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-9.1% | $1.8B-1.6% | $1.84B+103% | $1.85B+118% | $2.2B+118% | |
| Natural Gas Liquids | $3.65B-14.6% | $3.98B-12.1% | $3.9B+5.9% | $3.87B+9.7% | $4.27B+24.2% | |
| Natural Gas Pipelines | $626M+34.9% | $527M+73.9% | $450M+163% | $405M+148% | $464M+151% | |
| Refined Products and Crude Oil | $4.72B+91.1% | $4.03B+146% | $3.63B+277% | $2.91B+187% | $2.47B+192% | |
| Cost of Revenue by Business | ||||||
| Natural Gas Gathering and Processing | $1.29B-11.2% | $1.04B-7.1% | $1.04B+124% | $1.08B+157% | $1.46B+145% | |
| Natural Gas Liquids | $2.77B-19.9% | $3.07B-15.7% | $2.98B+2.4% | $3.03B+10.3% | $3.46B+28.1% | |
| Natural Gas Pipelines | $310M+18.8% | $270M+187% | $255M+25,400% | $219M+10,850% | $261M+1,640% | |
| Refined Products and Crude Oil | $4.05B+121% | $3.29B+253% | $2.87B+716% | $2.18B+472% | $1.84B+544% | |
| Segment adjusted EBITDA by Business | ||||||
| Natural Gas Gathering and Processing | $467M-4.9% | $541M+10.6% | $566M+78.0% | $540M+45.6% | $491M+60.5% | |
| Natural Gas Liquids | $706M+11.2% | $723M+3.9% | $748M+19.9% | $673M+6.0% | $635M+8.0% | |
| Natural Gas Pipelines | $339M+59.9% | $261M-37.4% | $200M+20.5% | $188M+23.7% | $212M+28.5% | |
| Refined Products and Crude Oil | $492M+4.5% | $567M-6.0% | $582M+32.0% | $557M+19.3% | $471M+23.6% | |
| Noncash compensation expense and other by Business | ||||||
| Natural Gas Gathering and Processing | $7M+40.0% | $34M+750% | $6M0.0% | $9M+80.0% | $5M0.0% | |
| Natural Gas Liquids | $9M+50.0% | $7M-12.5% | $6M-25.0% | $13M+85.7% | $6M-57.1% | |
| Natural Gas Pipelines | $5M— | $3M+50.0% | $1M-66.7% | $3M+50.0% | $0-100% | |
| Refined Products and Crude Oil | $32M+129% | $11M+57.1% | $17M+183% | $7M0.0% | $14M+250% | |
| Adjusted EBITDA from unconsolidated affiliates by Business | ||||||
| Natural Gas Gathering and Processing | $1M-50.0% | $1M— | $1M— | $1M0.0% | $2M0.0% | |
| Natural Gas Liquids | $27M-3.6% | $25M0.0% | $26M0.0% | $22M-18.5% | $28M+64.7% | |
| Natural Gas Pipelines | $78M+27.9% | $65M+20.4% | $63M+40.0% | $55M+34.1% | $61M+29.8% | |
| Refined Products and Crude Oil | $24M-50.0% | $44M-66.2% | $40M-2.4% | $34M-17.1% | $48M+37.1% | |
| Equity in net earnings from investments by Business | ||||||
| Natural Gas Gathering and Processing | $0-100% | $0+100% | $1M+200% | $0— | $2M0.0% | |
| Natural Gas Liquids | $24M-11.1% | $22M0.0% | $24M0.0% | $18M-25.0% | $27M+80.0% | |
| Natural Gas Pipelines | $58M+48.7% | $54M+31.7% | $39M+14.7% | $38M+18.8% | $39M+8.3% | |
| Refined Products and Crude Oil | $7M-82.5% | $29M-76.0% | $28M-20.0% | $25M-21.9% | $40M+73.9% | |
| D&A by Business | ||||||
| Natural Gas Gathering and Processing | $135M+7.1% | $127M+15.5% | $126M+77.5% | $122M+64.9% | $126M+80.0% | |
| Natural Gas Liquids | $107M-5.3% | $127M+25.7% | $116M+30.3% | $112M+30.2% | $113M+32.9% | |
| Natural Gas Pipelines | $25M+8.7% | $25M-19.4% | $25M+19.0% | $25M+38.9% | $23M+27.8% | |
| Refined Products and Crude Oil | $109M-6.0% | $108M+8.0% | $108M+16.1% | $106M+30.9% | $116M+45.0% | |
| CapEx by Business | ||||||
| Natural Gas Gathering and Processing | $317M+31.5% | $430M+149% | $302M+196% | $341M+238% | $241M+108% | |
| Natural Gas Liquids | $310M+81.3% | $234M+15.8% | $218M-11.7% | $135M-52.6% | $171M-32.4% | |
| Natural Gas Pipelines | $46M-25.8% | $68M-4.2% | $55M-1.8% | $52M0.0% | $62M-21.5% | |
| Refined Products and Crude Oil | $180M+27.7% | $213M+122% | $214M+376% | $184M+458% | $141M+236% | |
| Investments in unconsolidated affiliates by Business | ||||||
| Natural Gas Gathering and Processing | $40M+8.1% | $40M+21.2% | $40M+29.0% | $39M+30.0% | $37M+48.0% | |
| Natural Gas Liquids | $718M+37.0% | $652M+34.7% | $597M+43.2% | $550M+31.6% | $524M+26.6% | |
| Natural Gas Pipelines | $1.04B+27.9% | $929M+21.6% | $860M+66.7% | $843M+62.7% | $811M+55.4% | |
| Refined Products and Crude Oil | $1.18B+15.1% | $1.26B+22.5% | $1.27B+32.7% | $1.01B+4.6% | $1.03B+5.4% | |
| Direct Operating Costs by Business | ||||||
| Natural Gas Gathering and Processing | $245M-4.7% | $251M+5.5% | $244M+89.1% | $236M+98.3% | $257M+120% | |
| Natural Gas Liquids | $208M-1.0% | $216M-0.5% | $202M+10.4% | $203M+12.2% | $210M+16.0% | |
| Natural Gas Pipelines | $60M+15.4% | $64M-15.8% | $59M+13.5% | $56M+7.7% | $52M-1.9% | |
| Refined Products and Crude Oil | $228M+1.8% | $234M-1.7% | $231M+6.5% | $217M+0.5% | $224M+3.2% | |
| 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+19.5% | $314M+65.3% | $409M+115% | $383M+102% | $287M+51.1% | |
| Liquids commodity sales | $8.64B+19.3% | $8.19B+26.6% | $7.82B+71.9% | $7.16B+59.8% | $7.24B+70.8% | |
| Other revenue | $42M+10.5% | $46M-9.8% | $40M+8.1% | $42M+27.3% | $38M+2.7% | |
| Residue natural gas sales | $1.17B+14.5% | $885M+52.6% | $764M+249% | $705M+317% | $1.02B+174% | |
| Transportation and storage revenue | $801M-1.6% | $900M-2.3% | $780M+4.4% | $746M+6.0% | $814M+21.3% |
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.
