ONEOK, Inc.

What does ONEOK do?
ONEOK gathers, processes, transports, and stores natural gas, natural gas liquids, refined petroleum products, and crude oil through an approximately 60,000-mile pipeline network in the United States.

Is ONEOK publicly traded?
Yes. ONEOK, Inc. trades on the NYSE under ticker OKE and is a component of the S&P 500.

What does ONEOK stand for?
The name combines Oklahoma and Kansas, reflecting the company's original service territory. It was adopted in 1980 when Oklahoma Natural Gas Company reorganized.

Who founded ONEOK?
Dennis T. Flynn and Charles B. Ames founded the company in 1906 as Oklahoma Natural Gas Company in Oklahoma.

What is ONEOK's revenue?
ONEOK reported FY2025 revenue of $33.6 billion, up 55% year over year on a full contribution from the EnLink acquisition. Net income attributable to ONEOK was $3.39 billion and adjusted EBITDA was $8.02 billion.

What companies has ONEOK acquired?
Major acquisitions include Magellan Midstream Partners ($18.8 billion, September 2023), Easton Energy's NGL system (2024), Medallion Midstream ($2.6 billion, 2024), and EnLink Midstream ($4.3 billion, completed January 2025), plus additional stakes in BridgeTex and the Delaware Basin joint venture in 2025.

Who is the CEO of ONEOK?
Pierce H. Norton II has served as President and CEO since 2021, leading the company's acquisition-driven expansion into an integrated midstream platform.

ONEOK was founded in 1906 as Oklahoma Natural Gas Company by Dennis T. Flynn and Charles B. Ames, built to move natural gas from Oklahoma fields to local markets. It operated as a regulated gas distribution utility for most of the twentieth century.

The company reorganized as ONEOK, Inc. in 1980, the name combining Oklahoma and Kansas to reflect its service territory. Through the 1980s and 1990s it gradually moved beyond regulated distribution into gathering, processing, and interstate pipelines. The creation of ONEOK Partners as a master limited partnership in the 1990s accelerated midstream expansion, and the partnership and corporation consolidated into a single entity in 2017.

The modern scale story begins in 2021, when management committed to an acquisition-led strategy to build a fully integrated "well to water" system. In September 2023 ONEOK completed the approximately $18.8 billion acquisition of Magellan Midstream Partners, adding refined products and crude oil capability to its natural gas and NGL base. In 2024 it acquired Easton Energy's Gulf Coast NGL pipeline system for about $280 million and Medallion Midstream, the largest private crude gathering system in the Midland Basin, for $2.6 billion.

ONEOK acquired control of EnLink Midstream in November 2024 and completed the acquisition of the publicly held EnLink units on January 31, 2025, in a tax-free transaction valued at about $4.3 billion. The Medallion and EnLink deals expanded crude oil, gas, and NGL positions in the Permian Basin and Mid-Continent. In 2025 ONEOK bought the remaining 49.9% of the Delaware Basin joint venture and raised its BridgeTex stake to 60%.

ONEOK's sustainability work centers on pipeline safety, methane emissions management, and environmental compliance across its network. The company reports emissions reduction progress and participates in industry methane initiatives.

Natural gas and NGL infrastructure positions the company in the energy transition debate: management frames gas as a supporting fuel for power generation and exports while critics press for faster decarbonization. The asset base includes legacy systems whose integrity management is a continuing regulatory focus under PHMSA oversight.

• Fortune 500: ONEOK ranks among the largest US companies by revenue.
• Record FY2025 earnings: Net income attributable to ONEOK up 12% to $3.39 billion, adjusted EBITDA up 18% to $8.02 billion.

Pipeline expansion scrutiny: Like all large midstream operators, ONEOK faces permitting review, environmental opposition, and landowner disputes on expansion projects, regulated primarily by FERC and PHMSA.

Acquisition leverage: The multi-year acquisition program increased total debt to $34.0 billion at year-end 2025, drawing scrutiny from credit analysts even as management emphasized synergy capture and deleveraging.

Legacy safety record: Pipeline operations carry inherent incident risk, and the inherited networks from Magellan and EnLink bring their own enforcement histories that now sit under ONEOK's compliance programs.