Strong Financial Performance: ONEOK reported a net income of $841 million ($1.34 per share) in Q2 2025, a more than 30% increase compared to Q1. Adjusted EBITDA rose 12% from the previous quarter, totaling $1.98 billion. The company's strong financial results reflect successful synergy capture from recent acquisitions and increasing demand strength in NGL and natural gas processing volumes.

Affirmed 2025 Guidance: The company reaffirmed its full-year 2025 financial guidance, expecting a net income of $3.1 billion to $3.6 billion and adjusted EBITDA of $8 billion to $8.45 billion. This guidance is supported by solid producer performance, upcoming projects, and increased seasonal demand for refined products, indicating confidence in its operational and financial stability despite market volatility.

2026 Outlook Adjusted: Despite the reaffirmed guidance for 2025, there was a downward adjustment of approximately 2% (around $200 million) for 2026's EBITDA outlook, driven by tightened commodity price differentials and changing market conditions. The anticipated EBITDA growth for 2026 is now expected to be mid- to upper single digits, highlighting the need for producers to maintain drilling plans amidst fluctuating oil prices.