Despite some headwinds in 2025, ONEOK was able to maintain its streak of 12 consecutive years of adjusted EBITDA growth. As shown in the slide below, lower crude prices (which resulted in reduced Bakken gas throughput) and a narrow RBOB to butane spread impacted earnings, as did delayed startups of connected third-party gas processing plants in the Permian. However, the company was able to make up for those shortcomings in other parts of the business. In particular, ONEOK was able to capitalize on the strong Waha to Katy natural gas price spread and Permian volume growth.
Featured Articles
- Analyst Insight
Q1 2026 Earnings Calls: ONEOK Highlights Gas Processing & NGL Growth
ONEOK Highlights Gas Processing & NGL Growth
- Analyst Insight
Q1 2026 Earnings Calls: Targa Infrastructure Update
In Targa's Q1 2026 earnings call, Targa touted increased gas gathering and processing volumes despite producer shut-ins, provided updates to infrastructure projects and announced two additional processing plants in the Delaware basin.
- Blog
Long Time Comin’ – Can Permian Gas Processing Capacity Keep Pace With Production Gains?
A combination of new natural gas takeaway capacity out of the Permian, rising feedgas demand from LNG export terminals and stronger gas prices at the Waha Hub will support a steady increase in associated gas production. But an important question looms: Will there be enough gas processing capacity?
