ONEOK Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 28 April 2026: press release. Guidance figures: 5 raised, 3 kept. The quarter’s numbers.

Key takeaways

Net income and adjusted EBITDA rose: Net income rose 12% to $776 million, or $1.23 per diluted share, and adjusted EBITDA rose 13% to $2.0 billion, compared with the first quarter of 2025. Source
Natural Gas Liquids adjusted EBITDA rose: Natural Gas Liquids adjusted EBITDA was $706 million against $635 million, with capital expenditures of $310 million against $171 million. Source
Gathering volumes added earnings: Natural Gas Gathering and Processing adjusted EBITDA was $467 million against $491 million; higher volumes from increased production in all regions added $27 million. Source
NGL raw feed throughput rose 15%: NGL raw feed throughput averaged 1,493 MBbl/d against 1,293, with Gulf Coast/Permian up 31%, Rocky Mountain up 11% and Mid-Continent up 4%. Source
Constructive market from late first quarter: Management linked the higher 2026 guidance to segment performance, increased system opportunities, and a more constructive market beginning late in the first quarter. Source
Waha and Katy spread added earnings: Pipelines optimization and marketing rose $92 million, including $70 million from Waha Hub and Katy price differentials and $19 million from Winter Storm Fern. Source
Capital expenditures rose: Capital expenditures including maintenance were $864 million against $629 million, and maintenance capital was $128 million against $74 million. Source

“ONEOK’s first-quarter performance reflects year-over-year volume growth and continued operational execution across our integrated asset portfolio,”
Pierce H. Norton II, ONEOK president and CEO

Guidance

Area	Period	Figure	Against last quarter
Net income Source	2026 full year	midpoint $3.5 billion; range $3.21 billion to $3.79 billion	Raised from midpoint $3.45 billion; range $3,190 - $3,710 million
Diluted earnings per share Source	2026 full year	midpoint $5.53	Raised from midpoint $5.45
Adjusted EBITDA Source	2026 full year	midpoint $8.25 billion; range $8.0 billion to $8.5 billion	Raised from midpoint $8.1 billion; range $7.9 billion to $8.3 billion
Total capital expenditures Source	2026 full year	approximately $2.7 billion to $3.2 billion	Kept
Income taxes (reconciliation table, $ millions) Source	2026 full year	985 - 1,185	Raised from 980 - 1,160
Adjusted EBITDA from unconsolidated affiliates (reconciliation table, $ millions) Source	2026 full year	560 - 530	Raised from 560 - 520
Depreciation and amortization (reconciliation table, $ millions) Source	2026 full year	1,600 - 1,520	Kept
Interest expense, net of capitalized interest (reconciliation table, $ millions) Source	2026 full year	1,835 - 1,735	Kept

What changed from last quarter

Guidance raised: 2026 net income guidance midpoint raised from $3.45 billion to $3.5 billion. Source
Guidance raised: 2026 diluted EPS guidance midpoint raised from $5.45 to $5.53. Source
Guidance raised: 2026 adjusted EBITDA guidance midpoint raised from $8.1 billion to $8.25 billion. Source
Guidance kept: Total 2026 capital expenditure guidance of approximately $2.7 billion to $3.2 billion was unchanged. Source
New: In April 2026 the company entered into a $1.2 billion term loan agreement. Source
New: In April 2026 the company redeemed the remaining $491 million of 4.85% senior notes due July 2026. Source
New: In the first quarter of 2026 the company completed relocation of a 150 MMcf/d processing plant from North Texas to the Permian Basin. Source

Results and growth drivers

Net income and adjusted EBITDA rose: Net income rose 12% to $776 million, or $1.23 per diluted share, and adjusted EBITDA rose 13% to $2.0 billion, compared with the first quarter of 2025. Source
Attributable income and diluted EPS higher: Net income attributable to ONEOK was $774 million against $636 million, and diluted EPS was $1.23 against $1.04. Source
Volumes and marketing lifted results: Management said higher NGL, natural gas processing and refined products volumes, higher firm transportation earnings, and increased optimization and marketing all benefited results. Source
Prior-year quarter included deal costs: The first quarter 2025 adjusted EBITDA included $31 million of transaction costs, related primarily to the EnLink acquisition. Source

Segments and regions

Natural Gas Liquids adjusted EBITDA rose: Natural Gas Liquids adjusted EBITDA was $706 million against $635 million, with capital expenditures of $310 million against $171 million. Source
Exchange fee rates and spreads reduced earnings: Lower average fee rates in the Gulf Coast/Permian and Mid-Continent regions reduced exchange services by $41 million, and narrower product price differentials reduced them by $19 million. Source
Refined products transportation earnings rose: Refined Products and Crude adjusted EBITDA was $492 million against $471 million, with crude marketing earnings adding $24 million. Source
Gathering volumes added earnings: Natural Gas Gathering and Processing adjusted EBITDA was $467 million against $491 million; higher volumes from increased production in all regions added $27 million. Source
Pipelines adjusted EBITDA rose: Natural Gas Pipelines adjusted EBITDA was $339 million against $212 million, with unconsolidated affiliates adding $17 million from higher Northern Border Pipeline earnings. Source

Volumes and throughput

NGL raw feed throughput rose 15%: NGL raw feed throughput averaged 1,493 MBbl/d against 1,293, with Gulf Coast/Permian up 31%, Rocky Mountain up 11% and Mid-Continent up 4%. Source
Refined products shipments increased: Refined products volume shipped averaged 1,568 MBbl/d against 1,401; crude oil volume shipped fell to 1,613 MBbl/d from 1,846. Source
Natural gas processing volumes rose: Natural gas processed averaged 5,490 MMcf/d against 5,250, with Mid-Continent up 7% and Permian up 4%. Source
Pipeline contracting edged higher: Natural gas transportation capacity contracted averaged 7,837 MDth/d against 7,301, and 93% of transportation capacity was contracted against 91%. Source

Costs, margins and pricing

Operating costs slightly lower: Operating costs were $746 million against $752 million, and operations and maintenance was $634 million against $655 million. Source
Methane fees no longer incurred: Natural Gas Gathering and Processing operating costs fell $14 million because methane fees were not incurred in 2026 after regulatory changes. Source
Interest expense slightly lower: Interest expense, net of capitalized interest, was $439 million against $442 million, and capitalized interest rose to $27 million from $10 million. Source
Income taxes rose: Income taxes were $245 million against $197 million, on income before income taxes of $1,021 million against $888 million. Source

Demand and market environment

Constructive market from late first quarter: Management linked the higher 2026 guidance to segment performance, increased system opportunities, and a more constructive market beginning late in the first quarter. Source
Waha and Katy spread added earnings: Pipelines optimization and marketing rose $92 million, including $70 million from Waha Hub and Katy price differentials and $19 million from Winter Storm Fern. Source
Purity NGL inventory sales added earnings: Natural Gas Liquids optimization and marketing rose $42 million, with $25 million from higher earnings on purity NGL inventory sales and $9 million from optimization volumes. Source

Capital, cash and shareholder returns

Capital expenditures rose: Capital expenditures including maintenance were $864 million against $629 million, and maintenance capital was $128 million against $74 million. Source
Operating cash flow rose: Cash provided by operating activities was $934 million against $904 million, while cash used in investing activities was $1,007 million against $694 million. Source
Dividends paid and short-term borrowing: Dividends paid were $674 million against $643 million, and short-term borrowings, net, provided $827 million against $200 million. Source
Short-term borrowings increased: Short-term borrowings were $1,647 million at March 31, 2026, against $820 million at Dec. 31, 2025, and cash and cash equivalents were $172 million against $78 million. Source
Quarterly dividend declared at $1.07: The company declared a quarterly dividend of $1.07 per share, or $4.28 per share annualized, in April 2026. Source

Risks management discussed

Financial: A $60 million noncash impairment of a joint-venture investment in Refined Products and Crude reduced net income by a net 7 cents per diluted share after tax. Source
External: Lower realized NGL and natural gas prices, net of hedging, reduced Natural Gas Gathering and Processing adjusted EBITDA by $64 million. Source
Operational: Losses at Powder Springs Logistics, a 50% owned joint venture, reduced adjusted EBITDA from unconsolidated affiliates by $24 million. Source

Earlier plans management reported on

Not stated: Management said the 2026 capital expenditure guidance remains unchanged at approximately $2.7 billion to $3.2 billion. Source
Not stated: Management described the 2026 net income guidance as increased from the earlier range, without stating whether earlier targets were met. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA

ONEOK Increases 2026 Financial Guidance

TULSA, Okla. - April 28, 2026 - ONEOK, Inc. (NYSE: OKE) today announced higher first- quarter 2026 results and increased 2026 financial guidance. Unless otherwise noted, all results are compared with the same period in 2025.

Higher First-Quarter 2026 Results:

12% increase in net income to $776 million, resulting in $1.23 per diluted share
13% increase in adjusted EBITDA to $2.0 billion
15% increase in NGL raw feed throughput volumes
12% increase in refined products volumes shipped
11% increase in Natural Gas Liquids segment adjusted EBITDA
5% increase in natural gas volumes processed

2026 Guidance Increase:

Net income increased to a midpoint of $3.5 billion.
Earnings per diluted share increased to a midpoint of $5.53.
Adjusted EBITDA increased to a midpoint of $8.25 billion.

The increase in financial guidance reflects strong business segment performance as well as increased opportunities across ONEOK’s system driven in part by a more constructive market environment beginning late in the first quarter.

ONEOK increased 2026 net income guidance to a range of $3.21 billion to $3.79 billion.

Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) guidance increased to a range of $8.0 billion to $8.5 billion.

Total 2026 capital expenditure guidance remains unchanged at approximately $2.7 billion to $3.2 billion.

“ONEOK’s first-quarter performance reflects year-over-year volume growth and continued operational execution across our integrated asset portfolio,” said Pierce H. Norton II, ONEOK president and CEO. “Strong performance across multiple business segments, supported by a constructive market environment, is strengthening our forward outlook,

Exhibit 99.1

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 2 -more- building momentum through the year and supporting increased 2026 financial guidance expectations.” FIRST-QUARTER 2026 FINANCIAL HIGHLIGHTS: Three Months Ended March 31, 2026 2025 (Millions of dollars, except per share amounts) Net income (a) (b) $ 776 $ 691 Net income attributable to ONEOK (a) (b) $ 774 $ 636 Diluted earnings per common share (a) $ 1.23 $ 1.04 Adjusted EBITDA (c) $ 1,997 $ 1,775 Operating income $ 1,428 $ 1,220 Operating costs $ 746 $ 752 Depreciation and amortization $ 378 $ 380 Equity in net earnings from investments $ 89 $ 108 Maintenance capital $ 128 $ 74 Capital expenditures (includes maintenance) $ 864 $ 629 (a) Amounts for the three months ended March 31, 2026, include a noncash charge of $60 million related to the impairment of a joint-venture (JV) investment in the Refined Products and Crude segment, resulting in a net impact of 7 cents per diluted share after tax. (b) Amounts for the three months ended March 31, 2025, include a pretax impact of $42 million of transaction costs. (c) Amounts for the three months ended March 31, 2025, include $31 million of transaction costs. Transaction costs of $11 million were noncash and not included in adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure used in this release and is explained in greater detail in the Non-GAAP Financial Measures section.

Highlights:

In the first quarter of 2026, ONEOK completed the relocation of a 150 million cubic feet per day (MMcf/d) processing plant to the Permian Basin from North Texas.
In April 2026, ONEOK redeemed the remaining $491 million of 4.85% senior notes due July 2026.
In April 2026, ONEOK entered into a $1.2 billion term loan agreement.
In April 2026, ONEOK declared a quarterly dividend of $1.07 per share, or $4.28 per share annualized.
Higher first-quarter 2026 NGL raw feed throughput volumes, including: ◦ A 31% increase in the Gulf Coast/Permian region ◦ An 11% increase in the Rocky Mountain region ◦ A 4% increase in the Mid-Continent region
Higher first-quarter 2026 natural gas volumes processed, including: ◦ A 7% increase in the Mid-Continent region ◦ A 4% increase in the Permian region

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 3 -more- First-Quarter 2026 Financial Performance: ONEOK reported first-quarter 2026 net income and adjusted EBITDA of $776 million and $2.0 billion, respectively. Results benefited from higher natural gas liquids (NGLs), natural gas processing and refined products volumes across ONEOK’s system and higher natural gas firm transportation earnings. Increased optimization and marketing activity in the Natural Gas Pipelines and Natural Gas Liquids segments also benefited first-quarter results.

BUSINESS SEGMENT RESULTS: Natural Gas Liquids Segment Three Months Ended March 31, Natural Gas Liquids Segment 2026 2025 (Millions of dollars) Adjusted EBITDA $ 706 $ 635 Capital expenditures $ 310 $ 171 The increase in first-quarter 2026 adjusted EBITDA, compared with first quarter 2025, primarily reflects:

A $42 million increase in optimization and marketing due primarily to $25 million of higher earnings on sales of purity NGLs held in inventory and $9 million of higher optimization volumes; and
A $24 million increase in exchange services due primarily to: ◦ $80 million from higher volumes in the Gulf Coast/Permian and Rocky Mountain regions; offset partially by ◦ $41 million from lower average fee rates in the Gulf Coast/Permian and Mid- Continent regions; and ◦ $19 million from narrower product price differentials captured through the fractionation process. Refined Products and Crude Segment Three Months Ended March 31, Refined Products and Crude Segment 2026 2025 (Millions of dollars) Adjusted EBITDA $ 492 $ 471 Capital expenditures $ 180 $

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 4 -more- The increase in first-quarter 2026 adjusted EBITDA, compared with first quarter 2025, primarily reflects:

A $30 million increase in transportation and storage due primarily to higher refined products volumes; and
A $24 million increase in optimization and marketing due primarily to higher crude marketing earnings; offset by
A $24 million decrease in adjusted EBITDA from unconsolidated affiliates due primarily to losses on Powder Springs Logistics, a 50% owned joint venture. Natural Gas Gathering and Processing Segment Three Months Ended March 31, Natural Gas Gathering and Processing Segment 2026 2025 (Millions of dollars) Adjusted EBITDA $ 467 $ 491 Capital expenditures $ 317 $ 241 The decrease in first-quarter 2026 adjusted EBITDA, compared with first quarter 2025, primarily reflects:
A $64 million decrease due to lower realized prices, primarily NGL and natural gas prices, net of hedging; offset by
A $27 million increase from higher volumes due to increased production in all regions; and
A $14 million decrease in operating costs due primarily to methane fees no longer incurred in 2026 due to regulatory changes. Natural Gas Pipelines Segment Three Months Ended March 31, Natural Gas Pipelines Segment 2026 2025 (Millions of dollars) Adjusted EBITDA $ 339 $ 212 Capital expenditures $ 46 $

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 5 -more- The increase in first-quarter 2026 adjusted EBITDA, compared with first quarter 2025, primarily reflects:

A $92 million increase in optimization and marketing activity due primarily to $70 million of favorable price differentials between the Waha Hub and Katy, Texas, markets and $19 million due to the impact of Winter Storm Fern;
A $23 million increase in transportation services due primarily to higher firm transportation revenue; and
A $17 million increase in adjusted EBITDA from unconsolidated affiliates due primarily to higher earnings on Northern Border Pipeline. EARNINGS CONFERENCE CALL AND WEBCAST: Members of ONEOK’s management team will participate in a conference call at 11 a.m. Eastern (10 a.m. Central) on April 29, 2026. The call will also be webcast. To participate in the conference call, dial 800-343-5172, conference ID: OKE1Q26, or log on to the webcast at www.oneok.com. If you are unable to participate in the conference call or the webcast, a recording will be available at www.oneok.com for one year. LINK TO EARNINGS TABLES AND PRESENTATION: https://ir.oneok.com/financial-information/financial-reports NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES: ONEOK has disclosed in this news release adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), a non-GAAP financial metric used to measure the company’s financial performance. Adjusted EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, noncash impairment charges, income taxes, noncash compensation expense, and other noncash items; and includes adjusted EBITDA from the company’s unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. Adjusted EBITDA from unconsolidated affiliates is calculated consistently with the definition above and excludes items such as interest expense, depreciation and amortization, income taxes and other noncash items. Adjusted EBITDA is useful to investors because it and similar measures are used by many companies in the industry as a measure of financial performance and is commonly employed by financial analysts and others to evaluate ONEOK’s financial performance and to compare the company’s financial performance with the performance of other companies within the industry. Adjusted EBITDA should not be considered in isolation or as

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 6 -more- a substitute for net income or any other measure of financial performance presented in accordance with GAAP. This non-GAAP financial measure excludes some, but not all, items that affect net income. Additionally, this calculation may not be comparable with similarly titled measures of other companies.

A reconciliation of net income to adjusted EBITDA is included in the tables available on ONEOK’s website. At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services.

Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world. ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit the website: www.oneok.com. For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram. This news release contains certain "forward-looking statements" within the meaning of federal securities laws.

Words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “projects,” “scheduled,” “should,” “target,” “will,” “would,” and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect our current views about future events. Such forward-looking statements include, but are not limited to, future financial and operating results, our plans, objectives, expectations and intentions, and other statements that are not historical facts, including future results of operations, projected cashflow and liquidity, business strategy, expected synergies or cost savings, and other plans and objectives for future operations.

No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties, many of which are beyond our control, and are not guarantees of future results. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements.

These risks and uncertainties include, without limitation, the following:

the impact on drilling and production by factors beyond our control, including the demand for natural gas, NGLs, Refined Products and crude oil; producers’ desire and ability to drill and obtain necessary permits; regulatory compliance; reserve performance; and capacity constraints and/or shut downs on the pipelines that transport crude oil, natural gas, NGLs, and Refined Products from producing areas and our facilities;
the impact of unfavorable economic and market conditions, inflationary pressures, which may increase our capital expenditures and operating costs, raise the cost of capital or depress economic growth;
the economic or other impact of announced or future tariffs, including inflationary impacts;
the impact of the volatility of natural gas, NGL, Refined Products and crude oil prices on our earnings and cashflows, which is impacted by a variety of factors beyond our control, including international terrorism and conflicts and geopolitical instability (including instability in the Middle East and Venezuela);
the impact of reduced volatility in energy prices or new government regulations that could discourage our storage customers from holding positions in Refined Products, crude oil and natural gas;
our dependence on producers, gathering systems, refineries and pipelines owned and operated by others and the impact of any closures, interruptions or reduced activity levels at these facilities;
the impact of scrutiny and conflicting stakeholder expectations regarding ESG issues, including climate change, and risks associated with the physical and financial impacts of climate change;
risks associated with operational hazards and unforeseen interruptions at our operations;

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 7 -more-

the inability of insurance proceeds to cover all liabilities or incurred costs and losses, or lost earnings, resulting from a loss;
the risk of increased costs for insurance premiums or less favorable coverage;
demand for our services and products in the proximity of our facilities;
risks associated with our ability to hedge against commodity price risks or interest rate risks;
a breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, and terrorist attacks, including cyber sabotage;
exposure to construction risk and supply risks if adequate natural gas, NGL, Refined Products and crude oil supply is unavailable upon completion of facilities;
the accuracy of estimates of hydrocarbon reserves, which could result in lower than anticipated volumes;
our lack of ownership over all of the land on which our property is located and certain of our facilities and equipment;
the impact of changes in estimation, type of commodity and other factors on our measurement adjustments;
excess capacity on our pipelines, processing, fractionation, terminal and storage assets;
risks associated with the period of time our assets have been in service;
our partial reliance on cash distributions from our unconsolidated affiliates on our operating cashflows;
our ability to cause our joint ventures to take or not take certain actions unless some or all of our joint-venture participants agree;
our reliance on others to construct and/or operate certain joint-venture assets and to provide other services;
our ability to use net operating losses and certain tax attributes;
increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal of wastewater;
impacts of regulatory oversight and potential penalties on our business;
risks associated with the rate regulation, challenges or changes, which may reduce the amount of cash we generate;
the impact of our gas liquids blending activities, which subject us to federal regulations that govern renewable fuel requirements in the U.S.;
incurrence of significant costs to comply with the regulation of greenhouse gas emissions;
the impact of federal and state laws and regulations relating to the protection of the environment, public health and safety on our operations, as well as increased litigation and activism challenging oil and gas development as well as changes to and/or increased penalties from the enforcement of laws, regulations and policies;
the impact of unforeseen changes in interest rates, debt and equity markets and other external factors over which we have no control;
actions by rating agencies concerning our credit;
our indebtedness and guarantee obligations could cause adverse consequences, including making us vulnerable to general adverse economic and industry conditions, limiting our ability to borrow additional funds and placing us at competitive disadvantages compared with our competitors that have less debt;
an event of default may require us to offer to repurchase certain of our or ONEOK Partners’ senior notes or may impair our ability to access capital;
the right to receive payments on our outstanding debt securities and subsidiary guarantees is unsecured and effectively subordinated to any future secured indebtedness and any existing and future indebtedness of our subsidiaries that do not guarantee the senior notes;
use by a court of fraudulent conveyance to avoid or subordinate the cross guarantees of our or ONEOK Partners’ indebtedness;
the risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions;
our ability to effectively manage our expanded operations following closing of recent and potential future acquisitions;
our ability to pay dividends;
our exposure to the credit risk of our customers or counterparties;
a shortage of skilled labor;
misconduct or other improper activities engaged in by our employees;
the impact of potential impairment charges;
the impact of the changing cost of providing pension and health care benefits, including postretirement health care benefits, to eligible employees and qualified retirees;
our ability to maintain an effective system of internal controls; and
the risk factors listed in the reports we have filed and may file with the SEC.

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 8 -more- Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Other than as required under securities laws, ONEOK undertakes no obligation to publicly update any forward- looking statement, whether as a result of new information, future events or changes in circumstances, expectations or otherwise. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in the most recent reports on Form 10-K and Form 10-Q and other documents of ONEOK on file with the SEC.

ONEOK's SECfilings are available publicly on the SEC's website at www.sec.gov. Contacts: Investor Relations: Megan Patterson 918-561-5325 ONEOKInvestorRelations@oneok.com Media Relations: Charlsey Phillips 918-510-1664 Media@oneok.com ###

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 9 -more- ONEOK, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, (Unaudited) 2026 2025 (Millions of dollars, except per share amounts) Revenues Commodity sales $ 8,445 $ 6,912 Services and other 1,173 1,131 Total revenues 9,618 8,043 Cost of sales and fuel (exclusive of items shown separately below) 7,053 5,655 Operations and maintenance 634 655 Depreciation and amortization 378 380 General taxes 112 97 Transaction costs 7 42 Other operating expense (income), net 6 (6) Operating income 1,428 1,220 Equity in net earnings from investments 89 108 Impairment of equity investments (60) - Other income, net 3 2 Interest expense (net of capitalized interest of $27 and $10, respectively) (439) (442) Income before income taxes 1,021 888 Income taxes (245) (197) Net income 776 691 Less: Net income attributable to noncontrolling interests 2 55 Net income attributable to ONEOK $ 774 $ 636 Basic earnings per common share $ 1.23 $ 1.04 Diluted earnings per common share $ 1.23 $ 1.04 Average shares (millions) Basic 630.7 611.4 Diluted 631.6 612.5

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 10 -more- ONEOK, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS March 31, Dec. 31, (Unaudited) 2026 2025 Assets (Millions of dollars) Current assets Cash and cash equivalents $ 172 $ 78 Accounts receivable, net 3,670 3,010 Inventories 1,136 948 Other current assets 565 452 Total current assets 5,543 4,488 Property, plant and equipment Property, plant and equipment 56,272 55,489 Accumulated depreciation and amortization 7,968 7,628 Net property, plant and equipment 48,304 47,861 Other assets Investments in unconsolidated affiliates 2,985 2,889 Goodwill 8,058 8,058 Intangible assets, net 2,868 2,901 Other assets 445 444 Total other assets 14,356 14,292 Total assets $ 68,203 $ 66,641

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 11 -more- ONEOK, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS (Continued) March 31, Dec. 31, (Unaudited) 2026 2025 Liabilities, redeemable noncontrolling interests and equity (Millions of dollars) Current liabilities Current maturities of long-term debt $ 1,241 $ 1,241 Short-term borrowings 1,647 820 Accounts payable 3,572 2,838 Accrued interest 515 499 Other current liabilities 836 967 Total current liabilities 7,811 6,365 Long-term debt, excluding current maturities 30,764 30,755 Deferred credits and other liabilities Deferred income taxes 6,531 6,349 Other deferred credits 609 603 Total deferred credits and other liabilities 7,140 6,952 Commitments and contingencies Redeemable noncontrolling interests in consolidated subsidiaries 41 - Equity Common stock, $0.01 par value: authorized 1,200,000,000 shares; issued 655,909,018 shares and outstanding 630,030,737 shares at March 31, 2026; issued 655,909,018 shares and outstanding 629,707,691 shares at Dec. 31, 2025 7 7 Paid-in capital 20,965 20,961 Accumulated other comprehensive loss (266) (27) Retained earnings 2,469 2,373 Treasury stock, at cost: 25,878,281 shares at March 31, 2026, and 26,201,327 shares at Dec. 31, 2025 (818) (829) Total ONEOK shareholders’ equity 22,357 22,485 Noncontrolling interests in consolidated subsidiaries 90 84 Total equity 22,447 22,569 Total liabilities, redeemable noncontrolling interests and equity $ 68,203 $ 66,641

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 12 -more- ONEOK, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, (Unaudited) 2026 2025 (Millions of dollars) Operating activities Net income $ 776 $ 691 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 378 380 Equity in net earnings from investments (89) (108) Impairment of equity investments 60 - Distributions received from unconsolidated affiliates 110 101 Deferred income taxes 256 170 Other, net 48 14 Changes in assets and liabilities: Accounts receivable (656) (322) Inventories, net of commodity imbalances (173) (113) Accounts payable 810 281 Risk-management assets and liabilities (460) (34) Other assets and liabilities, net (126) (156) Cash provided by operating activities 934 904 Investing activities Capital expenditures (less allowance for equity funds used during construction) (864) (629) Contributions to unconsolidated affiliates (183) (82) Other, net 40 17 Cash used in investing activities (1,007) (694) Financing activities Dividends paid (674) (643) Short-term borrowings, net 827 200 Extinguishment of long-term debt - (250) Other, net 14 (109) Cash provided by (used in) financing activities 167 (802) Change in cash and cash equivalents 94 (592) Cash and cash equivalents at beginning of period 78 733 Cash and cash equivalents at end of period $ 172 $

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 13 -more- ONEOK, Inc. and Subsidiaries INFORMATION AT A GLANCE Three Months Ended March 31, (Unaudited) 2026 2025 (Millions of dollars, except as noted) Natural Gas Liquids Operating costs, excluding noncash compensation adjustments $ 199 $ 203 Depreciation and amortization $ 107 $ 113 Adjusted EBITDA from unconsolidated affiliates $ 27 $ 28 Adjusted EBITDA $ 706 $ 635 Raw feed throughput (MBbl/d) (a) 1,493 1,293 Average Conway-to-Mont Belvieu Oil Price Information Service price differential - ethane in ethane/propane mix ($/gallon) $ 0.00 $ 0.00 Capital expenditures $ 310 $ 171 (a) Represents physical raw feed volumes for which ONEOK provides transportation and/or fractionation services. Refined Products and Crude Operating costs, excluding noncash compensation adjustments $ 220 $ 217 Depreciation and amortization $ 109 $ 116 Adjusted EBITDA from unconsolidated affiliates $ 24 $ 48 Adjusted EBITDA $ 492 $ 471 Refined products volume shipped (MBbl/d) (a) 1,568 1,401 Crude oil volume shipped (MBbl/d) (a) 1,613 1,846 Capital expenditures $ 180 $ 141 (a) Includes volumes for consolidated entities only. Natural Gas Gathering and Processing Operating costs, excluding noncash compensation adjustments $ 236 $ 250 Depreciation and amortization $ 135 $ 126 Adjusted EBITDA from unconsolidated affiliates $ 1 $ 2 Adjusted EBITDA $ 467 $ 491 Natural gas processed (MMcf/d) (a) 5,490 5,250 Capital expenditures $ 317 $ 241 (a) Includes volumes for consolidated entities only.

Includes volumes ONEOK processed at company-owned and third- party facilities. Natural Gas Pipelines Operating costs, excluding noncash compensation adjustments $ 57 $ 51 Depreciation and amortization $ 25 $ 23 Adjusted EBITDA from unconsolidated affiliates $ 78 $ 61 Adjusted EBITDA $ 339 $ 212 Natural gas transportation capacity contracted (MDth/d) (a) 7,837 7,301 Transportation capacity contracted (a) 93 % 91 % Capital expenditures $ 46 $ 62 (a) Includes volumes for consolidated entities only.

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 14 -more- ONEOK, Inc. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Three Months Ended March 31, (Unaudited) 2026 2025 (Millions of dollars) Reconciliation of net income to adjusted EBITDA Net income $ 776 $ 691 Interest expense, net of capitalized interest 439 442 Depreciation and amortization 378 380 Income taxes 245 197 Adjusted EBITDA from unconsolidated affiliates 130 139 Equity in net earnings from investments (89) (108) Impairment of equity investments (a) 60 - Noncash compensation expense and other (b) 58 34 Adjusted EBITDA (b) $ 1,997 $ 1,775 Reconciliation of segment adjusted EBITDA to adjusted EBITDA Segment adjusted EBITDA: Natural Gas Gathering and Processing $ 467 $ 491 Natural Gas Liquids 706 635 Natural Gas Pipelines 339 212 Refined Products and Crude 492 471 Other (b) (7) (34) Adjusted EBITDA (b) $ 1,997 $ 1,775 (a) Non-cash impairment of a joint-venture (JV) investment in the Refined Products and Crude segment. (b) The three months ended March 31, 2025, included transaction costs related primarily to the EnLink acquisition of $31 million included within other and $11 million included within noncash compensation expense and other.

ONEOK Announces 12% Increase in First-Quarter 2026 Net Income and 13% Increase in Adjusted EBITDA April 28, 2026 Page 15 -more- ONEOK, Inc. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Updated 2026 Guidance Range (Unaudited) (Millions of dollars) Reconciliation of net income to adjusted EBITDA Net income $ 3,210 - $ 3,790 Interest expense, net of capitalized interest 1,835 - 1,735 Depreciation and amortization 1,600 - 1,520 Income taxes 985 - 1,185 Adjusted EBITDA from unconsolidated affiliates 560 - 530 Equity in net earnings from investments (365) - (425) Impairment of equity investments 60 - 60 Noncash compensation expense and other 115 - 105 Adjusted EBITDA $ 8,000 - $ 8,500