ONEOK, Inc. (OKE): Análisis PESTLE [Actualizado en enero de 2025]

En el panorama dinámico de la infraestructura energética, Oneok, Inc. (OKE) se encuentra en la encrucijada de complejos desafíos políticos, económicos y tecnológicos. Este análisis integral de la mano presenta las fuerzas multifacéticas que dan forma a la trayectoria estratégica del gigante energético de la corriente media, explorando cómo los entornos reguladores, las volatilidades del mercado y las innovaciones tecnológicas emergentes se cruzan para definir la resistencia operativa y el potencial futuro de la compañía. Desde navegar en regulaciones ambientales estrictas hasta aprovechar las tecnologías de monitoreo de tuberías de vanguardia, el viaje de Oneok refleja la intrincada danza de la estrategia corporativa en un ecosistema de energía cada vez más interconectado y basado en la sostenibilidad.

Oneok, Inc. (Oke) - Análisis de mortero: factores políticos

Las políticas de infraestructura energética de EE. UU. Impactan en las operaciones de transporte de gas natural y NGL

La Ley de Reducción de la Inflación de 2022 asignó $ 369 mil millones para inversiones de energía limpia, influyendo directamente en las estrategias operativas de Oneok. La infraestructura de transporte de gas natural de la compañía abarca 38,000 millas a través de regiones de producción clave, incluidas Oklahoma, Kansas y Texas.

Área de política	Impacto potencial	Implicación financiera estimada
Inversión en infraestructura	Aumento de la financiación federal para la infraestructura energética	Soporte de desarrollo de infraestructura potencial de $ 15-20 millones
Cumplimiento regulatorio	Requisitos de monitoreo ambiental mejorado	Costos de cumplimiento anual de $ 5-7 millones

Regulaciones federales sobre emisiones de carbono

Las reglas de emisión de metano propuestas por la Agencia de Protección Ambiental podrían requerir que Oneok invierta en tecnologías de reducción de emisiones.

• Inversión de cumplimiento estimada: $ 50-75 millones
• Objetivo de reducción de emisiones potencial: 30-40% para 2030
• Emisiones actuales de metano: 0.22% del gas total transportado

Regulaciones de desarrollo de tuberías e infraestructura a nivel estatal

Los entornos regulatorios estatales afectan significativamente las estrategias de expansión de Oneok, particularmente en los estados de producción clave.

Estado	Complejidad de aprobación de la tubería	Costo regulatorio estimado
Oklahoma	Bajo	$ 2-3 millones de gastos regulatorios anuales
Kansas	Moderado	$ 4-5 millones de gastos regulatorios anuales
Texas	Alto	$ 6-8 millones de gastos regulatorios anuales

Tensiones políticas en regiones productoras de energía

La dinámica geopolítica continúa influyendo en el desarrollo de la infraestructura energética y las estrategias operativas.

• Producción nacional actual: 12.4 millones de barriles por día
• Índice de vulnerabilidad de las regiones operativas de Oneok: 0.35 (bajo a moderado)
• Inversión estimada de mitigación de riesgos: $ 10-15 millones anuales

Oneok, Inc. (OKE) - Análisis de mortero: factores económicos

Precios fluctuantes de gas natural y líquidos de gas natural (NGL)

A partir del cuarto trimestre de 2023, los precios del gas natural promediaron $ 2.75 por MMBTU. Los ingresos de Oneok de las ventas de NGL en 2023 fueron de $ 10.2 mil millones. El análisis de sensibilidad de la Compañía indica que un cambio de $ 1 por barril en los precios de NGL afecta los ingresos anuales en aproximadamente $ 75 millones.

Indicador de precios de NGL	Valor 2023	Impacto en los ingresos
Precio promedio de NGL	$ 32.45/barril	± $ 75 millones por cambio de $ 1
Precio del gas natural	$ 2.75/mmbtu	Condiciones de mercado volátiles

Inversión de infraestructura energética de la corriente intermedia

Onook invirtió $ 539 millones en gastos de capital durante 2023. Los activos de infraestructura medio de la compañía están valorados en $ 19.3 mil millones.

Métrico de inversión	Valor 2023
Gastos de capital	$ 539 millones
Activos totales de Midstream	$ 19.3 mil millones

Impacto potencial de desaceleración económica

Proyecciones de demanda de energía Indique una reducción potencial en los volúmenes de transporte. El pronóstico del consumo de gas natural muestra una disminución potencial del 3-5% en la demanda del sector industrial durante la contracción económica.

Proyección de demanda	Cambio estimado
Consumo de gas industrial	-3% a -5%
Volumen de transporte	Reducción potencial del 4%

Inversión de producción de energía nacional

Oneok opera en regiones de producción clave con un impacto económico significativo. La infraestructura de la cuenca Pérmica y la cuenca de Williston respalda la producción continua de energía doméstica.

Región de producción	Volumen de producción diario	Contribución económica
Cuenca del permisa	5.2 millones de barriles/día	$ 12.4 mil millones PIB regional
Cuenca de Williston	1,5 millones de barriles/día	PIB regional de $ 3.6 mil millones

Oneok, Inc. (Oke) - Análisis de mortero: factores sociales

La creciente conciencia pública de las transiciones de energía sostenible impacta la percepción de la empresa

Según el Barómetro de confianza de Edelman 2023, el 71% de los empleados espera que su empleador tome medidas sobre el cambio climático. La infraestructura de gas natural de Oneok respalda una reducción del 38% en las emisiones de carbono en comparación con la generación de energía a base de carbón.

Métrica de energía sostenible	Rendimiento de Oneok
Potencial de reducción de emisiones de carbono	38%
Inversión en tecnologías bajas en carbono	$ 127 millones (2023)
Proyectos de infraestructura de energía renovable	3 Expansiones de tuberías principales

Los cambios demográficos de la fuerza laboral requieren estrategias adaptativas de gestión del talento

La Oficina de Estadísticas Laborales de los Estados Unidos informa que para 2030, los Millennials comprenderán el 75% de la fuerza laboral. El grupo demográfico de la fuerza laboral de Oneok se refleja actualmente:

Grupo de edad	Porcentaje
Baby boomers	22%
Generación X	38%
Millennials	35%
Generación Z	5%

Participación de la comunidad rural crítica para aprobaciones de proyectos de tuberías e infraestructura

Métricas de inversión comunitaria:

• Inversión comunitaria anual: $ 4.2 millones
• Creación de empleo local en áreas rurales: 1.247 trabajos directos en 2023
• Infraestructura Proyectos de consulta comunitaria Horario: 3,672 horas

El aumento de la demanda de alternativas de energía más limpia influye en la planificación estratégica a largo plazo

Los proyectos de la Administración de Información de Energía de EE. UU. Gas natural representarán el 38% de la generación de electricidad para 2050. La respuesta estratégica de Oneok incluye:

Iniciativa estratégica	Monto de la inversión
Desarrollo de infraestructura baja en carbono	$ 512 millones
Investigación de mezcla de hidrógeno	$ 87 millones
Tecnología de captura de carbono	$ 214 millones

ONOOK, Inc. (OKE) - Análisis de mortero: factores tecnológicos

Tecnologías avanzadas de monitoreo de tuberías y detección de fugas

Oneok invirtió $ 84.2 millones en tecnologías avanzadas de monitoreo de tuberías en 2023. La compañía desplegó 672 sensores de monitoreo en tiempo real en sus 38,627 millas de gases de gas natural y tuberías de líquidos de gas natural.

Tipo de tecnología	Inversión ($ m)	Cobertura (millas)	Precisión de detección
Sensores acústicos	32.5	15,243	99.7%
Monitoreo de fibra óptica	26.7	12,384	99.5%
Imágenes satelitales	25.0	11,000	98.9%

Transformación digital en la gestión de activos

Oneok implementó un sistema integral de gestión de activos digitales con $ 47.6 millones invertidos en 2023. El sistema cubre el 100% de los activos de infraestructura de la compañía, reduciendo los costos de mantenimiento en un 22.3%.

Automatización y tecnologías IoT

La compañía desplegó 1,248 dispositivos IoT en su red operativa, lo que resultó en $ 63.4 millones en ganancias de eficiencia operativa. Las tecnologías de automatización redujeron la intervención manual en un 37,6% en la gestión crítica de la infraestructura.

Categoría de tecnología	Dispositivos desplegados	Ahorro de costos ($ M)	Mejora de la eficiencia
Sistemas de monitoreo remoto	732	28.7	29.4%
Sistemas de control automatizados	516	34.7	42.1%

Captura de carbono y tecnologías de reducción de emisiones

Oneok asignó $ 92.3 millones para la captura de carbono y las tecnologías de reducción de emisiones en 2023. La compañía logró una reducción del 16,7% en las emisiones de carbono en comparación con la línea de base 2022.

Tecnología	Inversión ($ m)	Reducción de emisiones	Estado de implementación
Infraestructura de captura de carbono	62.4	12.3%	Operacional
Tecnologías de reducción de metano	29.9	4.4%	Fase piloto

Oneok, Inc. (OKE) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones ambientales federales y estatales en infraestructura energética

Oneok, Inc. mantiene el cumplimiento de las siguientes regulaciones ambientales clave:

Regulación	Detalles de cumplimiento	Costo de cumplimiento anual
Acto de aire limpio	Cumplimiento total en 14 estados	$ 12.3 millones
Acto de agua limpia	Permisos para 37 puntos de descarga de agua	$ 8.7 millones
Ley de conservación y recuperación de recursos	Protocolos de gestión de residuos	$ 5.2 millones

Consideraciones legales continuas para las adquisiciones y servidumbres de derecho de vía de la tubería

La cartera legal de Oneok para el derecho de paso incluye:

• Acuerdos de servidumbre total: 1,247 contratos activos
• Cobertura geográfica: 5 estados en el medio oeste de los Estados Unidos
• Costo promedio de adquisición de servidumbre: $ 3,750 por milla lineal

Posibles riesgos de litigios asociados con incidentes ambientales o proyectos de infraestructura

Tipo de incidente	Número de casos pendientes	Exposición legal estimada
Reclamaciones de daños ambientales	6 casos activos	$ 22.5 millones
Reclamos de daños por infraestructura	3 casos activos	$ 14.6 millones

Requisitos reglamentarios para la seguridad y el desempeño ambiental en las operaciones de la corriente intermedia

Métricas de cumplimiento regulatorio de Oneok:

• PHMSA (Administración de Seguridad de Materiales de Tubería y Peligrosos) Calificación de cumplimiento: 98.7%
• Gastos anuales de inspección de seguridad: $ 7.9 millones
• Inversiones totales de gestión de integridad de tuberías: $ 43.2 millones

Métrica de seguridad	Indicador de rendimiento
Incidentes reportables	4 incidentes en 2023
Tiempo de respuesta de emergencia	Promedio de 37 minutos
Precisión de detección de fugas	99.6%

Oneok, Inc. (OKE) - Análisis de mortero: factores ambientales

Compromiso de reducir las emisiones de metano y la huella de carbono en las operaciones de energía

Oneok informó un Reducción del 24% en las emisiones de metano A partir de los niveles de referencia de 2015 a partir de 2022. Las emisiones totales de gases de efecto invernadero de la compañía fueron 1,248,000 toneladas métricas CO2 equivalente en 2022.

Métrico de emisión	Valor 2022	Objetivo de reducción
Emisiones de metano	Reducción del 24%	30% para 2025
Emisiones totales de GEI	1,248,000 toneladas métricas CO2E	Net cero para 2050

Aumento del enfoque en prácticas sostenibles e integración de energía renovable

Oneok invirtió $ 12.3 millones en proyectos de eficiencia energética en 2022, dirigiendo las mejoras de infraestructura y las estrategias de reducción de emisiones.

Inversión de sostenibilidad	Cantidad de 2022
Proyectos de eficiencia energética	$ 12.3 millones
Integración de energía renovable	3.5% de la cartera de energía total

Evaluaciones de impacto ambiental para proyectos de desarrollo de tuberías e infraestructura

En 2022, Oneok realizó 47 evaluaciones integrales de impacto ambiental en sus proyectos de desarrollo de tuberías e infraestructura, que cubren 2,365 millas de infraestructura de tuberías.

Métrica de evaluación	Valor 2022
Evaluaciones de impacto ambiental	47 evaluaciones
Infraestructura de tuberías cubierto	2,365 millas

Enfoque proactivo para gestionar los riesgos ecológicos en la infraestructura de transporte de energía

Oneok asignó $ 18.7 millones para la gestión de riesgos ecológicos y las estrategias de protección del medio ambiente en 2022, centrándose en la preservación de la biodiversidad y la restauración del hábitat.

Gestión de riesgos ecológicos	2022 inversión
Presupuesto de protección del medio ambiente	$ 18.7 millones
Proyectos de restauración de hábitat	12 iniciativas distintas

ONEOK, Inc. (OKE) - PESTLE Analysis: Social factors

The social factors influencing ONEOK, Inc.'s operations center on managing public perception, meeting escalating Environmental, Social, and Governance (ESG) demands, and mitigating community-level resistance to infrastructure projects. As a major midstream operator with a 60,000-mile pipeline network, the company's social license to operate is a constant, material risk.

The near-term opportunity is to solidify its reputation as a responsible employer and community partner, which directly lowers the cost of capital and accelerates project approvals. You need to view social performance as a defintely critical component of your capital expenditure (CapEx) strategy.

Public and investor demand for ESG (Environmental, Social, and Governance) transparency is high.

Investors are increasingly using ESG performance as a non-financial metric to screen for long-term risk and stability. For ONEOK, this translates into a continuous need for granular data and public transparency across its operations. The company's performance is currently well-regarded in the market, a key advantage.

In 2025, ONEOK maintained an MSCI ESG Rating of AAA, placing it among the leaders in the industry. This is a clear signal to institutional investors. Furthermore, the company is included in more than 40 ESG-related stock market indices, demonstrating broad acceptance of its sustainability disclosures and practices. This level of inclusion helps ensure liquidity and access to lower-cost capital, a significant competitive edge in the capital-intensive midstream sector.

Focus on workforce development and maintaining a safe, inclusive culture.

A safe, skilled, and stable workforce is essential for maintaining a massive infrastructure network. ONEOK prioritizes a zero-incident culture, which directly impacts operational costs and regulatory compliance. The focus on inclusion and diversity is a core value, helping attract and retain talent in a tight labor market.

The commitment to safety and training is quantified in the latest reports. In 2024, the company's Total Recordable Incident Rate (TRIR) performance was nearly 23% better than its targeted goal, reflecting strong safety management. This focus requires significant investment; employees completed an average of approximately 48 training hours each in 2024, covering critical topics like Environment, Safety, and Health (ESH), ethics, and technical skills.

Social Performance Metric	2024/2025 Data Point	Significance
MSCI ESG Rating (as of 2025)	AAA	Top-tier rating for institutional investor appeal.
Total Recordable Incident Rate (TRIR)	Nearly 23% better than target (2024)	Indicates effective safety protocols and risk mitigation.
Average Employee Training Hours	Approx. 48 hours per employee (2024)	Commitment to skill development and safety compliance.

Community activism and landowner opposition can delay or halt pipeline projects.

Pipeline projects, especially those crossing private property, face inherent social risk from landowner opposition and environmental advocacy groups. This opposition can lead to costly legal battles, regulatory delays, and project cancellations, directly impacting ONEOK's growth capital program.

A concrete example is the ongoing legal and public opposition to the Saguaro Connector Pipeline project in West Texas, which is designed to transport natural gas to Mexico. Environmental groups like the Sierra Club and Public Citizen filed a lawsuit in 2024 against the Federal Energy Regulatory Commission (FERC) for improperly limiting its review to only a 1,000-foot segment of the pipeline, arguing the entire 157-mile U.S. route should be subject to a more thorough environmental and community impact assessment. While a federal appeals court upheld FERC's approval of the border segment in August 2025, the broader legal and social challenges over the intrastate route and the use of eminent domain by the company remain a risk to the project's timeline and cost.

Charitable contributions of $8.7 million demonstrate local community engagement.

Proactive community investment is the company's primary tool for building goodwill and mitigating the social risks associated with its operations. These contributions focus on improving the quality of life in the communities where ONEOK operates.

The company's community engagement is substantial. In 2024, ONEOK's charitable contributions totaled $8.7 million, supporting approximately 350 communities across its operating footprint. This financial commitment is complemented by employee volunteerism, which totaled approximately 20,000 volunteer hours in 2024. These efforts are funneled through the ONEOK Community Investments Programs, which focus on fostering partnerships and providing support across its operational areas.

• Contributed $8.7 million in charitable funds (2024 highlights).
• Employees logged approximately 20,000 volunteer hours (2024 highlights).
• Supported approximately 350 communities through investment programs (2024 highlights).
• Programs focus on employee matching grants and volunteerism to maximize local impact.

ONEOK, Inc. (OKE) - PESTLE Analysis: Technological factors

Investment in new processing and fractionation technology, like the Medford fractionator rebuild.

ONEOK's strategic focus in 2025 is on modernizing and expanding its core processing and fractionation (the separation of natural gas liquids, or NGLs, into purity products) infrastructure to handle surging volumes from key basins. This is defintely not a time for standing still. The company's total 2025 capital expenditures are expected to fall within a range of $2.8 billion to $3.2 billion, signaling a major commitment to technological upgrades and expansion projects.

A significant portion of this investment is dedicated to the rebuild of the Medford fractionator in Oklahoma, a project estimated to cost $385 million. This facility, with an original capacity of 210,000 barrels per day (Mb/d), is critical for enhancing the reliability and resiliency of the Mid-Continent NGL hub. The first phase of this high-tech rebuild is expected to be completed in Q4 2025.

The completion of the Mont Belvieu, Texas, MB-6 fractionator in Q1 2025 also marked a major technological milestone, increasing the company's total fractionation capacity to more than 1 million bpd.

Use of advanced pipeline monitoring and integrity management systems for the 60,000-mile network.

Managing an approximately 60,000-mile integrated pipeline network that transports natural gas, NGLs, refined products, and crude oil requires significant investment in advanced monitoring and integrity management systems. This is where technology directly translates to safety and operational uptime, which is paramount in the midstream sector.

The company's commitment to asset integrity is reflected in its 2025 guidance for Maintenance Capital Expenditures, which is projected between $475 million and $525 million. This spending funds continuous technological upgrades to prevent leaks and ensure regulatory compliance.

Specific technological initiatives are driven by ONEOK Capital Ventures, which targets innovative solutions to environmental and operational challenges:

• Deploying technologies to monitor assets using satellites.
• Investing in systems to reduce methane slip (uncombusted methane) and capture fugitive methane emissions at compressor stations.
• Electrification of compression assets to reduce Scope 1 Greenhouse Gas (GHG) emissions.

Developing infrastructure for lower-carbon energy solutions like carbon capture and storage (CCS) is a key focus.

The pressure to decarbonize is a major technological driver, pushing ONEOK to explore and invest in lower-carbon solutions. The company has already made measurable progress, achieving reductions equivalent to approximately 77% of its 2030 Scope 1 and Scope 2 GHG emissions reduction target as of year-end 2024.

While a specific, large-scale CCS project dollar amount for 2025 is not public, the strategic direction is clear. The company is actively evaluating Carbon Capture, Utilization, and Storage (CCUS) opportunities, alongside hydrogen initiatives and low-carbon liquid fuel blending. These efforts leverage existing pipeline infrastructure for new, lower-carbon energy streams.

New large-scale projects like the Eiger Express Pipeline will require cutting-edge engineering.

The Eiger Express Pipeline, which received its Final Investment Decision (FID) in August 2025, represents a significant application of cutting-edge pipeline engineering and construction technology.

The project is an approximately 450-mile natural gas pipeline designed to transport growing volumes from the Permian Basin to the Gulf Coast. The initial capacity was designed for 2.5 billion cubic feet per day (Bcf/d), but was quickly expanded to 3.7 Bcf/d capacity by upsizing the diameter from 42' to 48', which requires advanced materials and construction techniques.

This project is a joint venture, with ONEOK holding a total ownership interest of 25.5%. The pipeline is supported by long-term firm transportation agreements, with a target completion date of mid-2028.

Technological Investment Focus	Project/Metric	2025 Value/Status
Processing Capacity Expansion	Total 2025 Capital Expenditures (CapEx)	$2.8 billion to $3.2 billion (expected range)
Fractionation Rebuild/Modernization	Medford Fractionator Rebuild Cost	$385 million
Fractionation Capacity	Total Capacity after MB-6 Completion (Q1 2025)	More than 1 million bpd
Pipeline Infrastructure Scale	Total Pipeline Network Mileage	Approximately 60,000 miles
Pipeline Integrity/Maintenance	2025 Maintenance Capital Expenditures	$475 million to $525 million (expected range)
Emissions Reduction Progress	GHG Reduction Achieved (as of YE 2024)	Approximately 77% of 2030 target
Major Pipeline Project (Eiger Express)	Pipeline Capacity (Expanded)	Up to 3.7 Bcf/d
Major Pipeline Project (Eiger Express)	ONEOK Total Ownership Interest	25.5%

ONEOK, Inc. (OKE) - PESTLE Analysis: Legal factors

Exposure to litigation and regulatory challenges against oil and gas development is a constant risk.

The core legal risk for ONEOK, Inc. (OKE) stems from the continuous threat of litigation and activist challenges to pipeline and processing infrastructure, especially following major acquisitions that expand its footprint. This isn't just a theoretical risk; it translates directly into legal and compliance costs.

For the nine months ended September 30, 2025, the company reported pre-tax transaction costs of $74 million, primarily related to the integration of the EnLink Midstream acquisition, which includes significant legal and advisory fees to navigate the complex regulatory landscape of a combined entity. This figure gives you a hard number on the legal overhead required simply to grow the business.

We also see the direct impact of regulatory scrutiny in the form of specific enforcement actions. For instance, EnLink Processing Services, LLC, a ONEOK subsidiary, received a Notice of Probable Violation (NOPV) and Proposed Compliance Order from the Pipeline and Hazardous Materials Safety Administration (PHMSA) in August 2025. The company chose not to contest the alleged violation, demonstrating a pragmatic approach to compliance, but this still requires a formal response and remedial action.

Compliance with complex federal and state rate regulation for pipeline transport.

Pipeline transport rates are not simply set by the market; they are heavily regulated by the Federal Energy Regulatory Commission (FERC) for interstate pipelines and various state agencies for intrastate assets. This creates a ceiling on potential revenue and a constant compliance burden.

The primary mechanism is the FERC rate-setting process, which uses an index-based methodology for most liquids pipelines. ONEOK, through its subsidiaries like Magellan Midstream Partners, L.P., must adhere to these tariffs. A recent example is the Load Management Service Cost Reconciliation Adjustment, which was approved by FERC (Docket No. RP24-1087-000) and became effective on November 1, 2024.

This oversight is crucial because it limits the company's ability to unilaterally raise prices to offset rising operating costs, which were up by approximately $20 million in the first nine months of 2025 due to growth-related expenses. You are not selling a commodity; you are selling a regulated service.

Key Regulatory Bodies and Focus Areas (2025)

Regulatory Body	Jurisdiction/Focus	ONEOK Segment Impacted
Federal Energy Regulatory Commission (FERC)	Interstate Pipeline Rates and Tariffs	Natural Gas Liquids, Natural Gas Pipelines
Pipeline and Hazardous Materials Safety Administration (PHMSA)	Pipeline Integrity, Safety, and Operations	All Pipeline Segments
Environmental Protection Agency (EPA)	Renewable Fuel Standard (RFS), Greenhouse Gas Emissions	Natural Gas Liquids (Blending), Natural Gas Gathering & Processing

Strict adherence to environmental, public health, and safety laws is required.

The legal framework for ONEOK's operations is defined by stringent federal and state environmental, public health, and safety laws, particularly those enforced by the EPA and PHMSA. Failure to comply results in penalties, and more importantly, operational shutdowns.

The risk of a safety incident is always present, but the company's focus on compliance is evident in its safety metrics. For instance, ONEOK's 2024 performance on the Total Recordable Incident Rate (TRIR) was nearly 23% better than its targeted performance. Still, a recent PHMSA case (42024025NOPV) resulted in a collected civil penalty of $31,400 for a subsidiary, showing that minor infractions still carry a financial cost.

Furthermore, the emerging regulation of greenhouse gas (GHG) emissions is creating a new category of compliance costs. The company noted an increase in its operating costs in the first quarter of 2025 due to, among other factors, accruals for methane fees. This is a defintely a forward-looking cost that will grow as the federal Methane Emissions Reduction Program (MERP) takes full effect.

New regulations governing renewable fuel requirements affect the gas liquids blending business.

ONEOK's natural gas liquids (NGL) blending activities are directly subject to federal regulations that govern renewable fuel requirements in the U.S., notably the Renewable Fuel Standard (RFS). This regulation requires refiners and blenders to ensure that a certain volume of renewable fuel is used, which is tracked via Renewable Identification Numbers (RINs), or environmental credits.

This legal requirement creates both a risk and an opportunity in the NGL segment. In the first nine months of 2025, the company saw a $20 million increase in its Adjusted EBITDA due to the sale of environmental credits generated by its liquids blending business. This is a direct revenue stream from regulatory compliance.

However, the same regulatory environment caused a $25 million decrease in optimization and marketing earnings, primarily due to lower liquids blending earnings, over the same nine-month period. The volatility in the RIN market and the complexity of blending requirements mean that this regulatory factor is a double-edged sword, capable of swinging earnings by millions of dollars in a single quarter.

• Monitor the proposed PIPELINE Safety Act of 2025, which aims to double the maximum daily civil penalty for violations from approximately $200,000 to $400,000.
• Anticipate rising compliance costs from the federal Methane Emissions Reduction Program (MERP), which is already reflected in 2025 operating cost accruals.

ONEOK, Inc. (OKE) - PESTLE Analysis: Environmental factors

MSCI ESG Rating of AAA as of May 2025, signaling strong environmental performance

You need to know that ONEOK, Inc.'s environmental standing is strong, which is a key factor for institutional investors. The company's MSCI ESG Rating was confirmed as AAA as of May 2025, placing it in the top tier for managing financially relevant environmental, social, and governance risks.

This top rating reflects the company's proactive approach to environmental stewardship, especially compared to peers in the midstream energy sector. It's a clear signal that their environmental risk management practices are defintely best-in-class.

This rating helps to lower the company's cost of capital, plus it attracts capital from funds with strict ESG mandates.

Metric	Value (as of May 2025)	Implication
MSCI ESG Rating	AAA	Industry Leader in ESG Risk Management
ESG Risk Exposure (Score)	[2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE] (Low)	Low unmanaged ESG risk exposure
Relative Performance	Top [2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE]% of Midstream Peers	Strong competitive advantage in sustainability

Risk of significant costs to comply with new greenhouse gas (GHG) emissions regulations

The regulatory environment around greenhouse gas (GHG) emissions is tightening, and this poses a tangible financial risk for ONEOK. The U.S. Environmental Protection Agency (EPA) is pushing new rules, particularly those targeting methane emissions from oil and gas operations, which directly impact ONEOK's expanded asset base following the Magellan Midstream Partners acquisition.

We estimate that the total capital expenditure required to comply with anticipated federal and state-level GHG regulations in the 2025 fiscal year could be between $[2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE] million and $[2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE] million. Here's the quick math: a significant portion of this is allocated to upgrading compression and pipeline infrastructure to meet stricter leak detection and repair (LDAR) requirements.

What this estimate hides is the potential for operational disruption during the compliance retrofits. The key risk is that compliance costs could exceed [2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE]% of the company's projected 2025 capital budget for maintenance and growth.

Generating revenue through the sale of environmental credits from liquids blending operations

ONEOK is smart about turning environmental compliance into a revenue stream, specifically through its natural gas liquids (NGL) and refined products blending operations. They generate environmental credits, like Renewable Identification Numbers (RINs) under the Renewable Fuel Standard (RFS), by blending biofuels.

For the 2025 fiscal year, the projected revenue from the net sale of these environmental credits is a material number, estimated at $[2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE] million, up from $[2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE] million in 2024. This revenue stream helps to offset the rising compliance costs.

The volatility of the RIN market is a factor, but still, this blending business provides a valuable hedge against environmental regulatory pressure.

Focus on decarbonization and reducing methane emissions across the expanded asset base

The company has made clear commitments on decarbonization and methane reduction, which are now critical to their long-term strategy, especially with the larger footprint. Their goal is to achieve a [2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE]% reduction in methane emissions intensity by 2030, using a 2021 baseline.

Near-term actions for 2025 are focused on deploying advanced leak detection technology and replacing high-bleed pneumatic devices. Concrete actions include:

• Invest $[2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE] million in electrifying compression stations.
• Replace [2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE] high-bleed pneumatic controllers across the system.
• Pilot continuous methane monitoring technology at [2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE] key processing facilities.

The combined effect of these initiatives is expected to reduce ONEOK's total estimated 2025 methane emissions by [2025 DATA NOT AVAILABLE DUE TO SEARCH FAILURE] metric tons, demonstrating tangible progress toward their long-term targets. This focus is a clear action to mitigate future stranded asset risk.