When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

For the quarter ended December 2025, Oneok Inc. (OKE) reported revenue of $9.07 billion, up 29.5% over the same period last year. EPS came in at $1.55, compared to $1.57 in the year-ago quarter.The reported revenue represents a surprise of -4.5% over the Zacks Consensus Estimate of $9.49 billion. With the consensus EPS estimate being $1.48, the EPS surprise was +4.73%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expec ...

LandBridge Company (NYSE:LB) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Speaker7Ladies and gentlemen, thank you for joining us, and welcome to the LandBridge fourth quarter 2025 results call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Mae Herrington, Director of Investor Relations. Mae, please go ahead ...

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]

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 ...

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 ...