olivLaw · US equity research
ONEOK, Inc. OKE
Natural Gas Transmisison & Distribution · SIC 4923 · Vertical: Natural Gas Transmisison & Distribution (SIC 4923)
ONEOK is one of North America's largest integrated energy infrastructure companies, operating a pipeline network of about 60,000 miles that transports natural gas, NGLs, refined products and crude oil. About 90% of its consolidated earnings are fee-based, and in 2026 the company raised its financial guidance, which makes it relevant for US energy investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ONEOK, Inc. (OKE) stock was 88.60 USD (−3.63% on the day), with market capitalisation 55.9 bn USD, P/E 13.8 on diluted EPS of 6.44 USD over the last 12 months, dividend yield 4.79%, beta 0.50, 52-week range 66.27–97.51 USD. Latest reported quarter (Q3 2026): revenue of 12.5 bn USD (+44.3% YoY), net income of 1.4 bn USD (+43.8% YoY), diluted EPS 2.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.2
- weak (30–45)
- Bollinger (20, 2)
- 88.60 – 97.64
- in the lower half of the band · %B 0.00 · band width 9.7%
- SMA 50 / 200
- 92.73 / 88.98
- mixed trend
- MACD (12, 26, 9)
- 0.32 / 0.73
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.0% | −1.1% | +1.1 pp | — |
| 3 months | +1.6% | −0.5% | +2.0 pp | — |
| 6 months | +3.5% | +4.4% | −0.9 pp | — |
| Year to date | +20.5% | +12.3% | +8.2 pp | — |
| 1 year | +37.8% | +13.5% | +24.2 pp | +2.1% |
| 3 years | +32.6% | +76.4% | −43.9 pp | +35.8% |
| 5 years | +36.9% | +63.7% | −26.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.0 bn | 8.0 bn | 7.9 bn | 8.6 bn | 9.1 bn | 9.6 bn | 12.0 bn | 12.5 bn |
| Cost of revenue | 4.5 bn | 5.7 bn | 5.4 bn | 6.0 bn | 6.4 bn | 7.1 bn | 9.2 bn | 9.6 bn |
| Operating income | 1.6 bn | 1.2 bn | 1.4 bn | 1.6 bn | 1.5 bn | 1.4 bn | 1.6 bn | 1.6 bn |
| Depreciation & amortisation | 344.0 m | 380.0 m | 368.0 m | 378.0 m | 388.0 m | 378.0 m | 387.0 m | 395.0 m |
| Interest expense | 448.0 m | 442.0 m | 438.0 m | 450.0 m | 453.0 m | 439.0 m | 434.0 m | 415.0 m |
| Pre-tax income | 1.3 bn | 888.0 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.0 bn | 1.3 bn | 1.4 bn |
| Income tax | 328.0 m | 197.0 m | 260.0 m | 297.0 m | 274.0 m | 245.0 m | 299.0 m | -26.0 m |
| Net income | 923.0 m | 636.0 m | 841.0 m | 939.0 m | 977.0 m | 774.0 m | 966.0 m | 1.4 bn |
| Diluted EPS | 1.57 ≈ | 1.04 | 1.34 | 1.49 | 1.55 ≈ | 1.23 | 1.53 | 2.13 |
| Operating cash flow | 1.6 bn | 904.0 m | 1.5 bn ≈ | 1.6 bn ≈ | 1.5 bn | 934.0 m | 2.1 bn ≈ | 1.4 bn ≈ |
| Capex | 562.0 m | 629.0 m | 749.0 m ≈ | 804.0 m ≈ | 970.0 m | 864.0 m | 613.0 m ≈ | 937.0 m ≈ |
| Dividends paid | 579.0 m | 643.0 m | 644.0 m ≈ | 648.0 m ≈ | 648.0 m | 674.0 m | 674.0 m ≈ | 674.0 m ≈ |
| Share repurchases | 159.0 m | 30.0 m | 0 ≈ | 0 ≈ | 45.0 m | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 18 percentile of its own 44-quarter history (min 11.4, median 19.4, max 40.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.6 bn | 10.2 bn | 8.5 bn | 16.5 bn | 22.4 bn | 17.7 bn | 21.7 bn | 33.6 bn |
| Revenue YoY | +3.4% | −19.3% | −16.0% | +93.6% | +35.3% | −21.0% | +22.7% | +55.0% |
| Net income | 1.2 bn | 1.3 bn | 612.8 m | 1.5 bn | 1.7 bn | 2.7 bn | 3.0 bn | 3.4 bn |
| Net income YoY | +197.0% | +11.0% | −52.1% | +144.8% | +14.8% | +54.4% | +14.1% | +11.8% |
| Diluted EPS | 2.78 | 3.07 | 1.42 | 3.35 | 3.84 | 5.48 | 5.17 | 5.42 |
| Diluted EPS YoY | +115.5% | +10.4% | −53.7% | +135.9% | +14.6% | +42.7% | −5.7% | +4.8% |
| net % | 9.1% | 12.6% | 7.2% | 9.1% | 7.7% | 15.0% | 14.0% | 10.1% |
| Free cash flow | 45.2 m | -1.9 bn | -296.3 m | 1.8 bn | 1.7 bn | 2.8 bn | 2.9 bn | 2.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 78.0 m USD
- Financial debt
- 31.6 bn USD
- Net debt
- 31.5 bn USD
- Equity
- 22.6 bn USD
- Total assets
- 66.6 bn USD
- Debt / equity
- 1.40x
- Current ratio
- 0.71x
- ROE
- 15.2%
- ROA
- 5.2%
- FCF margin
- 7.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.5 bn | 16.5 bn | 22.4 bn | 17.7 bn | 21.7 bn | 33.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 5.1 bn | 12.3 bn | 17.9 bn | 11.9 bn | 13.3 bn | 23.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 3.4 bn ≈ | 4.3 bn ≈ | 4.5 bn ≈ | 5.7 bn ≈ | 8.4 bn ≈ | 10.3 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Operating income | 1.4 bn | 2.6 bn | 2.8 bn | 4.1 bn | 5.0 bn | 5.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 578.7 m | 622.0 m | 626.0 m | 769.0 m | 1.1 bn | 1.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 1.9 bn ≈ | 3.2 bn ≈ | 3.4 bn ≈ | 4.8 bn ≈ | 6.1 bn ≈ | 7.3 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 712.9 m | 733.0 m | 676.0 m | 866.0 m | 1.4 bn | 1.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 802.3 m | 2.0 bn | 2.3 bn | 3.5 bn | 4.1 bn | 4.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 189.5 m | 484.0 m | 528.0 m | 838.0 m | 998.0 m | 1.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 612.8 m | 1.5 bn | 1.7 bn | 2.7 bn | 3.0 bn | 3.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 1.42 | 3.35 | 3.84 | 5.48 | 5.17 | 5.42 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 431.8 m | 447.4 m | 448.4 m | 485.4 m | 586.5 m | 625.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 3.74 | 3.74 | 3.74 | 3.82 | 3.96 | 4.12 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 524.5 m | 146.4 m | 220.0 m | 338.0 m | 733.0 m | 78.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 227.8 m | 427.9 m | 432.0 m | 639.0 m | 748.0 m | 948.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 1.9 bn | 2.4 bn | 2.5 bn | 3.1 bn | 4.2 bn | 4.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 19.2 bn | 19.3 bn | 20.0 bn | 32.7 bn | 45.9 bn | 47.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 527.6 m | 527.6 m | 528.0 m | 5.0 bn | 8.1 bn | 8.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 246.1 m | 235.7 m | 225.0 m | 1.3 bn | 3.0 bn | 2.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 23.1 bn | 23.6 bn | 24.4 bn | 44.3 bn | 64.1 bn | 66.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 719.3 m | 1.3 bn | 1.4 bn | 1.6 bn | 2.2 bn | 2.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 0 | 0 | 925.0 m | 0 | 0 | 820.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 14.2 bn | 12.7 bn | 12.7 bn | 21.2 bn | 31.0 bn | 30.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 1.3 bn | 3.2 bn | 3.1 bn | 3.5 bn | 4.7 bn | 6.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 6.0 bn | 6.0 bn | 6.5 bn | 16.5 bn | 22.1 bn | 22.6 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.9 bn | 2.5 bn | 2.9 bn | 4.4 bn | 4.9 bn | 5.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 2.2 bn | 697.0 m | 1.2 bn | 1.6 bn | 2.0 bn | 3.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | -296.3 m ≈ | 1.8 bn ≈ | 1.7 bn ≈ | 2.8 bn ≈ | 2.9 bn ≈ | 2.4 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -2.3 bn | -665.0 m | -1.1 bn | -6.4 bn | -6.6 bn | -3.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 875.0 m | -2.3 bn | -1.7 bn | 2.1 bn | 2.1 bn | -2.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 1.6 bn | 1.7 bn | 1.7 bn | 1.8 bn | 2.3 bn | 2.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 159.0 m | 75.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 55.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation58
- Returns50
- Quality75
- Balance sheet17
- Growth91
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 54.14 – 217.03 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)81.81 – 171.24 (Mid 114.17)WACC 7.9% · starting FCFF 4.0 bn USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 6.4%
- Peers: EV/EBITDA107.27 – 119.14 (Mid 114.15)3 companies used · median multiple 12.9x · quartiles 12.3x – 13.3xCPK, RGCO, SWX
- Peers: P/E105.54 – 217.03 (Mid 129.96)4 companies used · median multiple 20.2x · quartiles 16.4x – 33.7xCPK, CTRI, RGCO, SWX
- Dividend discount (DDM)54.14 – 72.81 (Mid 62.10)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 58/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.0% | 100 (vs peers) | 10% |
| Net margin · Quality | 9.4% | 63 (on a fixed band) | 6% |
| FCF conversion · Quality | 62.2% | 46 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 14.5% | 100 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 12.2% | 81 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 3.5x | 14 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 3.5x | 31 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 0.8x | 4 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 13.8x | 80 (vs peers) | 10% |
| EV/EBITDA · Valuation | 10.8x | 38 (on a fixed band) | 10% |
| FCF yield · Valuation | 4.5% | 57 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 4.9% | 70 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 105.6% | 21 (on a fixed band) | 4% |
Score groups
- Balance sheet17/100 · 3/3 factors with a value
- Growth91/100 · 2/2 factors with a value
- Quality75/100 · 3/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation58/100 · 3/3 factors with a value
Memo
ONEOK, Inc. (OKE). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 33.6 bn USD in 2025; YoY growth 55.0%; net margin 9.4%; ROE 17.9%; net debt/EBITDA 3.5x.
The estimated value range is 93.67–145.19 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 114.16 USD, the price of 88.60 USD leaves a potential of 28.9% (value / price − 1) and a margin of safety of 22.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 58/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 9.0%
- Revenue CAGR 3Y: 14.5%
- EPS CAGR 3Y: 12.2%
- P/E (TTM): 13.8x
- Shareholder yield (distributions): 4.9%
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 3.5x
- Current ratio: 0.8x
- Payout ratio (FCF): 105.6%
Versus the vertical median
Natural Gas Transmisison & Distribution (SIC 4923) · same industry (4-digit SIC) · compared with 6 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OKEONEOK, Inc. | 55.9 bn | 13.8 | 17.9% | 9.4% | +55.0% | +38% / +33% |
| SWXSouthwest Gas Holdings, Inc. | 6.7 bn | 12.2 | 14.1% | — | +9.6% | +11% / +56% |
| CPKChesapeake Utilities Corp | 3.4 bn | 22.6 | 9.5% | 15.1% | +18.1% | +2% / +48% |
| CTRICenturi Holdings, Inc. | 2.1 bn | 67.1 | 4.0% | 0.9% | +13.1% | −9% / unavailable |
| BIPCBrookfield Infrastructure Corporation | 1.7 bn | — | — | -6.6% | +0.1% | −16% / +24% |
| NEXTNextdecade Corporation | 1.7 bn | 129.9 | 292.6% | — | unavailable | +2% / +25% |
| RGCORGC Resources, Inc. | 248.3 m | 17.8 | 11.7% | 13.1% | +12.6% | +6% / +36% |
1- and 3-year price returns: for OKE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 57.77 Total return -31% · Per year -31% | 101.68 Total return 20% · Per year 20% | 152.54 Total return 79% · Per year 79% |
| 3 years | 67.93 Total return -10% · Per year -3% | 133.37 Total return 70% · Per year 19% | 217.93 Total return 170% · Per year 39% |
| 5 years | 79.89 Total return 15% · Per year 3% | 174.93 Total return 134% · Per year 19% | 311.35 Total return 300% · Per year 32% |
- Exit P/E± 33.34
- Net margin± 23.34
- Annual revenue growth± 17.48
- Annual dilution± 1.96
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).
In brief
ONEOK is one of North America's largest integrated energy infrastructure companies, operating a pipeline network of about 60,000 miles that transports natural gas, NGLs, refined products and crude oil 1. About 90% of its consolidated earnings are fee-based 1, and in 2026 the company raised its financial guidance, which makes it relevant for US energy investors 3.
SWOT
Strengths
- The company has an integrated network that is hard to replicate, with a large share of earnings from fee-based contracts that reduces direct exposure to commodity prices 1.
- Its ESG rating and recognition from sustainability analysts support access to financing and investor confidence 1.
- Long-term contracts with investment-grade customers, including minimum volume commitments, provide relatively predictable revenues 2.
Weaknesses
- Higher debt after acquisitions and bond issues has raised interest expense, which narrows financial room to maneuver 1.
- Gathering and NGL segments carry volumetric risk because they depend on drilling activity and on declining well production 1.
- Large capital projects carry execution and schedule risks, and some, such as Medford, have already been phased 2.
Opportunities
- Permian volume growth and new plants and pipelines could expand the customer base and long-term revenues 1.
- NGL and LPG export terminals could connect US production with international demand if markets stay favorable 1.
- Optimization and marketing activities can capture price differentials between hubs and regions, which could boost earnings in volatile periods 2.
Threats
- A prolonged period of low commodity prices could reduce drilling activity and the volumes moving through the company's infrastructure 1.
- High interest rates and inflation could raise the cost of capital and projects, weighing on returns 1.
- Environmental and safety regulation, along with operational and cyber risks, could create costs that are not fully insured 1.
Risks
- Volumetric riskhigh
If drilling activity in its operating regions declines significantly, gathering and transportation volumes could fall, affecting revenues 1.
- Commodity price volatilityhigh
Gas, NGL and crude prices can swing sharply, which could hurt earnings and cash flows, especially where the company does not fully hedge its exposure 1.
- Debt and cost of capitalmedium
Higher debt and interest costs, including short-term borrowings and a new term loan, could limit financial flexibility if funding conditions worsen 21.
- Operational and insurance risksmedium
Operational incidents, outages and cyberattacks could cause losses not fully covered by insurance, and premiums may rise 1.
- Project executionmedium
Large projects such as new plants and pipelines could face delays or cost overruns, and their timelines may change 2.
Investment thesis
What would need to be true (bull case)
- If gas and NGL production in the Permian keeps growing, the company's integrated network could generate additional volumes and revenues, particularly through new processing and transport projects 1.
- A high share of fee-based earnings and long-term contracts with solid customers could give more predictable earnings than many other energy segments 21.
- The raised 2026 guidance and a growing dividend point to solid execution that could support shareholder confidence if the trend holds 32.
What would break the thesis
- If commodity prices stay low for a long time, drilling activity could slow and volumes in gathering and processing could decline 1.
- Higher debt and interest expense could reduce the company's capacity to fund new projects or repurchase shares in difficult conditions 12.
- Dependence on third-party producers and infrastructure could expose the company to unforeseen interruptions that affect volumes and revenues in coming quarters 1.
What to watch
- Execution of the Bighorn plant and Permian expansions2027
- 2026 adjusted EBITDA and net income guidance versus quarterly resultsquarterly results 2026
- Completion of the Greater Denver pipeline and the Texas City terminalQ3 2026 / early 2028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).
The business
ONEOK, Inc. (NYSE: OKE) is a midstream service provider offering gathering, processing, fractionation, transportation, storage and marine export services. The company expanded through the EnLink acquisition, completed in January 2025, which is now a wholly owned subsidiary 1. Total revenues for fiscal 2025 were 33,629 million USD and adjusted EBITDA was 8,020 million USD 1.
The strategy centers on safety, an engaged workforce and a sustainable business model that keeps financial strength and investment-grade credit ratings. High-return capital projects in existing regions, dividend growth and a share repurchase program of up to 2,0 billion USD are stated priorities 1.
Segments
Natural Gas Liquids
The segment gathers and fractionates NGLs into purity products delivered to petrochemical companies, propane distributors and exporters. Fractionation capacity is 1.2 MMBbl/d, and the Elk Creek expansion completed in 2025 raised Rocky Mountain pipeline capacity to 575 MBbl/d 1. The Texas City export terminal, a joint venture with MPLX, involves about 1.0 billion USD of investment 1.
Market context
ONEOK operates in a market linked to gas and oil production from US shale basins and to demand from refineries and consumption centers. According to the quarterly report, geopolitical tensions in the Middle East contributed to a volatile commodity price environment in the first half of 2026, highlighting the importance of reliable energy infrastructure 2.
A more constructive pricing environment from late in the first quarter of 2026 supported the guidance increase, but volumes also depend on producers' drilling activity, which can slow at low prices 31. The company expects most of its growth opportunities not to depend on a recovery in commodity prices 1.
Trends
- Permian production growthtailwind
Gas and NGL volumes from the Permian are growing, prompting ONEOK to build new processing plants and export pipelines. If production keeps rising, demand for these assets could support long-term revenues 1.
- NGL and LPG exportstailwind
The Texas City export terminal and the MBTC pipeline are designed to meet foreign demand for liquefied petroleum gas, with completion expected in early 2028 1. Success depends on international demand and execution capacity.
- Commodity price volatilityheadwind
Gas, NGL and crude prices are volatile and can affect how much customers produce. Lower realized prices could reduce demand for some services, particularly in gathering and processing 1.
- Capital costs and interest ratesmixed
Higher interest rates and inflation raise borrowing and project costs. Rising financing expenses were already visible in recent years, which could limit financial flexibility if conditions stay difficult 12.
Competitive position
ONEOK competes with other midstream companies operating in the same basins, especially in the Permian and Mid-Continent, for gathering, processing and transportation contracts. The sources do not explicitly name competitors, so the picture rests on the company's geographic footprint 1.
ONEOK's competitive advantage lies in its integrated network and long-term contracts with investment-grade counterparties, including minimum volume commitments 2. Competitive pressure could increase if new supply sources outside its operating regions are diverted to other markets 1.
- MPLX LP
partner in the Texas City Logistics and MBTC Pipeline joint ventures, and also active in midstream in the same regions; its competitive position is not detailed in the sources.
- WhiteWater
company that builds and operates the Eiger Express pipeline, indirectly competing for Permian gas transportation.
- Enbridge Inc.
partner in the Eiger project through the Matterhorn joint venture, also active in Permian gas transportation.
- Permian pipeline and processing operators
the sources do not name specific competitors; such operators compete for the same processing and transportation contracts.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Is ONEOK Stock Outperforming the Dow?Yahoo Finance — News · 08 Sept 2026 · EN
- ONEOK (OKE) is Funding a $4.4B Acquisition With a $9B Minority Investment. Is the 7% Capped Return Attractive?Yahoo Finance — News · 04 Sept 2026 · EN
- ONEOK (OKE) Doubles Down on the Permian with $4.43 Billion Brazos AcquisitionYahoo Finance — News · 31 Aug 2026 · EN
- ONEOK Bets $4.4B on Brazos as Apollo Injects $9B for Permian GrowthYahoo Finance — News · 31 Aug 2026 · EN
- ONEOK to buy Permian assets from Brazos Midstream in $4.425bn dealYahoo Finance — News · 31 Aug 2026 · EN
- ONEOK to Acquire Brazos Midland Gas Assets for $4.425 BillionYahoo Finance — News · 31 Aug 2026 · EN
The latest news item in our archive is from 08 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report31 Aug 2026Material agreement · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report03 Aug 2026Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
- Quarterly report29 Apr 2026
- Current report28 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement01 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ONEOK, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ONEOK, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ONEOK, Inc. · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.