Item 2.01: Completion of Acquisition or Disposition of Assets - ONEOK announced the completion of an acquisition or disposition of assets on August 3, 2026 Item 2.02: Results of Operations and Financial Condition - Company announced Q2 2026 results for the quarter ended June 30, 2026, and increased its 2026 financial guidance Item 7.01: Regulation FD Disclosure - Filed disclosure materials…

Our analysis rates this filing BULLISH. ONEOK presents a compelling bullish case with minimal near-term concerns. The company delivered a strong earnings beat with 13% net income growth and 7% EBITDA growth, demonstrating operational excellence and market demand strength. The second guidance…

Concern level: LOW (1.8/10). Key factors: Joint venture impairment charge of $60 million on Refined Products segment investment (severity 4/10) - noncash charge indicating JV underperformance but immaterial to overall $4.1B six-month EBITDA; Powder Springs Logistics JV losses of $23 million reducing unconsolidated affiliate EBITDA (severity 3/10) - manageable and quantified impact on 50% owned…

Notable risk changes: POSITIVE: Net income increased 13% YoY to $967 million in Q2 2026 with adjusted EBITDA up 7% to $2.12 billion, indicating strong operational performance and earnings growth trajectory; POSITIVE: Company raised 2026 full-year financial guidance for second time in 2026 - net income midpoint increased to $3.6 billion and adjusted EBITDA midpoint to $8.35 billion, reflecting confidence in market…

Net income beat with 13% increase YoY; Adjusted EBITDA grew 7% YoY.

The model predicts OKE will underperform the S&P 500 by about 0.1% over 30 days. This is model analysis for research, not investment advice.