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Oneok Business Segments

Business, geographic, and product segment breakdowns

Oneok generates $35.2B in annual revenue across 4 key segments: Natural Gas Gathering and Processing ($4.5B), Natural Gas Liquids ($11.8B), Natural Gas Pipelines ($1.1B), and Refined Products and Crude Oil ($12.4B). The company-wide operating margin is 16.9%. Based on the Q1 2026 filing.

Natural Gas Gathering and Processing (TTM)$4.5BNatural Gas Liquids (TTM)$11.8BNatural Gas Pipelines (TTM)$1.1BRefined Products and Crude Oil (TTM)$12.4B
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$56.2B
P/E Ratio15.92
ROE16.15%

Products & Services

Total revenues (Note J)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liquids commodity sales$6.5B$7.2B$7.2B$7.8B$8.2B$8.6B
Residue natural gas sales$580M$1B$705M$764M$885M$1.2B
Transportation and storage revenue$921M$814M$746M$780M$900M$801M
Exchange services and natural gas gathering and processing revenue$190M$287M$383M$409M$314M$343M
Other revenue$51M$38M$42M$40M$46M$42M

Business Segments

Adjusted EBITDA from unconsolidated affiliates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$54M$61M$55M$63M$65M$78M
Natural Gas Liquids$25M$28M$22M$26M$25M$27M
Refined Products and Crude Oil$130M$48M$34M$40M$44M$24M
Natural Gas Gathering and Processing$0$2M$1M$1M$1M$1M

CapEx

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Gathering and Processing$173M$241M$341M$302M$430M$317M
Natural Gas Liquids$202M$171M$135M$218M$234M$310M
Refined Products and Crude Oil$96M$141M$184M$214M$213M$180M
Natural Gas Pipelines$71M$62M$52M$55M$68M$46M

Cost of Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined Products and Crude Oil$932M$1.8B$2.2B$2.9B$3.3B$4.1B
Natural Gas Liquids$3.6B$3.5B$3B$3B$3.1B$2.8B
Natural Gas Gathering and Processing$1.1B$1.5B$1.1B$1B$1B$1.3B
Natural Gas Pipelines$94M$261M$219M$255M$270M$310M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Gathering and Processing$110M$126M$122M$126M$127M$135M
Refined Products and Crude Oil$100M$116M$106M$108M$108M$109M
Natural Gas Liquids$101M$113M$112M$116M$127M$107M
Natural Gas Pipelines$31M$23M$25M$25M$25M$25M

Direct Operating Costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Gathering and Processing$238M$257M$236M$244M$251M$245M
Refined Products and Crude Oil$238M$224M$217M$231M$234M$228M
Natural Gas Liquids$217M$210M$203M$202M$216M$208M
Natural Gas Pipelines$76M$52M$56M$59M$64M$60M

Equity in net earnings from investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$41M$39M$38M$39M$54M$58M
Natural Gas Liquids$22M$27M$18M$24M$22M$24M
Refined Products and Crude Oil$121M$40M$25M$28M$29M$7M
Natural Gas Gathering and Processing-$1M$2M$0$1M$0$0

Goodwill, Measurement Period Adjustment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Gathering and Processing$0$2M$2M$2M$2M—
Natural Gas Liquids$0-$11.3M-$11.3M-$11.3M-$11.3M—
Natural Gas Pipelines$0$500K$500K$500K$500K—
Refined Products and Crude$41.3M$1M$1M$1M$1M—

Impairment of equity investments (Note H)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined Products and Crude Oil—————$60M
Natural Gas Gathering and Processing—————$0
Natural Gas Liquids—————$0
Natural Gas Pipelines—————$0

Investments in unconsolidated affiliates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined Products and Crude Oil$1B$1B$1B$1.3B$1.3B$1.2B
Natural Gas Pipelines$764M$811M$843M$860M$929M$1B
Natural Gas Liquids$484M$524M$550M$597M$652M$718M
Natural Gas Gathering and Processing$33M$37M$39M$40M$40M$40M

Noncash compensation expense and other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined Products and Crude Oil$7M$14M$7M$17M$11M$32M
Natural Gas Liquids$8M$6M$13M$6M$7M$9M
Natural Gas Gathering and Processing$4M$5M$9M$6M$34M$7M
Natural Gas Pipelines$2M$0$3M$1M$3M$5M

Segment adjusted EBITDA

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Liquids$696M$635M$673M$748M$723M$706M
Refined Products and Crude Oil$603M$471M$557M$582M$567M$492M
Natural Gas Gathering and Processing$489M$491M$540M$566M$541M$467M
Natural Gas Pipelines$417M$212M$188M$200M$261M$339M

Total revenues (Note J)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined Products and Crude Oil$1.6B$2.5B$2.9B$3.6B$4B$4.7B
Natural Gas Liquids$4.5B$4.3B$3.9B$3.9B$4B$3.6B
Natural Gas Gathering and Processing$1.8B$2.2B$1.8B$1.8B$1.8B$2B
Natural Gas Pipelines$303M$464M$405M$450M$527M$626M

Goodwill (Note F)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$353M———$355M—