Oneok vs Halliburton
Side-by-side comparison of AI visibility scores, market position, and capabilities
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.
About
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).
Houston oilfield completions and drilling (NYSE: HAL) $22.9B FY2024 revenue; #1 US hydraulic fracturing, Zeus E-frac, international expansion, $4.0B adj. operating income competing with SLB and Baker Hughes.
About
Halliburton Company is a Houston, Texas-based oilfield services company — publicly traded on the New York Stock Exchange (NYSE: HAL) as an S&P 500 Energy component — providing products and services for the exploration, development, and production of oil and natural gas through two segments: Completion and Production (hydraulic fracturing, cementing, artificial lift, wireline logging) and Drilling and Evaluation (drill bits, directional drilling, formation evaluation, well construction planning) through approximately 50,000 employees in 70+ countries. In fiscal year 2024, Halliburton reported revenues of $22.9 billion and adjusted operating income of $4.0 billion, with North America (the most important market — driven by US shale completions) generating $8.6 billion and international operations (Middle East, Latin America, Africa, Europe) generating $14.3 billion. CEO Jeff Miller has led Halliburton's return to strong profitability following the COVID-19 oil demand collapse with a disciplined capital-light model: rather than owning all completion equipment (pressure pumping fleets, cementing units), Halliburton has entered long-term customer partnerships where major E&P operators (Pioneer, EOG, Devon, ConocoPhillips) commit multi-year completion work to Halliburton in exchange for deployment priority and dedicated crew relationships — reducing equipment idle time and Halliburton's capital requirements while securing predictable activity levels. Halliburton's Zeus electric fracturing fleet (E-frac using natural gas-powered electric motors to drive frac pumps rather than diesel engines) reduces NOx emissions and fuel cost for US shale operators — achieving 40-50% fuel cost reduction that operators increasingly specify as a sustainability requirement.
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