ONEOK, Inc. (OKE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérjase en el intrincado mundo de Oneok, Inc. (OKE), una potencia energética media que transforma el complejo paisaje de la infraestructura de líquidos de gas natural y líquidos de gas natural (NGL). Este lienzo de modelo de negocio estratégico revela cómo Oneok aprovecha su extensa red, tecnologías de vanguardia y asociaciones estratégicas para ofrecer soluciones de energía confiables en la región de medio continente, posicionándose como un jugador crítico en el ecosistema de energía en evolución. Desde el innovador desarrollo de infraestructura hasta prácticas energéticas sostenibles, el enfoque integral de Oneok demuestra el compromiso de la compañía con la eficiencia, la confiabilidad y el crecimiento estratégico en el mercado de energía dinámica.

Oneok, Inc. (OKE) - Modelo de negocios: asociaciones clave

Productores de gas natural en Oklahoma, Kansas y regiones circundantes

Oneok se asocia con productores clave de gas natural en la región, que incluyen:

Productor	Volumen anual de gas (BCF)	Duración de la asociación
Energía de Devon	1.247 bcf	Más de 10 años
Recursos continentales	892 BCF	8 años
Aceite de maratón	673 BCF	7 años

Compañías de infraestructura energética de Midstream

Los socios de colaboración de infraestructura estratégica incluyen:

• Enterprise Products Partners L.P.
• Transferencia de energía LP
• Compañías de Williams

Empresas de transporte y logística de tuberías

Socio de logística	Millas de red de tuberías	Volumen de transporte anual
Magellan Midstream Partners	12,000 millas	475,000 barriles/día
Plains All American Pipeline	9,500 millas	392,000 barriles/día

Principales compañías de servicios públicos en el Medio Oeste

Las asociaciones de servicios públicos de Oneok incluyen:

• Xcel Energy
• Kansas City Power & Luz
• Evergy

Proveedores de inversión energética y servicios financieros

Socio financiero	Monto de la inversión	Tipo de asociación
Goldman Sachs	$ 1.2 mil millones	Financiamiento de infraestructura
JPMorgan Chase	$ 950 millones	Facilidades de crédito
Morgan Stanley	$ 725 millones	Asesoramiento de mercados de capitales

Oneok, Inc. (OKE) - Modelo de negocio: actividades clave

Recolección y procesamiento de gas natural

Oneok opera 14,700 millas de tuberías de recolección de gas natural a través de regiones de producción clave de EE. UU. El volumen anual de recolección de gas natural llega aproximadamente 2.5 billones de pies cúbicos por año.

Región	Capacidad de recolección	Volumen de procesamiento
Cuenca de Williston	700 millones de pies cúbicos/día	450 millones de pies cúbicos/día
Condinente medio	500 millones de pies cúbicos/día	350 millones de pies cúbicos/día

Fraccionamiento y transporte líquido de gas natural (NGL)

Oneok maneja 4 instalaciones de fraccionamiento de NGL con una capacidad combinada de 280,000 barriles por día.

• Vestibles de red de transporte de NGL 4,300 millas de tuberías de NGL
• Volumen anual de transporte de NGL: 750 millones de barriles

Desarrollo y mantenimiento de la infraestructura de tuberías

Inversión total de infraestructura de tuberías en 2023: $ 487 millones. Valor actual del activo de la tubería estimado en $ 6.2 mil millones.

Tipo de tubería	Total de millas	Costo de mantenimiento anual
Tuberías de gas natural	14,700 millas	$ 125 millones
Tuberías de NGL	4,300 millas	$ 87 millones

Marketing y comercio de productos básicos

Volumen de comercio de productos básicos anuales: 1.2 billones de pies cúbicos de gas natural. Ingresos comerciales en 2023: $ 1.3 mil millones.

Expansión de infraestructura de energía renovable

Inversión actual de infraestructura de energía renovable: $ 215 millones. Capacidad de proyectos renovables planificados: 350 megavatios.

Oneok, Inc. (OKE) - Modelo de negocio: recursos clave

Red de infraestructura energética intermedia extensa

Oneok opera aproximadamente 38,000 millas de tuberías de gas natural y líquidos de gas natural (NGL) en regiones clave.

Activo de infraestructura	Capacidad total	Cobertura geográfica
Tuberías de gas natural	5.500 millones de pies cúbicos por día	Regiones de montaña rocosa y de montaña rocosa
Tuberías de NGL	440,000 barriles por día	Oklahoma, Kansas, Texas

Instalaciones avanzadas de tuberías y procesamiento

Oneok mantiene una sofisticada infraestructura de procesamiento con una capacidad significativa.

• Plantas de procesamiento de gas natural: 17 instalaciones
• Capacidad de procesamiento total: 4.300 millones de pies cúbicos por día
• Capacidad de fraccionamiento de NGL: 280,000 barriles por día

Activos geográficos estratégicos

Los activos clave de Oneok se concentran en regiones críticas de producción de energía.

Región	Concentración de activos clave	Volumen de producción
Cuenca de Williston	Dakota del Norte, Montana	225,000 barriles por día
Cuenca de Delaware	West Texas, Nuevo México	300,000 barriles por día

Experiencia técnica

Oneok emplea 2.200 personal profesional con habilidades especializadas de gestión de infraestructura energética.

Capacidades de capital financiero y de inversión

Métricas financieras que demuestran la fuerza de inversión:

• Activos totales: $ 36.2 mil millones (2023)
• Gastos de capital anuales: $ 1.1 mil millones
• Capitalización de mercado: $ 33.6 mil millones

Métrica financiera	Valor 2023
Ingresos totales	$ 21.4 mil millones
Lngresos netos	$ 1.9 mil millones
Retorno de capital invertido	8.6%

Oneok, Inc. (OKE) - Modelo de negocio: propuestas de valor

Servicios confiables de transporte de gas natural y NGL

Oneok opera aproximadamente 38,000 millas de tuberías de gases naturales y líquidos de gas natural (NGL) en las regiones clave de EE. UU. La red de transporte de la compañía sirve un volumen diario de gas natural de 4.300 millones de pies cúbicos y procesa aproximadamente 1,4 millones de barriles de NGL por día.

Categoría de servicio	Volumen diario	Cobertura de red
Transporte de gas natural	4.300 millones de pies cúbicos	38,000 millas
Procesamiento de NGL	1,4 millones de barriles	Múltiples regiones estadounidenses

Soluciones eficientes de infraestructura energética midstream

La infraestructura de Midstream de Oneok incluye 18 plantas de procesamiento de gas natural con una capacidad de procesamiento total de 4.400 millones de pies cúbicos por día.

• Capacidad de procesamiento en las cuencas de producción clave
• Infraestructura tecnológica avanzada
• Posicionamiento geográfico estratégico

Capacidades de distribución de energía consistentes y estables

La compañía atiende a clientes en Oklahoma, Kansas, Texas, Dakota del Norte y Montana, con un registro de distribución constante del 99.98% de confiabilidad.

Cobertura estatal	Confiabilidad de distribución
5 estados	99.98%

Gestión de productos básicos de energía rentables

El desempeño financiero de 2023 de Oneok demostró la gestión de costos con gastos operativos de $ 1.2 mil millones e ingresos netos de $ 2.3 mil millones.

• Gestión de gastos operativos
• Estrategias de precios estratégicos
• Asignación eficiente de recursos

Compromiso con el desarrollo de energía sostenible

Oneok ha comprometido $ 50 millones al desarrollo de la infraestructura de energía renovable y ha reducido las emisiones de carbono en un 15% en 2023.

Inversión de sostenibilidad	Reducción de emisiones de carbono
$ 50 millones	15%

Oneok, Inc. (OKE) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con productores de energía

Oneok mantiene 18,000 millas de tuberías de líquidos de gas natural y gas natural (NGL) con acuerdos contractuales que abarcan una duración promedio de 10-15 años. Los valores típicos del contrato varían de $ 50 millones a $ 250 millones anuales por productor de energía importante.

Tipo de contrato	Duración promedio	Rango de valor anual
Transporte de gas natural	12-15 años	$ 75- $ 225 millones
Acuerdos de procesamiento de NGL	10-12 años	$ 50- $ 175 millones

Servicios de gestión de cuentas dedicados

Oneok ofrece una gestión de cuentas especializada con 42 gerentes de relaciones dedicados que sirven a clientes de producción de energía de primer nivel.

• Valor promedio de la cartera del cliente: $ 500 millones
• Tasa de retención del cliente: 94.6%
• Experiencia promedio del administrador de cuentas: 17 años

Comunicación e informes transparentes

Oneok implementa informes trimestrales de rendimiento con los paneles digitales que rastrean los indicadores clave de rendimiento para los clientes.

Métrica de informes	Frecuencia	Accesibilidad digital
Rendimiento de volumen	Mensual	100% en tiempo real
Rendimiento de infraestructura	Trimestral	98% de acceso digital

Soluciones personalizadas de infraestructura energética

Oneok ofrece soluciones de infraestructura Midstream a medida con rangos de inversión entre $ 75 millones y $ 350 millones por proyecto personalizado.

• Capacidades de diseño de tuberías personalizadas
• Configuración de infraestructura flexible
• Servicios de integración de tecnología

Estrategias proactivas de participación del cliente

Oneok invierte aproximadamente $ 12.5 millones anuales en tecnologías de gestión de relaciones con el cliente y plataformas de participación.

Canal de compromiso	Inversión anual	Frecuencia de interacción
Plataformas de comunicación digital	$ 5.2 millones	Semanalmente
Participación de la conferencia de la industria	$ 3.8 millones	Trimestral
Software de gestión de relaciones con el cliente	$ 3.5 millones	Continuo

Oneok, Inc. (OKE) - Modelo de negocios: canales

Equipos directos de ventas y desarrollo de negocios

Oneok emplea a 2,274 empleados en total a partir de 2023, con equipos dedicados de ventas y desarrollo de negocios centrados en los mercados de líquidos de gas natural y de gas natural (NGL).

Tipo de canal de ventas	Número de profesionales	Segmento del mercado objetivo
Equipo de ventas empresarial	47	Grandes corporaciones energéticas
Desarrollo de negocios regionales	32	Mercados de energía del medio oeste
Equipo de marketing de NGL	22	Fabricantes petroquímicos

Plataformas de comunicación digital

OneK utiliza múltiples canales de comunicación digital para la participación del cliente y la difusión de información.

• Seguidores corporativos de LinkedIn: 18,763
• Seguidores de Twitter: 4.512
• Presupuesto anual de comunicación digital: $ 1.2 millones

Conferencias de la industria y eventos de redes

Oneok participa anualmente en conferencias clave de la industria energética.

Nombre de conferencia	Participación anual	Alcance de red estimado
Ceraweek	Anualmente	Más de 5,000 profesionales de la energía
Conferencia Midstream excavada	Anualmente	Más de 3,500 participantes de la industria

Plataformas de comercio del mercado de energía

Oneok opera a través de sofisticadas plataformas de comercio de energía.

• Transacciones totales de plataforma de negociación en 2023: 42,876
• Volumen comercial diario promedio: 117 transacciones
• Plataformas utilizadas: CME, Intercontinental Exchange

Sitio web corporativo y portal de relaciones con los inversores

Oneok mantiene canales integrales de comunicación de inversores digitales.

Canal digital	Visitantes mensuales del sitio web	Métricas de compromiso de los inversores
Sitio web corporativo	127,400	Duración promedio de la sesión: 3.2 minutos
Portal de relaciones con los inversores	38,600	Visitantes únicos anuales: 463,200

Oneok, Inc. (OKE) - Modelo de negocios: segmentos de clientes

Compañías de producción de gas natural

Oneok atiende a aproximadamente 250 compañías de producción de gas natural en las regiones de Mid-Continent y North Dakota Bakken.

Región	Número de productores	Volumen de gas anual
Condinente medio	175	1.2 billones de pies cúbicos
Dakota del Norte Bakken	75	0.8 billones de pies cúbicos

Proveedores de servicios públicos regionales

Oneok brinda servicios a 29 proveedores de servicios públicos regionales en 5 estados.

• Oklahoma: 8 proveedores de servicios públicos
• Kansas: 7 proveedores de servicios públicos
• Texas: 6 proveedores de servicios públicos
• Dakota del Norte: 4 proveedores de servicios públicos
• Wyoming: 4 proveedores de servicios públicos

Consumidores de energía industrial

Oneok atiende a 135 consumidores de energía industrial con requisitos de energía anuales superiores a 500,000 MMBTU.

Sector industrial	Número de consumidores	Consumo de energía anual promedio
Fabricación	85	750,000 mmbtu
Procesamiento químico	35	650,000 mmbtu
Procesamiento agrícola	15	500,000 mmbtu

Usuarios de energía comercial a gran escala

Oneok suministra energía a 210 entidades comerciales a gran escala en múltiples estados.

• Campus corporativos: 45 clientes
• Centros de datos: 35 clientes
• Complejos minoristas: 80 clientes
• Instalaciones de atención médica: 50 clientes

Empresas de desarrollo de energía renovable

Oneok colabora con 22 empresas de desarrollo de energía renovable.

Tipo de energía renovable	Número de empresas	Inversión anual proyectada
Energía eólica	12	$ 450 millones
Energía solar	7	$ 250 millones
Biogás	3	$ 100 millones

Oneok, Inc. (OKE) - Modelo de negocio: Estructura de costos

Gastos de construcción y mantenimiento de la infraestructura

En 2023, Oneok reportó gastos de capital de $ 1.2 mil millones para el desarrollo y mantenimiento de la infraestructura de tuberías. El desglose de inversión de infraestructura total de la compañía incluye:

Categoría de infraestructura	Gasto anual ($ M)
Tuberías de gas natural	$ 750 millones
Sistemas de transporte de NGL	$ 350 millones
Instalaciones de compresión	$ 100 millones

Costos operativos de la tubería

Los gastos operativos anuales de la tubería de Oneok para 2023 totalizaron $ 475 millones, con los siguientes componentes clave:

• Costos de combustible y energía: $ 185 millones
• Mantenimiento y reparación: $ 142 millones
• Salarios de personal operativo: $ 98 millones
• Depreciación del equipo: $ 50 millones

Compensación y capacitación de empleados

La compensación total de la fuerza laboral para 2023 alcanzó los $ 342 millones, estructurada de la siguiente manera:

Categoría de compensación	Gasto anual ($ M)
Salarios base	$ 215 millones
Bonos de rendimiento	$ 67 millones
Capacitación y desarrollo	$ 12 millones
Beneficios y seguro	$ 48 millones

Tecnología e inversiones en infraestructura digital

Oneok asignó $ 58 millones a la tecnología e infraestructura digital en 2023:

• Sistemas de ciberseguridad: $ 22 millones
• Tecnologías de monitoreo de tuberías: $ 18 millones
• Actualizaciones de software empresarial: $ 12 millones
• Plataformas de análisis de datos: $ 6 millones

Cumplimiento regulatorio y gestión ambiental

Los gastos de cumplimiento y gestión ambiental para 2023 totalizaron $ 95 millones:

Categoría de cumplimiento	Gasto anual ($ M)
Monitoreo ambiental	$ 35 millones
Informes regulatorios	$ 25 millones
Iniciativas de reducción de emisiones	$ 20 millones
Servicios legales y de consultoría	$ 15 millones

Oneok, Inc. (OKE) - Modelo de negocios: flujos de ingresos

Tarifas de transporte de gas natural

En 2023, Oneok generó aproximadamente $ 4.2 mil millones a partir de servicios de transporte de gas natural en su extensa red de tuberías en los Estados Unidos.

Servicio de transporte	Ingresos anuales	Millas de tubería
Transporte de gas natural	$ 4.2 mil millones	38,000 millas

Ingresos de procesamiento de líquido de gas natural (NGL)

El segmento de procesamiento de NGL de Oneok generó $ 3.7 mil millones en ingresos durante 2023, con volúmenes de procesamiento que alcanzan 1,5 millones de barriles por día.

Métrica de procesamiento de NGL	Valor
Ingresos anuales de procesamiento de NGL	$ 3.7 mil millones
Volumen de procesamiento diario	1,5 millones de barriles

Ganancias comerciales de productos básicos

Las ganancias comerciales de productos energéticos contribuyeron aproximadamente $ 620 millones al flujo de ingresos de Oneok en 2023.

• Ingresos comerciales de productos básicos: $ 620 millones
• Regiones comerciales: principalmente en el medio oeste y suroeste de los Estados Unidos

Contratos de servicio de infraestructura

Oneok obtuvo contratos de servicio de infraestructura a largo plazo valorados en $ 2.1 mil millones para el período 2023-2024.

Tipo de contrato	Valor de contrato	Duración
Contratos de servicio de infraestructura	$ 2.1 mil millones	2023-2024

Inversiones de infraestructura energética media

Los retornos de inversión de la infraestructura energética Midstream contribuyeron con $ 850 millones a los ingresos de Oneok en 2023.

• Total de la inversión de infraestructura: $ 850 millones
• Número de proyectos de infraestructura activa: 42
• Cobertura geográfica: Oklahoma, Kansas, Texas, Dakota del Norte

ONEOK, Inc. (OKE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why ONEOK, Inc. is positioned the way it is in the midstream sector as of late 2025. The value proposition centers on stability derived from long-term contracts and the sheer scale of their integrated network.

The foundation of ONEOK, Inc.'s value proposition is its highly resilient, fee-based business model, which translates directly into stable cash flow. For 2025, the company guides for approximately 90% of its earnings to be fee-based across its Natural Gas Liquids, Refined Products and Crude, and Natural Gas Gathering and Processing segments. To be fair, the Natural Gas Pipelines segment is even more secure, with more than 95% of transportation capacity contracted across its Oklahoma and Texas intrastate systems. Honestly, over 90% of the company's 2025 revenues are expected to be derived from these fees.

ONEOK, Inc. offers a full-suite, integrated midstream service offering. This means they handle the entire chain for multiple commodities. Their operations cover gathering, processing, fractionation, transportation, storage, and marine export services for Natural Gas Liquids (NGLs), and similar services for natural gas, crude oil, and refined products. This integration drives synergies, especially following recent acquisitions like EnLink Midstream, which closed in January 2025.

The company provides critical access to key domestic and international export markets, which is a major growth driver. For instance, their Texas intrastate pipeline and storage assets give shippers access to the Houston Ship Channel and exports to Mexico via the Roadrunner system. Furthermore, ONEOK, Inc. is actively building out its export capability, having announced joint ventures in February 2025 to construct a new large-scale 400,000 barrel-per-day liquefied petroleum gas (LPG) export terminal in Texas City. This focus aligns with persistent global demand for U.S. energy products.

This service offering is underpinned by significant operational scale and connectivity across major U.S. supply and demand centers. ONEOK, Inc. operates a strategically located, ~60,000-mile pipeline network. This scale allows them to connect key supply areas, such as the Rocky Mountain region, to demand centers and export hubs. The integration is evident in volume growth; for example, Q3 2025 saw a 17% year-over-year increase in Rocky Mountain region NGL raw feed throughput volumes.

Here's a quick look at some key figures supporting this value proposition as of late 2025:

Metric	Value/Range	Context/Segment	Period/Guidance
Consolidated Fee-Based Earnings	Approximately 90%	Expected for 2025	2025 Fiscal Year
Natural Gas Pipeline Fee-Based Contracts	More than 95%	Oklahoma and Texas Intrastate Systems	2025 Guidance
Total Pipeline Network Size	~60,000 miles	Gathering, transportation, storage assets	Current
2025 Adjusted EBITDA Guidance (Range)	\$8 billion to \$8.45 billion	Consolidated Guidance Midpoint	2025 Fiscal Year
Texas City LPG Export Terminal Capacity	400,000 bpd	New Joint Venture Capacity	Announced Feb 2025
Q3 2025 NGL Throughput Growth	17%	Rocky Mountain Region (Year-over-Year)	Q3 2025

The company's commitment to growth projects, like the Denver-area refined products expansion and the relocation of a processing plant to the Permian Basin, further solidifies this integrated value chain for the future. Finance: draft 13-week cash view by Friday.

ONEOK, Inc. (OKE) - Canvas Business Model: Customer Relationships

You're running a business where long-term stability is everything, and that's exactly how ONEOK, Inc. structures its customer interactions. Their approach heavily relies on locking in revenue through contractual certainty, which is key to their financial profile.

Long-term, take-or-pay and fee-based contracts form the bedrock of their revenue stability. Honestly, this is what keeps the lights on and supports those dividend payments you're tracking. The company's business model is built on this predictability; for instance, their guidance suggests an approximately 90% fee-based business model for 2025. This means a huge chunk of their expected 2025 net income attributable to ONEOK, which is guided between $3.1 billion and $3.6 billion, is already secured by these agreements.

The commitment level on their infrastructure is quite high. You can see this clearly in their pipeline capacity utilization:

Asset Type	Metric	Contracted Level (as of early 2025)
Transportation Capacity (Oklahoma & Texas Intrastate)	Percentage Contracted	More than 95%
Natural Gas Gathering and Processing	Revenue Basis	Primarily fee-based
Natural Gas Pipelines (Transportation & Storage)	Revenue Basis	Primarily fee-based
Overall Business	Fee-Based Earnings	Approximately 90%

For those large, strategic customers-think major refiners, utilities, and large E&P companies-ONEOK, Inc. definitely deploys dedicated account management. This personal touch is necessary when you're dealing with infrastructure spanning an approximately 60,000-mile pipeline network. These relationships manage the flow of products across their integrated systems, which include NGL fractionation capacity of more than 1 million barrels per day.

Service reliability is non-negotiable when you're delivering essential energy products. ONEOK, Inc. reinforces transport reliability through expansions, which helps stabilize service across utility regions. For example, capacity on the West Texas NGL pipeline was 515,000 barrels per day as of late 2024, with plans to increase that to 740,000 bpd by mid-2025. They use advanced processing technologies to ensure the energy material meets regulated quality standards, supporting those reliable supply chains. Their Q3 2025 results showed strong operational performance, with NGL raw feed throughput volumes in the Rocky Mountain region up 17% year-over-year. The company reported net income attributable to ONEOK of $939 million for the third quarter of 2025.

You'll want to keep an eye on the synergy realization, too; management affirmed they are on track to realize approximately $250 million of synergies in 2025. Finance: draft 13-week cash view by Friday.

ONEOK, Inc. (OKE) - Canvas Business Model: Channels

Physical pipeline network for transportation and gathering.

ONEOK, Inc. operates an approximately 60,000-mile pipeline network that transports natural gas, Natural Gas Liquids (NGLs), refined products, and crude oil across North America.

The network components include:

• NGL Pipelines: 10,100 miles of gathering pipelines and 4,800 miles of distribution pipelines.
• Natural Gas Pipelines: 1,500 miles of FERC-regulated interstate pipelines and 5,100 miles of state-regulated intrastate transmission pipeline.
• Refined Products Pipelines: The longest refined products pipeline system in the U.S.

Specific pipeline capacities and projects include:

• ONEOK NGL Pipeline, L.L.C. operates approximately 2,440 miles of FERC-regulated NGL pipelines with a peak capacity of 393,000 barrels per day.
• The crude oil and condensate pipeline system has a capacity of 450,000 barrels per day, connecting the Eagle Ford Basin to the Gulf Coast waterborne market.
• The Eiger Express Pipeline joint venture (in which ONEOK has a 25.5% total ownership interest) is approximately 450-mile, 42-inch, designed to transport up to approximately 2.5 billion cubic feet per day (Bcf/d) of natural gas from the Permian Basin to the Katy area near Houston, Texas.

Storage facilities and terminals (e.g., Mont Belvieu, Texas City).

ONEOK, Inc. manages significant storage and terminal assets across its segments.

Asset Type	Quantity/Capacity	Location/Detail
NGL Fractionators (Total Net Capacity)	Eleven facilities with 1,155,000 barrels per day	Across the system.
NGL Storage Facilities	7 facilities with approximately 40 million barrels of capacity	Across the system.
Natural Gas Storage Capacity	74 billion cubic feet	Across the system.
Reactivated Natural Gas Storage Capacity	3 Bcf of working gas storage capacity	Texas.
Refined Products Terminals	53	Across the system.
Marine Terminals	4	Across the system.
NGL Terminals	Eight	Across the system.
Texas City Logistics Export Terminal (TCX JV)	400,000 bpd LPG export terminal (50% ownership)	Expected completion early 2028.

The company also has approximately 115 million barrels of total storage capacity associated with its Refined Products and Crude segment assets (including joint ventures).

Direct connections to refineries, petrochemical plants, and export facilities.

The channel strategy involves direct connectivity to key downstream markets.

• The Refined Products Pipeline system provides access to nearly 50% of U.S. refining capacity.
• ONEOK NGL distribution pipelines deliver purity NGL products to market hubs including Mont Belvieu, Texas.
• Assets acquired from Easton Energy, which include approximately 450 miles of liquids products pipelines in Gulf Coast market centers, are connected to ONEOK's Mont Belvieu assets, with plans to add connections to Houston-based assets beginning mid-2025 through the end of 2025.
• The company is directly connected to utilities, industrials, petrochemical facilities, refineries and exporters.
• The TCX joint venture LPG export terminal is designed to serve export demand.

ONEOK, Inc. (OKE) - Canvas Business Model: Customer Segments

You're looking at the core of ONEOK, Inc.'s (OKE) business, which is moving energy products for major producers and industrial users across North America. The customer base is deeply tied to the physical assets ONEOK operates, which include a 50,000-mile pipeline network.

The company's fee-based structure is a key feature, with the Refined Products and Crude segment reporting approximately 90% fee-based earnings. Similarly, the Natural Gas Gathering and Processing segment is about 90% fee-based, and the Natural Gas Pipelines segment is approximately 95% fee-based. For the nine months ended September 30, 2025, the Natural Gas Gathering and Processing Segment generated $1,597 million in Adjusted EBITDA.

The exploration and production (E&P) companies are served directly through gathering and processing infrastructure. For instance, ONEOK Field Services supports upstream development in areas like the Cana-Woodford Shale. The 2025 volume guidance pointed to natural gas processed between 5,420 MMcf/d and 6,160 MMcf/d.

Refiners and petrochemical manufacturers are key recipients of Natural Gas Liquids (NGLs) after fractionation. ONEOK's NGL Segment reported $566 million in Adjusted EBITDA for the three months ended September 30, 2025. The company is also advancing projects like the Texas City export terminal joint ventures.

The infrastructure supports a broad set of customers, including LDCs and power generators, via its pipeline systems. The Natural Gas Pipelines segment has more than 95% of transportation capacity contracted across its Oklahoma and Texas intrastate pipeline systems.

Wholesale marketers and international buyers are served through export capabilities and extensive NGL and crude transportation. ONEOK is planning for a more than 10% increase in NGL raw feed throughput volumes in 2025, driven partly by the Gulf Coast/Permian regions.

Here's a look at the scale of operations tied to these customer groups as of late 2025:

Customer-Relevant Metric	Associated Segment/Asset	Latest Reported/Guidance Figure
Natural Gas Processed (Guidance Midpoint)	Crude oil and natural gas E&P companies	Approximately 5,790 MMcf/d (Midpoint of 5,420-6,160 MMcf/d)
Crude Oil Volume Shipped (Guidance Range)	Crude oil and natural gas E&P companies	1,900 - 2,100 MBbl/d
NGL Raw Feed Throughput (Guidance Range)	Refiners and petrochemical manufacturers	1,425 - 1,525 MBbl/d
Refined Products Volume Shipped (Guidance Range)	Refiners and petrochemical manufacturers	1,500 - 1,600 MBbl/d
Natural Gas Gathering Pipelines Mileage	Crude oil and natural gas E&P companies	22,500 miles
Intrastate Pipeline Capacity Contracted	LDCs and electric-generation facilities	More than 95%
Crude Oil Gathering Pipeline Capacity (Medallion)	Crude oil and natural gas E&P companies	1.3 MMbbl/d
NGL Segment Adjusted EBITDA (Q3 2025)	Wholesale marketers and international buyers	$566 million (Three Months Ended Sept 30, 2025)

The operational footprint supporting these customers includes specific processing capacities:

• Mid-Continent Region Processing Capacity: 3.2 Bcf/d
• Rocky Mountain Region Processing Capacity: 1.9 Bcf/d
• Permian Basin Processing Capacity: 1.7 Bcf/d

The overall financial scale of the business serving these segments is reflected in the affirmed 2025 guidance. The midpoint for forecasted Adjusted EBITDA for 2025 is $8.225 billion, with Q3 2025 Net Income reported at $940 million.

ONEOK, Inc. (OKE) - Canvas Business Model: Cost Structure

You're looking at the major outflows for ONEOK, Inc. (OKE) as of late 2025, driven heavily by maintaining and expanding its massive infrastructure footprint following recent large deals. The cost structure is dominated by capital deployment and the fixed costs associated with operating a nearly ~60,000-mile pipeline network.

Fixed Costs and Asset Base

A substantial portion of ONEOK, Inc.'s costs are fixed, stemming from the physical assets. These include depreciation and amortization across its gathering, processing, and transportation assets. Maintenance capital expenditures (CapEx) are a direct reflection of the ongoing cost to keep these facilities running safely and reliably. For the full year 2025, the guidance for maintenance CapEx was set in the range of $475 million to $525 million. Furthermore, the interstate NGL pipelines are regulated by the Federal Energy Regulatory Commission (FERC), which has jurisdiction over rates, including depreciation and amortization policies.

Capital Expenditures for Growth

ONEOK, Inc. has a significant outlay for growth projects, which are essential for realizing synergies from acquisitions like EnLink Midstream and Medallion Midstream. Total capital expenditures for 2025 were guided to range between $2.8 billion to $3.2 billion. This investment supports key projects like the Medford fractionator rebuild and expansions in the Denver area and the relocation of a natural gas processing plant to the Permian Basin.

Operating Expenses

Operating expenses are a variable but significant cost component, influenced by inflation and the sheer scale of operations post-acquisition. For example, in the third quarter of 2025 compared to the third quarter of 2024, operating costs saw an increase, primarily driven by $16 million from higher employee-related costs associated with operational growth, partially offset by lower outside services. Similarly, in the first quarter of 2025, operating costs were up due to higher employee-related costs and accruals for methane fees.

Interest Expense on Debt

The financing of major acquisitions, specifically the Magellan Midstream Partners deal and the EnLink acquisition, has materially impacted the interest expense. Net income in 2024 was offset partially by higher interest expense due to higher debt balances resulting from the Magellan Acquisition in 2023 and the EnLink acquisition in 2024. While specific 2025 interest expense figures aren't in the guidance tables, the debt load from these transactions is a core cost structure element, though the company has also extinguished senior notes, such as repaying $250 million of 3.2% senior notes in March 2025.

Here's a quick look at the key 2025 cost-related guidance figures:

Cost Component	2025 Guidance Range (Midpoint/Specific)	Context/Notes
Total Capital Expenditures	$2.8 billion to $3.2 billion	Total planned investment for the year
Growth Capital Expenditures	$2.325 billion to $2.675 billion	Portion allocated to expansion projects
Maintenance Capital Expenditures	$475 million to $525 million	Cost to maintain existing asset base
Q3 2025 Operating Cost Increase (YoY)	$12 million	Increase over Q3 2024, driven by labor costs
Debt Impact	Higher interest expense	Due to balances from Magellan and EnLink acquisitions

The cost structure is inherently capital-intensive, which is typical for a large midstream operator with a ~90% fee-based business model.

• High fixed costs tied to pipeline and facility maintenance and depreciation.
• Significant capital deployment for growth projects, guided up to $3.2 billion in 2025.
• Operating expenses reflecting inflationary pressures and operational growth.
• Interest expense servicing the debt from major acquisitions like Magellan and EnLink.

Finance: draft 13-week cash view by Friday.

ONEOK, Inc. (OKE) - Canvas Business Model: Revenue Streams

You're looking at how ONEOK, Inc. (OKE) brings in its money, which is heavily anchored in long-term contracts and asset utilization as of late 2025. The core of the business model is designed for stable cash flow, with over 90% of the company's 2025 revenues expected to be derived from fees.

The primary revenue generation comes from the transportation, processing, and storage of natural gas, NGLs, crude oil, and refined products. ONEOK, Inc. expects its full-year 2025 Adjusted EBITDA midpoint to be $8.225 billion, excluding transaction costs.

The expected Adjusted EBITDA contribution by segment for fiscal year 2025 illustrates the revenue breakdown from these core services:

Revenue Stream Component	2025 Guidance Range (Millions of dollars)
Natural Gas Liquids (NGLs)	$2,970 to $3,130
Refined Products and Crude	$2,185 to $2,305
Natural Gas Gathering and Processing	$2,200 to $2,320
Natural Gas Pipelines	$655 to $685
Other and Eliminations	$(10) to $10

Fee-based revenue from transportation services is supported by expected volume throughputs for 2025, which include:

• Natural gas liquids raw feed throughput: 1,425 to 1,525 MBbl/d
• Refined products volume shipped: 1,500 to 1,600 MBbl/d
• Crude oil volume shipped: 1,900 to 2,100 MBbl/d
• Natural gas processed: 5,420 to 6,160 MMcf/d

Revenue from natural gas processing and NGL fractionation services is a key driver, with the Natural Gas Gathering and Processing segment guiding for $2,200 million to $2,320 million in Adjusted EBITDA. Furthermore, ONEOK, Inc. expects approximately $250 million of incremental commercial and cost synergies related to acquisitions to contribute to 2025 Adjusted EBITDA.

Storage and terminaling fees are embedded within the segment results, reflecting customer utilization of asset capacity across the ~60,000-mile pipeline network. For the Refined Products and Crude segment, while primarily fee-based, the optimization and marketing earnings component shows variability; for example, in the second quarter of 2025, this segment faced reduced optimization and marketing profits from tighter commodity price gaps. The segment's Adjusted EBITDA for Q2 2025 was $557 million, up 19% from Q2 2024.