ONEOK’s 2Q26 call emphasized accelerating volumes across its integrated system and a sizable slate of mostly brownfield infrastructure. In the Permian, ONEOK recently added the 150 MMcf/d Midland Basin Shadowfax processing plant, expects another 110 MMcf/d of Delaware capacity in 3Q26 as a result of expansions, and upsized its mid-2027 Permian Bighorn plant from 300 to 400 MMcf/d; total Permian processing capacity should reach nearly 2.4 Bcf/d (see table below). It also started construction on the 120-MMcf/d Cutter 2 plant in the Powder River Basin due online in 1Q28. Management said G&P volumes increased both sequentially and year over year, with particularly good visibility in the Permian, and separately secured a 1-GW gas-fired power-generation supply agreement requiring just over $100 million of capital. Several potential data-center gas projects are in late-stage discussions, although commercialization is taking longer than ONEOK initially expected.
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