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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 .
- Natural Gas Liquids - Involves gathering, treating, fractionating, transporting, storing, marketing, and distributing Purity NGLs, making it the largest revenue contributor.
- Natural Gas Gathering and Processing - Focuses on gathering, treating, processing, and marketing natural gas.
- Refined Products and Crude - Engages in transporting, storing, and distributing refined products and crude oil, added after acquiring Magellan Midstream Partners.
- Natural Gas Pipelines - Provides transportation and storage services for natural gas.
| Name | Position | External Roles | Short 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. |
- 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?
- 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?
- 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?
- 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?
- 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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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.
- 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.
- 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.