ONEOK indicates that current capacity, including up to 740,000 barrels per day, plus secured and underway projects, should cover demand beyond 2027. Management is proactively addressing long-lead equipment and labor needs, with Permian expansions (Bighorn by mid-2027, Bronco in 2027) and Cutter 2 online in Q1 2028, while signaling potential capacity growth beyond announced plans.
Generated by Dafinchi AI. Source-grounded AI analysis, not investment advice.
What did management say about Long-term processing capacity beyond 2027?
Management indicated that they do not expect a near-term need to expand certain upstream midstream processing/export capacity solely to serve growth after 2027, because they believe they have enough existing capacity plus additional projects already secured/underway.
In response to concerns that competitors are sanctioning plants beyond 2027–2029, management said their existing system has mainline expansion capacity up to 740,000 barrels per day and that “we still have plenty of capacity to meet the demand” expected from processing plant expansions and third-party plant growth, along with the opportunity to grow processing further than what is already announced. They also said they “don’t see having to expand that for a period of time.” 12
Management discussed actions taken specifically to ensure later project delivery, including upsizing projects (e.g., Bighorn), buying long-lead equipment early, and securing additional plant capacity that can be deployed as demand develops. They framed this as staying “ahead of” customer growth so they can perform as volumes grow, concluding that they have “a good handle on that.” 3
In the Permian, management described a pipeline of projects with timing extending through 2027 and adjacent periods:
In the same capacity discussion about their West Texas/LPG system, management explicitly said they see the opportunity to grow processing “even further than we have announced into the future.” 2
Based on management’s comments, the stance is: capacity should be adequate beyond 2027 for the company’s supported demand base, because (a) existing system capacity (including the 740,000 bpd figure) is viewed as sufficient to meet expected incremental volumes, (b) projects already in the plan are expected to come online through/around 2027 (and additional 2028 capacity), and (c) management is already addressing long-lead execution constraints (equipment/labor) to avoid delays. 13254
Note: Management did not characterize a specific, quantified “processing capacity beyond 2027” number in the excerpts, but they did describe confidence that they will not need to expand the referenced system “for a period of time” and that they have growth visibility supported by both planned projects and existing capacity. 2
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