Energy
ONEOK’s Q2 FY2026 revenue jumped 52.8% year-over-year, powered by higher volumes and commodity sales, but cost increases compressed margins.
Key risk: Commodity Price and Differential Volatility
Optimization and marketing earnings heavily depend on product, location, and seasonal price differentials, such as the Waha–Katy spread. An adverse shift in these differentials could materially reduce segment profits.
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