ONEOK publishes investor presentation outlining 2026 EBITDA outlook, capital allocation strategy

• Oneok outlined 2026 adjusted EBITDA guidance of $8.2 billion-$8.5 billion, including $150 million of annual synergies.
• Capital returns plan targets 75%-85% of forecast cash flow from operations, supported by a $2 billion share repurchase authorization.
• Dividend framework calls for 3%-4% annual growth, with a payout ratio target of about 85% or lower.
• Balance sheet targets include a 3.5x debt-to-EBITDA ratio; credit ratings listed as Moody’s Baa2, S&P BBB, Fitch BBB.
• Organic growth slate includes Medford fractionator expansions totaling 210,000 bpd by Q1 2027, with Texas City LPG export terminal set for early 2028.

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