• Earlier this month, ONEOK, Inc. reported second-quarter 2026 results showing revenue of US$12,049 million and net income of US$966 million, raised its 2026 net income guidance to a midpoint of US$3.60 billion, and filed for a US$1.00 billion at-the-market common stock offering.
• The company also disclosed an agreement to supply a 1-gigawatt gas-fired power plant to support AI-driven data center demand, underscoring how digital infrastructure needs are emerging as a new source of midstream gas opportunities.
• We’ll now examine how ONEOK’s move into supplying a 1-gigawatt AI data center power project could reshape its existing investment narrative.

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ONEOK Investment Narrative Recap

To own ONEOK, you have to believe its core midstream business can keep generating solid, fee-based cash flows while it carefully manages debt from recent acquisitions and large projects. The new 1-gigawatt AI data center power deal strengthens the case that gas demand from digital infrastructure could become a meaningful short term catalyst, but it does not remove key risks around leverage, integration of Magellan and EnLink, or ongoing sensitivity to commodity-driven spreads.

The most directly relevant update is ONEOK’s higher 2026 net income guidance, now centered at US$3.60 billion. That guidance, announced alongside the AI-focused power project, frames how much incremental earnings support the company thinks its current portfolio and new opportunities can provide. It also intersects with the newly filed US$1.00 billion at the market equity program, which could affect how ONEOK balances funding growth projects against its existing leverage and shareholder returns.

Yet, against this attractive AI power story, investors still need to be aware of how elevated capital spending and debt could limit flexibility if...

ONEOK's narrative projects $38.5 billion revenue and $4.3 billion earnings by 2029.

Uncover how ONEOK's forecasts yield a $95.48 fair value, in line with its current price.

Exploring Other Perspectives

Some of the lowest estimate analysts paint a much tougher picture, assuming revenues could fall to about US$27.2 billion by 2029 even as earnings edge up to roughly US$3.8 billion, highlighting how views on AI driven gas demand and long term hydrocarbon risk can differ sharply and why you should compare several narratives before deciding what you believe.

Explore 7 other fair value estimates on ONEOK - why the stock might be worth 8% less than the current price!

Decide For Yourself

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your ONEOK research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free ONEOK research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate ONEOK's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.