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ONEOK Q3 results beat estimates on higher product volumes; raises 2026 outlook

By Reuters News


Overview

  • U.S. midstream operator's Q3 adjusted EBITDA and EPS beat analyst expectations

  • Company raised 2026 financial guidance after strong year-to-date performance and Brazos acquisition

  • Q3 results driven by higher NGLs, refined products, and natural gas volumes, plus increased optimization


Outlook

  • ONEOK raises 2026 net income guidance to $4.09 bln-$4.27 bln

  • Company lifts 2026 adjusted EBITDA outlook to $8.5 bln-$8.6 bln

  • ONEOK expects 2026 capital expenditures of about $3.5 bln


Result Drivers

  • HIGHER VOLUMES - Co said increased NGL raw feed, refined products, and natural gas volumes, especially in the Gulf Coast/Permian region, contributed to Q3 results

  • OPTIMIZATION AND MARKETING - Co attributed improved Q3 results to increased optimization and marketing activity across segments, including higher earnings on sales of purity NGLs and favorable commodity price differentials

  • BRAZOS ACQUISITION IMPACT - Co said recently completed Brazos Permian Midland acquisition contributed to Q3 performance and is expected to drive future earnings growth


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

Beat

$2.13

$1.57 (16 Analysts)

Q3 Net Income

$1.38 bln

Q3 Adjusted EBITDA

Beat

$2.24 bln

$2.15 bln (17 Analysts)


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 14 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

  • Wall Street's median 12-month price target for ONEOK, Inc. (Oklahoma) is $99.96, about 3.7% above its October 26 closing price of $96.36

  • The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 15 three months ago


Reuters Recommended Reads

  • Oct 27 - Natgas producer Expand Energy tops quarterly profit estimates

  • Oct 26 - EQT to buy Range Resources in $13 billion deal to create top US gas producer

  • Oct 26 - Ovintiv to buy Logan Energy for $890 million, expanding Montney oil position


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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