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Segment Adjusted EBITDA Breakdown
Allocates adjusted EBITDA to each operating segment so you can see which businesses generate the most profit and their relative margins. Helps investors identify where earnings are concentrated and which segments drive dividend support and future cash generation.ONEOK’s EBITDA mix is shifting toward NGLs and refined products as recent processing, fractionation and export capacity ramps deliver bigger recurring contributions, with G&P also benefiting from project-driven volume growth. That execution underpins the raised 2026 guidance and improved free-cash-flow runway from tax timing, but watch near-term risks: NGL blended margins are being squeezed by an ethane-heavy mix and the Pipelines business faces an expected H2 normalization as Permian takeaway eases differentials, so upside is volume-led but margin-sensitive.
Date | Natural Gas Gathering & Processing | Natural Gas Liquids | Natural Gas Pipelines | Refined Products & Crude |
|---|---|---|---|---|
Sep 30, 2026 | $563.00M | $718.00M | $231.00M | $685.00M |
Jun 30, 2026 | $546.00M | $659.00M | $297.00M | $627.00M |
Mar 31, 2026 | $467.00M | $706.00M | $339.00M | $492.00M |
Dec 31, 2025 | $541.00M | $723.00M | $261.00M | $567.00M |
Sep 30, 2025 | $566.00M | $748.00M | $200.00M | $582.00M |
Jun 30, 2025 | $540.00M | $673.00M | $188.00M | $557.00M |
Mar 31, 2025 | $491.00M | $635.00M | $212.00M | $471.00M |
Dec 31, 2024 | $489.00M | $696.00M | $417.00M | $603.00M |
Sep 30, 2024 | $318.00M | $624.00M | $166.00M | $441.00M |
Jun 30, 2024 | $371.00M | $635.00M | $152.00M | $467.00M |