ONEOK, Inc. (OKE) Earnings Call Transcripts

ONEOK, Inc.'s Latest Earnings Call - May 27, 2026

In the Q1 2026 earnings call, ONEOK, Inc. (OKE) reported a revenue of $3.5 billion, exceeding expectations of $3.2 billion, driven by strong demand for NGLs and LNG exports. The company maintained its guidance for 2026 EBITDA growth in the mid-single digits, indicating confidence in its operational resilience amid geopolitical tensions affecting energy supply. Management emphasized their 90% fee-based revenue model, which insulates them from commodity price volatility, and highlighted ongoing investments in infrastructure to support future growth.

Reported metrics

Guidance from management

ONEOK maintained its EBITDA growth guidance in the mid-single digits for 2026 and reaffirmed its commitment to a stable dividend growth rate of 3-4%.

What management said

Well, that shows up in poor GDP growth. It shows up and frankly, have and have not. Well, a lot of the impact of this energy crisis is being felt in countries and places that we don't spend a lot of time thinking about. But yes, I think that's the case. How does it impact your business then?

Yes, there is an argument in some of the Japanese LNG importers talk about diversity of supply is security of supply. And one of the things I think we learned is, certainly, countries like Pakistan and India, where they were getting a discount from their closest neighbor, some of the cheapest LNG on the planet, seemed great to double down on the lowest-cost molecule and now you realize actually a diversity of molecul...

What analysts pressed on

Analysts expressed concerns about the potential impact of geopolitical tensions on energy supply and pricing. There were questions regarding the company's ability to manage operational risks associated with fluctuating demand and regulatory challenges in infrastructure development.

Main topics on the call

• Revenue Performance — ONEOK reported Q1 2026 revenue of $3.5 billion, surpassing the $3.2 billion estimate. CEO Pierce Norton stated, "We're seeing modest pickup right now as people try to get their hands around where global demand is going t...
• Operational Resilience — Management highlighted their operational robustness during recent geopolitical tensions, noting that "we're 90% fee-based, so we're very insulated from these commodity swings." This positions them well for sustained perf...
• LNG and NGL Growth Opportunities — The company is focusing on expanding its LNG and NGL export capabilities, with plans to increase capacity significantly. Norton mentioned, "As that LNG grows... you're going to have quite a bit of liquid to take advantag...
• Dividend Stability — ONEOK reaffirmed its commitment to a stable dividend, with a growth target of 3-4% annually. Walter Hulse noted, "We are one of the few midstream companies that didn't cut their dividend in 2020," highlighting their fina...

Read the full ONEOK, Inc. transcript (May 27, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 54 ONEOK, Inc. earnings call transcripts on record, spanning February 25, 2020 to May 27, 2026. Based on this history, ONEOK, Inc. reports quarterly. The most recent call on file is dated May 27, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

OKE

Exchange

NYSE

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

54

First call

February 25, 2020

Most recent

May 27, 2026

Reporting cadence

quarterly