Oneok
Oneok, Inc. is a leading North American midstream service provider operating an extensive integrated energy infrastructure network. The company specializes in the gathering, processing, fractionation, transportation, storage, and marketing of natural gas, natural gas liquids (NGLs), refined products, and crude oil. Its primary value proposition centers on connecting prolific shale basins with key demand centers and export markets through a significant fee-based asset base.
Financials
Based on Q1 2026 filing
Revenue
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Natural Gas Liquids
primaryGathers, fractionates, treats, and distributes NGLs into purity products. The segment connects supply from the Rocky Mountain and Mid-Continent regions to key market centers in Kansas, Texas, and the Gulf Coast.
Ethane, Propane, Iso-butane, Normal butane, Natural gasoline
Petrochemical companies, Propane distributors, Refineries, Exporters
Natural Gas Gathering and Processing
majorProvides midstream services to producers by gathering raw natural gas at the wellhead, compressing it, and transporting it to processing plants. These facilities separate NGLs from the gas stream, resulting in residue natural gas for delivery to pipelines and storage.
Residue natural gas, Condensate, Unfractionated NGLs
Crude oil producers, Natural gas producers
Natural Gas Pipelines
majorTransports and stores residue natural gas through a network of interstate and intrastate pipelines. This segment serves as a critical link between supply areas and end-use markets, including utilities and export facilities.
Natural gas transportation, Natural gas storage, Park-and-loan services
Electric-generation facilities, Local distribution companies, Industrial customers, Municipalities
Refined Products and Crude
majorOperates common carrier pipelines and terminals for the transportation, storage, and distribution of refined petroleum products and crude oil. The network covers a 15-state area across the central and western United States.
Gasoline, Distillates, Aviation fuel, Crude oil gathering
Retail fueling stations, Railroads, Airports, Refiners
Segment Financials
Natural Gas Liquids — Total revenues (Note J)
View metricNatural Gas Liquids — Adjusted EBITDA from unconsolidated affiliates
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View metricNatural Gas Gathering and Processing — Total revenues (Note J)
View metricResidue natural gas sales — Total revenues (Note J)
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View metricNatural Gas Pipelines — Total revenues (Note J)
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View metricRefined Products and Crude Oil — Direct Operating Costs
View metricRefined Products and Crude Oil — Total revenues (Note J)
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View metricBusiness Overview
Competitive Position
One of the largest integrated energy infrastructure companies in North America with a 60,000-mile pipeline network and strategic presence in the Permian, Williston, and Anadarko basins.
Geographies
United States, Mexico, Canada
Customer Segments
Upstream producers, Industrial manufacturers, Utilities, Transportation providers
Upstream Dependencies
Exploration and production companies, Drilling and completion activity, Power providers for compression and fractionation
Downstream Customers
Petrochemical plants, Refineries, Electric utilities, Retail fuel distributors, International export markets
Competitors & Partners
Competitors
Partners
MPLX
MPLX
Joint venture partner in Texas City Logistics, MBTC Pipeline, and Eiger Express Pipeline
WhiteWater
Joint venture partner in the Matterhorn and Eiger Express pipelines
Enbridge
ENB
Joint venture partner in the Eiger Express Pipeline project
Subsidiaries
EnLink Midstream
Wholly owned subsidiary providing gathering, processing, and fractionation services
Medallion Midstream
Wholly owned subsidiary focused on crude oil gathering and transportation
BridgeTex Pipeline Company
Majority-owned (60%) crude oil pipeline entity
Oneok FAQ
Common questions about Oneok
Oneok, Inc. is a leading North American midstream service provider operating an extensive integrated energy infrastructure network. The company specializes in the gathering, processing, fractionation, transportation, storage, and marketing of natural gas, natural gas liquids (NGLs), refined products, and crude oil. Its primary value proposition centers on connecting prolific shale basins with key demand centers and export markets through a significant fee-based asset base.
Oneok (OKE) has a market capitalization of $55.7B and trades on NYSE.
Oneok generated $35.2B in trailing twelve-month revenue with net income of $3.5B, representing a net margin of 10.0%. Gross margin stands at 29.6%, with free cash flow of $2.2B. These figures are based on the Q1 2026 filing.
Oneok's key competitors include Targa Resources Corp., Kinder Morgan, Inc., Enterprise Products Partners L.P., and others. These companies compete in similar markets and product categories.
Oneok has approximately 4,775 employees.