OKE

In the past six months, ONEOK completed the acquisition of Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for approximately $4.425 billion on October 6, 2026, which is expected to double its Midland Basin processing capacity. On September 10, 2026, ONEOK closed a $9 billion nonvoting minority equity investment from Apollo funds, with $5 billion intended for debt reduction. The company announced cash tender offers for debt repayment on August 30, 2026, as part of a $5 billion plan. ONEOK reported strong earnings, with second-quarter 2026 results showing a 13% increase in net income and a 7% increase in adjusted EBITDA, and first-quarter 2026 results reporting a 12% increase in net income and a 13% increase in adjusted EBITDA, both driven by increased volumes. Analyst ratings saw adjustments, with Stifel and JP Morgan lowering price targets while maintaining Hold/Neutral ratings, and TD Cowen and Truist Securities raising their targets. Fitch Ratings upgraded ONEOK's long-term issuer default and senior unsecured ratings to BBB+ from BBB, reflecting expectations of reduced leverage. The company has also maintained dividend payments for 56 consecutive years.