Oneok, Inc. (OKE): Analyse du Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des infrastructures énergétiques, Oneok, Inc. (OKE) se dresse au carrefour de défis politiques, économiques et technologiques complexes. Cette analyse complète du pilotage dévoile les forces multiformes qui façonnent la trajectoire stratégique du géant de l'énergie au milieu de l'énergie, explorant comment les environnements réglementaires complexes, les volatilités du marché et les innovations technologiques émergentes se coupent pour définir la résilience opérationnelle et le potentiel futur de l'entreprise. De la navigation des réglementations environnementales strictes à tirer parti des technologies de surveillance des pipelines de pointe, le voyage de Oneok reflète la danse complexe de la stratégie d'entreprise dans un écosystème énergétique de plus en plus interconnecté et axé sur la durabilité.

Oneok, Inc. (OKE) - Analyse du pilon: facteurs politiques

Les politiques d'infrastructure énergétique américaines ont un impact sur les opérations de transport du gaz naturel et des LGN

La loi sur la réduction de l'inflation de 2022 a alloué 369 milliards de dollars pour les investissements en énergie propre, influençant directement les stratégies opérationnelles d'OneOK. L'infrastructure de transport de gaz naturel de la société s'étend sur 38 000 miles dans les principales régions de production, notamment l'Oklahoma, le Kansas et le Texas.

Domaine politique	Impact potentiel	Implication financière estimée
Investissement en infrastructure	Augmentation du financement fédéral pour les infrastructures énergétiques	Soutien potentiel de développement d'infrastructures de 15 à 20 millions de dollars
Conformité réglementaire	Exigences améliorées de surveillance environnementale	Coûts de conformité annuelle de 5 à 7 millions de dollars

Règlements fédéraux sur les émissions de carbone

Les règles d'émission de méthane proposées par l'Environmental Protection Agency pourraient obliger OneOk à investir dans les technologies de réduction des émissions.

• Investissement de conformité estimé: 50 à 75 millions de dollars
• Cobile de réduction des émissions potentielles: 30 à 40% d'ici 2030
• Émissions actuelles de méthane: 0,22% du total du gaz transporté

Règlements sur le développement de pipelines et d'infrastructures au niveau de l'État

Les environnements réglementaires de l'État ont un impact significatif sur les stratégies d'expansion d'OneOK, en particulier dans les principaux états de production.

État	Complexité d'approbation du pipeline	Coût réglementaire estimé
Oklahoma	Faible	2 à 3 millions de dollars de dépenses réglementaires annuelles
Kansas	Modéré	4 à 5 millions de dollars de dépenses réglementaires annuelles
Texas	Haut	6 à 8 millions de dollars de dépenses réglementaires annuelles

Tensions politiques dans les régions productrices d'énergie

La dynamique géopolitique continue d'influencer le développement des infrastructures énergétiques et les stratégies opérationnelles.

• Production intérieure actuelle: 12,4 millions de barils par jour
• Indice de vulnérabilité des régions opérationnelles de Oneok: 0,35 (faible à modéré)
• Investissement estimé à l'atténuation des risques: 10 à 15 millions de dollars par an

Oneok, Inc. (OKE) - Analyse du pilon: facteurs économiques

Fluctuation des prix du gaz naturel et du gaz naturel (LGN)

Au quatrième trimestre 2023, les prix du gaz naturel étaient en moyenne de 2,75 $ par MMBTU. Les revenus de Oneok des ventes de NGL en 2023 étaient de 10,2 milliards de dollars. L'analyse de sensibilité de l'entreprise indique qu'une variation de 1 $ par baril dans les prix de la LGN a un impact sur les revenus annuels d'environ 75 millions de dollars.

Indicateur de prix de la LGN	Valeur 2023	Impact sur les revenus
Prix ​​MSNG moyen	32,45 $ / baril	± 75 millions de dollars par changement
Prix ​​du gaz naturel	2,75 $ / MMBTU	Conditions du marché volatil

Investissement d'infrastructure énergétique au milieu

OneOK a investi 539 millions de dollars dans les dépenses en capital au cours de 2023. Les actifs totaux des infrastructures en milieu médian de la société sont évalués à 19,3 milliards de dollars.

Métrique d'investissement	Valeur 2023
Dépenses en capital	539 millions de dollars
Total des actifs intermédiaires	19,3 milliards de dollars

Impact potentiel de ralentissement économique

Projections de la demande d'énergie Indiquez une réduction potentielle des volumes de transport. Les prévisions de consommation de gaz naturel montrent une baisse potentielle de 3 à 5% de la demande du secteur industriel pendant la contraction économique.

Projection de demande	Changement estimé
Consommation de gaz industriel	-3% à -5%
Volume de transport	Réduction potentielle de 4%

Investissement de production d'énergie intérieure

OneOK opère dans des régions de production clés avec un impact économique important. L'infrastructure du bassin du Permien et du bassin de Williston soutient la poursuite de la production d'énergie intérieure.

Région de production	Volume de production quotidien	Contribution économique
Bassin permien	5,2 millions de barils / jour	12,4 milliards de dollars PIB régional
Bassin de Williston	1,5 million de barils / jour	PIB régional de 3,6 milliards de dollars

Oneok, Inc. (OKE) - Analyse du pilon: facteurs sociaux

La sensibilisation au public croissante aux transitions énergétiques durables a un impact sur la perception de l'entreprise

Selon le baromètre d'Edelman Trust 2023, 71% des employés s'attendent à ce que leur employeur prenne des mesures sur le changement climatique. L'infrastructure de gaz naturel de Oneok soutient une réduction de 38% des émissions de carbone par rapport à la production d'énergie à base de charbon.

Métrique énergétique durable	Performance Oneok
Potentiel de réduction des émissions de carbone	38%
Investissement dans les technologies à faible émission de carbone	127 millions de dollars (2023)
Projets d'infrastructure d'énergie renouvelable	3 extensions majeures sur les pipelines

Les changements démographiques de la main-d'œuvre nécessitent des stratégies de gestion des talents adaptatifs

Le Bureau américain des statistiques du travail rapporte que d'ici 2030, les milléniaux représenteront 75% de la main-d'œuvre. La démographie de la main-d'œuvre d'Oneok reflète actuellement:

Groupe d'âge	Pourcentage
Baby-boomers	22%
Génération X	38%
Milléniaux	35%
Génération Z	5%

Engagement communautaire rural critique pour les approbations du projet de pipeline et d'infrastructure

Métriques d'investissement communautaire:

• Investissement communautaire annuel: 4,2 millions de dollars
• Création d'emplois locale dans les zones rurales: 1 247 emplois directs en 2023
• Infrastructure Project Community Consultation Heures: 3 672 heures

L'augmentation de la demande d'alternatives d'énergie plus propres influence la planification stratégique à long terme

La US Energy Information Administration projette le gaz naturel représenter 38% de la production d'électricité d'ici 2050. La réponse stratégique de Oneok comprend:

Initiative stratégique	Montant d'investissement
Développement d'infrastructures à faible teneur en carbone	512 millions de dollars
Recherche de mélange d'hydrogène	87 millions de dollars
Technologie de capture de carbone	214 millions de dollars

Oneok, Inc. (OKE) - Analyse du pilon: facteurs technologiques

Technologies avancées de surveillance et de détection des fuites

OneOK a investi 84,2 millions de dollars dans les technologies de surveillance des pipelines avancées en 2023. La société a déployé 672 capteurs de surveillance en temps réel sur ses 38 627 miles de pipelines de gaz naturel et de gaz naturel.

Type de technologie	Investissement ($ m)	Couverture (miles)	Précision de détection
Capteurs acoustiques	32.5	15,243	99.7%
Surveillance de la fibre optique	26.7	12,384	99.5%
Imagerie par satellite	25.0	11,000	98.9%

Transformation numérique dans la gestion des actifs

OneOK a mis en œuvre un système complet de gestion des actifs numériques avec 47,6 millions de dollars investis en 2023. Le système couvre 100% des actifs d'infrastructure de l'entreprise, ce qui réduit les coûts de maintenance de 22,3%.

Technologies d'automatisation et IoT

La société a déployé 1 248 appareils IoT sur son réseau opérationnel, ce qui a entraîné 63,4 millions de dollars de gains d'efficacité opérationnelle. Les technologies d'automatisation ont réduit l'intervention manuelle de 37,6% dans la gestion critique des infrastructures.

Catégorie de technologie	Appareils déployés	Économies de coûts ($ m)	Amélioration de l'efficacité
Systèmes de surveillance à distance	732	28.7	29.4%
Systèmes de contrôle automatisés	516	34.7	42.1%

Technologies de réduction de la capture et des émissions du carbone

OneOK a alloué 92,3 millions de dollars aux technologies de réduction de la capture du carbone et des émissions en 2023. La société a obtenu une réduction de 16,7% des émissions de carbone par rapport à la ligne de base de 2022.

Technologie	Investissement ($ m)	Réduction des émissions	Statut d'implémentation
Infrastructure de capture de carbone	62.4	12.3%	Opérationnel
Technologies de réduction du méthane	29.9	4.4%	Phase pilote

Oneok, Inc. (OKE) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations environnementales fédérales et étatiques dans les infrastructures énergétiques

Oneok, Inc. maintient le respect des principales réglementations environnementales suivantes:

Règlement	Détails de la conformité	Coût annuel de conformité
Clean Air Act	Compliance complète dans 14 États	12,3 millions de dollars
Clean Water Act	Permis pour 37 points de décharge d'eau	8,7 millions de dollars
Loi sur la conservation des ressources et la récupération	Protocoles de gestion des déchets	5,2 millions de dollars

Considérations juridiques en cours pour les acquisitions et servitudes de l'emprise des pipelines

Le portefeuille juridique de Oneok pour l'emprise comprend:

• Accords totaux de servitude: 1 247 contrats actifs
• Couverture géographique: 5 États du Midwest des États-Unis
• Coût moyen d'acquisition de la servitude: 3 750 $ par mile linéaire

Risques potentiels des litiges associés à des incidents environnementaux ou à des projets d'infrastructure

Type d'incident	Nombre de cas en attente	Exposition juridique estimée
Réclamations de dommages environnementaux	6 cas actifs	22,5 millions de dollars
Infrastructure Dommage des allégations	3 cas actifs	14,6 millions de dollars

Exigences réglementaires pour la sécurité et les performances environnementales dans les opérations intermédiaires

Mesures de conformité réglementaire de Oneok:

• PHMSA (Pipeline and Hazardous Materials Safety Administration) Note de conformité: 98,7%
• Dépenses annuelles d'inspection de la sécurité: 7,9 millions de dollars
• Investissements totaux de gestion de l'intégrité des pipelines: 43,2 millions de dollars

Métrique de sécurité	Indicateur de performance
Incidents à déclarer	4 incidents en 2023
Temps de réponse d'urgence	37 minutes moyennes
Précision de détection des fuites	99.6%

Oneok, Inc. (OKE) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de méthane et l'empreinte carbone dans les opérations énergétiques

Oneok a rapporté un Réduction de 24% des émissions de méthane À partir des niveaux de référence 2015 en 2022. Les émissions totales de gaz à effet de serre de la société étaient de 1 248 000 tonnes métriques CO2 équivalent en 2022.

Métrique des émissions	Valeur 2022	Cible de réduction
Émissions de méthane	Réduction de 24%	30% d'ici 2025
Émissions totales de GES	1 248 000 tonnes métriques CO2E	Net zéro d'ici 2050

Accent croissant sur les pratiques durables et l'intégration des énergies renouvelables

OneOK a investi 12,3 millions de dollars dans des projets d'efficacité énergétique en 2022, ciblant les améliorations des infrastructures et les stratégies de réduction des émissions.

Investissement en durabilité	2022 Montant
Projets d'efficacité énergétique	12,3 millions de dollars
Intégration d'énergie renouvelable	3,5% du portefeuille d'énergie total

Évaluations d'impact environnemental pour les projets de développement de pipeline et d'infrastructure

En 2022, OneOK a effectué 47 évaluations complètes d'impact environnemental à travers ses projets de développement de pipeline et d'infrastructure, couvrant 2 365 miles d'infrastructure de pipeline.

Métrique d'évaluation	Valeur 2022
Évaluations d'impact environnemental	47 Évaluations
Infrastructure de pipeline couverte	2 365 miles

Approche proactive de la gestion des risques écologiques dans les infrastructures de transport d'énergie

OneOK a alloué 18,7 millions de dollars aux stratégies de gestion des risques écologiques et de protection de l'environnement en 2022, en se concentrant sur la préservation de la biodiversité et la restauration de l'habitat.

Gestion des risques écologiques	2022 Investissement
Budget de protection de l'environnement	18,7 millions de dollars
Projets de restauration de l'habitat	12 initiatives distinctes

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.