Oneok Inc /New/ (NYSE: OKE)

ONEOK Inc delivers energy products and services vital to an advancing world. The company is a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services. As one of the largest integrated energy infrastructure companies in North America, ONEOK transports natural gas, NGLs, refined products and crude oil through its approximately 60,000-mile pipeline network to meet domestic and international energy demand.

ONEOK generates revenue primarily through fee-based services across its midstream value chain, including gathering, processing, fractionation, transportation, storage and terminal operations. The company earns income from contractual fees for moving and processing energy commodities, as well as from optimization and marketing activities that capture location and product price differentials. Revenue is derived from major and independent crude oil and natural gas producers, petrochemical companies, utilities and exporters who utilize ONEOK’s infrastructure to bring products to market.

The company operates through the following segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude.

• Natural Gas Gathering and Processing: This segment gathers raw natural gas at the wellhead, compresses and transports it to processing facilities where NGLs are separated to produce residue natural gas. The NGLs are delivered to fractionation facilities for further processing, while residue natural gas is recompressed and delivered to pipelines, storage facilities and end users. The segment provides midstream services to producers in the Rocky Mountain, Mid-Continent and Permian Basin regions, utilizing assets such as 22,600 miles of gathering pipelines and processing plants with 1.9 Bcf/d capacity in the Rocky Mountain region, 3.5 Bcf/d in the Mid-Continent region and 1.8 Bcf/d in the Permian Basin.

• Natural Gas Liquids: This segment gathers NGLs from processing plants and transports them via NGL gathering pipelines to downstream fractionators for separation into purity NGLs. The purity NGLs are stored or distributed to customers including petrochemical companies, propane distributors, ethanol producers, refineries and exporters. The segment operates 10,100 miles of gathering pipelines, 4,800 miles of distribution pipelines and NGL fractionators with combined operating capacity of 1.2 MMBbl/d, including 310 MBbl/d in the Mid-Continent region and 890 MBbl/d in the Gulf Coast region.

• Natural Gas Pipelines: This segment transports residue natural gas from third parties and ONEOK’s own processing plants to end users such as industrial customers, utilities and export markets via liquified natural gas and cross-border pipelines. The assets are connected to key supply areas and demand centers, including export markets in Mexico via Roadrunner and supply areas in Canada and the United States via interstate and intrastate pipelines like Northern Border and Matterhorn. The segment includes 8,300 miles of natural gas pipelines and eleven underground storage facilities with 74 Bcf of total active working natural gas storage capacity.

• Refined Products and Crude: This segment transports, stores and distributes refined products and crude oil, including gasoline, distillates, aviation fuel and certain NGLs, while also engaging in crude oil gathering. Products originate from refineries or pipeline interconnections and are distributed to retail fueling stations, convenience stores, airports, railroads and other end users. The segment operates 9,800 miles of refined products pipelines, 1,100 miles of crude oil transportation pipelines, 2,100 miles of crude oil gathering pipelines, 53 refined products terminals, two marine terminals and 100 MMBbl of operating storage capacity.

ONEOK holds a leading position in North America’s midstream energy sector as one of the largest integrated energy infrastructure companies, competing with companies such as Enbridge, Enterprise Products Partners and Williams Companies. Its competitive advantages stem from an extensive and integrated asset base located in productive shale basins, a diversified fee-based revenue model with approximately 90% of earnings derived from fees, and multi-basin exposure that reduces reliance on commodity price volatility. The company’s strategic acquisitions, including EnLink and Medallion, have strengthened its footprint and service capabilities across key basins.

ONEOK serves a diverse customer base including major and independent crude oil and natural gas producers, petrochemical companies, propane distributors, ethanol producers, refineries, exporters, utilities, large industrial companies, municipalities and retailers. Downstream customers also include retail gasoline stations, truck stops, airports, railroads and farm cooperatives who receive refined products and crude oil via the company’s distribution systems. Specific customer names are not disclosed in the filing, but the company indicates its services are essential to producers, processors and end-market distributors across the energy value chain.