OKE ONEOK (OKE) Q2 FY26 earnings call
ONEOK delivered a strong second quarter, driven by record NGL throughput and robust refined products demand, leading to a second upward revision of its 2026 financial guidance. The company's integrated asset footprint continues to capture growth opportunities across multiple commodities and regions, supported by strategic project completions and an extended cash tax runway. Management remains confident in its long-term mid- to high single-digit adjusted EBITDA growth target, underpinned by operational leverage and a growing pipeline of high-return organic projects.
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OKE operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Active rigs Permian Basin | 16In the Permian Basin, we currently have 16 active rigs on our dedicated acreage.Source: earnings call transcript | — | 20Currently, we have 20 active rigs on our dedicated acreage, driving the need for recently announced capacity expansions, totaling more than 550 million cubic feet per day across the Midland and Delaware basins.Source: earnings call transcript | — | 11In the Permian basin process volumes increased 4% year-over-year, and we currently have 11 rigs operating across our footprint.Source: earnings call transcript | — | — |
| Active rigs Oklahoma | 14There are 14 rigs on our dedicated acreage in Oklahoma and a number of projects underway to connect and optimize these assets in the region.Source: earnings call transcript | 12In the Mid-Continent, there are 12 rigs running on our dedicated acreage in Oklahoma and a number of projects underway to connect and optimize assets in the region.Source: earnings call transcript | 11There are 11 rigs on our dedicated acreage in Oklahoma.Source: earnings call transcript | — | — | — | -8.3% |
| Active rigs Mid-Continent | — | — | — | 13We have 13 rigs currently operating across more than [ 1 million ] dedicated acres in the Mid-Con.Source: earnings call transcript | 11Mid-Continent producers continue to focus activity across both gas-focused and liquid-rich plays, and we have 11 rigs currently operating at costs more than 1 million dedicated acres in this region.Source: earnings call transcript | 11We currently have 11 rigs on our acreage in the Mid-Continent and 13 in the Rocky Mountain region, up 2 rigs in the Rockies compared with last quarter.Source: earnings call transcript | 0% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.