A Tulsa, Oklahoma energy infrastructure company that moves natural gas and natural gas liquids through roughly 60,000 miles of pipelines, gathering, processing, and fractionating them for utilities, producers, and refiners across the US. It traces back to the Oklahoma Natural Gas Company, founded in 1906, and adopted the name ONEOK in 1980 as a phonetic play on its Oklahoma roots — it is pronounced "one-oak." The company's work quietly underpins everyday heating, cooking, and the petrochemicals used in countless household products.
Q2 2026 revenue rose 52.8% to $12.0B while gross margin fell 8.7 points to 23.3%
rose again even as margin compressed. rose 52.8% to $12.0B and rose 14.2% to $1.53 in Q2 2026, with the increase driven by higher volumes and optimization earnings across Natural Gas Pipelines and Refined Products and Crude as fell 8.7 points to 23.3%. The company is larger from past acquisitions but earns a thinner margin on each dollar of sales.
Key takeaways
Consolidated increased $162M to $1,593.0M in Q2 2026, driven by a $94M gain in Natural Gas Pipelines and a $77M gain in Refined Products and Crude.
Natural Gas Pipelines rose $109M in Q2 2026, primarily from favorable Waha-to-Katy price differentials boosting optimization and marketing.
Refined Products and Crude grew $70M in Q2 2026 on higher refined products volumes and rates and stronger crude marketing earnings.
Section summaries
Management's Discussion and Analysis
Q2 2026 earnings rose on higher NGL, Refined Products, and natural gas volumes and stronger optimization and marketing activity.
⌄
Consolidated increased $162 million in Q2 2026, driven by a $94 million gain in Natural Gas Pipelines and a $77 million gain in Refined Products and Crude.
Natural Gas Liquids dipped $14M in Q2 2026 as higher operating costs and lower transportation volumes offset optimization gains.
rose 52.8% to $12.0B and fell 8.7 points to 23.3%, while rose 14.2% to $1.53 and rose 85.6% to $1,440.0M.
The company expects approximately 90% in 2026 and forecasts total of $2.7B–$3.2B; a $60M on the Powder Springs investment was recorded in Q1 2026.
What changed
MB-6 fractionator startup was still not reported this quarter, leaving its effect on Natural Gas Liquids exchange capacity and fee income unresolved after being flagged since 2023.
Q2 2026 was $1,440.0M versus $70.0M in Q1 2026, as annualized toward the $2.7B–$3.2B guide after H1 produced $1,510.0M.
The Powder Springs investment recorded a $60M in Q1 2026 within Refined Products and Crude; no resolution or further was reported this quarter.
EnLink and Medallion synergy realization and integration costs were not separately updated this quarter after being flagged across prior filings.
of 23.3% is the lowest quarterly reading since Q2 2022's 18.6%, extending the decline from the 40.9% peak in Q2 2024 as acquired commodity-sensitive volumes remained in the mix.
What to watch
Q3 2026 as approaches the $2.7B–$3.2B full-year guide after H1 produced $1,510.0M
MB-6 fractionator startup status and its effect on Natural Gas Liquids exchange capacity and fee income
Resolution or further of the Powder Springs investment following the $60M
Refined Products and Crude against the $30.8B balance as acquisitions fully annualize
Natural Gas Pipelines surged $109 million in Q2 2026, primarily from favorable Waha-to-Katy price differentials boosting optimization and marketing.
Refined Products and Crude grew $70 million in Q2 2026, led by higher Refined Products volumes and rates and stronger crude marketing earnings.
Natural Gas Liquids dipped $14 million in Q2 2026 as higher operating costs and lower transportation volumes offset gains in optimization and marketing.
The company expects approximately 90% in 2026, supported by long-term contracts, and forecasts total 2026 of $2.7-$3.2 billion.
A $60 million noncash was recorded in Q1 2026 on the 50% investment in Powder Springs within the Refined Products and Crude .
Quantitative and Qualitative Disclosures About Market Risk
Commodity price and counterparty credit risks remain consistent with prior disclosures; no material changes in market risk exposures reported.
⌄
The company uses commodity derivatives and physical-forward contracts to hedge near-term price fluctuations on a portion of forecasted purchases and sales.
Geopolitical conditions in the Middle East contributed to commodity price volatility, but overall commodity price risk exposure is unchanged from prior reports.
Counterparty credit risk is managed through ongoing credit assessments and requiring security such as prepayments, letters of credit, or liens when appropriate.
In the Natural Gas Gathering and Processing , about 85% of downstream commodity sales were to investment-grade customers or secured by collateral in the first half of FY2026.
No material changes in market risk exposures have occurred that would alter the quantitative and qualitative disclosures from the Annual Report.
We have elected to use a $1 million threshold for disclosing environmental proceedings. Information about our legal proceedings is included in Note I of the Notes to Consolidated Financial Statements in this Quarterly Report and under Note O of the Notes to Consolidated Financia…
⌄
We have elected to use a $1 million threshold for disclosing environmental proceedings.
Information about our legal proceedings is included in Note I of the Notes to Consolidated Financial Statements in this Quarterly Report and under Note O of the Notes to Consolidated Financial Statements in our Annual Report.
There have been no material changes to the risk factors set forth in Part I, Item 1A, Risk Factors, of our Annual Report that could affect us and our business. Although we have tried to discuss key factors, our investors need to be aware that other risks may prove to be importan…
⌄
There have been no material changes to the risk factors set forth in Part I, Item 1A, Risk Factors, of our Annual Report that could affect us and our business. Although we have tried to discuss key factors, our investors need to be aware that other risks may prove to be important in the future. New risks may emerge at any time, and we cannot predict such risks or estimate the extent to which they may affect our financial performance. Investors should consider carefully the discussion of risks and the other information included or incorporated by reference in this Quarterly Report, including “Forward-Looking Statements,” which are included in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
38
Table of Contents