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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“can you talk about your project positioning relative to 1 Oak's competing Sunbelt project”
An analyst frames ONEOK's Sunbelt pipeline as a competing project to KMI's Western Gateway in the Southwest refined-products market.
“As far as the comparison of our project to OneOak's project, I think they have different target markets or target sources, Gulf Coast versus Mid Continent.”
Phillips 66 frames ONEOK's competing pipeline project as targeting a different source region (Gulf Coast vs Mid Continent), a competitive read-through.
“one of the reasons we're excited about it is with our JV with ONEOK with our relationship between MPC and MPLX.”
MPC/MPLX cite their existing joint venture with ONEOK as a strategic asset supporting further NGL value chain growth on the Permian side.
“MPLX has entered into joint venture agreements with ONEOK for the export terminal and a bidirectional purity pipeline between Mount Bellevue and Texas City. ONEOK will market its 200,000 barrels per day and provide connectivity to Mount Bellevue storage, enhancing the competitiveness of the terminal.”
MPLX is entering joint venture agreements with ONEOK covering a Gulf Coast LPG export terminal and a bidirectional pipeline, with ONEOK marketing its own volumes through the shared infrastructure.
“we have multiple touchpoints at different levels of MPLX in here, and I am very, very pleased with the communication that is going back and forth between the two companies.”
OKE's Texas City export dock is a joint venture with MPLX; management describes strong collaboration and commercialization momentum.
“We have a contract coming off this year where we are going to lose about 18,000 barrels a day going over to the Kinder Morgan system.”
OKE is losing roughly 18,000 bbl/day of Bakken NGL volume to Kinder Morgan's system as a contract rolls off, a modest volume gain for KMI.
“The acquired EnLink and Medallion assets delivered nearly $470 million in adjusted EBITDA during the third quarter, continuing their meaningful contribution to year-over-year earnings growth.”
The acquired Medallion assets are a meaningful contributor to ONEOK's adjusted EBITDA growth.
“The acquired EnLink and Medallion assets delivered nearly $470 million in adjusted EBITDA during the third quarter, continuing their meaningful contribution to year-over-year earnings growth.”
The acquired EnLink assets are a meaningful contributor to ONEOK's adjusted EBITDA growth.
“we will have realized nearly $500 million of synergies since closing the Magellan acquisition in September 2023, far exceeding our original expectation.”
ONEOK's 2023 acquisition of Magellan Midstream continues to deliver synergies well above the original target.
“We had the opportunity to increase our holdings from 30% up to 60% at very attractive multiples compared to recent transactions in the marketplace.”
ONEOK increased its equity stake in the BridgeTex crude pipeline joint venture from 30% to 60%, citing attractive economics, though it will not consolidate the JV given the remaining partner's governance rights.
“Now we are selling that that product into the open market today, whether it be an enterprise, whether it be a target, whether be it in energy transfer. And we know just by supply and demand balances that some of that product has to be going across their dock, but we are not selling into crops or dock, but when our dock comes up, we will take that product that we were selling into the open market that [indiscernible] was making it across somebody else's dock.”
ONEOK currently sells propane into the open market that ends up crossing competitor docks including Energy Transfer; once ONEOK's own LPG export dock opens in 2028, that volume will shift away from Energy Transfer's terminal to ONEOK's.
“Now we are selling that that product into the open market today, whether it be an enterprise, whether it be a target, whether be it in energy transfer. And we know just by supply and demand balances that some of that product has to be going across their dock, but we are not selling into crops or dock, but when our dock comes up, we will take that product that we were selling into the open market that [indiscernible] was making it across somebody else's dock.”
ONEOK currently sells propane into the open market that ends up crossing competitor docks including Targa Resources; once ONEOK's own LPG export dock opens in 2028, that volume will shift away from Targa's terminal to ONEOK's.
“Now we are selling that that product into the open market today, whether it be an enterprise, whether it be a target, whether be it in energy transfer. And we know just by supply and demand balances that some of that product has to be going across their dock, but we are not selling into crops or dock, but when our dock comes up, we will take that product that we were selling into the open market that [indiscernible] was making it across somebody else's dock.”
ONEOK currently sells propane into the open market that ends up crossing competitor docks including Enterprise Products; once ONEOK's own LPG export dock opens in 2028, that volume will shift away from Enterprise's terminal to ONEOK's.
“We saw a situation there at year-end where we had the proceeds from the sale of assets to DTM, where we were sitting on a very large amount of cash.”
ONEOK divested certain assets to DTM at year-end, generating proceeds that funded early execution of its share buyback program.
“Our collaboration with MPLX on this project enables us to provide a new wellhead to water solution to customers across our entire system.”
ONEOK is partnering with MPLX on a joint-venture LPG export terminal in Texas City, expanding both companies' integrated NGL export capacity.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Theresa Chen | Barclays | 13 (8%) |
| Keith Stanley | Wolfe Research | 12 (0%) |
| Mike Blum | Wells Fargo | 12 (8%) |
| Jean Salisbury | Bank of America | 11 (18%) |
| Manav Gupta | UBS | 11 (0%) |
| Sunil Sibal | Seaport Research Partners | 10 (0%) |
| Spiro Dounis | Citigroup | 8 (0%) |
| Jeremy Tonet | JPMorgan | 8 (25%) |
| Brandon Bingham | Scotiabank | 6 (0%) |
| Jason Gabelman | TD Cowen | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 1 | 13 (8%) |
| JPMorgan | 2 | 12 (17%) |
| Wolfe Research | 1 | 12 (0%) |
| Wells Fargo | 1 |
ONEOK capped its twelfth consecutive year of adjusted EBITDA growth, with Q4 EBITDA of $2.15 billion and full-year EPS of $5.42. Nearly $500 million in cumulative synergies exceeded initial expectations. The Eagle Ford Gulf Coast pipeline was fully contracted, and record volumes were achieved across Rocky Mountain and blending operations. Management introduced 2026 guidance with an EBITDA midpoint of $8.1 billion and EPS of $5.45, reflecting a cautious commodity outlook. The data center pipeline advanced to final stages.
Demand | Revenue Growth | Guidance Reliability | Capex Investment | M&A | Pricing | Competitive Dynamics | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 3 | 3 | 4 | 4 | 4 | 2 | |
| 2025Q1 | 6 | 7 | 5 | 1 | 4 | 3 | 2 | 1 |
| 2025Q2 | 6 | 3 | 2 | 5 | 6 | 1 | 2 | 5 |
| 2025Q3 | 9 | 5 | 3 | 2 | 2 | 1 | 4 | 2 |
| 2025Q4 | 7 | 3 | 5 | 3 | 4 | 5 | 3 | 2 |
| 2026Q1 | 10 | 8 | 7 | 6 | 10 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 6 | 6 | 9 | 7 | 10 |
| Revenue Growth | 3 | 7 | 3 | 5 | 3 | 8 |
| Guidance Reliability | 3 | 5 | 2 | 3 | 5 | 7 |
| Capex Investment | 4 | 1 | 5 | 2 | 3 | 6 |
| M&A | 4 | 4 | 6 | 2 | 4 | |
| Pricing | 3 | 1 | 1 | 5 | 10 | |
| Competitive Dynamics | 4 | 2 | 2 | 4 | 3 | 2 |
| Margin | 2 | 1 | 5 | 2 | 2 | 3 |
| 12 (8%) |
| Bank of America | 1 | 11 (18%) |
| UBS | 1 | 11 (0%) |
| Seaport Research Partners | 1 | 10 (0%) |
| Citigroup | 2 | 10 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
OKE ONEOK | 9 | +19.6% | |
| EPD Enterprise Products Partners L.P. | 5 | -6.7% | |
| KMI Kinder Morgan | 9 | +13.5% | |
| TRGP Targa Resources | 5 | -15.6% | |
| WMB Williams Companies | 6 | -0.6% |