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Raw inputs
Equipment
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AI demand
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Company details
Market cap
$53B
Div yield
5.0%
P/E ratio
16×
EPS (2026E)
$5.53
Revenue
~$28B
Adj. EBITDA (2026E)
~$8.2B
Dividend
$4.28/yr
Pipeline network
~60,000 mi
In plain English
ONEOK is one of America's largest energy midstream companies — the toll-road operator that gathers raw natural gas and natural-gas liquids (NGLs) at the wellhead in the Permian, Bakken and Mid-Continent, processes and fractionates them, and ships gas, NGLs, refined products and crude across a ~60,000-mile pipeline network to petrochemical plants, refiners, fuel marketers and Gulf Coast export docks. After a roll-up of huge deals (Magellan, EnLink, Medallion) it is now a fully integrated 'wellhead-to-water' midstream giant earning mostly fee-based cash flows.
In simple terms
A toll road for molecules
ONEOK rarely owns the gas or oil it handles — it charges fees to gather, process, fractionate, move and store other people's hydrocarbons. Producers tender raw gas and NGLs at the wellhead; ONEOK strips, splits and pipes them to petrochemical plants, refiners, utilities and export docks.
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