ONEOK's Strong Synergy Gains May Offset Concerns Over Moderated 2026 Outlook

ONEOK's Q3 results exceeded expectations, with $500mln in acquisition synergies achieved year-to-date. Despite moderating its 2026 outlook due to commodity price volatility, the company's strong synergy realization supports short-term optimism in its investment narrative. ONEOK's share repurchases and improved operational leverage suggest a disciplined effort to return capital to shareholders and maximize near-term value.