Oneok Q3 2026: EPS Beat Powered by Record Permian Volumes
As seen on the 24/7 Wall St. homepage on October 27, 2026.
Raised 2026 guidance puts the adjusted EBITDA midpoint at $8.55 billion on record Permian NGL throughput, with a one-time noncash tax benefit of $0.53 a share lifting the headline beat. Management already points to 2027 growth from the Brazos Midland assets.
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Oneok earned $2.13 per diluted share in the third quarter, beating expectations. A one-time noncash income tax benefit of $0.53 per share tied to a corporate reorganization inflates that figure, but the underlying business was strong on its own.
Permian growth drove the quarter: NGL raw feed throughput volumes rose 16% in the Gulf Coast and Permian region. Adjusted EBITDA reached $2.24 billion, reflecting volume growth and optimization and marketing activity.
Management raised full-year 2026 guidance for the second time, lifting the adjusted EBITDA midpoint to $8.55 billion. Total 2026 capital expenditures are expected to be approximately $3.5 billion.
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The forward setup is what investors focus on most. CEO Pierce H. Norton II expects meaningful 2027 earnings growth from the recently acquired Brazos Permian Midland Basin assets, completed growth projects and continued commercial optimization. That gives the market a concrete anchor for next year's estimates.
Oneok extinguished nearly $5.5 billion of debt principal in September 2026 and won BBB+ upgrades from S&P Global Ratings and Fitch Ratings, improving flexibility ahead of heavy capital deployment. The company also declared a quarterly dividend of $1.07 per share in October 2026.
Mentioned: OKE