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Delivered a step-change in earnings power with 2025 Adjusted EBITDA increasing 18% to $8,020,000,000, marking twelve consecutive years of growth.
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We realized approximately $250,000,000 in synergies during 2025 alone, bringing total synergies since the Magellan acquisition to nearly $500,000,000, significantly exceeding original targets.
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Transitioned to a high-quality earnings mix where approximately 90% of earnings are fee-based, providing valuation durability and limiting direct commodity exposure.
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Established an integrated platform advantage by incorporating the acquisitions of Magellan, Easton, EnLink and Medallion to drive scale and business optionality in NGL, refined products and crude oil.
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It attributed the performance variance in 2025 to lower-than-anticipated Bakken volume growth of 100,000,000 cubic feet per day and delays in the completion of third-party NGL plants.
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Maintained strong operating leverage through strategic organic expansions that address existing contracts while positioning the company to compete for future volumes.
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Midpoint of projected 2026 Adjusted EBITDA of $8,100,000,000, supported by $150,000,000 in synergies from incremental acquisitions and volume growth in the Permian Basin.
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The guidance methodology assumes a disciplined WTI crude oil price range of $55 to $60 per barrel and incorporates normal seasonal dynamics with the first quarter expected to be the lowest.
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It anticipates EBITDA growth of $150,000,000 from asset optimization, including batching and blending benefits at the Easton and Mont Belvieu connections.
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He expects capital expenditures to decline in the coming years as major projects such as the Medford NGL fractionator and the Denver pipeline expansion are completed.
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A mid-year refined products tariff increase is assumed in the low to mid-single digit range, taking into account the potential outcomes of FERC’s rate index revision.
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A 10% impact on volume was identified in January 2026 due to freezing conditions from Winter Storm Fern, although no major downtime occurred on ONEOK-owned assets.
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He noted a structural volume headwind in the Rocky Mountain region as 18,000 barrels per day of continental NGLs exit the system in 2026.
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It highlighted a significant inventory of 5,000 identified wells that have yet to be drilled in dedicated Bakken acreage, representing more than 15 years of drilling inventory at current rates.
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It confirmed that no significant cash taxes are expected until 2029, which continues to support free cash flow and capital allocation flexibility.