Overview

• Midstream energy firm's Q4 EPS beat analyst expectations

• Q4 adjusted EBITDA slightly missed analyst estimates

• Company's Q4 net income was $978 mln

Outlook

• ONEOK expects 2026 net income between $3.19 bln and $3.71 bln

• Company forecasts 2026 EPS between $5.04 and $5.87

• ONEOK projects 2026 adjusted EBITDA between $7.9 bln and $8.3 bln

Result Drivers

• VOLUME INCREASE - 15% rise in Rocky Mountain region NGL raw feed throughput and 3% increase in natural gas volumes processed contributed to Q4 results

• ACQUISITION SYNERGIES - EnLink and Medallion acquisitions boosted full-year results with higher NGL and natural gas processing volumes

• PROJECT COMPLETIONS - Key project completions created significant operating leverage, enhancing financial position and flexibility

Company press release: ID:nGNX6K8xxL

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 11 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas transportation services peer group is "buy"

• Wall Street's median 12-month price target for ONEOK Inc is $86.50, about 1% below its February 20 closing price of $87.33

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 11 three months ago

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