Overview
ONEOK, Inc. is a U.S. midstream energy company headquartered in Tulsa, Oklahoma, with roots dating to 1906. The company gathers, processes, fractionates, transports, stores and markets natural gas, natural gas liquids, refined products and crude oil through an integrated network of pipelines, storage, terminal and related energy infrastructure; its business is organized around four core segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude [1][2][3][4]. ONEOK describes its mission as delivering energy products and services vital to an advancing world [5].
Its operations are concentrated in the United States, with major positions across the Rocky Mountain region, Mid-Continent, Permian Basin and Gulf Coast, and refined products infrastructure spanning a 15-state area in the central and western U.S.[6][7]. The company says its system includes approximately 60,000 miles of pipeline [2]. As a size indicator, ONEOK reported $21.7 billion of total revenue in 2024 and had 5,177 employees at year-end, excluding EnLink employees [8][9]. [3][4][5][6][7][8][9][1][2]
Products & services
ONEOK’s natural gas gathering and processing offerings include gathering raw natural gas at the wellhead, compressing and transporting it to processing plants, extracting NGLs, and then delivering residue natural gas—primarily methane—to pipelines, storage and end users; heavier liquids may also be sold as condensate, and the company also sells unfractionated NGLs to downstream customers.[10][11] The gathering system included about 13,500 miles of pipeline and processing capacity of 1.9 Bcf/d in the Rocky Mountain region and 1.0 Bcf/d in the Mid-Continent region, with up to 150 MMcf/d of additional third-party processing capacity.[12] In 2024, 76% of supply volumes were under fee-with-POP contracts without producer take-in-kind rights, 19% were fee-with-POP contracts with take-in-kind rights, and 5% were fee-only contracts.[13][14]
In NGLs, ONEOK gathers mixed NGL streams, fractionates them into Purity NGLs, and then stores, transports, markets and distributes those products to customers including petrochemical companies, propane distributors, diluent users, ethanol producers, refineries and exporters.[15][16] Its service offerings include exchange services, fee-based transportation and storage, and optimization and marketing.[16][17] Technical capabilities include 960 MBbl/d of NGL fractionation capacity, 30 MMBbl of NGL storage, eight Purity NGL terminals, a 10 MBbl/d isomerization unit that converts normal butane into iso-butane, and a 40 MBbl/d ethane/propane splitter; fractionators were 92% utilized in 2024.[18][17][19]
ONEOK also sells natural gas transportation and storage services through interstate and intrastate pipeline systems, using firm and interruptible transportation contracts as well as storage and park-and-loan services.[20][21][22][23] The system included about 5,200 miles of natural gas pipelines and seven underground storage facilities with 61 Bcf of active working gas capacity; pipeline capacity was 97% subscribed and storage was 75% subscribed in 2024.[24]
In refined products and crude, ONEOK’s offerings center on transportation, storage and distribution of gasoline, distillates, aviation fuel, certain NGLs and crude oil, along with crude gathering.[25] Related terminal services include terminalling, ethanol and biodiesel unloading and loading, and additive injection.[26] Its wholly owned system included about 9,800 miles of refined-products pipelines, 1,100 miles of crude pipelines, 53 refined-products terminals, two marine terminals and 97 MMBbl of storage capacity.[27][28][29][30][31] [10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31]
Geographic presence
ONEOK’s geographic footprint is concentrated in the United States, especially across the Rocky Mountain, Mid-Continent, Permian Basin and North Texas regions. In gathering and processing, it identifies the Williston Basin in North Dakota and Montana, the Powder River Basin in eastern Wyoming, and the Permian’s Midland Basin in West Texas and Delaware Basin in West Texas and southeastern New Mexico as key operating areas; following the EnLink acquisitions, it says it has a meaningful presence in the Midland and Delaware basins.[32][33][34][35]
Its intrastate natural gas pipeline and storage assets are located in Oklahoma, Texas and Kansas, with additional assets in Louisiana and North Texas. These systems provide access to western markets, Gulf Coast markets including the Houston Ship Channel, the Mid-Continent market, and exports to Mexico, and the company’s underground storage footprint includes two facilities in Oklahoma, two in Kansas and three in Texas.[36][37]
In refined products and crude, ONEOK says its pipeline network extends from the Texas Gulf Coast across a 15-state area in the central and western U.S. Its crude assets include pipelines in Kansas and Oklahoma, a line from the Permian Basin in West Texas to its East Houston terminal, and terminal operations centered on Houston, Cushing and Corpus Christi; it also notes crude gathering pipelines and storage facilities in the Permian Basin and Mid-Continent region. The company’s principal executive offices are at 100 West Fifth Street in Tulsa, Oklahoma, and its headquarters are in downtown Tulsa at ONEOK Plaza.[7][38][39][40]
ONEOK does not provide a country- or region-level revenue split in the annual report; instead, it discloses revenue by operating segment and revenue source.[41][4][42] [32][33][34][35][36][37][7][38][39][40][41][4][42]
Business segments
ONEOK currently reports four business segments. Natural Gas Gathering and Processing covers gathering, treating, processing and marketing natural gas. Natural Gas Liquids covers gathering, treating, fractionating and transporting NGLs, as well as storing, marketing and distributing purity NGL products. Natural Gas Pipelines covers transporting, storing and marketing natural gas. Refined Products and Crude covers gathering, transporting, storing, distributing, blending and marketing refined products and crude oil.[4][43][44][45][46][47]
Using ONEOK’s reported 2024 segment totals, Natural Gas Liquids was the largest segment at about 61% of segment revenues, followed by Natural Gas Gathering and Processing at about 18%, Refined Products and Crude at about 18%, and Natural Gas Pipelines at about 3%.[48] On a segment adjusted EBITDA basis, the mix was more balanced: Natural Gas Liquids contributed about 37%, Refined Products and Crude about 28%, Natural Gas Gathering and Processing about 22%, and Natural Gas Pipelines about 13%.[48] ONEOK notes that reported segment revenues include intersegment revenues, primarily commodity sales, so revenue shares are best read as reported segment activity rather than purely external sales mix.[42] [4][43][44][45][46][47][48][42]
Company history
ONEOK traces its roots to 1906, when it was founded in Oklahoma as an intrastate natural gas pipeline business.[1] A century later, the company made a major strategic expansion in 2005 by agreeing to acquire Koch companies’ natural gas liquids businesses for about $1.35 billion, adding significant gathering, fractionation, storage and marketing assets.[49] In 2006, Northern Border Partners, L.P. was renamed ONEOK Partners, L.P., marking an important step in the partnership structure ONEOK used for its midstream operations.[50]
ONEOK reshaped its corporate structure again in 2014 by completing the separation of its natural gas distribution business into ONE Gas, creating a stand-alone public utility company.[51][52] In 2017, it simplified its organization by completing the merger transaction through which it acquired the outstanding common units of ONEOK Partners that it did not already own.[53] More recently, in 2023, ONEOK completed its acquisition of Magellan Midstream Partners, adding a major refined products and crude oil transportation and storage platform to the company’s history of expansion.[54] [1][49][50][51][52][53][54]
Sources
Continue your research
From company context to financial detail.
Explore original sources and worldwide fundamental financial data and intelligence with Finbar.
Explore ONEOK INC /NEW/ in Finbar ↗