ONEOK INC

ONEOK, Inc. (NYSE: OKE) is a leading midstream energy infrastructure company that delivers natural gas, natural gas liquids, refined products, and crude oil through an extensive network of approximately 60,000 miles of pipelines across North America. The company operates through four reportable segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.

The Natural Gas Gathering and Processing segment operates gathering pipelines and processing plants with combined capacity of 7.2 billion cubic feet per day across the Rocky Mountain, Mid-Continent, and Permian Basin regions, serving producers in major shale formations including the Williston Basin, Anadarko Basin, and Delaware Basin. The Natural Gas Liquids segment provides fractionation, transportation, and storage services with 1.2 million barrels per day of fractionation capacity and 40 million barrels of storage capacity, primarily serving markets in Conway, Kansas, Mont Belvieu, Texas, and Louisiana. The Natural Gas Pipelines segment operates 8,300 miles of natural gas pipelines and 74 billion cubic feet of underground storage capacity across intrastate and interstate systems, serving industrial customers, utilities, and liquefied natural gas export facilities. The Refined Products and Crude segment operates 9,800 miles of refined products pipelines, 1,100 miles of crude oil transportation pipelines, and 53 refined products terminals with 100 million barrels of storage capacity.

Approximately 90 percent of consolidated earnings are fee-based, providing stable cash flows with reduced commodity price exposure. The company completed significant acquisitions in 2024 and 2025, including the Medallion Acquisition and the EnLink Acquisition, which expanded its integrated asset base and operational capabilities. ONEOK maintains investment-grade credit ratings and operates a sustainable business model focused on high-return capital projects, dividend growth, and shareholder returns. The company serves major and independent crude oil and natural gas producers across productive North American basins and connects key supply areas with demand centers including refineries, petrochemical facilities, and export markets.