Oneok 1Q26 Recap Spread Gains to Support EBITDA Upside

ONEOK reported a 1Q26 EBITDA beat and raised its 2026 guidance to $8.0-8.5b driven by optimization gains. Goldman Sachs remains Neutral with an $88 price target, citing concerns over normalized spreads and volume discipline beyond 2026.

Key Takeaways

• 1.ONEOK raised its 2026 EBITDA guidance to $8.0-8.5 billion, reflecting strong 1Q26 results and favorable optimization opportunities.
• 2.Management identified significant new organic growth potential from data center and AI power demand, with projects potentially ranging from $400-700 million.
• 3.Geopolitical volatility in the Middle East is driving increased demand for U.S. NGL and refined product exports via OKE's dock facilities.

Table of Contents

• Key Takeaways
• Earnings Summary
• Updating Estimates
• Valuation and Risks
• Disclosure Appendix

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