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    ONEOK Inc (OKE)

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    OKE, or ONEOK, Inc., is a leading midstream service provider in North America, specializing in gathering, processing, fractionation, transportation, storage, and marine export services for natural gas, natural gas liquids (NGLs), refined products, and crude oil . The company operates through four main business segments, with a focus on providing fee-based services, which accounted for more than 85% of its consolidated earnings in 2023 . ONEOK's operations are primarily centered around the handling and distribution of natural gas and its derivatives, making it a key player in the energy sector .

    1. Natural Gas Liquids - Involves gathering, treating, fractionating, transporting, storing, marketing, and distributing Purity NGLs, making it the largest revenue contributor.
    2. Natural Gas Gathering and Processing - Focuses on gathering, treating, processing, and marketing natural gas.
    3. Refined Products and Crude - Engages in transporting, storing, and distributing refined products and crude oil, added after acquiring Magellan Midstream Partners.
    4. Natural Gas Pipelines - Provides transportation and storage services for natural gas.
    NamePositionExternal RolesShort Bio

    Charles M. Kelley

    Executive

    SVP, Commercial Natural Gas Pipelines

    None.

    Joined ONEOK in 2018, announced retirement effective March 31, 2025. Oversees natural gas pipeline operations.

    Kevin L. Burdick

    Executive

    EVP & Chief Enterprise Services Officer

    None.

    Joined ONEOK in 2017, previously EVP & COO. Transitioned to current role in 2023, focusing on enterprise services.

    Lyndon C. Taylor

    Executive

    EVP, Chief Legal Officer, and Assistant Secretary

    Board Member of EnLink Midstream, LLC.

    Joined ONEOK in 2023, previously EVP and Chief Legal Officer at Devon Energy. Extensive legal and governance expertise.

    Mary M. Spears

    Executive

    SVP & Chief Accounting Officer, Finance and Tax

    None.

    Joined ONEOK in 2015, previously Director of SEC Reporting. Promoted to current role in 2022.

    Pierce H. Norton II

    Executive

    President and Chief Executive Officer (CEO)

    Member of the American Petroleum Institute (API); Director of the Oklahoma Center for Community and Justice.

    CEO since 2021, previously EVP and COO at ONEOK. Instrumental in sustainability efforts and the 2024 EnLink Midstream acquisition.

    View Report →

    Randy N. Lentz

    Executive

    EVP & Chief Operating Officer

    None.

    Appointed COO in 2025 after ONEOK's acquisition of Medallion Midstream, where he was CEO. Over 35 years of midstream energy experience.

    Sheridan C. Swords

    Executive

    EVP & Chief Commercial Officer

    None.

    Joined ONEOK in 2017, previously SVP of Natural Gas Liquids. Expanded responsibilities to oversee natural gas pipelines in 2025.

    Walter S. Hulse III

    Executive

    CFO, Treasurer, EVP of Investor Relations and Corporate Development

    None.

    CFO since 2021, oversees financial strategy and corporate development. No external roles mentioned in documents.

    Brian L. Derksen

    Board

    Independent Director

    Brookshire Grocery Company (Lead Director); Dye & Durham Limited (Chairman).

    Director since 2015, Chair of the Audit Committee. Former Global Deputy CEO of Deloitte Touche Tohmatsu Limited.

    Eduardo A. Rodriguez

    Board

    Independent Director

    President of Strategic Communications Consulting Group; ONE Gas, Inc. (Director).

    Director since 2004, former EVP at Hunt Building Corporation. Expertise in legal, governance, and regulatory compliance.

    Gerald B. Smith

    Board

    Independent Director

    Chairman of Smith Graham & Co.; Director at Eaton Corporation plc.

    Director since 2020, extensive financial expertise. Former Lead Independent Director of Cooper Industries.

    Julie H. Edwards

    Board

    Board Chair

    None.

    First female Board Chair in ONEOK's history, appointed in 2022. Extensive governance experience, previously Lead Independent Director.

    Lori A. Gobillot

    Board

    Independent Director

    Republic Airways Holdings (Director); A Lighted Path (President).

    Appointed in 2023, previously VP at United Airlines. Expertise in governance and project management.

    Mark W. Helderman

    Board

    Independent Director

    None.

    Director since 2019, retired Managing Director of Sasco Capital. Expertise in corporate turnarounds and restructurings.

    Pattye L. Moore

    Board

    Independent Director

    ONE Gas, Inc. (Director); QuikTrip Corporation (Director).

    Director since 2002, former Chair of Red Robin Gourmet Burgers. Expertise in marketing, strategy, and governance.

    Randall J. Larson

    Board

    Independent Director

    None.

    Director since 2015, former CEO of TransMontaigne Partners. Extensive financial and energy industry experience.

    1. How does the decision to rebuild the Medford fractionation facility for $385 million align with your recent Magellan merger and Easton acquisition, considering the potential to utilize existing infrastructure to transport NGLs from Mont Belvieu to Conway?
    2. Given that a peer is converting a pipeline to NGL service in the Bakken where you hold significant market share, how are you assessing the risk to your Bakken position, and could this impact your volumes or contracts in the region?
    3. With the strong performance in your refined products and crude segment this quarter, are these earnings levels sustainable or primarily driven by seasonal factors and temporary market conditions like refinery downtime in Chicago?
    4. Your leverage ratio is at 3.36x, hitting your long-term target. What factors are influencing your timing on executing the $2 million share repurchase program, and why not accelerate buybacks now that leverage is within your target?
    5. After the Magellan and Easton acquisitions, can you elaborate on how these integrated assets are providing asymmetric upside, and how you plan to capitalize on blending and optimization opportunities to enhance stable, long-term returns?
    Program DetailsProgram 1
    Approval DateJanuary 2024
    End Date/DurationJanuary 1, 2029 or upon completion of $2.0 billion repurchase
    Total additional amount$2.0 billion
    Remaining authorization$2.0 billion as of October 21, 2024
    DetailsPart of capital allocation strategy for long-term value, funded through cash on hand, operating cash flows, and short-term borrowings
    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2025$250Senior Notes3.20%0.9% = (250 / 28100) * 100
    2025$500Senior Notes4.90%1.8% = (500 / 28100) * 100
    2025$387Senior Notes2.20%1.4% = (387 / 28100) * 100
    2025$120Guardian Term Loan6.47%0.4% = (120 / 28100) * 100
    2026N/A5.00% Senior Notes5.00%N/A
    2026N/A5.55% Senior Notes5.55%N/A
    2026N/A5.85% Senior Notes5.85%N/A
    2027$1,250Senior Notes4.25%4.4% = (1250 / 28100) * 100
    2028N/A4.55% Senior Notes4.55%N/A
    2028N/A5.65% Senior Notes5.65%N/A
    2029$600Senior Notes4.40%2.1% = (600 / 28100) * 100
    2030N/A3.25% Senior Notes3.25%N/A
    2030N/A3.10% Senior Notes3.10%N/A
    2030N/A5.80% Senior Notes5.80%N/A
    2031$1,250Senior Notes4.75%4.4% = (1250 / 28100) * 100
    2032N/A6.10% Senior Notes6.10%N/A
    2033N/A6.05% Senior Notes6.05%N/A
    2034$1,600Senior Notes5.05%5.7% = (1600 / 28100) * 100
    2035N/A6.00% Notes6.00%N/A
    2036N/A6.65% Senior Notes6.65%N/A
    2037N/A6.40% Senior Notes6.40%N/A
    2037N/A6.85% Senior Notes6.85%N/A
    2041N/A6.125% Senior Notes6.125%N/A
    2042N/A4.20% Senior Notes4.20%N/A
    2043N/A5.15% Senior Notes5.15%N/A
    2043N/A6.20% Senior Notes6.20%N/A
    2045N/A4.20% Senior Notes4.20%N/A
    2046N/A4.25% Senior Notes4.25%N/A
    2047N/A4.20% Senior Notes4.20%N/A
    2047N/A4.95% Senior Notes4.95%N/A
    2048N/A5.20% Senior Notes5.20%N/A
    2049N/A4.85% Senior Notes4.85%N/A
    2049N/A4.45% Senior Notes4.45%N/A
    2050N/A3.95% Senior Notes3.95%N/A
    2050N/A4.50% Senior Notes4.50%N/A
    2051N/A7.15% Senior Notes7.15%N/A
    2053N/A6.625% Senior Notes6.625%N/A
    2054$1,500Senior Notes5.70%5.3% = (1500 / 28100) * 100
    2064$800Senior Notes5.85%2.8% = (800 / 28100) * 100
    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2007 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    EnLink Midstream, LLC

    2025

    ONEOK completed the acquisition on January 31, 2025, using a stock exchange where EnLink unitholders received 0.1412 shares of ONEOK for each EnLink unit, integrating key midstream assets from regions like the Permian Basin and North Texas into its operations, thereby diversifying its platform and enhancing its value chain.

    Easton Energy's Gulf Coast NGL System

    2024

    ONEOK acquired approximately 450 miles of NGL pipelines for about $280 million, enhancing its natural gas liquids portfolio and strategic connectivity between Gulf Coast supply and demand centers; the company plans to integrate these assets with its Mont Belvieu and Houston infrastructure into mid-to-late 2025.

    Medallion Midstream, LLC

    2024

    ONEOK acquired Medallion Midstream for approximately $2.6 billion in cash, obtaining over 1,200 miles of crude oil gathering pipelines and 1.5 million barrels of oil storage in the Permian Basin, with funding supported by a $7 billion senior notes offering—all aimed at delivering strong synergies by connecting with its existing crude oil assets.

    Magellan Midstream Partners, L.P.

    2023

    ONEOK’s acquisition of Magellan, valued at over $18 billion, combined cash and stock considerations (with unitholders receiving $25.00 and 0.667 shares per unit) to form a diversified midstream entity operating nearly 50,000 miles of pipeline, while achieving regulatory clearances and strengthening its fee-based earnings model.

    Recent press releases and 8-K filings for OKE.

    ONEOK Reports Q1 2025 Earnings and Synergy Progress
    OKE
    Earnings
    Guidance Update
    M&A
    • Financial Performance: Reported Q1 2025 net income of $636 million or $1.04 EPS and adjusted EBITDA of $1.78–$1.81 billion, driven by contributions from EnLink and Medallion acquisitions.
    • Guidance and Outlook: Management reaffirmed their 2025 financial guidance and maintained a positive outlook for 2026, expecting further growth from seasonal refined product demand and ongoing integration projects.
    • Synergy Initiatives: Synergy efforts, including cost consolidations and integration projects, are progressing with an estimated $250 million of incremental synergies expected in 2025.
    • Balance Sheet Strength: Ended the quarter with no borrowings under the $3.5 billion credit facility and over $140 million in cash, reflecting a strong balance sheet.
    28 minutes ago
    ONEOK Announces Q1 2025 Earnings Release and Conference Call
    OKE
    Earnings
    • ONEOK, Inc. will release its Q1 2025 earnings after market close on April 29, 2025, with a conference call and webcast scheduled for April 30, 2025 at 11 a.m. Eastern Time.
    • The earnings event includes details for dial-in at 877-883-0383 and access via the company's website, providing critical updates for investors.
    Apr 2, 2025, 12:00 AM