April 29, 2026 [Reuters]- U.S. pipeline operator ONEOK raised its annual earnings forecast on Tuesday after reporting first-quarter core profit that beat estimates, driven ​by higher volumes across its natural gas liquids, gas processing ‌and pipeline systems.

The company raised its 2026 net income expectations to a range of $3.21 billion to $3.79 billion, compared with its prior forecast of $3.19 billion to $3.71 ​billion.

It also increased its adjusted EBITDA outlook to $8.0 billion ​to $8.5 billion, up from a previous range of $7.9 billion to $8.3 ⁠billion.

U.S. midstream operators are benefiting from rising production in major ​shale basins, particularly the Permian, alongside expectations of record-high flows across ​the broader U.S. natural gas system in 2026, with demand fueled by stronger LNG exports and rising power needs from data centers.

“Strong performance across multiple business ​segments, supported by a constructive market environment, is strengthening our forward ​outlook, building momentum through the year and supporting increased 2026 financial guidance expectations,” ‌said ⁠ONEOK CEO Pierce Norton.

For the January-March quarter, adjusted EBITDA rose to $1.997 billion, beating analysts’ average estimate of $1.95 billion, according to data compiled by LSEG.

In natural gas liquids (NGL) segment, quarterly adjusted EBITDA rose 11% ​to $706 million from ​a year earlier.

The ⁠company reported 15% increase in NGL raw feed throughput volumes, while refined products shipments increased 12%, ​and natural gas processing volumes gained 5%.

ONEOK transports natural ​gas, ⁠natural gas liquids, refined products and crude oil through its 60,000-mile-long network of pipelines.

The company has been diversifying its portfolio through acquisitions over ⁠the past ​two years, including a Gulf Coast ​NGL pipeline system from Easton Energy, as well as Medallion Midstream and EnLink Midstream.