ONEOK

What ONEOK does

ONEOK, Inc. (NYSE: OKE) is a Fortune 500 and S&P 500 diversified midstream energy infrastructure company headquartered in Tulsa, Oklahoma. Founded in 1906 as an intrastate natural gas pipeline operator, ONEOK now operates four reportable business segments: Natural Gas Liquids (NGL), Refined Products and Crude, Natural Gas Gathering and Processing, and Natural Gas Pipelines. The company owns and operates approximately 60,000 miles of pipelines across 15 U.S. states, with infrastructure including 11 NGL fractionators (combined capacity of 1,155,000 barrels per day), approximately 40 million barrels of NGL storage, 9,800 miles of refined products pipelines (the longest U.S. common carrier system), 4,200 miles of crude oil pipelines with 45 million barrels of storage, and marine terminals at Galena Park, Pasadena, and Corpus Christi along the Houston Ship Channel. The NGL gathering and distribution network spans 10,100 miles of gathering pipelines and 4,800 miles of distribution pipelines. ONEOK's footprint provides access to nearly 50% of U.S. refining capacity.

ONEOK generates revenue primarily through fee-based transportation, processing, fractionation, and storage services provided to upstream producers, petrochemical manufacturers, refineries, heating fuel distributors, and exporters. Approximately 85-90% of earnings come from fee-based contracts under FERC-regulated tariffs and individually negotiated long-term agreements, insulating cash flows from commodity price volatility. The company has expanded its asset base materially through three major acquisitions completed between 2023 and 2025: Magellan Midstream Partners (~$18.8 billion including debt, closed September 2023), Medallion Midstream (~$3.0 billion, closed October 2024), and EnLink Midstream (~$3.3 billion, closed January 2025), with acquisitions financed through a combination of senior notes offerings and operating cash flows. ONEOK also holds 50% interests in the Heartland Pipeline Company and Overland Pass Pipeline Company joint ventures.

The company is actively pursuing growth through new pipeline projects (including the MBTC Pipeline targeting 300,000 bpd of LPG export capacity by 2028), NGL throughput expansion in the Permian and Gulf Coast, and entry into the data center power generation market by evaluating over 40 counterparty opportunities representing more than 5 Bcf/d of potential natural gas demand. ONEOK has delivered 12 consecutive years of adjusted EBITDA growth, 25+ years of consecutive dividend payments with a 4.7-4.9% yield, and projects approximately 9% compound annual EPS growth through 2028. The go-to-market motion is enterprise B2B field sales, with dedicated commercial teams managing direct relationships across the energy value chain.

Name

ONEOK

Legal name

ONEOK, Inc.

Website

https://oneok.com

Company type

Public

Founded year

1906

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

ONEOK is a diversified U.S. midstream energy infrastructure company that gathers, processes, transports, stores, and fractionates natural gas, NGLs, refined products, and crude oil through approximately 60,000 miles of pipelines across 15 states, serving upstream producers, refiners, petrochemical manufacturers, and exporters under predominantly fee-based contracts.

Ownership category

akta.pro rank

Product category

Midstream Energy Services

NAICS

Pipeline Transportation of Refined Petroleum Products (486910), Pipeline Transportation of Refined Petroleum Products (48691), Pipeline Transportation of Crude Oil (486110), Pipeline Transportation of Natural Gas (48621), Pipeline Transportation of Natural Gas (4862), Pipeline Transportation (486)

SIC

Pipe Lines (No Natural Gas) (4610), Natural Gas Transmission (4922), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

NGL/LPG Trunkline / Transmission Pipelines (Interstate/Long-Haul) (TLAGAEAI)

akta.pro secondary industries

Multi-Product Refined Products (Common Carrier) Pipeline Transportation (TLAGABAA), Refined Products Pipeline Terminals & Breakout Storage Operations (TLAGABAJ), NGL/LPG Distribution / Local Delivery Pipelines (Terminal-to-Market) (TLAGAEAJ), LPG / Propane-Butane Products Pipeline Transportation (TLAGABAH), Interstate & Intrastate Natural Gas Transmission Pipelines (EUAAACAB), NGL/LPG Export / Marine Terminal Connection Pipelines (TLAGAEAK)

Keywords

• Natural gas liquids transportation
• Midstream pipeline services
• Natural gas gathering processing
• Refined products pipelines
• Crude oil transportation

Headquarters

HQ city

Tulsa

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Pipeline Transportation Fees: ONEOK generates the majority of its revenue through fee-based toll contracts for transporting natural gas, NGLs, refined products, and crude oil through its approximately 60,000-mile pipeline network. Approximately 85-90% of earnings are fee-based, providing stable, contractually secured cash flows independent of commodity price fluctuations.
2. Processing and Fractionation Services: Revenue from natural gas gathering and processing services, as well as NGL fractionation services that separate unfractionated NGL streams into purity products (ethane, propane, iso-butane, normal butane, natural gasoline).
3. NGL Marketing: ONEOK Hydrocarbon, L.P. markets NGLs through terminals in the central U.S., offering services including fixed-price forward sales contracts and secure-product supply to manage customer risk.
4. Storage Services: Revenue from storage facilities including NGL storage (approximately 40 million barrels capacity) and refined products/crude storage (approximately 45 million barrels aggregate capacity), providing committed storage capacity to customers.
5. Marine Terminal Services: Revenue from marine storage terminals in Corpus Christi, Galena Park, and Pasadena for refined products and crude handling and storage.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

ONEOK operates approximately 60,000 miles of pipelines across 15 U.S. states, providing gathering, processing, fractionation, transportation, and storage services for natural gas, natural gas liquids, refined products, and crude oil. The company operates through four reportable segments (Natural Gas Liquids, Refined Products and Crude, Natural Gas Gathering and Processing, and Natural Gas Pipelines) with 11 NGL fractionators, marine terminals on the Gulf Coast, and the longest common carrier refined products pipeline system in the United States.

Product overview

ONEOK is a diversified energy infrastructure company operating through four core reportable segments: Natural Gas Liquids, Refined Products and Crude, Natural Gas Gathering and Processing, and Natural Gas Pipelines. The company operates approximately 60,000 miles of pipelines and access to nearly 50% of the nation's refining capacity. The Natural Gas Liquids segment includes 11 fractionators with 1,155,000 barrels per day capacity and 7 storage facilities with approximately 40 million barrels. The Refined Products and Crude segment encompasses approximately 9,800 miles of refined products pipelines with 47 million barrels storage, 4,200 miles of crude pipelines, and three marine terminals (Galena Park, Pasadena, Corpus Christi). The company also operates key pipeline assets including Arbuckle Pipeline, Arbuckle II Pipeline, Bakken NGL Pipeline, Elk Creek Pipeline, West Texas NGL Pipeline, and Overland Pass Pipeline. Through acquisitions of Magellan Midstream Partners (2023), Medallion Midstream (2024), and EnLink Midstream (2025), ONEOK has expanded into crude oil and refined products, creating an integrated multi-commodity midstream platform.

Differentiator

Problem solved

Functional benefit

Brands

• ONEOK Hydrocarbon: NGL marketing and processing subsidiary
• Magellan
• EnLink
• Medallion

Products and services

• Natural Gas Liquids (NGL) Segment Owns and operates facilities that gather, fractionate, treat, distribute and store NGL products in Oklahoma, Kansas, Texas, Louisiana, New Mexico and the Rocky Mountain region. Provides midstream services to NGL producers and delivers products to market including ethane, propane, iso-butane, normal butane, and natural gasoline.
• Refined Products and Crude Segment Gathers, transports, stores and distributes refined petroleum products and crude oil through approximately 9,800 miles of refined products pipelines, 4,200 miles of crude pipelines, and marine terminals with access to nearly 50% of U.S. refining capacity across a 15-state area.
• Natural Gas Gathering and Processing Segment Provides midstream services to natural gas producers in North Dakota, Montana, Wyoming, New Mexico, Texas and Oklahoma through gas processing plants and gathering systems, processing raw natural gas into pipeline-quality methane and recovering natural gas liquids.
• Natural Gas Pipelines Segment Provides interstate and intrastate natural gas transportation and storage services across the United States through FERC-regulated pipeline systems.
• NGL Fractionation Facilities Eleven NGL fractionators located primarily in Oklahoma, Kansas, Texas, Louisiana, New Mexico and the Rocky Mountain region with combined operating capacity of 1,155,000 barrels per day, separating unfractionated NGL streams into purity products (ethane, propane, iso-butane, normal butane, natural gasoline).
• Marine Storage Terminals Marine storage terminals at Galena Park, Pasadena, and Corpus Christi providing refined products and crude oil storage and handling services along the Houston Ship Channel for export markets.
• Refined Products Pipeline System Longest common carrier refined products pipeline system in the United States, extending approximately 9,800 miles from the Texas Gulf Coast across a 15-state area, with 47 million barrels of aggregate usable storage capacity at 53 connected terminals.
• Crude Oil Pipeline System Approximately 4,200 miles of crude oil pipelines with 45 million barrels of storage capacity, including the Longhorn pipeline system, providing gathering and transportation services for crude oil producers.
• MBTC Pipeline Proposed MBTC Pipeline LLC project - approximately 45-mile, 24-inch diameter pipeline to transport liquefied petroleum gas (LPG) from Southeast Texas to Texas City export facility with capacity of approximately 300,000 barrels per day.

Quantifiable outcome

• 12 consecutive years of EBITDA growth
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Rose Rock BridgeminorStrategic or Co-development Partner · 22 May 2026Rose Rock Bridge is a Tulsa-based nonprofit accelerator that pairs energy technology startups with corporate operators for pilot deployment and commercialization support. ONEOK participates alongside Devon Energy, H&P, and Williams Companies to identify operational challenges and source startup solutions in robotics, fluid systems, and production optimization. Selected startups receive a six-week commercialization program with advisory clinics and deployment planning, with four startups each receiving $100,000 in non-dilutive funding.
• EsentiaminorStrategic or Co-development Partner · 5 May 2026Esentia, a Mexican natural gas pipeline operator majority-owned by Swiss private equity firm Partners Group, holds a 50% stake in the Roadrunner pipeline through a partnership with ONEOK. The Roadrunner pipeline operates in West Texas, with Esentia expanding its 2,000km pipeline network in Mexico through this joint venture relationship.
• LandBridge Company LLCminorStrategic or Co-development Partner · 26 February 2026LandBridge entered into a natural gas processing facility lease agreement with ONEOK as part of its data center infrastructure buildout strategy in the Permian Basin. This partnership supports LandBridge's initiative to provide power generation infrastructure for data centers, with ONEOK providing gas processing services.
• MBTC Pipeline LLCcoreStrategic or Co-development Partner · 5 February 2025ONEOK serves as construction manager for MBTC Pipeline LLC, a proposed 45-mile, 24-inch diameter pipeline to transport approximately 300,000 barrels per day of LPG from Southeast Texas to Texas City for export. This project is expected to be completed in early 2028 and represents a significant growth initiative.
• Heartland Pipeline CompanyminorStrategic or Co-development PartnerONEOK holds 50% ownership in Heartland Pipeline Company, which consists of three refined-products terminals and connecting pipelines. This joint venture extends ONEOK's refined products distribution reach in the Midwest markets.
• Overland Pass Pipeline Company LLCminorStrategic or Co-development PartnerONEOK holds 50% ownership in Overland Pass Pipeline Company LLC, a 760-mile pipeline with capacity to transport approximately 255,000 barrels per day of unfractionated NGLs from Opal, Wyoming to Mid-Continent NGL fractionation and storage facilities in central Kansas.
• Joint Venture Marine TerminalsminorStrategic or Co-development PartnerONEOK operates joint venture marine storage terminals including Galena Park (1 million barrels of JV storage capacity) and Pasadena (5 million barrels of JV storage capacity) along the Houston Ship Channel for refined products storage and handling.

Scale indicators13 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Targa Resources: NGL-focused midstream operator with gathering, processing, fractionation, and export terminal assets in the Permian Basin and Gulf Coast - directly comparable to ONEOK's NGL and G&P segments.
• Williams Companies: Major U.S. midstream operator with large-scale natural gas gathering, processing, and interstate pipeline assets, competing directly with ONEOK in gas transportation and the recent Rose Rock Bridge energy-tech accelerator partnership underscores their overlapping operational focus.
• Enterprise Products Partners: The leading NGL midstream franchise with gathering, fractionation, pipeline, and export terminal assets along the Gulf Coast - the closest direct comparable to ONEOK's Natural Gas Liquids and Refined Products and Crude segments.
• Energy Transfer: Large diversified midstream operator with overlapping NGL, natural gas, and crude pipeline assets; competes with ONEOK across all four of ONEOK's reportable segments and shares major NGL corridors to Mont Belvieu.
• Plains All American Pipeline: Pure-play crude oil pipeline and storage operator; directly comparable to ONEOK's Refined Products and Crude segment's 4,200-mile crude pipeline system and 45 million barrels of storage.
• MPLX: Master limited partnership sponsored by Marathon Petroleum with midstream assets in natural gas, NGLs, and refined products transportation, overlapping with ONEOK's processing, fractionation, and pipeline business.

Broad incumbents

• Kinder Morgan: The largest U.S. midstream company with extensive natural gas, CO2, refined products, and crude pipelines, offering a broader multi-commodity footprint that overlaps ONEOK's segments but at significantly larger overall scale.
• Enbridge: Canadian-based, North America's largest midstream operator with crude, natural gas, and liquids pipelines plus renewable power assets - a comparable large-scale diversified midstream franchise with broader international exposure.

Emerging players

• Western Midstream Partners: Natural gas and crude gathering/processing operator focused primarily on the Permian Basin - a focused regional peer to ONEOK's Natural Gas Gathering and Processing segment and overlapping Permian G&P assets.

Regional players

• Phillips 66: Integrated energy company with significant midstream ownership interests (including DCP Midstream) and refining assets that consume pipeline throughput; competes as both a counterparty and a tangential peer in NGL value-chain integration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/ONEOK
• Facebookfacebook.com/ONEOKInc
• LinkedInlinkedin.com/company/oneok

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries5 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ONEOK