ONEOK, Inc. Q4 2025 Earnings Call Summary

Achieved a step change in earnings power with 2025 adjusted EBITDA rising 18% to $8,020,000,000, marking twelve consecutive years of growth. Realized approximately $250,000,000 in synergies during 2025 alone, bringing total synergies since the Magellan acquisition to nearly $500,000,000, significantly exceeding original targets. Transitioned to a high-quality earnings mix where approximately 90% of earnings are fee-based, providing valuation durability and limiting direct commodity exposure. Establi ...