2.7 billion to shareholders in 2025 through dividends and share repurchases, with a recent 4% increase in quarterly dividends [10] - Capital expenditure guidance for 2026 is set between $2.7 billion and $3.2 billion, focusing on high-return projects [16][94] Q&A Session Summary Question: Can you discuss the conservatism in the 2026 guidance? - Management indicated that they are planning for crude prices in the $55-$60 range, which could impact spread differentials and producer cash flow [34] Question: What optimization opportunities exist beyond the guidance? - Management noted successful discretionary ethane recovery and spot offloads in the Permian as potential upside [35][36] Question: What is the outlook for power opportunities? - Advanced negotiations with hyperscalers are ongoing, with potential announcements expected soon [39] Question: Can you clarify the Waha basis spreads and guidance assumptions? - Management confirmed that they have open capacity on the Eiger pipeline and see potential upside in spreads [43][44] Question: What drives the NGL throughput volumes forecast? - Management explained that a contract loss in the Bakken and increased ethane rejection in the Mid-Continent temper growth expectations [72] Question: What are the natural gas storage opportunities? - Management highlighted expansion opportunities in Texas and Louisiana, driven by industrial customers and LNG projects [86][87]

Financial Data and Key Metrics Changes - In 2025, net income attributable to ONEOK increased by 12% to $3.39 billion, resulting in earnings of $5.42 per share [4][7] - Adjusted EBITDA rose by 18% to $8.02 billion, marking 12 consecutive years of growth [4][6] - For the fourth quarter of 2025, net income was $977 million, or $1.55 per share, with adjusted EBITDA totaling $2.15 billion [7][8] Business Line Data and Key Metrics Changes - The company achieved nearly $500 million in total synergies from acquisitions, with approximately $250 million realized in 2025 alone [4][5] - Approximately 90% of earnings are fee-based, which limits commodity exposure and supports valuation durability [5] Market Data and Key Metrics Changes - In the Bakken region, there are 5,000 identified wells yet to be drilled, equating to over 15 years of inventory at current rig rates [6] - The natural gas pipeline segment exceeded guidance in 2025, benefiting from strategic locations in the Permian Basin and Louisiana [21][22] Company Strategy and Development Direction - ONEOK aims to maintain a disciplined capital allocation strategy while integrating major acquisitions and advancing long-cycle growth projects [3][4] - The company expects to achieve an adjusted EBITDA midpoint of $8.1 billion for 2026, supported by volume growth and completed projects [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to integrate acquisitions and capture expected synergies, despite lower crude oil prices potentially slowing drilling activity [5][6] - The company anticipates continued growth in 2026 and beyond, driven by customer development plans and strategic expansions [6][7] Other Important Information - ONEOK plans to reduce capital expenditures in the coming years as current projects are completed, with a 2026 guidance range of $2.7 billion to $3.2 billion [15][16] - The company does not expect to pay meaningful cash taxes until 2029, supporting free cash flow and capital allocation flexibility [16] Q&A Session Summary Question: 2026 outlook and conservative guidance - Management discussed the conservative assumptions around commodity prices and potential optimization opportunities that could provide upside to guidance [33][34] Question: Power opportunity and customer engagement - Management indicated advanced negotiations with hyperscalers and positive momentum in securing deals, with announcements expected soon [38][39] Question: NGL throughput volumes and guidance - Management explained that flat NGL throughput guidance is influenced by contract expirations and ethane recovery assumptions [72][73] Question: Natural gas storage opportunities - Management highlighted ongoing expansions in Texas and Louisiana, driven by industrial customers and LNG projects [87][88] Question: CapEx guidance and project breakdown - Management provided insights into major projects for 2026, including the Denver pipeline expansion and Shadowfax plant [94][96]

2025 Results and 2026 Guidance February 2026 Forward-Looking Statements Statements contained in this presentation regarding company expectations, outlooks, targets, predictions and other similar statements should be considered forward-looking statements that are covered by the safe harbor protections provided under federal securities legislation and other applicable laws. See a discussion of the factors that could affect such forward- looking statements at the end of this presentation. This presentation con ...

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