Oneok Slows Growth in 2026 But Expects Reacceleration by 2028

The pipeline company's high-yielding dividend remains well-supported despite a temporary growth slowdown.

Published on Feb. 25, 2026

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Oneok, a pipeline company, is coming off a strong year in 2026 with double-digit earnings growth. However, the company expects its growth rate to slow considerably in 2026, though it still plans to increase its 4.9%-yielding dividend by 3-4% annually. The slowdown is temporary, as Oneok has several major expansion projects scheduled for completion in 2028 that should drive a reacceleration in growth.

Why it matters

Oneok's ability to continue growing its high-yielding dividend is an important factor for income-focused investors. The temporary slowdown in 2026 could raise concerns, but the company's long-term growth prospects remain intact.

The details

Oneok generated over $8 billion in adjusted EBITDA in 2026, an 18% increase from 2024. This marked the company's 12th consecutive year of double-digit adjusted EBITDA growth. However, Oneok expects its growth to slow considerably in 2026, projecting adjusted EBITDA between $7.9-$8.3 billion. This is due to higher corporate costs and lower commodity pricing in certain regions, which will offset benefits from cost savings, higher volumes, and project completions.

  • Oneok completed the acquisition of EnLink and Medallion in 2024.
  • Oneok expects to complete the rebuild of its Medford NGL Fractionator in two phases, with the fourth-quarter 2026 and first-quarter 2027 as the expected completion dates.
  • Oneok expects to start up its Bighorn Processing Plant by the middle of 2027.
  • Oneok is investing $1 billion in a joint venture to build the Texas City Logistics export terminal and the related MBTC Pipeline, both of which are expected to enter commercial service in early 2028.
  • Oneok is also part of a joint venture building the Eiger Express Pipeline, which is expected to enter commercial service in mid-2028.

The players

Oneok

A pipeline company that has grown its earnings at a double-digit compound annual rate for the past several years.

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What’s next

Oneok expects its growth to reaccelerate by 2028 when its major expansion projects, including the Texas City Logistics export terminal and the Eiger Express Pipeline, enter commercial service.

The takeaway

While Oneok's growth will slow in 2026, the company's long-term prospects remain strong. Investors can continue to collect Oneok's high-yielding, steadily rising dividend as the company invests in projects that should drive a reacceleration in growth by 2028.