ONEOK INC /NEW/ Business Summary

ONEOK Inc. (OKE) operates as a leading midstream energy service provider, generating approximately 90% of its earnings through a fee-based business model that insulates cash flow from commodity price volatility. The company’s revenue is derived from four primary segments: Natural Gas Liquids (NGL), Natural Gas Gathering and Processing, Natural Gas Pipelines, and Refined Products and Crude. Following the transformative 2023 acquisition of Magellan Midstream Partners and the 2024 integrations of EnLink Midstream and Medallion Midstream, ONEOK has expanded its infrastructure to a 60,000-mile pipeline network connecting major supply basins like the Permian and Bakken to Gulf Coast export terminals. In the competitive landscape, ONEOK contends with diversified midstream giants such as Enterprise Products Partners, Energy Transfer, Kinder Morgan, and Williams Companies, positioning itself as a premium large-cap powerhouse with a unique focus on NGL fractionation leadership and cross-commodity logistics. Leadership is spearheaded by President and CEO Pierce H. Norton II, who has led the company since 2021 and previously served as CEO of ONE Gas. The executive team includes Walter S. Hulse III (EVP and CFO), a former investment banker with deep corporate development expertise, and Sheridan Swords (EVP and Chief Commercial Officer), who oversees the integrated commercial strategy across all business segments. Technical and operational oversight is managed by Kevin L. Burdick (EVP and Chief Enterprise Services Officer) and SVPs Scott D. Schingen and Sypy P. Thomas, the latter of whom brought extensive Permian experience from Medallion Midstream. The board is chaired by Julie H. Edwards and was recently bolstered in early 2026 by the appointments of Mark A. McCollum, former CEO of Weatherford and CFO of Halliburton, and Precious Williams Owodunni, a former Goldman Sachs vice president, ensuring a high-pedigree governance structure focused on capital discipline and strategic growth.