ONEOK INC /NEW/ (OKE)

ONEOK, Inc. is an Oklahoma corporation listed on the NYSE under the symbol "OKE." It describes itself as a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services, and as one of the largest integrated energy infrastructure companies in North America. Through a pipeline network of approximately 60,000 miles, it transports natural gas, NGLs, refined products and crude oil. On January 31, 2025, it completed the acquisition of EnLink, which is now a wholly owned subsidiary. It also acquired Medallion in late 2024, completed the Delaware Basin JV acquisition in May 2025 for $941 million, and bought an additional BridgeTex interest in July 2025, bringing its ownership to 60%.

The company reports four segments. Natural Gas Gathering and Processing gathers raw natural gas at the wellhead and processes it to remove NGLs. It owns 22,600 miles of gathering pipelines and processing plants with 1.9 Bcf/d of capacity in the Rocky Mountain region, 3.5 Bcf/d in the Mid-Continent and 1.8 Bcf/d in the Permian Basin. It earns revenue from fee-with-percent-of-proceeds contracts and fee-only contracts. Natural Gas Liquids gathers NGLs and fractionates them into purity products, then transports, stores and markets them. Its assets include 10,100 miles of gathering pipelines, 4,800 miles of distribution pipelines, fractionators with 1.2 MMBbl/d of capacity, 40 MMBbl of storage and eight purity NGL terminals. Its activities are exchange services, transportation and storage, and optimization and marketing. Natural Gas Pipelines operates intrastate pipelines and storage in Oklahoma, Texas, Louisiana and Kansas, with 74 Bcf of working gas storage. Its subsidiaries include ONEOK Gas Transportation, ONEOK WesTex Transmission, Bridgeline Pipeline and Sabine Pipeline, and it is linked to Northern Border, Matterhorn and Roadrunner. Refined Products and Crude transports refined products and crude oil, including through BridgeTex and Medallion assets, and is building a pipeline to the Denver International Airport.

Customers include crude oil and natural gas producers, petrochemical companies, propane distributors, diluent users, ethanol producers, refineries, exporters, large industrial customers, and natural gas and electric utilities. Demand from data centers, LNG facilities and exports to Mexico is also noted. Its assets sit in major shale basins and demand centers in the U.S., including the Williston, Powder River, Anadarko, Permian and Barnett areas, and its NGL markets include Conway, Kansas, and Mont Belvieu, Texas. Consolidated earnings were about 90% fee-based in 2025.

On the operating side, the company owns and runs most of its assets directly and holds interests in affiliates such as Overland Pass (50%) and Gulf Coast Fractionators (38.75%). Growth projects include the Bighorn processing plant in the Permian Basin, a 400 MBbl/d LPG export terminal in Texas City with MPLX LP, and the Eiger Express natural gas pipeline from the Permian Basin to Katy, Texas. FERC and state agencies regulate its interstate and intrastate pipelines. At December 31, 2025, it had $3.5 billion of available credit capacity under its credit agreement and a $2.0 billion share repurchase program.