Oneok OKE Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total revenues (Note J) by Business | ||||||
| Natural Gas Gathering and Processing | $2B+11.1% | $1.8B-2.3% | $1.84B-0.4% | $1.85B-15.9% | $2.2B+20.2% | |
| Natural Gas Liquids | $3.65B-8.3% | $3.98B+2.1% | $3.9B+0.6% | $3.87B-9.3% | $4.27B-5.6% | |
| Natural Gas Pipelines | $626M+18.8% | $527M+17.1% | $450M+11.1% | $405M-12.7% | $464M+53.1% | |
| Refined Products and Crude Oil | $4.72B+16.9% | $4.03B+11.2% | $3.63B+24.8% | $2.91B+17.8% | $2.47B+50.6% | |
| Cost of Revenue by Business | ||||||
| Natural Gas Gathering and Processing | $1.29B+24.2% | $1.04B+0.3% | $1.04B-4.1% | $1.08B-25.7% | $1.46B+29.9% | |
| Natural Gas Liquids | $2.77B-9.8% | $3.07B+3.1% | $2.98B-1.7% | $3.03B-12.4% | $3.46B-5.1% | |
| Natural Gas Pipelines | $310M+14.8% | $270M+5.9% | $255M+16.4% | $219M-16.1% | $261M+178% | |
| Refined Products and Crude Oil | $4.05B+23.2% | $3.29B+14.4% | $2.87B+32.1% | $2.18B+18.5% | $1.84B+96.9% | |
| Segment adjusted EBITDA by Business | ||||||
| Natural Gas Gathering and Processing | $467M-13.7% | $541M-4.4% | $566M+4.8% | $540M+10.0% | $491M+0.4% | |
| Natural Gas Liquids | $706M-2.4% | $723M-3.3% | $748M+11.1% | $673M+6.0% | $635M-8.8% | |
| Natural Gas Pipelines | $339M+29.9% | $261M+30.5% | $200M+6.4% | $188M-11.3% | $212M-49.2% | |
| Refined Products and Crude Oil | $492M-13.2% | $567M-2.6% | $582M+4.5% | $557M+18.3% | $471M-21.9% | |
| Noncash compensation expense and other by Business | ||||||
| Natural Gas Gathering and Processing | $7M-79.4% | $34M+467% | $6M-33.3% | $9M+80.0% | $5M+25.0% | |
| Natural Gas Liquids | $9M+28.6% | $7M+16.7% | $6M-53.8% | $13M+117% | $6M-25.0% | |
| Natural Gas Pipelines | $5M+66.7% | $3M+200% | $1M-66.7% | $3M— | $0-100% | |
| Refined Products and Crude Oil | $32M+191% | $11M-35.3% | $17M+143% | $7M-50.0% | $14M+100% | |
| Adjusted EBITDA from unconsolidated affiliates by Business | ||||||
| Natural Gas Gathering and Processing | $1M0.0% | $1M0.0% | $1M0.0% | $1M-50.0% | $2M— | |
| Natural Gas Liquids | $27M+8.0% | $25M-3.8% | $26M+18.2% | $22M-21.4% | $28M+12.0% | |
| Natural Gas Pipelines | $78M+20.0% | $65M+3.2% | $63M+14.5% | $55M-9.8% | $61M+13.0% | |
| Refined Products and Crude Oil | $24M-45.5% | $44M+10.0% | $40M+17.6% | $34M-29.2% | $48M-63.1% | |
| Equity in net earnings from investments by Business | ||||||
| Natural Gas Gathering and Processing | $0— | $0-100% | $1M— | $0-100% | $2M+300% | |
| Natural Gas Liquids | $24M+9.1% | $22M-8.3% | $24M+33.3% | $18M-33.3% | $27M+22.7% | |
| Natural Gas Pipelines | $58M+7.4% | $54M+38.5% | $39M+2.6% | $38M-2.6% | $39M-4.9% | |
| Refined Products and Crude Oil | $7M-75.9% | $29M+3.6% | $28M+12.0% | $25M-37.5% | $40M-66.9% | |
| D&A by Business | ||||||
| Natural Gas Gathering and Processing | $135M+6.3% | $127M+0.8% | $126M+3.3% | $122M-3.2% | $126M+14.5% | |
| Natural Gas Liquids | $107M-15.7% | $127M+9.5% | $116M+3.6% | $112M-0.9% | $113M+11.9% | |
| Natural Gas Pipelines | $25M0.0% | $25M0.0% | $25M0.0% | $25M+8.7% | $23M-25.8% | |
| Refined Products and Crude Oil | $109M+0.9% | $108M0.0% | $108M+1.9% | $106M-8.6% | $116M+16.0% | |
| CapEx by Business | ||||||
| Natural Gas Gathering and Processing | $317M-26.3% | $430M+42.4% | $302M-11.4% | $341M+41.5% | $241M+39.3% | |
| Natural Gas Liquids | $310M+32.5% | $234M+7.3% | $218M+61.5% | $135M-21.1% | $171M-15.3% | |
| Natural Gas Pipelines | $46M-32.4% | $68M+23.6% | $55M+5.8% | $52M-16.1% | $62M-12.7% | |
| Refined Products and Crude Oil | $180M-15.5% | $213M-0.5% | $214M+16.3% | $184M+30.5% | $141M+46.9% | |
| Investments in unconsolidated affiliates by Business | ||||||
| Natural Gas Gathering and Processing | $40M0.0% | $40M0.0% | $40M+2.6% | $39M+5.4% | $37M+12.1% | |
| Natural Gas Liquids | $718M+10.1% | $652M+9.2% | $597M+8.5% | $550M+5.0% | $524M+8.3% | |
| Natural Gas Pipelines | $1.04B+11.6% | $929M+8.0% | $860M+2.0% | $843M+3.9% | $811M+6.2% | |
| Refined Products and Crude Oil | $1.18B-6.3% | $1.26B-0.6% | $1.27B+25.7% | $1.01B-1.7% | $1.03B-0.2% | |
| Direct Operating Costs by Business | ||||||
| Natural Gas Gathering and Processing | $245M-2.4% | $251M+2.9% | $244M+3.4% | $236M-8.2% | $257M+8.0% | |
| Natural Gas Liquids | $208M-3.7% | $216M+6.9% | $202M-0.5% | $203M-3.3% | $210M-3.2% | |
| Natural Gas Pipelines | $60M-6.3% | $64M+8.5% | $59M+5.4% | $56M+7.7% | $52M-31.6% | |
| Refined Products and Crude Oil | $228M-2.6% | $234M+1.3% | $231M+6.5% | $217M-3.1% | $224M-5.9% | |
| Impairment of equity investments (Note H) by Business | ||||||
| Natural Gas Gathering and Processing | $0— | —— | —— | —— | —— | |
| Natural Gas Liquids | $0— | —— | —— | —— | —— | |
| Natural Gas Pipelines | $0— | —— | —— | —— | —— | |
| Refined Products and Crude Oil | $60M— | —— | —— | —— | —— | |
| Total revenues (Note J) by Product | ||||||
| Exchange services and natural gas gathering and processing revenue | $343M+9.2% | $314M-23.2% | $409M+6.8% | $383M+33.4% | $287M+51.1% | |
| Liquids commodity sales | $8.64B+5.4% | $8.19B+4.7% | $7.82B+9.3% | $7.16B-1.2% | $7.24B+11.9% | |
| Other revenue | $42M-8.7% | $46M+15.0% | $40M-4.8% | $42M+10.5% | $38M-25.5% | |
| Residue natural gas sales | $1.17B+31.8% | $885M+15.8% | $764M+8.4% | $705M-30.7% | $1.02B+75.5% | |
| Transportation and storage revenue | $801M-11.0% | $900M+15.4% | $780M+4.6% | $746M-8.4% | $814M-11.6% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Oneok break its business down?
- Oneok (OKE) reports total revenues (note j) by business across 4 parts — Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines and Refined Products and Crude Oil. Each is extracted from the segment footnotes and tracked over time.
- Where does Oneok's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Oneok's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
