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Oneok OKE Natural Gas Pipelines — Direct Operating Costs

Other segment segments

Natural Gas Gathering and Processing
$245M-4.7%
Refined Products and Crude Oil
$228M+1.8%
Natural Gas Liquids
$208M-1.0%

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$18M-18.2%
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EPDNatural Gas Pipelines & Services — Fixed operating costs and expenses
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MDUNatural gas distribution — Operation and maintenance
$65.13M+2.6%
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MPLXNatural Gas & NGL Services — Operating Expenses
$428M-3.8%
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EPNatural Gas Pipelines — Costs of sales (exclusive of items shown separately below)
$1.43B+25.0%

Other financials

Income statement

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Revenue$9.6B+19.6%
Gross profit$2.6B+7.4%
Operating income$1.4B+17.0%
Net income$774.0M+21.7%
EPS (diluted)$1.23+18.3%

Balance sheet

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Cash & equivalents$172.0M+22.0%
Total debt$32.4B+8.1%
Total equity$22.4B+4.6%
Total assets$68.2B+6.1%

Cash flow

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Operating cash flow$934.0M+3.3%
CapEx$864.0M+37.4%
Free cash flow$70.0M-74.5%

Valuation

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Market cap$56.4B+9.6%
Enterprise value$88.64B+9.0%
P/E16×-1.0×
P/S1.6×-0.5×

Profitability

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Gross margin29.6%-6.0pp
Operating margin16.9%-3.7pp
Net margin10%-2.1pp
FCF margin6.4%-5.9pp

Returns & leverage

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Return on equity16.2%+0.1pp
Debt / equity1.4×0.0×
Current ratio0.7×0.0×

Where this comes from

Reported directly by Oneok in its filing.

Tagged under the XBRL concept us-gaap:DirectOperatingCosts.

The official record: Oneok’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Oneok's natural gas pipelines — direct operating costs?
Oneok (OKE) reported natural gas pipelines — direct operating costs of $60M in Q1 2026.
How has Oneok's natural gas pipelines — direct operating costs changed year-over-year?
Oneok's natural gas pipelines — direct operating costs increased by 15.4% year-over-year, from $52M to $60M.
What is the long-term trend for Oneok's natural gas pipelines — direct operating costs?
Over 4 years (2021 to 2025), Oneok's natural gas pipelines — direct operating costs has grown at a 8.0% compound annual growth rate (CAGR), from $170M to $231M.
What does natural gas pipelines — direct operating costs mean?
Reflects the recurring expenses required to operate and maintain the physical pipeline infrastructure, including labor, maintenance, and safety compliance costs. This metric is a key indicator of the segment's operational efficiency and cost management discipline.