Oneok Inc /New/ (NYSE: OKE)

ONEOK is a leading midstream service provider engaged in gathering, processing, fractionation, transportation, storage and marine export of energy products.

The company operates an approximately 60,000 mile pipeline network that moves natural gas, natural gas liquids, refined products and crude oil to meet domestic and international demand.

ONEOK generates revenue primarily through fee based services such as gathering, processing, fractionation, transportation, storage and terminal operations.

The company also earns income from the sale of natural gas liquids, refined products and crude oil, as well as from optimization and marketing activities that capture location and price differentials.

Most of its earnings are fee based, with approximately 90% of consolidated earnings derived from fees in 2025.

ONEOK 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 plants where natural gas liquids are removed, and delivers residue gas to pipelines, storage facilities and end users.

• Natural Gas Liquids: This segment collects natural gas liquids from processing plants via gathering pipelines, fractionates them into purity products, and stores and distributes the liquids to petrochemical companies, propane distributors, refiners and exporters.

• Natural Gas Pipelines: This segment transports residue natural gas from third parties and own facilities to industrial customers, utilities and export markets, and provides underground storage services.

• Refined Products and Crude: This segment moves, stores and distributes refined products and crude oil, also gathers crude oil, and provides terminal and storage services to retailers, wholesalers, railroads and airlines.

As one of the largest integrated energy infrastructure companies in North America, ONEOK holds a strong position among midstream competitors.

Its competitive advantages include an extensive asset base, multi basin exposure, a fee based earnings profile and long term contracts that link supply areas to demand centers.

ONEOK serves major and independent crude oil and natural gas producers across its operating regions.

Its customers also include petrochemical and refining companies, propane distributors, ethanol producers, exporters, utilities, large industrial companies, municipalities and, for refined products, retailers, wholesalers, railroads and airlines.