ONEOK Inc
F:ONK
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ONEOK Inc
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ONEOK Inc
ONEOK is a midstream energy company. It does not produce oil or gas itself; instead, it moves, gathers, processes, and stores natural gas and natural gas liquids, which are the liquids separated from gas streams and used as fuel and industrial feedstock. Its network includes pipelines, processing plants, fractionation facilities, and storage assets that help get these products from producing areas to end markets. Its main customers are energy producers, utilities, refiners, petrochemical companies, and fuel marketers. ONEOK sells transportation, processing, and storage services, usually under contracts that charge fees based on the volume of product that moves through its system. That means the company makes money more like a toll collector than a commodity trader. What makes ONEOK’s business model different is its role in the middle of the energy supply chain. It sits between gas producers and the companies that need clean-burning gas and natural gas liquids, and it earns from handling those molecules safely and reliably. This gives it a steady infrastructure-based business that depends on how much product flows through its network, not on drilling for new reserves.
ONEOK is a midstream energy company. It does not produce oil or gas itself; instead, it moves, gathers, processes, and stores natural gas and natural gas liquids, which are the liquids separated from gas streams and used as fuel and industrial feedstock. Its network includes pipelines, processing plants, fractionation facilities, and storage assets that help get these products from producing areas to end markets.
Its main customers are energy producers, utilities, refiners, petrochemical companies, and fuel marketers. ONEOK sells transportation, processing, and storage services, usually under contracts that charge fees based on the volume of product that moves through its system. That means the company makes money more like a toll collector than a commodity trader.
What makes ONEOK’s business model different is its role in the middle of the energy supply chain. It sits between gas producers and the companies that need clean-burning gas and natural gas liquids, and it earns from handling those molecules safely and reliably. This gives it a steady infrastructure-based business that depends on how much product flows through its network, not on drilling for new reserves.
Guidance raised: ONEOK lifted its 2026 outlook after a strong first quarter, with midpoint targets now around $3.5 billion of net income, $5.53 of diluted earnings per share, and $8.25 billion of adjusted EBITDA.
Quarter strength: First-quarter net income was $776 million, or $1.23 per share, up 12% year over year, while adjusted EBITDA was about $2 billion, up 13%.
Volumes improved: Management said higher volumes across integrated systems, plus stronger market conditions late in the quarter, drove performance and should benefit the rest of 2026 and into 2027.
Projects on track: Major growth projects, including Shadowfax, Delaware Basin expansions, Cutter, Denver refined products, and Medford fractionation, remain on schedule.
Demand backdrop: Executives pointed to strong long-term demand from LNG exports, power generation, data centers, industrial activity, petrochemicals, and exports, saying U.S. infrastructure remains the bottleneck.
Capital returns: The company continues to prioritize debt reduction and shareholder returns, while saying free cash flow should improve as large capital spending winds down into mid-2027.
Management
Pierce H. Norton II is a seasoned professional within the energy sector, serving as the President and Chief Executive Officer of ONEOK Inc. Under his leadership, the company has focused on significant strategies for growth and operational excellence in the natural gas and natural gas liquids markets. Mr. Norton has extensive experience in the energy industry, having held numerous leadership positions prior to his role at ONEOK. Before his tenure as CEO, which began in June 2021, he was instrumental in the company's strategic planning and business operations. His career in the energy sector spans over three decades, marked by a comprehensive understanding of both operational and executive aspects of the business. Norton's leadership is characterized by a commitment to innovation, sustainability, and stakeholder value, ensuring that ONEOK remains at the forefront of the energy industry. Additionally, he has been involved in various industry organizations and community initiatives, demonstrating his commitment to corporate responsibility and community engagement. His educational background includes a degree in mechanical engineering from the University of Alabama at Birmingham, providing him with a strong technical foundation to complement his extensive executive experience.
Mr. Norton has extensive experience in the energy industry, having held numerous leadership positions prior to his role at ONEOK. Before his tenure as CEO, which began in June 2021, he was instrumental in the company's strategic planning and business operations. His career in the energy sector spans over three decades, marked by a comprehensive understanding of both operational and executive aspects of the business.
Norton's leadership is characterized by a commitment to innovation, sustainability, and stakeholder value, ensuring that ONEOK remains at the forefront of the energy industry. Additionally, he has been involved in various industry organizations and community initiatives, demonstrating his commitment to corporate responsibility and community engagement.
His educational background includes a degree in mechanical engineering from the University of Alabama at Birmingham, providing him with a strong technical foundation to complement his extensive executive experience.
Walter S. Hulse III serves as the Executive Vice President, Chief Financial Officer, and Treasurer at ONEOK Inc., a leading midstream service provider in the energy sector. Before joining ONEOK, he had a distinguished career at other prominent firms, holding various key positions that demonstrated his financial acumen and leadership capabilities. His role at ONEOK involves overseeing the company's financial strategies, including financial planning, treasury, accounting, and investor relations. Hulse's professional expertise is pivotal to guiding ONEOK's financial health and supporting its strategic initiatives within the energy industry. With a strong background in financial management and corporate strategy, he plays a crucial role in the executive leadership team, driving growth and ensuring sustainable financial performance.
Sheridan C. Swords is an integral figure at ONEOK Inc., serving as an executive officer. With a background that spans various sectors of the energy industry, Swords has played a pivotal role in overseeing and guiding the company's operational strategies. His leadership is characterized by a focus on efficiency, safety, and sustainability, aligning with ONEOK’s commitment to delivering natural gas products responsibly. In his role, Swords has contributed significantly to the expansion and optimization of ONEOK’s infrastructure and services. He is known for his strategic insight and ability to adapt to market changes, ensuring that ONEOK remains a leader in the energy sector. His expertise not only enhances the company's current operations but also positions it for future growth and innovation.
In his role, Swords has contributed significantly to the expansion and optimization of ONEOK’s infrastructure and services. He is known for his strategic insight and ability to adapt to market changes, ensuring that ONEOK remains a leader in the energy sector. His expertise not only enhances the company's current operations but also positions it for future growth and innovation.
Charles M. Kelley is the Executive Vice President and Chief Operating Officer of ONEOK, Inc., a leading midstream service provider in the natural gas and natural gas liquids industry. He plays a vital role in overseeing the operational aspects of ONEOK's extensive network, which includes natural gas gathering, processing, storage, and transportation, as well as natural gas liquids fractionation and marketing. Kelley joined ONEOK in 2011 and has held various leadership positions within the company, demonstrating his expertise and commitment to operational excellence. He has a strong background in the energy sector, with a focus on enhancing efficiency and reliability across ONEOK's operations. Under his leadership, ONEOK has continued to expand its operations and maintain a strong emphasis on safety and environmental responsibility. Kelley's leadership is instrumental in driving ONEOK's strategic initiatives, fostering innovation, and ensuring the company meets the evolving energy demands while maximizing value for shareholders. He is known for his strategic vision and ability to align team efforts towards achieving the company's long-term goals.
Kelley joined ONEOK in 2011 and has held various leadership positions within the company, demonstrating his expertise and commitment to operational excellence. He has a strong background in the energy sector, with a focus on enhancing efficiency and reliability across ONEOK's operations. Under his leadership, ONEOK has continued to expand its operations and maintain a strong emphasis on safety and environmental responsibility.
Kelley's leadership is instrumental in driving ONEOK's strategic initiatives, fostering innovation, and ensuring the company meets the evolving energy demands while maximizing value for shareholders. He is known for his strategic vision and ability to align team efforts towards achieving the company's long-term goals.
Kevin L. Burdick is an executive at ONEOK Inc., where he serves as Executive Vice President and Chief Operating Officer. In his role, Burdick oversees the company’s operations, ensuring efficiency and safety across its expansive network of natural gas liquids (NGL) and natural gas gathering and processing. Before joining ONEOK, he held various leadership positions that honed his expertise in operations and management within the energy sector. Burdick is known for his strategic insight and ability to drive organizational success through operational excellence and innovation. His leadership contributes significantly to the growth and stability of ONEOK Inc.
Mary M. Spears serves as the Executive Vice President, General Counsel, and Assistant Secretary at ONEOK, Inc., a premier energy company involved in the gathering, processing, storage, and transportation of natural gas and natural gas liquids. Ms. Spears plays a pivotal role in overseeing the company's legal, regulatory, and compliance functions, providing strategic guidance on legal matters, corporate governance, and risk management. Her leadership in legal affairs is integral to supporting ONEOK’s business operations and objectives. With a robust career in the legal sector, Ms. Spears brings a wealth of experience and expertise to her position at ONEOK. Her professional journey reflects a strong commitment to upholding legal and ethical standards, ensuring the company's operations align with industry regulations and corporate policies. Under her stewardship, the legal team at ONEOK contributes significantly to maintaining the company's reputation and operational integrity within the energy sector.
With a robust career in the legal sector, Ms. Spears brings a wealth of experience and expertise to her position at ONEOK. Her professional journey reflects a strong commitment to upholding legal and ethical standards, ensuring the company's operations align with industry regulations and corporate policies. Under her stewardship, the legal team at ONEOK contributes significantly to maintaining the company's reputation and operational integrity within the energy sector.
Lyndon C. Taylor, J.D., is a prominent figure in the energy sector, particularly known for his role at ONEOK Inc., a leading midstream service provider in the oil and gas industry. With extensive legal and executive experience, Taylor has held significant positions where he has contributed to one of the largest energy companies in the United States. Taylor earned his Juris Doctor degree, which provided a strong foundation for his career in law and business. Before joining ONEOK, he amassed vast experience in various leadership roles, particularly in legal and human resources capacities. His expertise spans corporate governance, regulatory compliance, and strategic business transactions. At ONEOK, Taylor has served as Executive Vice President, General Counsel, and Assistant Secretary. In these roles, he has been responsible for overseeing the company's legal matters, including corporate governance, compliance, and litigation. Additionally, his influence has extended to human resources and public affairs, indicating his versatility and command over multifaceted aspects of corporate operations. Known for his strategic acumen, Taylor has been integral in guiding ONEOK's operations and aligning them with the company’s long-term strategic goals. His work has helped ONEOK navigate complex legal landscapes and foster a compliant and ethical corporate environment. Beyond his professional obligations, Taylor is often engaged in community service and professional organizations, further extending his impact beyond the corporate sphere. His leadership is marked by a commitment to integrity, strategic growth, and fostering talent within the organization.
Taylor earned his Juris Doctor degree, which provided a strong foundation for his career in law and business. Before joining ONEOK, he amassed vast experience in various leadership roles, particularly in legal and human resources capacities. His expertise spans corporate governance, regulatory compliance, and strategic business transactions.
At ONEOK, Taylor has served as Executive Vice President, General Counsel, and Assistant Secretary. In these roles, he has been responsible for overseeing the company's legal matters, including corporate governance, compliance, and litigation. Additionally, his influence has extended to human resources and public affairs, indicating his versatility and command over multifaceted aspects of corporate operations.
Known for his strategic acumen, Taylor has been integral in guiding ONEOK's operations and aligning them with the company’s long-term strategic goals. His work has helped ONEOK navigate complex legal landscapes and foster a compliant and ethical corporate environment.
Beyond his professional obligations, Taylor is often engaged in community service and professional organizations, further extending his impact beyond the corporate sphere. His leadership is marked by a commitment to integrity, strategic growth, and fostering talent within the organization.
J. Darren Wallis serves as the Senior Vice President, Chief Financial Officer, and Treasurer of ONEOK Inc. He has been with the company for several years, overseeing financial operations, strategic planning, and investor relations. Wallis has played a pivotal role in shaping the financial strategies of ONEOK, contributing to the company's growth and financial stability. With a background in finance and accounting, he brings extensive expertise to his role, ensuring that the company remains competitive in the energy sector. His leadership and financial acumen are integral to the company's success in navigating industry challenges and opportunities.
Christy D. Williamson is an executive officer at ONEOK Inc., a prominent natural gas transportation and energy services company in the United States. She holds the position of Senior Vice President of Environmental, Safety, and Health and Chief Sustainability Officer. In this capacity, Ms. Williamson is responsible for leading ONEOK's environmental, safety, and health initiatives, ensuring compliance with regulatory requirements while advancing sustainability practices across the company. With a strong background in environmental science and safety management, Christy Williamson has developed and implemented strategies that enhance ONEOK’s commitment to sustainable and safe operations. Her leadership focuses on integrating environmental and safety considerations into the company's core business operations and corporate strategy. Before joining ONEOK, Ms. Williamson held various leadership roles in the energy industry, where she gained extensive experience in environmental compliance, safety processes, and sustainability initiatives. She is recognized for her expertise in developing policies that address environmental challenges and improve safety performance, making significant contributions to the overall efficiency and reputation of the organizations she serves. In addition to her professional accomplishments, Christy Williamson is actively involved in industry associations and community outreach programs, promoting environmental education and sustainable practices. Her contributions have earned her recognition within the industry as a leader committed to advancing sustainable energy solutions.
With a strong background in environmental science and safety management, Christy Williamson has developed and implemented strategies that enhance ONEOK’s commitment to sustainable and safe operations. Her leadership focuses on integrating environmental and safety considerations into the company's core business operations and corporate strategy.
Before joining ONEOK, Ms. Williamson held various leadership roles in the energy industry, where she gained extensive experience in environmental compliance, safety processes, and sustainability initiatives. She is recognized for her expertise in developing policies that address environmental challenges and improve safety performance, making significant contributions to the overall efficiency and reputation of the organizations she serves.
In addition to her professional accomplishments, Christy Williamson is actively involved in industry associations and community outreach programs, promoting environmental education and sustainable practices. Her contributions have earned her recognition within the industry as a leader committed to advancing sustainable energy solutions.
