ONEOK, Inc.

OKEintermediary

ONEOK is a major US midstream company specializing in NGL gathering, processing, transportation, and fractionation, expanded through its 2023 acquisition of Magellan Midstream Partners.

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Products & Revenue

Product Revenue Share

Revenue Breakdown ($22.5B)

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NGL (55%)

Natural Gas Gathering & Processing (25%)

Refined Products & Crude (15%)

Other (5%)

Segment Breakdown & Key Customers

Product Details

NGL Gathering & Processing35%

Gas gathering and NGL processing across major US basins

NGL Pipelines30%

Interstate and intrastate NGL pipeline transportation

NGL Fractionation & Storage20%

NGL fractionation at Mont Belvieu and Conway, plus storage

Natural Gas & Refined Products15%

Natural gas pipelines and refined products transport (Magellan acquisition)

Supply Chain Relationships

Competitors

The Williams Companies

Gas and NGL midstream

Impact: High — major midstream rival

Targa Resources Corp.

NGL gathering, processing, and fractionation

Impact: High — direct NGL competitor

Key Customers

Devon Energy Corporation

NGL pipeline and fracking services

Impact: Medium — Permian/Williston producer

Macro & Market Context

에너지Sector News

유가 $70~80 박스권 — AI 전력 수요 급증이 천연가스 중장기 수혜 촉발

WTI 유가

$78/bbl

Henry Hub 천연가스

$2.8/MMBtu

미국 LNG 수출

14Bcf/d (사상 최대)

OPEC+ 감산 준수율

92%

Upcoming Catalysts

◆OPEC+ 생산 정책 회의 (2026.06)◆XOM·CVX·COP Q1 실적 (2026.04)◆EIA 여름 에너지 수급 전망 보고서

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Company Info

Headquarters

Tulsa, Oklahoma, USA

Founded

1906

Employees

6,000+

Website

oneok.com

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