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.
ONEOK Projects
NGLs were one of ONEOK's standout stories: raw-feed throughput rose 7% YoY to a record, helped by stronger ethane recovery. Going forward, Medford Phase 1 will add 100 Mb/d of Midcontinent fractionation in 4Q26 and Phase 2 follows in 1Q27. The new LPG export facility has reached its 80% contracting threshold on 200 Mb/d of capacity. West Texas LPG can handle up to 740 Mb/d without another near-term expansion, and more than 50 Mb/d of legacy EnLink NGL volumes currently moving on a third-party pipeline will migrate onto ONEOK’s system as contracts expire from late 2026 through 2028. The caveat is that record NGL volumes do not translate one-for-one into earnings: incremental ethane carries lower T&F rates than C3+.
NGL Throughput
Crude and refined products throughput, shown below, grew also. Refined-product shipments increased 8% YoY, Seabrook crude-export throughput rose about 20% sequentially, and Midland crude-gathering volumes rose 10% sequentially.
The new Denver expansion adds 35 Mb/d of firm take-or-pay refined-products capacity plus a direct DIA jet-fuel connection. In Q&A, ONEOK revealed that it had installed a 16-inch line capable of potentially ~200 Mb/d, leaving roughly 165 Mb/d of latent capacity and positioning it for additional PADD 4/Salt Lake City flows.
Refined Products and Crude
