ONEOK Inc (NYSE: OKE) is a midstream energy company that gathers, processes, fractionates, transports, and stores natural gas and natural gas liquids (NGLs). The company earns revenue primarily through fee-based contracts for gathering, processing, and transportation services, providing toll-road-style economics with direct commodity price exposure on a portion of volumes. ONEOK operates across multiple segments including Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude, based on segment disclosures in the FY2025 10-K filed February 24, 2026. The company is headquartered in Tulsa, Oklahoma and references a $3.5 billion revolving credit agreement as of the FY2025 annual report, indicating a debt-heavy capital structure. ONEOK pays dividends and is structured as a corporation following its conversion from partnership-affiliated operations.

Revenue model

Fee-based midstream services contracts for gathering, processing, fractionating, transporting, and storing natural gas and NGLs, with some commodity price exposure on volumes handled.

Products and services

Natural gas gathering and processing; NGL fractionation; natural gas pipeline transportation and storage; refined products and crude oil transportation and logistics.

Customers and end markets

Upstream natural gas and crude oil producers; downstream refiners and petrochemical end users; utilities and industrial customers requiring natural gas transportation and storage services.

Value-chain role

Midstream infrastructure operator connecting upstream oil and gas producers to downstream processors, refiners, and end-use markets via pipelines, processing plants, and storage facilities.

Geographic exposure

United States midstream infrastructure; specific regional footprint not fully detailed in available filing excerpts.

Source: SEC 10-K, filed 2026-02-24

Industry: Natural Gas Transmisison & Distribution Peers: Cheniere Energy Partners LP Energy Transfer LP Enterprise Products Partners L.P Kinder Morgan Inc Magellan Midstream Partners, L.P. MPLX LP New Fortress Energy Inc Targa Resources Corp Western Midstream Partners LP Williams Companies Inc