Commodities
Oneok Q1 Throughput Rises in NGLs, Gas Processing as Crude Volumes Decline
Midstream firm Oneok (OKE) reported Q1 earnings Tuesday, showing natural gas liquids throughput volumes rose to 1.49 mmb/d, compared with 1.29 mmb/d a year earlier.Natural gas processed volumes totaled 5.49 billion cubic feet per day in Q1, up from 5.25 Bcf/d a year earlier, led by increases in the Mid-Continent, Permian, and Rocky Mountain regions.Crude oil transportation volumes fell to 1.61 million barrels per day for the quarter ended March 31, compared with 1.85 mmb/d a year earlier, the company said.Refined products shipments reached 1.57 mmb/d for Q1, compared with 1.40 mmb/d a year earlier, Oneok said.Gasoline throughput volumes rose 16% at 909,000 b/d for the quarter, compared with 785,000 b/d a year earlier. Distillates jumped 12% to 562,000 b/d, up from 500,000 b/d a year ago.Aviation fuel and other volumes dropped to 97,000 b/d, from 116,000 b/d a year earlier.The company advanced growth projects including the Medford fractionator, with Phase I capacity of 100,000 b/d expected in Q4 2026 and Phase II capacity of 110,000 b/d targeted for Q1 2027, it said.Oneok is also progressing a Texas City LPG terminal with 400,000 b/d capacity, expected online in early 2028, alongside a Denver refined products pipeline expansion adding 35,000 b/d by mid-2026, the company said.In the Permian Basin, Oneok completed a 150 million cubic feet per day plant relocation in Q1 2026 and is building 110 mmcf/d expansions for completion in Q3 2026, with a 300 mmcf/d Bighorn plant planned for mid-2027.
$OKE