ONEOK, Inc
ONEOK is a U.S. midstream energy company headquartered in Tulsa, Oklahoma, with operations centered on natural gas gathering and processing, natural gas liquids, refined products, crude oil, and natural gas transportation and storage. Its asset base links producing basins, pipeline systems, storage facilities, and terminal infrastructure across major U.S. energy corridors.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCollects raw natural gas from producing areas and processes it for downstream transport and sale.
Moves, stores, and fractionates NGLs and related products across the midstream system.
Provides regulated transportation and storage services for natural gas through pipeline assets.
Transports, stores, and markets refined products and crude oil, mainly in the central U.S.
Products
Reported · share of revenue- Liquids Commodity76.0 %
- Residue Natural Gas Sales9.8 %
- Transportationand Storage Revenue9.4 %
- Exchange Services and Natural Gas Gathering and Processing Revenue4.4 %
- Other0.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
ONEOK serves producers, processors, utilities, industrial users, municipalities, and energy marketers that need midstream infrastructure to move hydrocarbons from supply basins to end markets. Its fee-based contracts are used by customers that value capacity access, reliable transportation, storage, and processing rather than direct commodity exposure.
Buy gathering, processing, and transportation services to move produced gas, NGLs, and crude to market.
Use NGL, pipeline, storage, and terminal services to balance flows and access infrastructure.
Contract for firm pipeline and storage capacity to support reliable fuel supply.
Buy transport, storage, and commodity-linked logistics services for feedstock and fuel delivery.
Use refined products distribution for local fuel supply, aviation, rail, and fleet demand.
Strategy
ONEOK’s strategy is to expand fee-based midstream infrastructure, deepen its presence in key operating regions, and add value-added services that diversify earnings. It also emphasizes maintaining a resilient asset base, investment-grade balance sheet discipline, and returning capital through dividends and share repurchases.
Fee-based contracts reduce direct commodity exposure and support steadier cash generation.
New infrastructure can increase throughput, extend customer relationships, and deepen basin presence.
A strong balance sheet supports large projects, acquisitions, and shareholder returns.
Diversification across gas, NGL, refined products, and crude reduces dependence on one commodity chain.
Geography
ONEOK’s operations are concentrated in the United States, with core infrastructure in Oklahoma, Texas, and other central U.S. energy basins and corridors. Its pipeline and logistics footprint connects producing regions to Gulf Coast, industrial, utility, and retail fuel markets, so geography directly shapes throughput, contract mix, and exposure to basin activity.
Risks
ONEOK faces commodity-linked volume risk, counterparty credit risk, and operational risks tied to pipelines, processing plants, and terminals. As a critical energy infrastructure operator, it is also exposed to cyberattacks, terrorism, regulatory changes, and impairment risk if market conditions weaken or asset utilization falls.
- Commodity price and volume volatilityImpact: HighLikelihood: Medium
Lower natural gas, NGL, refined products, or crude prices can reduce drilling, production, and throughput.
Exposure - Counterparty credit riskImpact: HighLikelihood: Medium
Customers include producers, marketers, refiners, and industrial users that may face cyclical stress.
Exposure: Fee-based contracts and commodity sales
- Cybersecurity and critical infrastructure attacksImpact: HighLikelihood: Medium
Pipeline and operational systems are attractive targets and outages could disrupt service.
Exposure - Regulatory and environmental complianceImpact: MediumLikelihood: Medium
Pipeline tariffs, safety rules, and environmental obligations can raise costs or constrain operations.
Exposure: Interstate pipelines and storage assets
- Asset impairmentImpact: MediumLikelihood: Medium
Prolonged weak utilization or commodity conditions can trigger goodwill or long-lived asset write-downs.
Exposure
Accounting
Judgemental itemsProduct sales can rise with commodity prices while cost of sales rises similarly, affecting gross presentation more than economics.
Impact: Revenue and cost of sales can both be large and volatile
Transportation, storage, and processing contracts often depend on capacity, volumes, and minimum commitments.
Impact: Revenue recognition depends on contract terms and service delivery
ONEOK uses hedges for commodity and interest-rate exposure, which can create mark-to-market volatility.
Impact: Earnings and OCI can be affected by hedge valuation changes
Acquisitions and infrastructure assets must be tested if market conditions or utilization weaken.
Impact: Noncash charges could reduce earnings and equity
Joint ventures and pipeline interests require judgment on carrying value and recoverability.
Impact: Investment income and impairment risk can affect results
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Last updated: 24/09/2026