ONEOK (OKE)
Connects natural gas, NGLs, refined products and crude oil from producing basins to markets.
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ONEOK is a vast toll-road system for natural gas, fuel and crude oil: it gathers, sorts, stores and moves gas and liquid fuels for producers, refiners and end users. Natural gas liquids still dominate sales, while acquired crude and refined-fuel routes have made the company broader. Its next move is more gas processing, export capacity and long-haul pipes, built on top of a heavily indebted network.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 17 more below
Natural Gas Liquids
The biggest sales engine carries mixed liquids from gas plants, separates them into products such as propane, then stores and delivers them. Its separating plants ran 94% full; watch basin supply and export demand.
Competes with Grand Prix NGL Pipeline and Mont Belvieu fractionation (Targa Resources) · Lone Star Express and Nederland liquids assets (Energy Transfer)
In plain English
Raw natural gas carries useful liquids with it, a little like groceries arriving mixed in one delivery. ONEOK moves that mix through pipelines, sorts it into products such as propane, and stores or sends each product onward.
Gas processors hand over the mixed stream; chemical makers, refineries and export buyers pull the separated products out the other end. ONEOK is paid for gathering, separating, storing and transporting those volumes. Customers keep using the network because the pipes and separating plants connect producing regions to large buying hubs.
Texas City Logistics LPG Export Terminal and MBTC Pipeline
This planned Gulf Coast dock and connecting pipe will load propane and butane onto ships. Customers have already booked 80% of ONEOK's loading capacity; watch construction, marine approvals and export demand.
Competes with Galena Park LPG Export Terminal (Targa Resources) · Enterprise LPG export complex (Enterprise Products Partners)
In plain English
Propane and butane can be loaded onto ships and sold overseas, but they need a pipe to the water and a dock built for the job. Think of this project as adding a seaport exit to ONEOK's liquids network.
ONEOK and MPLX, its project partner, are building the terminal together, while ONEOK owns most of the connecting MBTC pipeline. Export customers reserve loading space; once service begins, their shipments should pay the owners for moving and loading the fuel. The appeal is that much of ONEOK's space already has customers waiting for it.
Refined Products Pipelines and Terminals
This network carries gasoline, diesel and jet fuel from refineries to distributors and airports. It moved roughly 1.5 million barrels a day; watch seasonal demand, refinery activity and the value of fuel blending.
Competes with Explorer Pipeline (Explorer Pipeline Company) · Colonial Pipeline (Colonial Pipeline Company)
In plain English
This is the fuel-delivery layer most drivers never see. Refineries put finished gasoline, diesel and jet fuel into ONEOK's pipes; the network carries it to storage terminals, local distributors and airports.
ONEOK charges for every barrel moved and for storing or handling fuel at a terminal. It can also earn by mixing fuel to meet different specifications. Customers return because a connected pipe-and-terminal system is the practical bridge between a large refinery and many distant places that need dependable deliveries.
Crude Oil Gathering, Transportation and Export
Pipes and marine terminals take crude from producing areas toward storage hubs, refineries and export ships. They handled roughly 1.8 million barrels a day; watch drilling, export demand and price gaps between locations.
Competes with Cactus II and Permian system (Plains All American) · Midland-to-ECHO Pipeline (Enterprise Products Partners)
In plain English
Before a barrel reaches a refinery or ship, someone has to collect it from the oilfield and carry it across the country. ONEOK provides that relay route, linking production in the Permian and Midcontinent to Cushing, Houston and the coast.
Producers, refiners and exporters pay by the barrel for gathering and transport; some also pay to keep terminal space even when they do not use it. Storage and buying oil in one place to sell elsewhere add smaller opportunities. More drilling and export traffic feed the route, while competing pipes can pull barrels away.
Natural Gas Gathering and Processing
The first stop for gas from the wellhead collects raw gas and separates saleable gas from its liquid ingredients. Plants processed about 5.6 billion cubic feet a day; watch producer drilling and commodity prices.
Competes with Permian Midland and Delaware systems (Targa Resources) · Mustang Draw complex (Energy Transfer)
In plain English
At the wellhead, natural gas is not ready for a home or factory. Small field pipes collect it from many wells and carry it to ONEOK plants, which remove water and separate useful liquids from the gas.
Producers commit gas from specific land to the system, often for years. They pay ONEOK a fixed service fee, and some agreements also give ONEOK a slice of the value of the gas or liquids. Producers keep paying because the gathering pipes and processing plants are the necessary first bridge from a producing well to bigger markets.
Brazos Midland Basin Gathering and Processing Assets
The pending purchase would add a large Midland Basin collection and processing system. Long fixed-fee producer contracts make the attraction clear; closing the deal and finishing the Cassidy II plant are the gates.
Competes with Permian Midland system (Targa Resources) · Mustang Draw complex (Energy Transfer)
In plain English
A signed purchase, not yet part of ONEOK. Brazos collects and processes gas from land committed by producers including ExxonMobil, Diamondback and Double Eagle, under fixed-fee agreements that last more than a decade on average.
After the deal closes, those producers would pay ONEOK as their gas moves through the acquired pipes and plants. A planned processing plant called Cassidy II would create more room. Until closing and construction happen, however, the assets add no revenue or capacity to ONEOK.
Natural Gas Pipelines and Storage
Long-distance pipes and storage caverns give utilities, exporters, factories and power plants dependable gas delivery. Customers had reserved 91% of pipeline capacity; watch whether Texas price gaps narrow as management expects.
Competes with Houston Pipeline system (Energy Transfer) · Natural Gas Pipeline Company of America (Kinder Morgan)
In plain English
The quietest sales line works like reserving a lane before a trip. Utilities, gas exporters, factories and power plants pay ONEOK to keep pipeline space ready, even when they do not send gas through it. They can also pay for the gas they move and for storage.
That reservation model makes money steadier than the headline sales figures suggest. Customers keep the service because reliable delivery matters on cold days and during production swings. Extra earnings can come from moving gas between Texas markets when the same gas sells for different prices in each place.
Eiger Express Pipeline
This planned route would carry up to 3.7 billion cubic feet of Permian gas a day east to Katy, Texas. Its customer slots are already spoken for; permits, construction and Gulf Coast demand determine the payoff.
Competes with Gulf Coast Express (Kinder Morgan) · Permian Highway Pipeline (Kinder Morgan)
In plain English
Eiger is a new highway for gas that otherwise risks getting bottled up in the Permian Basin. The planned pipe would run to Katy, a Texas connection point closer to Gulf Coast buyers, with service aimed for the middle of 2028.
ONEOK owns part of the project rather than the whole thing. Shippers have promised to pay for all available space for at least a decade, giving the owners a clear path to fees once gas starts moving. The remaining work is physical: permits, construction and the equipment that keeps gas flowing.
Natural Gas LiquidsThe biggest sales engine carries mixed liquids from gas plants, separates them into products such as propane, then stores and delivers them. Its separating plants ran 94% full; watch basin supply and export demand.The biggest sales engine carries mixed liquids from gas plants, separates them into products such as propane, then stores and delivers them. Its separating plants ran 94% full; watch basin supply and export demand.
In plain English
Raw natural gas carries useful liquids with it, a little like groceries arriving mixed in one delivery. ONEOK moves that mix through pipelines, sorts it into products such as propane, and stores or sends each product onward.
Gas processors hand over the mixed stream; chemical makers, refineries and export buyers pull the separated products out the other end. ONEOK is paid for gathering, separating, storing and transporting those volumes. Customers keep using the network because the pipes and separating plants connect producing regions to large buying hubs.
Competes with Grand Prix NGL Pipeline and Mont Belvieu fractionation (Targa Resources) · Lone Star Express and Nederland liquids assets (Energy Transfer)
Texas City Logistics LPG Export Terminal and MBTC PipelineThis planned Gulf Coast dock and connecting pipe will load propane and butane onto ships. Customers have already booked 80% of ONEOK's loading capacity; watch construction, marine approvals and export demand.This planned Gulf Coast dock and connecting pipe will load propane and butane onto ships. Customers have already booked 80% of ONEOK's loading capacity; watch construction, marine approvals and export demand.
In plain English
Propane and butane can be loaded onto ships and sold overseas, but they need a pipe to the water and a dock built for the job. Think of this project as adding a seaport exit to ONEOK's liquids network.
ONEOK and MPLX, its project partner, are building the terminal together, while ONEOK owns most of the connecting MBTC pipeline. Export customers reserve loading space; once service begins, their shipments should pay the owners for moving and loading the fuel. The appeal is that much of ONEOK's space already has customers waiting for it.
Competes with Galena Park LPG Export Terminal (Targa Resources) · Enterprise LPG export complex (Enterprise Products Partners)
Refined Products Pipelines and TerminalsThis network carries gasoline, diesel and jet fuel from refineries to distributors and airports. It moved roughly 1.5 million barrels a day; watch seasonal demand, refinery activity and the value of fuel blending.This network carries gasoline, diesel and jet fuel from refineries to distributors and airports. It moved roughly 1.5 million barrels a day; watch seasonal demand, refinery activity and the value of fuel blending.
In plain English
This is the fuel-delivery layer most drivers never see. Refineries put finished gasoline, diesel and jet fuel into ONEOK's pipes; the network carries it to storage terminals, local distributors and airports.
ONEOK charges for every barrel moved and for storing or handling fuel at a terminal. It can also earn by mixing fuel to meet different specifications. Customers return because a connected pipe-and-terminal system is the practical bridge between a large refinery and many distant places that need dependable deliveries.
Competes with Explorer Pipeline (Explorer Pipeline Company) · Colonial Pipeline (Colonial Pipeline Company)
Crude Oil Gathering, Transportation and ExportPipes and marine terminals take crude from producing areas toward storage hubs, refineries and export ships. They handled roughly 1.8 million barrels a day; watch drilling, export demand and price gaps between locations.Pipes and marine terminals take crude from producing areas toward storage hubs, refineries and export ships. They handled roughly 1.8 million barrels a day; watch drilling, export demand and price gaps between locations.
In plain English
Before a barrel reaches a refinery or ship, someone has to collect it from the oilfield and carry it across the country. ONEOK provides that relay route, linking production in the Permian and Midcontinent to Cushing, Houston and the coast.
Producers, refiners and exporters pay by the barrel for gathering and transport; some also pay to keep terminal space even when they do not use it. Storage and buying oil in one place to sell elsewhere add smaller opportunities. More drilling and export traffic feed the route, while competing pipes can pull barrels away.
Competes with Cactus II and Permian system (Plains All American) · Midland-to-ECHO Pipeline (Enterprise Products Partners)
Natural Gas Gathering and ProcessingThe first stop for gas from the wellhead collects raw gas and separates saleable gas from its liquid ingredients. Plants processed about 5.6 billion cubic feet a day; watch producer drilling and commodity prices.The first stop for gas from the wellhead collects raw gas and separates saleable gas from its liquid ingredients. Plants processed about 5.6 billion cubic feet a day; watch producer drilling and commodity prices.
In plain English
At the wellhead, natural gas is not ready for a home or factory. Small field pipes collect it from many wells and carry it to ONEOK plants, which remove water and separate useful liquids from the gas.
Producers commit gas from specific land to the system, often for years. They pay ONEOK a fixed service fee, and some agreements also give ONEOK a slice of the value of the gas or liquids. Producers keep paying because the gathering pipes and processing plants are the necessary first bridge from a producing well to bigger markets.
Competes with Permian Midland and Delaware systems (Targa Resources) · Mustang Draw complex (Energy Transfer)
Brazos Midland Basin Gathering and Processing AssetsThe pending purchase would add a large Midland Basin collection and processing system. Long fixed-fee producer contracts make the attraction clear; closing the deal and finishing the Cassidy II plant are the gates.The pending purchase would add a large Midland Basin collection and processing system. Long fixed-fee producer contracts make the attraction clear; closing the deal and finishing the Cassidy II plant are the gates.
In plain English
A signed purchase, not yet part of ONEOK. Brazos collects and processes gas from land committed by producers including ExxonMobil, Diamondback and Double Eagle, under fixed-fee agreements that last more than a decade on average.
After the deal closes, those producers would pay ONEOK as their gas moves through the acquired pipes and plants. A planned processing plant called Cassidy II would create more room. Until closing and construction happen, however, the assets add no revenue or capacity to ONEOK.
Competes with Permian Midland system (Targa Resources) · Mustang Draw complex (Energy Transfer)
Natural Gas Pipelines and StorageLong-distance pipes and storage caverns give utilities, exporters, factories and power plants dependable gas delivery. Customers had reserved 91% of pipeline capacity; watch whether Texas price gaps narrow as management expects.Long-distance pipes and storage caverns give utilities, exporters, factories and power plants dependable gas delivery. Customers had reserved 91% of pipeline capacity; watch whether Texas price gaps narrow as management expects.
In plain English
The quietest sales line works like reserving a lane before a trip. Utilities, gas exporters, factories and power plants pay ONEOK to keep pipeline space ready, even when they do not send gas through it. They can also pay for the gas they move and for storage.
That reservation model makes money steadier than the headline sales figures suggest. Customers keep the service because reliable delivery matters on cold days and during production swings. Extra earnings can come from moving gas between Texas markets when the same gas sells for different prices in each place.
Competes with Houston Pipeline system (Energy Transfer) · Natural Gas Pipeline Company of America (Kinder Morgan)
Eiger Express PipelineThis planned route would carry up to 3.7 billion cubic feet of Permian gas a day east to Katy, Texas. Its customer slots are already spoken for; permits, construction and Gulf Coast demand determine the payoff.This planned route would carry up to 3.7 billion cubic feet of Permian gas a day east to Katy, Texas. Its customer slots are already spoken for; permits, construction and Gulf Coast demand determine the payoff.
In plain English
Eiger is a new highway for gas that otherwise risks getting bottled up in the Permian Basin. The planned pipe would run to Katy, a Texas connection point closer to Gulf Coast buyers, with service aimed for the middle of 2028.
ONEOK owns part of the project rather than the whole thing. Shippers have promised to pay for all available space for at least a decade, giving the owners a clear path to fees once gas starts moving. The remaining work is physical: permits, construction and the equipment that keeps gas flowing.
Competes with Gulf Coast Express (Kinder Morgan) · Permian Highway Pipeline (Kinder Morgan)
Named in filings, launches and programs
- Unnamed major customerCustomer programOne unidentified customer bought about 12% of FY2025 revenue across all four businesses; its effect on earnings cannot be read from sales alone.
- EnLink MidstreamBrandAcquired gas-processing and Louisiana gas assets are now folded into ONEOK's four operating businesses.
- Magellan Midstream PartnersBrandThe acquired business supplied most of today's refined-fuel and crude-oil platform rather than remaining a separate unit.
- Medallion MidstreamEcosystemThe acquired Midland Basin crude-gathering system enlarged ONEOK's path from Permian wells to long-distance pipelines.
- ONEOK West Texas NGL PipelineEcosystemExpanded to carry 500,000 barrels a day of natural gas liquids out of the Permian into ONEOK's wider network.
- Medford FractionatorEcosystem · RampingA rebuilt separating plant scheduled to return in two stages around the turn of 2027.
- Bighorn PlantEcosystem · Pre-revenueA larger Permian gas-processing plant planned for mid-2027, adding room for growing well output.
- Greater Denver Area ExpansionEcosystemNew refined-fuel capacity and a direct jet-fuel connection to Denver International Airport entered service in August 2026.
- Easton Energy NGL PipelinesEcosystemRoughly 450 acquired Gulf Coast pipeline miles now connect with ONEOK's Houston-area liquids network.
- BridgeTex PipelineEcosystemA Permian-to-Houston crude line now majority-owned by ONEOK, capable of moving 440,000 barrels a day.
- Seabrook LogisticsEcosystemA shared Houston-area crude-export dock backed by customer commitments; shipments rose sharply in the second quarter of 2026.
- Jefferson Island Storage Hub ExpansionEcosystem · RampingMore Louisiana gas-storage space tied to the Gulf Coast network acquired with EnLink.
- Northern Border PipelineEcosystemA half-owned long-distance gas pipeline whose share of earnings appears inside the gas-pipelines business.
- Matterhorn Express PipelineEcosystemA partly owned Permian gas route that also gives ONEOK a smaller interest in the planned Eiger line.
- Power-Plant Gas Supply AgreementCustomer program · AnnouncedAn awarded gas contract for a large power plant with an unnamed customer; it requires more than $100 million of new infrastructure.
- AI Data-Center Gas-Supply OpportunitiesCustomer program · Pre-revenueSeveral advanced customer talks, but no final projects, named buyers or contracted revenue yet.
- Powder Springs LogisticsEcosystemA half-owned refined-fuel venture whose weaker outlook caused a $60 million accounting write-down in early 2026.
Unnamed major customerCustomer program
One unidentified customer bought about 12% of FY2025 revenue across all four businesses; its effect on earnings cannot be read from sales alone.
EnLink MidstreamBrand
Acquired gas-processing and Louisiana gas assets are now folded into ONEOK's four operating businesses.
Magellan Midstream PartnersBrand
The acquired business supplied most of today's refined-fuel and crude-oil platform rather than remaining a separate unit.
Medallion MidstreamEcosystem
The acquired Midland Basin crude-gathering system enlarged ONEOK's path from Permian wells to long-distance pipelines.
ONEOK West Texas NGL PipelineEcosystem
Expanded to carry 500,000 barrels a day of natural gas liquids out of the Permian into ONEOK's wider network.
Medford FractionatorEcosystem · Ramping
A rebuilt separating plant scheduled to return in two stages around the turn of 2027.
Bighorn PlantEcosystem · Pre-revenue
A larger Permian gas-processing plant planned for mid-2027, adding room for growing well output.
Greater Denver Area ExpansionEcosystem
New refined-fuel capacity and a direct jet-fuel connection to Denver International Airport entered service in August 2026.
Easton Energy NGL PipelinesEcosystem
Roughly 450 acquired Gulf Coast pipeline miles now connect with ONEOK's Houston-area liquids network.
BridgeTex PipelineEcosystem
A Permian-to-Houston crude line now majority-owned by ONEOK, capable of moving 440,000 barrels a day.
Seabrook LogisticsEcosystem
A shared Houston-area crude-export dock backed by customer commitments; shipments rose sharply in the second quarter of 2026.
Jefferson Island Storage Hub ExpansionEcosystem · Ramping
More Louisiana gas-storage space tied to the Gulf Coast network acquired with EnLink.
Northern Border PipelineEcosystem
A half-owned long-distance gas pipeline whose share of earnings appears inside the gas-pipelines business.
Matterhorn Express PipelineEcosystem
A partly owned Permian gas route that also gives ONEOK a smaller interest in the planned Eiger line.
Power-Plant Gas Supply AgreementCustomer program · Announced
An awarded gas contract for a large power plant with an unnamed customer; it requires more than $100 million of new infrastructure.
AI Data-Center Gas-Supply OpportunitiesCustomer program · Pre-revenue
Several advanced customer talks, but no final projects, named buyers or contracted revenue yet.
Powder Springs LogisticsEcosystem
A half-owned refined-fuel venture whose weaker outlook caused a $60 million accounting write-down in early 2026.