ONEOK, Inc.

Strong Q3 performance + upward 2026 guidance (key takeaway: momentum is real) - Net income: $1.35B ($2.13/sh) incl. $336M one-time noncash tax benefit from corporate reorganization. - Adjusted EBITDA: $2.24B, +6% YoY. - 2026 guidance raised again (3rd time in 2026): - Net income midpoint: $4.18B - Adjusted EBITDA midpoint: ~$8.55B (+~$200M vs. last quarter; +~$450M vs. initial Feb) - Increment drivers (approx.): $50M transaction benefits, $75M contribution from Brazos Midland (offset by -$25M transaction costs), $100M stronger base-business performance. - Surprising/important: No 2027 guidance today—management says it will likely come after Q4 results in Feb.

Big balance-sheet actions unlocked financial capacity (and improved credit) - Closed a ~$9B minority equity investment (Apollo). - Extinguished nearly ~$5.5B of debt in September. - Credit upgrades: S&P and Fitch upgraded to BBB+ (stable). - Management emphasizes this enables more flexibility to pursue attractive projects while targeting lower leverage than before.

Leverage “philosophy” shift: lower target, but not a rigid plan - New debt/EBITDA operating target: ~3.25x or lower (vs prior ~3.5x upper target). - Expectation: modeled path could put leverage below 3x within a few years. - Important nuance: Capex/project opportunities can be funded while maintaining this framework; the gap vs ceiling is intentional “optionality,” not a promise. - Dividend + share repurchases are part of the plan, alongside growth capex and deleveraging.