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
- Blog
Calling All NGLs – Permian’s ‘Wellhead-to-Water’ Midstreamers Dominate NGL-Related Development
There’s an interesting aspect to the buildout of new Permian gas processing capacity, NGL pipelines, fractionators and NGL export terminals, namely that virtually all of the projects are being undertaken by midstream companies that handle NGLs along their entire value chain, from wellhead to water.
- Blog
Calling All NGLs – Permian’s Rising NGL Output Spurs Another Round of ‘Wellhead-to-Water’ Projects
The rapid buildout of Permian gas processing plants and other NGL-related infrastructure in Texas and southeastern New Mexico isn’t just continuing, it’s accelerating. In today’s RBN blog, we discuss the latest project announcements and why gas and NGL production in the Permian are still rising.
