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FedEx for natural gas and natural gas liquids (NGLs).

A toll road operator, but for energy pipelines.

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• Natural Gas Gathering & Processing: This service involves collecting raw natural gas from wells and processing it to remove impurities and natural gas liquids (NGLs), preparing it for pipeline transportation.
• Natural Gas Liquids (NGL) Transportation & Fractionation: ONEOK provides pipeline transportation for NGLs and fractionates them into purity products such as ethane, propane, normal butane, isobutane, and natural gasoline.
• Natural Gas Transportation & Storage: The company offers pipeline transportation for natural gas and provides storage services in underground facilities.

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ONEOK (symbol: OKE) primarily sells its services to other companies, operating in the midstream energy sector. Its business involves natural gas gathering, processing, storage, and transportation, as well as natural gas liquids (NGL) gathering, fractionation, storage, and transportation.

According to ONEOK's public filings (e.g., its annual 10-K report), no single customer accounted for more than 10% of its consolidated revenues in recent fiscal years. Therefore, ONEOK does not disclose specific "major" customer companies by name in its regulatory reports. However, its customer base can be categorized into the following types of companies, many of which are public and typically utilize services like those provided by ONEOK:

• Natural Gas Producers / Upstream Companies: These companies extract natural gas and NGLs from various basins (such as the Permian, Williston, Mid-Continent, and Rockies) and rely on ONEOK's gathering and processing infrastructure to bring their products to market.
  • Examples of public companies in this category that are typical clients for midstream services include:
  • EQT Corporation (NYSE: EQT)
  • Chesapeake Energy Corporation (NYSE: CHK)
  • Occidental Petroleum Corporation (NYSE: OXY)
• Local Distribution Companies (LDCs) / Natural Gas Utilities: These entities purchase natural gas from pipeline operators like ONEOK and distribute it to residential, commercial, and industrial end-users in various service territories.
  • Examples of public companies in this category that are typical clients for natural gas pipeline services include:
  • Atmos Energy Corporation (NYSE: ATO)
  • CenterPoint Energy, Inc. (NYSE: CNP)
  • Spire Inc. (NYSE: SR)
• Petrochemical Companies / Industrial Consumers / NGL Marketers: These companies purchase NGL products (such as ethane, propane, butane, and natural gasoline) for use as feedstocks in manufacturing, as fuels, or for further marketing and distribution. They utilize ONEOK's NGL fractionation, storage, and transportation services.
  • Examples of public companies in this category that are typical clients for NGL services include:
  • Dow Inc. (NYSE: DOW)
  • LyondellBasell Industries N.V. (NYSE: LYB)
  • ExxonMobil Corporation (NYSE: XOM)

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Pierce H. Norton II, President and Chief Executive Officer

Pierce H. Norton II is the President and Chief Executive Officer of ONEOK and a member of its Board of Directors. He was appointed to this role in June 2021, having previously served as President and CEO of ONE Gas, Inc. for over seven years. Norton worked for ONEOK for nearly 10 years, starting in 2004. Prior to the separation of ONE Gas in January 2014, his roles at ONEOK included Executive Vice President, Commercial, and Executive Vice President and Chief Operating Officer, overseeing natural gas gathering and processing, natural gas pipelines, natural gas liquids, natural gas distribution, and energy services. He also held the position as President of ONEOK Distribution Companies. Norton began his career in the natural gas industry in 1982 at Delhi Gas Pipeline, a subsidiary of Texas Oil and Gas Corporation, and later worked for American Oil and Gas and KN Energy. In 2002, he was named president of Bear Paw Energy, which is now ONEOK Rockies Midstream.

Walter S. Hulse III, Executive Vice President, Chief Financial Officer, Treasurer, Investor Relations and Corporate Development

Walter S. Hulse III is ONEOK's Executive Vice President, Chief Financial Officer, Treasurer, Investor Relations, and Corporate Development. He joined ONEOK in 2015 from Spinnaker Strategic Advisory Services, LLC, where he provided consulting services to mid-cap and large-cap publicly traded companies, including advising on merger and acquisition opportunities, debt and equity markets, corporate restructuring, and potential divestitures. Hulse also consulted for ONEOK for many years, notably during the separation of its natural gas distribution business into the standalone public company, ONE Gas. Before his time at Spinnaker, Hulse was Vice Chairman of the Investment Banking Department, Managing Director, and Head of the Business Development group at UBS Investment Bank, and prior to that, he led the Global Utility Group at UBS Investment Bank. He also held various roles at PaineWebber and J.P. Morgan, where he led the Global Energy and Mergers and Acquisitions group.

Kevin L. Burdick, Executive Vice President and Chief Enterprise Services Officer

Kevin L. Burdick serves as Executive Vice President and Chief Enterprise Services Officer at ONEOK, with responsibilities for cybersecurity, information technology, enterprise optimization, innovation, and integration activities. Burdick joined ONEOK in 2007 as manager, information technology design integration. His previous roles at ONEOK include Executive Vice President and Chief Commercial Officer, Executive Vice President and Chief Operating Officer, and Senior Vice President of Natural Gas Gathering and Processing. Before joining ONEOK, he held information technology positions at CITGO Petroleum.

Randy N. Lentz, Executive Vice President and Chief Operating Officer

Randy N. Lentz is the Executive Vice President and Chief Operating Officer of ONEOK's integrated assets, overseeing all of ONEOK's asset operations, including capital projects, maintenance, technical services, and environmental, safety, and health. With over three decades of experience in the energy industry, Lentz was the founder and chief executive officer of Medallion Midstream, a prominent crude oil gatherer in the Permian Basin, which ONEOK acquired.

Sheridan C. Swords, Executive Vice President and Chief Commercial Officer

Sheridan C. Swords is the Executive Vice President and Chief Commercial Officer at ONEOK. In this role, he oversees the Natural Gas Pipelines segment in addition to his previous responsibilities for commercial liquids and natural gas gathering and processing.

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The key risks to ONEOK's business are:

1. Integration of Acquisitions and High Debt: ONEOK faces significant risks related to its aggressive acquisition strategy, particularly concerning the integration of companies like EnLink and Medallion. These risks include the potential for unforeseen expenses, unknown liabilities, loss of key employees, and disruptions to ongoing operations. Furthermore, there's a risk that the anticipated cost savings and synergies from these acquisitions may not be fully realized or could take longer than expected, diverting management's focus and resources. This strategy has also led to elevated debt levels.
2. Sensitivity to Commodity Prices and Volume Risk: While a substantial portion of ONEOK's cash flow is derived from fee-based contracts, the company remains exposed to fluctuations in commodity prices and NGL (Natural Gas Liquids) volumes. A significant decline in NGL volumes, particularly in crucial basins like the Bakken and Permian, could negatively impact throughput and reduce fee-based earnings potential.
3. Execution Risk for Major Projects and Regulatory/Environmental Risks: ONEOK is engaged in ongoing capital investments for various growth projects. These projects are subject to execution risks such as schedule delays, cost overruns due to inflationary pressures, and complications with permitting. Additionally, the company faces potential risks from heightened environmental regulations or litigation related to pipeline operations, which could escalate project costs and delay critical expansions.

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The primary clear emerging threat to ONEOK (OKE) is the accelerating global energy transition and decarbonization efforts, which directly challenge the long-term demand for the fossil fuels (natural gas, natural gas liquids, and crude oil) that constitute the core of the company's midstream transportation and processing business. This transition, analogous to how new technologies or business models have disrupted incumbents historically, manifests through:

• The increasing cost-effectiveness and widespread adoption of renewable energy sources (e.g., solar, wind) for power generation, which displaces demand for natural gas.
• Aggressive policy initiatives and regulatory frameworks globally, including carbon pricing and emissions reduction mandates, incentivizing reduced reliance on fossil fuels.
• Significant growth in electric vehicle adoption and battery storage solutions, which collectively decrease long-term demand for crude oil and potentially natural gas.
• Rising investor and public pressure for environmental sustainability, leading to reduced capital availability and increased scrutiny for new fossil fuel infrastructure projects.

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• Natural Gas Liquids (NGLs): The North American Natural Gas Liquids market was estimated at USD 7.08 billion in 2024 and is projected to grow to USD 11.53 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 5.57%. Specifically within the U.S., the NGL market had a size of USD 5,536.32 million in 2024. The global natural gas liquids market was valued at USD 23.38 billion in 2024 and is projected to reach USD 43.04 billion by 2035, growing at a CAGR of 5.70%.
• Natural Gas Gathering and Processing: The global gas processing market was valued at USD 228.66 billion in 2024 and is projected to surpass USD 430.84 billion by 2034, with a CAGR of 6.54%. North America holds the largest share in the global gas processing market, with the U.S. being a significant contributor.
• Natural Gas Pipelines: The U.S. gas pipeline infrastructure market was valued at USD 1,149.26 billion in 2025 and is projected to reach approximately USD 2,431.55 billion by 2034, growing at a CAGR of 8.67% between 2025 and 2034. The broader North American gas pipeline infrastructure market was valued at US$ 21,084.52 billion in 2022, with projections to reach US$ 27,641.34 billion by 2030, at a CAGR of approximately 3.4%.
• Refined Products and Crude Oil Transportation: Information specifically sizing the U.S. or North American market for refined products and crude oil *transportation via pipelines* (as a distinct market segment from overall crude oil or refined product markets) was not readily available in the provided search results. Therefore, it is not possible to size this specific addressable market based on the current information.

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ONEOK (OKE) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and expansions across its diversified energy infrastructure. Key drivers include significant investments in natural gas liquids (NGL) infrastructure, expansion of refined products pipelines, realization of synergies from recent acquisitions, and growth in natural gas gathering and processing volumes.

Here are the expected drivers of future revenue growth for ONEOK:

1. NGL Infrastructure Expansions: The completion and ramp-up of major NGL infrastructure projects, such as the MB-6 NGL fractionator in Mont Belvieu, Texas, and the full looping of the West Texas NGL Pipeline system, are significant drivers. The MB-6 fractionator has increased ONEOK's total fractionation capacity to over 1 million barrels per day (bpd), reducing reliance on third-party facilities. The West Texas NGL Pipeline system's capacity has expanded to 515,000 bpd, with further expansion to 740,000 bpd expected by mid-2025 through additional pump stations. These expansions are critical for meeting growing NGL market demand and enhancing operational control.
2. Refined Products Pipeline Expansion to Denver: ONEOK is expanding its refined products pipeline capacity to the greater Denver area. This project, involving a new 230-mile pipeline from Scott City, Kansas, to Denver International Airport (DIA) and upgrades to existing pump stations, is expected to be completed by mid-2026. It will increase total system capacity by 35,000 bpd and is aimed at meeting the rising demand for refined products and renewable fuels, including aviation and sustainable aviation fuel, in the Denver region.
3. Synergies from Strategic Acquisitions: The integration of recent acquisitions, including Medallion Midstream and EnLink assets, is a substantial driver of future revenue growth. These acquisitions have already contributed significantly to adjusted EBITDA, with the acquired EnLink and Medallion assets delivering nearly $470 million in adjusted EBITDA in Q3 2025. ONEOK aims to achieve $870 million in synergies and growth by 2026, and projects this to reach $1.3 billion by 2027, by expanding its crude oil gathering and transportation infrastructure in the Permian Basin and strengthening its position in the natural gas and NGL sectors.
4. Increased Natural Gas Gathering and Processing Volumes: Growth in natural gas gathering and processing volumes, particularly in key production basins like the Permian (Delaware and Midland basins) and Rocky Mountain regions, is expected to boost revenue. ONEOK is actively expanding its natural gas processing capacity, including a new processing plant in the Delaware Basin scheduled for completion by mid-2027, to support increasing production from producers.

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Share Repurchases

• ONEOK authorized a $2 billion share repurchase program in January 2024, intending to utilize it primarily over the subsequent four years.
• As of February 17, 2025, ONEOK had repurchased 1.675 million shares for $171.7 million under this program.
• In the third quarter of 2025, the company repurchased an additional 611,237 shares of common stock for $45 million.

Share Issuance

• In June 2020, ONEOK conducted an underwritten public offering of 26 million shares of common stock, with proceeds intended for general corporate purposes, including debt repayment and capital expenditures.
• As part of the EnLink Acquisition, which closed on January 31, 2025, ONEOK issued 41 million shares of common stock with a fair value of $4.0 billion.
• The acquisition of the remaining 49.9% interest in Delaware G&P LLC in June 2025 for $940 million included $410 million in ONEOK common stock.

Outbound Investments

• ONEOK completed the acquisition of Magellan Midstream Partners for $18.8 billion, closing on September 25, 2023, which was a transformative acquisition to diversify its asset base.
• The company acquired EnLink Midstream in two stages: a 43% interest for $3.3 billion in cash on October 15, 2024, and the remaining publicly held units through an all-stock transaction valued at $4.0 billion (41 million shares) on January 31, 2025.
• In late 2024 and mid-2025, ONEOK made significant investments including the acquisition of Medallion Midstream for $2.6 billion and the remaining 49.9% interest in Delaware G&P LLC for $940 million ($530 million cash, $410 million stock).

Capital Expenditures

• ONEOK's capital expenditures were approximately $2.195 billion in 2020, decreased to a five-year low of $697 million in 2021, and then increased to $1.202 billion in 2022, $1.595 billion in 2023, and $2.021 billion in 2024.
• For 2025, total capital expenditures are projected to range between $2.8 billion and $3.2 billion.
• The primary focus of recent and planned capital expenditures includes the Medford fractionator rebuild, Denver-area refined products expansion, relocation of a natural gas processing plant to the Permian Basin, and joint ventures for the Texas City export terminal.