ONEOK

ONEOK, Inc. is one of the largest energy midstream service providers in North America, operating a fully integrated network of natural gas, natural gas liquids (NGLs), refined products, and crude oil infrastructure. The company's business model is predominantly fee-based, which limits its direct exposure to commodity price volatility and provides stable cash flows. ONEOK operates through four primary segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. The Natural Gas Liquids segment is a major driver of the business, connecting NGL supply in the Rocky Mountain, Mid-Continent, and Permian regions with key market centers, particularly the Mont Belvieu fractionation and storage complex on the Texas Gulf Coast. The company's footprint expanded significantly following its $18.8 billion acquisition of Magellan Midstream Partners in 2023, which added a vast network of refined products and crude oil pipelines, as well as marine export capabilities. In 2025 and 2026, ONEOK further consolidated its position in the Permian Basin through the acquisitions of EnLink Midstream, Medallion Midstream, and Brazos Midland. With over 60,000 miles of pipelines, ONEOK serves a diverse customer base including exploration and production companies, utilities, petrochemical manufacturers, and energy marketers.