Organic growth slate includes Medford fractionator expansions totaling 210,000 bpd by Q1 2027, with the Texas City LPG export terminal set for early 2028.
2026 EBITDA outlook and capital returns plan
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.
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