Oneok Inc.

Raised 2026 guidance again; strong momentum into 2H26 - Management increased expectations for the second time in 2026 based on strong YTD performance and continued momentum heading into the back half. - 2026 outlook (midpoints): Net income $3.6B, EPS $5.68, Adjusted EBITDA $8.35B. - Vs original Feb guidance: net income +$150M, adjusted EBITDA +$250M. - Q2 results: Net income ~$967M (+13% YoY); Adjusted EBITDA $2.12B (+7% YoY), driven by record NGL throughput, strong refined products demand, and volume growth across systems. - Expect earnings to follow normal seasonal cadence through the rest of 2026.

Capital plan unchanged, but spend accelerates in 2H26 as projects near completion - CapEx guidance unchanged: $2.7B–$3.2B (2026); expected to move toward the upper end as major projects approach completion. - Longer-term CapEx “run rate” expectation: ~$2B–$2.5B/year going forward (not a “mega projects” profile; backlog skewed to mid-sized projects). - CEO reaffirmed long-term target: mid- to high single-digit adjusted EBITDA growth over 5–7 years, supported by structural projects, operating leverage, and a growing organic/commercial pipeline.

Tax update: materially better cash-tax outlook (surprising positive) - Updated analysis of tax legislation impacts (One Big Beautiful Bill / Inflation Reduction Act) increased expected benefits. - Cumulative cash tax benefits now ~ $2.6B (previously ~$1.5B). - Expected to defer meaningful cash tax payments until 2031, extending the cash tax runway by ~2 years, improving future free cash flow. - Leverage trajectory: progress toward long-term target ~3.5x debt/EBITDA supported by higher earnings/free cash flow.