Oneok vs Kinder Morgan
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 natural gas pipeline infrastructure (NYSE: KMI) ~$14.8B FY2024 revenue, $8.0B Adj. EBITDA; 79K miles pipelines, AI data center gas demand tailwind, first female CEO Kim Dang competing with Williams and Energy Transfer.
About
Kinder Morgan, Inc. is a Houston, Texas-based natural gas pipeline and terminal infrastructure company — publicly traded on the New York Stock Exchange (NYSE: KMI) as an S&P 500 Energy component — owning and operating approximately 79,000 miles of pipelines and 139 terminals transporting and storing natural gas (primary), gasoline, crude oil, CO2, and other products through approximately 9,000 employees across the continental United States. In fiscal year 2024, Kinder Morgan reported revenues of $14.8 billion and Adjusted EBITDA of approximately $8.0 billion — with the Natural Gas Pipelines segment (Tennessee Gas Pipeline, El Paso Natural Gas, Southern Natural Gas) generating 60%+ of total EBITDA through long-term capacity reservation contracts with electric utilities, LNG export terminals, industrial gas consumers, and local distribution companies. CEO Kim Dang (appointed 2023, the first female CEO of a major US midstream energy company) has positioned Kinder Morgan to benefit from the structural natural gas demand surge driven by AI data center electricity consumption and US LNG export expansion: natural gas power plants are the fastest way to add electricity generation capacity for AI data center load growth (an 800 MW gas-fired CCGT can be built in 18-24 months versus 10+ years for nuclear), requiring additional natural gas pipeline capacity to supply new generation — which Kinder Morgan is uniquely positioned to contract for through its existing pipeline corridors.
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