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Oneok, Inc. (/ˈwʌnˌoʊk/) ONE-oak, stylized as ONEOK, is an American oil and gas midstream operator headquartered in Tulsa, Oklahoma. It provides the oil and gas industry with gathering, processing, fractionation, transportation, and storage services. The company is part of the Fortune 500 and S&P 500.[2] Oneok was founded as Oklahoma Natural Gas Company in 1906, but it changed its corporate name to Oneok in 1980.

Key Information

History

[edit]
Oklahoma Natural Gas Company headquarters in Tulsa, Oklahoma built in 1928
OneOK headquarters in Tulsa, Oklahoma on 20 March 2007

Oklahoma Natural Gas Company was founded on October 12, 1906[3] by businessmen Dennis T. Flynn and Charles B. Ames.[4] During the spring and fall of 1907, the company built a gas pipeline from Osage County to Sapulpa and Oklahoma City.[4] On December 28, 1907 (shortly after Oklahoma officially became a state in November), the $1.7 million project was completed.[4] In 1910, the company built the first compressor station in the state of Oklahoma.[4] By 1919, the Oklahoma Natural Gas Company supplied gas to thirty-seven communities in Oklahoma across more than one thousand miles of line.[4] The company had grown to 600 employees and maintained 6,600 miles of pipeline by 1956.[4]

In December 1980 Oklahoma Natural Gas Company's board of directors changed the company's name to Oneok Inc.[4][3] Also at that time the gas service part of the company was made into a separate division, retaining the name of Oklahoma Natural Gas.[4]

In 1996, Oneok acquired Western Resources' natural gas pipeline and plants for $660 million in stock.[5] From the acquisition, Oneok acquired roughly 1,575 Western Resources employees as well as the 624,000 customers in Kansas and 36,000 customers in northeast Oklahoma.[6]

In 1999, Oneok agreed to acquire Southwest Gas, a Las Vegas based natural gas company, for $1.8 billion.[7] In January 2000, Oneok terminated the pending merger of the two companies, and Southwest Gas filed a lawsuit against Oneok.[8] Judge Roslyn O. Silver dismissed two of the cases against Oneok in June 2001, and Oneok agreed to pay Southern Union $3 million to settle the remaining case.[9][10]

In October 2002, Oneok acquired the Texas division and assets of Southern Union Gas for $420 million.[11] Oneok renamed the company to Texas Gas Service when the acquisition was completed.[10]

In September 2004, Oneok acquired Northern Plains Natural Gas Co. for $175 million.[12] The deal also gave Oneok a controlling interest in Northern Border Partners, which had a master limited partnership on 6,600 miles of pipeline, five natural gas processing plants, and two fractional plants.[12]

In July 2013, Oneok spun off its natural gas distribution businesses, including Oklahoma Natural Gas Co., Kansas Gas Service, and Texas Gas Service, into a separate company named One Gas.[13][14]

In November 2021, Oneok resumed construction of its natural gas processing facility Demicks Lake III plant in McKenzie County, North Dakota which was originally delayed due to the COVID-19 pandemic.[15] The Demicks Lake III plant was later completed and began operations in February 2023.[16]

In July 2022, a Oneok gas plant in Medford, Oklahoma exploded, causing no injuries but temporarily expelling roughly 1,000 residents from their homes.[17] In January 2023, Oneok reached an insurance settlement payment of $930 million and the company announced plans to transition gas fractionation operations away from the Medford plant.[18]

In September 2023, Oneok acquired Magellan Midstream Partners for $18.8 billion.[19] Included in the acquisition for Oneok was the Magellan-owned East Houston terminal and crude oil trading hub, facilities in Galena Park, Texas and Seabrook, Texas, and a terminal in Pasadena, Texas.[20]

In May 2024, Oneok agreed to acquire Gulf Coast NGL Pipelines from Easton Energy for $280 million.[21] The deal included 450 miles of pipelines located in Texas and the Louisiana Gulf Coast.[21] In November, Oneok agreed to divest three of its pipelines—Guardian Pipeline, Midwestern Gas Transmission and Viking Gas Transmission—to DT Midstream for $1.2 billion.[22]

The company expanded its operations in the Permian Basin through two acquisitions in late 2024.[23][24] ONEOK acquired Medallion Midstream, a crude oil gathering and transportation company and a controlling stake in EnLink Midstream, an oil and natural gas infrastructure company.[23] In February 2025, the company completed acquisition of the remaining shares in EnLink Midstream.[25][26]

The company continued expansion into the Permian Basin in May 2025, when it gained full ownership of the Delaware Basin JV,[27] which it previously operated as a joint venture with NGP XI Midstream Holdings.[28] Through the acquisition Oneok gained operational control of infrastructure used to collect and process natural gas in the Delaware Basin that has a processing capacity of around 700 million cubic feet per day.[27]

Operations

[edit]

Oneok has four business segments: natural gas liquids, natural gas gathering and processing, natural gas pipelines, and refined products and crude oil.[29][19]

Some of the pipelines Oneok operates include the Northern Border Pipeline,[30] the Roadrunner Gas Transmission Pipeline,[31] the Arbuckle Pipeline,[32] and the Elk Creek Pipeline.[33]

Magellan Midstream Partners operates as a subsidiary of Oneok and owns approximately 2,200 miles of crude pipelines, and the 450-mile Longhorn pipeline, which transports roughly 275,000 barrels per day of crude oil from the Permian Basin to storage and refining facilities in Houston.[19]

See also

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References

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Oneok

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ONEOK, Inc. (NYSE: OKE), pronounced "one oak," is a leading energy infrastructure in the United States, headquartered in . Founded in 1906 as an intrastate business in , ONEOK has evolved into a and a member of the , with over a century of operations focused on delivering essential energy products and services. The operates a vast ~60,000-mile network, connecting prolific supply basins to key domestic and international markets, and emphasizes safe, reliable, and environmentally responsible practices. As a primarily fee-based , ONEOK provides services including gathering, , , transportation, storage, and marine export for , natural gas liquids (NGLs), refined products, and crude oil across four reportable segments: Natural Gas Gathering and , Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. It owns and operates one of the nation's premier NGL systems, the longest refined products system in the U.S., and strategic assets that support while meeting growing demand for heating, , and end-use products. With a solid investment-grade and more than 25 years of dividend stability, ONEOK prioritizes , financial strength, and community investments in its operational footprint.

Company overview

Profile and market position

ONEOK, Inc. (pronounced ONE-OAK) was founded in 1906 as an intrastate pipeline business in and is headquartered in . The company has grown into a leading midstream energy provider and holds positions in both the Fortune 500 and indices. Its trades on the under the ticker symbol OKE. ONEOK's core business centers on the gathering, processing, transportation, storage, and of and natural gas liquids (NGLs), supported by an extensive infrastructure network spanning approximately 60,000 miles of pipelines. The company operates through four primary segments: gathering and processing, NGLs, pipelines, and refined products and crude, connecting prolific supply basins to major market centers. This structure was established following the 2023 acquisition of , L.P., which added refined products and crude oil transportation capabilities. In January 2025, ONEOK completed its acquisition of EnLink Midstream, further expanding its midstream assets in key U.S. basins. As one of the largest U.S. service providers, ONEOK maintains a strong competitive position through its strategic assets in high-production areas, including the Permian Basin, Mid-Continent, and Rocky Mountain regions. This footprint enables efficient service to producers and end-users amid growing North American energy demand. As of December 31, 2024, the company employed 5,177 people.

Business segments

ONEOK operates through four primary business segments that form the core of its energy infrastructure, focusing on the handling, , and transportation of , natural gas liquids (NGLs), and related products. These segments enable the company to connect producers with end markets across key U.S. basins, including the Permian, Williston, and Anadarko regions. The Natural Gas Liquids segment involves the , storage, and transportation of NGLs such as , , normal , , and . This segment gathers and fractionates NGL-rich gas streams from plants, providing that separate mixed NGLs into purity products for , heating, and fuel applications, primarily linking supply from the Mid-Continent and Mountain areas to demand centers on the Gulf Coast. In the Natural Gas Gathering and Processing segment, ONEOK collects from production wells, treats it to remove impurities, and processes it to extract NGLs and produce residue gas, operating across major basins like the (over 3 million acres), (over 600,000 acres), and Permian Basin. This segment supports producers by handling raw gas streams and delivering processed products to pipelines and markets, contributing to ONEOK's leadership in the Permian Basin. The Pipelines segment manages interstate and intrastate transmission of , providing transportation and storage services to utilities, power generators, and industrial customers through regulated systems. Key assets include approximately 5,200 miles of intrastate pipelines and a 50% ownership interest in the Northern Border Pipeline, facilitating flows from the to Midwest markets. The Refined Products and Crude Oil segment focuses on the transportation of , diesel, , and crude oil via pipeline networks, including systems acquired through the integration. This segment operates over 9,800 miles of refined products pipelines— the longest system in the U.S.—connecting Gulf Coast refineries to Midwestern and Rocky Mountain markets, along with storage and distribution services accessing nearly 50% of U.S. refining capacity. These segments exhibit inter-segment synergies, particularly through integrated flows where NGLs from gathering and processing feed into fractionation and transportation networks that support downstream refined products markets, enhancing overall efficiency in the midstream value chain.

History

Early history (1906–1980)

The Oklahoma Natural Gas Company was founded on October 12, 1906, in Tulsa, Oklahoma, by attorneys Dennis T. Flynn, a former territorial representative to Congress, and his law partner Charles B. Ames, with financial backing from oil producers Theodore N. Barnsdall and Glen T. Braden. The company's initial goal was to develop and distribute the abundant natural gas reserves discovered as a byproduct of Oklahoma's early 20th-century oil boom, particularly in the northeastern fields near Tulsa. Incorporated that same year, the firm quickly moved to construct infrastructure to capitalize on these resources, marking the beginning of organized natural gas distribution in the state. Amid the rapid growth of Oklahoma's oil industry, which saw major discoveries like the Glenn Pool field in 1905, the company expanded its operations to serve growing urban demand. By December 28, 1907, it had completed a 100-mile from the Bartlesville oil fields to at a cost of $1.7 million, enabling the supply of to local utilities and marking the first major intrastate in the region. This infrastructure supported service to communities across , with the network growing to approximately 1,000 miles of pipelines by 1929 and reaching 200 communities by 1928. Key innovations during included pioneering underground storage facilities, with the first site operational by 1939 to ensure reliable supply during peak demand. During , the company contributed to the war effort by constructing a 96-mile to supply to installations and industrial sites in , helping meet heightened energy needs for defense production. Post-war recovery saw continued focus on distribution within , serving local utilities and residential customers, with the customer base expanding to 270,000 by 1950. In December 1980, reflecting its evolution from a state-specific distributor to a diversified energy firm with operations extending beyond borders, the company reincorporated in and changed its name to ONEOK Inc., pronounced "one oak."

Growth through acquisitions (1980–2013)

During the period from 1980 to 2013, ONEOK shifted its focus from primarily regional distribution to a diversified energy company, achieving significant expansion through targeted acquisitions that enhanced its and market reach. Building on its roots, the company pursued strategic purchases to enter new geographic areas and build out interstate transmission and gathering capabilities, transforming it into a key player in transportation and processing across multiple states. A pivotal move came in 1996 when ONEOK acquired the natural gas and assets of Western Resources for $660 million in stock, marking its entry into interstate pipeline operations. This deal added approximately 1,575 miles of and primarily in and , significantly broadening ONEOK's transmission network and customer base in the Midwest. The acquisition positioned ONEOK to handle larger-scale interstate gas flows, diversifying beyond local distribution and supporting growth in regulated and unregulated segments. Further expansion occurred in 2002 with the $420 million purchase of Southern Union Company's gas distribution operations, which included over 100,000 customers and extensive intrastate infrastructure. Renamed Gas Service upon completion in early 2003, this acquisition established ONEOK's foothold in the high-growth market, elevating it to the fourth-largest U.S. distributor by customer count at the time and adding vital assets for future integration. In 2004, ONEOK bolstered its gathering and processing capabilities by acquiring Northern Plains Natural Gas Company for $175 million, gaining an 82.5% general partner interest in the Northern Border Pipeline system and additional gathering lines in the . This move enhanced ONEOK's access to prolific production areas in and , facilitating greater control over upstream supply chains. By 2013, these acquisitions had collectively expanded ONEOK's pipeline mileage to over 40,000 miles and diversified its operations into liquids and interstate , setting the stage for a sharper focus. To streamline this evolution, ONEOK announced the spin-off of its regulated distribution businesses—Oklahoma Natural Gas, Gas Service, and Gas Service—into a separate publicly traded entity named ONE Gas, Inc., in July 2013, with the transaction completing in early 2014. This separation allowed ONEOK to concentrate resources on its higher-growth segments, including gathering, , and , while retaining ownership of ONE Gas through a 45% stake initially. The move underscored the cumulative impact of prior deals, which had grown ONEOK's assets from regional operations to a national network serving diverse energy markets.

Recent developments (2013–present)

In 2022, ONEOK experienced a significant operational incident when a fire and explosion occurred at its Medford, Oklahoma, natural gas liquids (NGL) facility on July 9, leading to evacuations and temporary shutdowns. The company resolved related insurance claims for physical damage and business interruption through a $930 million settlement with its insurers, announced on January 9, 2023, which included $100 million already received and supported subsequent facility expansions. Advancing its infrastructure in the , ONEOK completed construction of the 200 million cubic feet per day (MMcf/d) Demicks Lake III plant in February 2023, enhancing processing capacity for regional production growth. This facility, part of phased developments in the area, was placed into service to handle increased volumes under primarily fee-based contracts. A landmark expansion came in September 2023, when ONEOK acquired in a cash-and-stock transaction valued at $18.8 billion, completed on September 25 after approvals. This deal diversified ONEOK's portfolio by integrating Magellan's extensive refined products and crude oil pipeline network, spanning over 9,800 miles, and bolstering its presence in key U.S. markets. Focusing on the Permian Basin in 2024, ONEOK pursued strategic acquisitions to strengthen its footprint. On May 13, 2024, it agreed to purchase a 450-mile Gulf Coast NGL system from Easton Energy for $280 million, closing the deal on June 17 and adding connectivity for NGL transport to export and hubs. Later that year, on August 28, ONEOK announced agreements valued at $5.9 billion to acquire Midstream and a controlling 43% interest in EnLink Midstream from ; the acquisition closed on October 31, providing 1.2 billion cubic feet per day of gas gathering and processing capacity in the Permian, while the EnLink stake closed on October 15, incorporating crude oil assets and 220,000 barrels per day of NGL fractionation in . ONEOK completed the acquisition of the remaining publicly held units of EnLink on January 31, 2025, in a stock-for-unit transaction where unitholders received 0.1412 shares of ONEOK per EnLink unit, fully integrating EnLink as a wholly-owned and delisting it from the NYSE. In February 2025, ONEOK announced joint ventures with MPLX LP to develop an LPG export terminal and associated infrastructure on the U.S. Gulf Coast. The Texas City Logistics LLC terminal , owned 50% by each company, will have a capacity of 400,000 barrels per day, with completion expected in early 2028 and a total investment of $1.4 billion ($700 million from ONEOK). The related MBTC LLC, owned 80% by ONEOK and 20% by MPLX, will connect Mont Belvieu storage to the terminal, with ONEOK contributing approximately $280 million of the $350 million total cost. In 2025, ONEOK continued Permian-focused growth through a joint venture announced on August 25 with WhiteWater Midstream, MPLX, and Enbridge to develop the Eiger Express Pipeline, a 450-mile natural gas line transporting up to 2.5 billion cubic feet per day from the Permian Basin to the Gulf Coast, with ONEOK holding a 15% stake and the project reaching final investment decision for mid-2028 service. In August 2025, ONEOK announced plans to construct the Bighorn natural gas processing plant, a 300 MMcf/d facility in the Delaware Basin of the Permian, designed to treat high-carbon dioxide gas streams, with completion expected in mid-2027. Concurrently, the company advanced fractionation infrastructure, completing the MB-6 fractionator at its Mont Belvieu, Texas, complex in December 2024 to add 125,000 barrels per day of capacity, bringing total fractionation to over 1 million barrels per day, with additional pump stations slated for mid-2025 to reach 740,000 barrels per day on integrated NGL systems. On October 6, 2025, a fire occurred in the heating system of the MB-4 fractionator at the Mont Belvieu complex, leading to a temporary shutdown of fractionation operations; the fire was quickly extinguished with no injuries, and operations at the complex (excluding MB-4) resumed after safety reviews, with full resumption expected after repairs and no material financial impact anticipated.

Operations

Natural gas liquids

ONEOK's natural gas liquids (NGL) operations primarily involve the of raw NGL mixtures extracted from natural gas into high-purity products, including , , , and (isobutane). These activities occur at the company's 11 fractionation facilities, which collectively process the mixtures through to separate components based on their boiling points. For instance, the Demicks Lake processing plant in , contributes to the initial extraction and supply of raw NGL mixes from the , supporting downstream fractionation efforts. The company maintains extensive infrastructure for NGL storage and transportation, including approximately 40 million barrels of storage capacity across seven facilities, such as cavern and above-ground tanks in key hubs like Conway, Kansas, and Mont Belvieu, Texas. ONEOK operates over 2,400 miles of FERC-regulated NGL pipelines, including the West Texas NGL Pipeline system, which connects production areas to major Gulf Coast markets for export and petrochemical use. Recent expansions, including the completion of the full looping of the West Texas system in 2024, have increased pipeline capacity to 515,000 barrels per day, enhancing connectivity to Mont Belvieu. Following 2023 and 2024 expansions, such as the MB-6 unit at Mont Belvieu, ONEOK's total NGL capacity is 1.155 million barrels per day, enabling efficient handling of growing volumes from upstream sources. This capacity supports the separation and purification processes that meet from industrial and markets. ONEOK's NGL operations draw feedstock primarily from the Mid-Continent region, including , , and the Permian Basin in and , as well as the Rocky Mountain areas like the Williston and Powder River Basins. These regions provide rich supplies, with NGLs integrated from the company's gathering and processing segment to ensure a steady flow into and transportation systems.

Natural gas gathering and processing

ONEOK's Natural Gas Gathering and Processing segment collects raw from production wells using an extensive network of over 22,500 miles of gathering pipelines, primarily serving the in and , the Permian Basin in and , and the Mid-Continent region including the Anadarko and Barnett areas in and . These pipelines connect directly to wellheads, compressing and transporting the gas to nearby processing facilities for initial treatment before residue gas is delivered to transmission pipelines. The gathering system supports producers by providing reliable infrastructure in key shale plays, with operations spanning , , , , and . The segment includes 23 natural gas processing plants with a combined capacity of approximately 7 billion cubic feet per day as of , distributed across regions: 3.2 Bcf/d in the Mid-Continent, 1.9 Bcf/d in the Rocky Mountain area (including Williston), and 1.7 Bcf/d in the Permian Basin following recent expansions. At these plants, raw gas undergoes cryogenic or other processes to remove impurities such as (CO2) and (H2S), while extracting valuable natural gas liquids (NGLs) like , , and butanes, which are then directed as feedstock to ONEOK's downstream NGL operations. Revenues from these activities are largely secured through fee-based contracts with producers, with about 90% of the segment's 2025 earnings anticipated to be fee-based, minimizing exposure to commodity price volatility. In November 2025, ONEOK entered a long-term with LandBridge LLC for a site in the Permian Basin to support future processing expansions. ONEOK holds ownership interests in processing plants bolstered by historical acquisitions, such as the 2004 purchase of Northern Plains Company for $175 million, which added key facilities in the Williston and Powder River Basins and extended operations toward the Canadian border. In the Permian Basin, expansion projects during 2024–2025 included the integration of new compression and treating facilities through the acquisitions totaling approximately $7.6 billion to fully acquire EnLink Midstream, completed on January 31, 2025, which enhanced gas handling capabilities for high-volume production and high-CO2 streams. These developments have increased overall processing throughput and supported growing producer demand in the region.

Natural gas pipelines

ONEOK's natural gas pipelines segment manages an extensive transmission infrastructure designed to transport processed from upstream gathering and processing facilities to markets and end-users across key regions. This network connects production areas in the Mid-Continent and Permian Basin to demand centers, facilitating reliable delivery under regulated frameworks. The segment's operations emphasize long-haul movement, distinct from shorter-distance gathering activities. In terms of interstate systems, ONEOK maintains a 50% ownership interest in the Northern Border Pipeline, which extends approximately 1,400 miles from the Canadian border near Port of Morgan, , to Fort Hayden, , serving Midwest markets with a capacity of 2.5 billion cubic feet per day (Bcf/d). This FERC-regulated pipeline sources gas from Canadian supplies and U.S. production basins. Previously, ONEOK fully owned the Guardian Pipeline, a 258-mile FERC-regulated line running from near , to , but divested it along with two other systems on December 31, 2024, for $1.2 billion. ONEOK operates about 5,200 miles of state-regulated intrastate transmission pipelines primarily in and , linking major plays such as the STACK, SCOOP, and Permian Basin to local markets, including the and exports to . These lines support peak transportation capacity of 4.3 Bcf/d. Additionally, ONEOK holds a 50% interest in the Gas Transmission Pipeline, a 200-mile system from Coyanosa, , to the U.S.- border, with a capacity of 640 million cubic feet per day (MMcf/d) for Permian Basin exports; it entered service in phases starting in 2016, with expansions completing by 2019. Overall, the pipelines network provides approximately 5.5 Bcf/d of total capacity, with interstate portions governed by FERC tariffs to ensure fair rates and access.

Refined products and crude oil

Oneok's refined products and crude oil operations primarily stem from its 2023 acquisition of , which expanded the company's portfolio into liquid hydrocarbon transportation and storage. These assets form a key segment, focusing on the movement of refined fuels such as , diesel, and , as well as crude oil, from production areas to refineries, markets, and export points. The integration has positioned Oneok as a major player in North American logistics for petroleum liquids, with interconnected systems enhancing efficiency across regions. The refined products network consists of approximately 9,800 miles of pipelines, making it the longest system for refined products in the United States. This infrastructure spans a 15-state area in the central U.S., transporting , diesel, and from Gulf Coast refineries to key demand centers in the Midwest and Rocky Mountain regions. Connected to this system are 54 terminals with an aggregate usable storage capacity of 47 million barrels, facilitating distribution to wholesalers, retailers, and end-users. Additionally, three marine terminals in the , including the wholly owned Galena Park facility with 13 million barrels of storage, support exports and regional deliveries. Oneok's crude oil operations include about 4,200 miles of , enabling the transport of crude from major supply basins to storage and refining hubs. Storage facilities total approximately 45 million barrels across key locations, such as the 20-million-barrel East terminal, 13-million-barrel Cushing facility in , and 6-million-barrel site in . Prominent routes include the BridgeTex , a 400-mile with 440,000 barrels per day capacity linking the Permian Basin to the East terminal, and the Longhorn offering 275,000 barrels per day from Permian sources to the U.S. Gulf Coast. The post-2023 Magellan integration has bolstered connectivity to Permian crude production, with the Permian Crude Gathering handling over 1.5 million barrels per day and feeding into these pipelines for onward movement to refineries and markets. These assets provide limited synergies with Oneok's liquids infrastructure through shared regional access points.

Corporate affairs

Leadership and governance

OneOK's leadership is headed by President and Pierce H. Norton II, who assumed the role in June 2021 after serving as CEO of ONE Gas, Inc., a former subsidiary of OneOK. Norton joined OneOK in 2004 and has over 40 years of experience in the energy sector, including roles overseeing pipelines, gathering, processing, and distribution operations at companies such as KN Energy and Bear Paw Energy. Prior to his current position, he held executive roles at OneOK, including , where he managed key midstream assets. A notable leadership transition occurred in 2021 with the retirement of Terry K. Spencer, who served as OneOK's President and CEO from January 2014 to June 2021, following his earlier tenure as . Spencer's focused on strategic growth in during a period of industry consolidation. The company's is chaired by Julie H. Edwards, who has served as a director since 2007 and assumed the chair position in May 2022; Edwards brings extensive sector expertise from her prior roles as at Frontier Oil and Southern . The 10-member board comprises individuals with deep knowledge in exploration, production, , and operations, ensuring specialized oversight of OneOK's activities. OneOK's governance structure includes three standing board committees: the , which oversees financial reporting and internal controls; the Committee, responsible for executive pay and incentives; and the Committee, which addresses board composition, director independence, and . Complementing these, OneOK maintains an ESG Council established in 2019 to enhance environmental, social, and governance performance, with annual ESG reporting aligned to frameworks such as the (SASB) and on Climate-related Financial Disclosures (TCFD). This structure underscores the board's commitment to ethical practices, transparency, and sustainable operations in the energy sector.

Facilities and workforce

ONEOK is headquartered at ONEOK Plaza, located at 100 West Fifth Street in downtown , serving as the central hub for its corporate functions. This facility supports administrative, financial, and strategic activities, with modern amenities designed to foster collaboration among employees. In addition to its , ONEOK maintains non-operational facilities focused on employee development, including programs for in environmental, safety, and health (ESH) technical areas to enhance skills in pipeline-related technologies without direct involvement in production sites. These initiatives emphasize continuous learning and are integrated into the company's broader commitment to workforce capability building. Following the completion of the full acquisition of EnLink Midstream on January 31, 2025, ONEOK integrated EnLink's operations and approximately 1,072 additional employees, bringing the estimated total workforce to around 6,200 as of mid-2025, pending official year-end reporting. As of December 31, 2024, ONEOK employed 5,177 individuals across its operations, reflecting an 8.42% increase from the previous year driven by business expansion. The company promotes diversity through an inclusive , with women comprising 20% of the total and 30% of the ; initiatives include surveys conducted since 2019 to assess and improve representation and belonging. ONEOK operates as a non-unionized , prioritizing direct employer-employee relations. Safety training forms a core component of employee programs, with a focus on achieving a zero-incident culture through rigorous and public awareness efforts for emergency response. Employee benefits are structured to support , encompassing medical and coverage, dental and vision plans, health savings accounts, flexible spending accounts, life and , pet insurance, and financial tools like on-demand coaching via SmartPath.

Financial performance

ONEOK's reached $21.7 billion in 2024, representing a 23% increase from $17.7 billion in 2023, primarily driven by higher throughput volumes across its and operations. This growth reflected expanded natural gas liquids (NGL) and transportation activities, alongside increased gathering volumes in key regions like the and Mid-Continent. Net income attributable to common shareholders was $3.03 billion in , up from $2.66 billion in 2023, underscoring improved and scale. Total assets grew to $64.1 billion by year-end , supported by investments in . Adjusted EBITDA climbed to $6.78 billion in from $5.24 billion in 2023, highlighting sustained profitability amid rising demand. The natural gas liquids segment contributed approximately 37% of adjusted EBITDA, emphasizing its role in overall performance. In the third quarter of 2025, net income was $0.94 billion and adjusted EBITDA reached $2.12 billion, affirming the company's 2025 guidance. Long-term debt stood at $31.0 billion as of December 31, 2024, with a net debt-to-EBITDA ratio of 3.6 times on an annualized basis. ONEOK maintains investment-grade credit ratings, including BBB from and , and Baa2 from , reflecting its stable cash flows and diversified asset base. The company has a history of quarterly dividend payments, with the most recent payout of $1.03 per share declared in October 2025 and payable in November 2025, resulting in an annual of $4.12 per share and a yield of approximately 6% as of November 2025. This policy supports shareholder returns while aligning with ONEOK's focus on fee-based earnings for financial stability.
Key Financial Metric20232024
Revenue ($ billion)17.721.7
Net Income ($ billion)2.663.03
Adjusted EBITDA ($ billion)5.246.78
Total Assets ($ billion)44.364.1
Long-term Debt ($ billion)21.231.0

Investments and capital structure

ONEOK has pursued a balanced financing that combines issuances, equity offerings, and operating cash flows to fund its growth initiatives and maintain financial flexibility. In August 2025, the company completed a $3.0 billion senior unsecured notes offering, consisting of $750 million at 4.95% due 2032, $1.0 billion at 5.40% due 2035, and $1.25 billion at 5.80% due 2055, with net proceeds primarily used to repay outstanding and for general corporate purposes, including support for Permian Basin expansions. This issuance helped refinance shorter-term obligations while extending maturities, aligning with ONEOK's approach to managing liquidity amid increased capital demands. As of September 30, 2025, ONEOK reported total long-term of approximately $32.0 billion, with no outstanding borrowings under its $3.5 billion facility or expanded program. Significant acquisitions have shaped ONEOK's , with a focus on integrating assets through a mix of cash, stock, and assumed debt. The 2023 acquisition of was valued at $18.8 billion, including $14.7 billion in cash and stock consideration plus $4.1 billion in assumed net debt, enhancing ONEOK's refined products and crude oil . In 2024, ONEOK acquired Medallion Midstream for $2.6 billion in cash and a controlling 43% interest in EnLink Midstream for $3.3 billion, totaling $5.9 billion, which expanded its Permian Basin presence and was funded via a combination of cash flows, debt, and equity contributions. These were followed in January 2025 by an all-stock acquisition of the remaining publicly held EnLink units for $4.3 billion, issuing approximately 41 million ONEOK shares at a ratio of 0.1412 shares per EnLink unit, fully consolidating EnLink without additional cash outlay. The financial integration of these assets has been supported by captured synergies exceeding initial targets, contributing to adjusted EBITDA growth while keeping acquisition-related costs embedded in broader capital expenditures exceeding $2 billion annually. ONEOK's capital expenditures reflect a strategic allocation toward high-return projects, with total 2025 spending guided at $2.8 billion to $3.2 billion, including maintenance capital of about $500 million. Key investments include equity contributions to joint ventures like the Pipeline, a 450-mile line from the Permian Basin to , where ONEOK holds a 50% effective interest through its 50% stake in the JV and direct 15% ownership, aimed at transporting growing production volumes with an expected in-service date in mid-2028. Through the first nine months of 2025, capital outlays reached $2.2 billion, primarily in gathering and processing ($884 million) and refined products ($539 million), underscoring a focus on expanding capacity adjacent to existing assets. To support this investment profile, ONEOK maintains a target net debt-to-adjusted EBITDA leverage ratio of approximately 3.5 times by the end of 2026, achieved through disciplined capital allocation that prioritizes 75% to 85% of for shareholder returns via s and share repurchases, while the remainder funds growth. This strategy, blending internal cash generation with external financing, has enabled the company to repurchase $45 million in shares during the third quarter of 2025 under its $2 billion program and declare a $1.03 per share , reflecting a commitment to financial stability amid acquisition-driven expansion.

Major safety incidents

On July 9, 2022, an occurred at ONEOK's liquids (NGL) fractionation facility in Medford, , caused by the rupture of a 12-inch pipe due to localized internal from an acidic layer containing and at the pipe's bottom. The was accelerated by increased in the hydrocarbon feed since 2020, which the facility's mechanical integrity program failed to adequately address through adjusted inspection frequencies. No fatalities or injuries were reported among ONEOK personnel or nearby residents, though the incident prompted the immediate evacuation of approximately 1,000 people from the town of Medford and surrounding areas south of Main Street. The explosion resulted in a significant fire that consumed the 210,000-barrels-per-day unit, leading to an operational shutdown of the facility that lasted for over two years. In response, ONEOK conducted an internal investigation in cooperation with the U.S. and Investigation Board (CSB), which identified deficiencies in monitoring and piping assessments. The company also performed pipeline checks across affected systems and received a $930 million settlement in January 2023 to cover physical damage and business interruption losses. ONEOK transitioned operations to other facilities during the shutdown and announced plans in August 2024 to rebuild the Medford unit at a cost of $385 million to restore capacity. On October 6, 2025, a occurred in the heating system of ONEOK's MB-4 fractionator at its facility, resulting in an that injured three contract workers with non-life-threatening injuries. The incident prompted an investigation by ONEOK and authorities, with no offsite impacts reported. A was filed on October 14, 2025, by the injured workers against ONEOK and contractors. Beyond the Medford incident, ONEOK experienced several minor leaks in its Permian Basin gathering lines between 2020 and , including a pinhole leak in attributed to (AC) stray current . These events triggered investigations by the Pipeline and Hazardous Materials Safety Administration (PHMSA), resulting in a Notice of Probable Violation (NOPV) issued in for failures to promptly remediate external after discovering the leak. No injuries or significant releases were reported in these cases, but they underscored ongoing challenges with in gathering . In the aftermath of the Medford explosion and related incidents, ONEOK implemented lessons focused on enhanced remote monitoring technologies, including a multiyear initiative to install a remote monitoring network for on pipelines to better detect and prevent in real time. These measures aimed to improve proactive and reduce the risk of similar failures across operations.

Regulatory and environmental compliance

ONEOK operates under the oversight of the (FERC), which regulates its interstate pipelines, including filings for rates and services to ensure just and reasonable charges. The company routinely submits updates, such as indexing adjustments and service reconciliations, which are reviewed and approved by FERC to maintain compliance with interstate transportation regulations. Additionally, the and Hazardous Materials Safety Administration (PHMSA) enforces pipeline safety standards under 49 CFR Parts 192 and 195, requiring ONEOK to conduct integrity assessments on 100% of high consequence areas using methods like in-line inspections and direct assessments. In 2018, PHMSA issued an order addressing a violation by ONEOK NGL , LLC, mandating corrective actions to enhance compliance with hazardous materials rules. In 2024, FERC approved ONEOK's Saguaro Connector Pipeline, a 1,000-foot interstate segment connecting the Permian Basin to , despite environmental concerns raised by and regarding upstream and production impacts. The groups filed a in June 2024 challenging the approval's scope; the U.S. of Appeals for the D.C. Circuit upheld FERC's decision on August 1, 2025. ONEOK has implemented environmental initiatives focused on reducing emissions and advancing low-carbon technologies. The company achieved a 57% reduction in absolute Scope 1 since , lowering them to 0.5 million metric tons of CO₂ equivalent (MMT CO₂e) by 2024 through enhanced detection technologies and operational optimizations. Its broader target includes a 30% reduction in Scope 1 and 2 emissions by 2030 from the 2019 baseline, with 77% progress toward a 2.2 MMT CO₂e absolute reduction goal as of 2024. Further, it participates in the Carbon Utilization and Storage (CUSP) to evaluate CO₂ storage from six gas processing plants, potentially capturing emissions exceeding 1 MMT CO₂ per year. ONEOK publishes annual Corporate Sustainability Reports, with the 17th edition released in August 2025, detailing progress on environmental, social, and governance (ESG) metrics aligned with frameworks such as the (GRI), (SASB), and Task Force on Climate-related Financial Disclosures (TCFD). These reports include third-party limited assurance on key data like emissions and safety, and the company's GHG reduction targets support goals by considering 2°C scenarios and contributing to net-zero pathways. ONEOK's ESG efforts earned an AAA rating in 2025 and inclusion in indices like FTSE4Good. In the Permian Basin, ONEOK faces challenges from evolving flaring regulations, where federal and state rules aim to curb routine gas flaring amid high production volumes; the company invests in to minimize third-party flaring through efficient gathering and . Supporting operations indirectly through services, ONEOK implements reuse strategies to mitigate and comply with water management regulations in water-stressed regions.

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