# Oneok **Source:** https://geo.sig.ai/brands/oneok **Vertical:** Energy & Utilities **Subcategory:** Enterprise **Tier:** Leader **Website:** oke.com **Last Updated:** 2026-04-14 ## Summary Diversified midstream infrastructure with $23.7B FY2024 revenue; $18.8B Magellan acquisition 2023 adds 9,800-mile refined products pipeline; 40,000 total pipeline miles; Permian and Bakken NGL processing. ## Company Overview ONEOK, Inc. is one of the largest midstream natural gas and liquid hydrocarbons infrastructure companies in the United States, founded in 1906 as Oklahoma Natural Gas Company in Tulsa, Oklahoma, where it remains headquartered and trades on NYSE (OKE). The company generated approximately $23.7 billion in revenues for FY2024 under CEO Pierce Norton, substantially transformed by the landmark September 2023 acquisition of Magellan Midstream Partners for approximately $18.8 billion—the largest U.S. midstream deal in years—which added approximately 9,800 miles of refined products pipelines and 54 petroleum product terminals, converting ONEOK from a primarily natural gas midstream company into a diversified midstream infrastructure operator spanning both natural gas (gathering, processing, transportation, storage) and refined petroleum products (pipelines, terminals, fractionation). ONEOK's natural gas franchise serves the most productive U.S. shale basins: the Williston Basin (Bakken), Rocky Mountain, Mid-Continent, and Gulf Coast regions, with extensive natural gas liquids (NGL) gathering, fractionation, and transportation infrastructure connecting Permian Basin production to Gulf Coast export terminals and Midwest industrial markets. The Magellan acquisition's refined products pipelines—running from Texas refineries through the Midwest to Minnesota—complement ONEOK's NGL infrastructure and provide direct exposure to jet fuel, gasoline, and diesel pipeline transport fees. The combined company owns approximately 40,000 miles of pipelines and serves refineries, chemical plants, utilities, and industrial customers across the continental United States. In 2025-2026, ONEOK is integrating the Magellan asset base, realizing synergy targets from combined operations, reduced administrative costs, and commercial cross-selling between the NGL and refined products customer bases. The company also acquired Medallion Midstream (Permian Basin gathering) in 2024, expanding its presence in the fastest-growing U.S. oil basin. ONEOK competes with Enterprise Products Partners (EPD), Energy Transfer (ET), Williams Companies (WMB), and Kinder Morgan (KMI) in U.S. midstream infrastructure. Natural gas demand growth driven by LNG export expansions on the Gulf Coast and power generation demand from data center buildouts creates a long-term growth backdrop for ONEOK's pipeline infrastructure that makes it an indirect beneficiary of the AI infrastructure buildout. ## Frequently Asked Questions ### What does ONEOK do? ONEOK is a leading midstream energy company that provides gathering, processing, fractionation, transportation, and storage services for natural gas, natural gas liquids (NGLs), refined products, and crude oil. The company operates one of the largest NGL systems in the United States with approximately 38,000 miles of pipeline and more than 60 processing plants. ONEOK's business segments include natural gas liquids, natural gas gathering and processing, natural gas pipelines, and refined products and crude oil. ### When was ONEOK founded and what is its history? ONEOK was founded in 1906 as Oklahoma Natural Gas Company, initially serving as a natural gas distribution utility in Tulsa, Oklahoma. The company went public in 1928 and changed its name to ONEOK Inc. in December 1980. Major milestones include establishing ONEOK Partners L.P. in 1993, consolidating the MLP structure in 2017, acquiring Magellan Midstream Partners for $18.8 billion in September 2023, and acquiring Medallion Midstream and EnLink Midstream for $5.9 billion in 2024-2025. ### Who is the current CEO of ONEOK? Pierce H. Norton II has been President, Chief Executive Officer and Director of ONEOK since 2021. Norton earned a Bachelor of Science in mechanical engineering from the University of Alabama and is a graduate of Harvard Business School's Advanced Management Program. He serves on the board of directors for the American Petroleum Institute and as Chairman of the Board for EnLink Midstream entities following ONEOK's acquisition in January 2025. ### What are ONEOK's main assets and infrastructure? ONEOK operates approximately 38,000 miles of pipeline, more than 60 processing plants, 5,200 miles of state-regulated intrastate transmission pipelines with 4.3 Bcf/d peak capacity, and seven underground natural gas storage facilities with 61 Bcf total active working storage capacity. Major pipeline assets include the Arbuckle Pipeline, Elk Creek Pipeline, Roadrunner Gas Transmission Pipeline, and Northern Border Pipeline (50% ownership interest). The company also operates the MB-6 fractionator in Mont Belvieu, Texas, and extensive refined products and crude oil infrastructure acquired from Magellan. ### What recent acquisitions has ONEOK completed? ONEOK completed several transformative acquisitions: Magellan Midstream Partners for $18.8 billion in September 2023, Gulf Coast NGL Pipelines for $280 million in May 2024, Medallion Midstream for approximately $2.6 billion in October 2024, and EnLink Midstream for $4.3 billion in ONEOK stock in January 2025. The company also divested Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission to DT Midstream for $1.2 billion in December 2024, streamlining its portfolio. ### How is ONEOK performing financially? ONEOK reported full-year 2024 revenue of $21.70 billion, a 22.75% increase from $17.68 billion in 2023, with earnings of $3.03 billion (14.15% growth). Q3 2024 showed net income of $693 million ($1.18 per diluted share) and adjusted EBITDA of $1.55 billion. The company achieved 12% Q2 2025 EBITDA growth to $1.98 billion with strong financial discipline evident in $600 million debt repayment. Approximately 75% of earnings are fee-based, providing stable cash flows. Market capitalization stands at approximately $43.641 billion. ### What is ONEOK's dividend policy? ONEOK maintains a strong dividend program appealing to income-focused investors. In January 2025, the company increased its quarterly dividend by 4% to $1.03 per share ($4.12 per share annualized), continuing its track record of dividend growth. The company's fee-based business model with approximately 75% fee-based revenue provides stable cash flows supporting consistent dividend payments and growth over time. ### What is ONEOK's company culture like? ONEOK's culture emphasizes inclusion and diversity as a core value, respecting the uniqueness and worth of each individual and fostering an inclusive workplace environment. Employees on Glassdoor rate ONEOK 4.1 out of 5 stars based on 294 reviews, with 83% recommending the company to a friend and 85% reporting positive business outlook. The company values teamwork, innovation, and provides career development opportunities including leadership development, tuition reimbursement, job shadowing, and a mentorship program. ### What employee benefits does ONEOK offer? ONEOK offers comprehensive benefits including 401(k) with 6% match, six weeks paid maternity/paternity leave, three weeks vacation for new employees, employee stock purchase plan (ESPP), profit sharing into 401(k), vision, dental, health insurance, HSA funding, leadership development programs, tuition reimbursement, job rotation opportunities, and a mentorship program. Employees rate compensation and benefits as 4.1 out of 5 on Glassdoor, with particular appreciation for generous 401(k) matching and parental leave policies. ### What is ONEOK's Permian Basin strategy? ONEOK's strategy centers on building a 'wellhead-to-water' integrated platform in the Permian Basin, America's most prolific oil and gas producing region. Through the acquisitions of Medallion Midstream and EnLink Midstream, ONEOK added extensive gathering and processing infrastructure that complements existing NGL pipelines, creating an integrated service offering from wellhead gathering through processing, fractionation, and pipeline transportation to Gulf Coast markets. This integrated approach provides multiple revenue streams and competitive advantages in serving Permian producers. ### What is ONEOK's position in the midstream industry? ONEOK is positioned as one of the largest diversified energy infrastructure companies in North America with EBITDA of $6.2 billion and strong return on equity of 18%. The company competes with Enterprise Products Partners, Energy Transfer, Williams Companies, and Kinder Morgan. ONEOK's integrated infrastructure, strategic positions in key production basins, and wellhead-to-water capabilities in the Permian provide competitive advantages. The company's focus on fee-based revenue (75% of earnings) provides more stable cash flows than commodity-exposed business models. ### How can I start a career at ONEOK? ONEOK employs approximately 5,177 people (expanding to approximately 6,000 with recent acquisitions) across its operations. The company offers career opportunities across operations, engineering, commercial, finance, IT, and support functions. Prospective employees can explore opportunities on ONEOK's careers website. The company values diversity, offers comprehensive benefits including strong 401(k) matching and parental leave, provides career development through leadership programs and tuition reimbursement, and maintains a mentorship program to help employees understand ONEOK's culture and operations. With Glassdoor ratings of 4.1 out of 5 stars and 83% employee recommendation rate, ONEOK is viewed favorably by its workforce. ## Tags b2b, energy, public --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*