ONEOK INC /NEW/ (OKE)

ONEOK, Inc. is an Oklahoma-incorporated, NYSE-listed (OKE) midstream energy infrastructure company operating one of the largest integrated networks in North America, spanning approximately 60,000 miles of pipelines that gather, process, fractionate, transport, store, and market natural gas, NGLs, refined products, and crude oil. The company operates through four reportable segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude, with roughly 90% of consolidated 2025 earnings being fee-based, limiting direct commodity price exposure while retaining some volumetric risk tied to drilling activity and demand. A pivotal 2025 development was the completion of the EnLink Acquisition (January 31, 2025), in which ONEOK issued 41 million shares (fair value $4.0 billion) to acquire EnLink as a wholly owned subsidiary, contributing to earnings growth across all segments alongside a full year of Medallion earnings and higher NGL/natural gas processing volumes.

Additional 2025 transactions included the $941 million Delaware Basin JV Acquisition (making it wholly owned) and the $270 million BridgeTex Additional Interest Acquisition, raising ONEOK's BridgeTex stake to 60%. The Natural Gas Gathering and Processing segment operates in the Rocky Mountain (Williston and Powder River Basins), Mid-Continent (Anadarko Basin, Barnett Shale), and Permian Basin regions, with 22,600 miles of gathering pipelines and processing capacity of 1.9 Bcf/d (Rocky Mountain), 3.5 Bcf/d (Mid-Continent), and 1.8 Bcf/d (Permian), utilized at 78% in 2025; growth projects include the new Bighorn plant (300 MMcf/d, ~$365 million, mid-2027) and Permian expansions/relocations. The Natural Gas Liquids segment includes 10,100 miles of gathering pipelines, 4,800 miles of distribution pipelines, 1.2 MMBbl/d of fractionation capacity (94% utilized), storage of 40 MMBbl, and eight Purity NGL terminals, with 2025 completion of the Elk Creek pipeline expansion (bringing Rocky Mountain export capacity to 575 MBbl/d) and a new joint venture with MPLX LP (Texas City Logistics and MBTC Pipeline, ~$1.0 billion investment, targeted for early 2028); the segment also holds interests in Overland Pass (50%) and Gulf Coast Fractionators (38.75%).

The Natural Gas Pipelines segment comprises 8,300 miles of natural gas pipelines (91% subscribed) and eleven underground storage facilities with 74 Bcf of working gas capacity (83% subscribed), serving Oklahoma, Texas, Louisiana, and Kansas, with connectivity to Mexico via Roadrunner and to Canada/U.S. via Northern Border and Matterhorn; a new Eiger Express Pipeline joint venture (with WhiteWater, MPLX LP, and Enbridge) is planned to move up to 3.7 Bcf/d from the Permian Basin to Katy, Texas (~$350 million investment, mid-2028 completion), alongside a Jefferson Island storage expansion. The Refined Products and Crude segment benefited from a full year of Medallion and EnLink earnings, and the company is constructing a new 230-mile refined products pipeline connecting Mid-Continent/Gulf Coast supply to Denver, fully subscribed under long-term contracts and expected to be complete by mid-2026. Corporate strategy emphasizes safety ("zero incidents"), workforce engagement, financial discipline (investment-grade ratings, a $2.0 billion share repurchase program with $234 million repurchased through 2025), and shareholder returns, including a January 2026 quarterly dividend increase to $1.07 per share (up 4% year-over-year); as of December 31, 2025, the company held $78 million in cash and $3.5 billion of available credit capacity.

ONEOK also reported strong sustainability performance, including an MSCI ESG Rating of AA and a top-10% Sustainalytics ESG Risk Rating within its industry peer group.