Oneok, Inc. (OKE): Análise de Pestle [Jan-2025 Atualizado]

No cenário dinâmico da infraestrutura de energia, a Oneok, Inc. (OKE) fica na encruzilhada de complexos desafios políticos, econômicos e tecnológicos. Essa análise abrangente de pestles revela as forças multifacetadas que moldam a trajetória estratégica da gigante da gigante do meio do meio, explorando como ambientes regulatórios complexos, volatilidades de mercado e inovações tecnológicas emergentes se cruzam para definir a resiliência operacional e o potencial futuro da empresa. Desde navegar regulamentos ambientais rigorosos até alavancar as tecnologias de monitoramento de oleodutos de ponta, a jornada de Oneok reflete a dança intrincada da estratégia corporativa em um ecossistema de energia cada vez mais interconectado e orientado a sustentabilidade.

Oneok, Inc. (OKE) - Análise de Pestle: Fatores Políticos

As políticas de infraestrutura energética dos EUA impactam operações de transporte de gás natural e NGL

A Lei de Redução da Inflação de 2022 alocou US $ 369 bilhões em investimentos em energia limpa, influenciando diretamente as estratégias operacionais de Oneok. A infraestrutura de transporte de gás natural da empresa abrange 38.000 milhas nas principais regiões de produção, incluindo Oklahoma, Kansas e Texas.

Área de Política	Impacto potencial	Implicação financeira estimada
Investimento de infraestrutura	Aumento do financiamento federal para infraestrutura energética	US $ 15-20 milhões em potencial suporte ao desenvolvimento de infraestrutura
Conformidade regulatória	Requisitos de monitoramento ambiental aprimorado	Custos anuais de conformidade de US $ 5-7 milhões

Regulamentos federais sobre emissões de carbono

As regras propostas de emissão de metano da Agência de Proteção Ambiental poderia exigir que o OneOK investiu em tecnologias de redução de emissões.

• Investimento estimado de conformidade: US $ 50-75 milhões
• Alvo de redução de emissão potencial: 30-40% até 2030
• Emissões atuais de metano: 0,22% do total de gás transportado

Regulamentos de desenvolvimento de oleodutos e infraestrutura em nível estadual

Os ambientes regulatórios estaduais afetam significativamente as estratégias de expansão de Oneok, particularmente nos principais estados de produção.

Estado	Complexidade da aprovação do pipeline	Custo regulatório estimado
Oklahoma	Baixo	Despesas regulatórias anuais de US $ 2-3 milhões
Kansas	Moderado	Despesas regulatórias anuais de US $ 4-5 milhões
Texas	Alto	Despesas regulatórias anuais de US $ 6-8 milhões

Tensões políticas em regiões produtoras de energia

A dinâmica geopolítica continua a influenciar o desenvolvimento da infraestrutura energética e as estratégias operacionais.

• Produção doméstica atual: 12,4 milhões de barris por dia
• Índice de vulnerabilidades de regiões operacionais de Oneok: 0,35 (baixo a moderado)
• Investimento estimado de mitigação de risco: US $ 10 a 15 milhões anualmente

Oneok, Inc. (OKE) - Análise de Pestle: Fatores Econômicos

Líquidos de gás natural flutuante e líquidos de gás natural (NGL) preços

A partir do quarto trimestre de 2023, os preços do gás natural tiveram uma média de US $ 2,75 por MMBTU. A receita de Oneok das vendas da NGL em 2023 foi de US $ 10,2 bilhões. A análise de sensibilidade da empresa indica que uma mudança de US $ 1 por barril nos preços da NGL afeta a receita anual em aproximadamente US $ 75 milhões.

Indicador de preço da NGL	2023 valor	Impacto na receita
Preço médio da NGL	$ 32,45/barril	± US $ 75 milhões por mudança de US $ 1
Preço do gás natural	US $ 2,75/MMBTU	Condições voláteis do mercado

Investimento de infraestrutura energética do meio -fluxo

O Oneok investiu US $ 539 milhões em despesas de capital durante 2023. O total de ativos de infraestrutura média do meio da empresa são avaliados em US $ 19,3 bilhões.

Métrica de investimento	2023 valor
Despesas de capital	US $ 539 milhões
Ativos totais no meio do meio	US $ 19,3 bilhões

Impacto de desaceleração econômica potencial

Projeções de demanda de energia Indique a redução potencial nos volumes de transporte. A previsão do consumo de gás natural mostra um potencial declínio de 3-5% na demanda do setor industrial durante a contração econômica.

Projeção de demanda	Mudança estimada
Consumo de gás industrial	-3% a -5%
Volume de transporte	Redução potencial de 4%

Investimento doméstico de produção de energia

O OneOK opera em regiões importantes de produção com impacto econômico significativo. A Bacia do Permiano e a Infraestrutura da Bacia de Williston apóiam a produção contínua de energia doméstica.

Região de produção	Volume diário de produção	Contribuição econômica
Bacia do Permiano	5,2 milhões de barris/dia	US $ 12,4 bilhões do PIB regional
Bacia de Williston	1,5 milhão de barris/dia	PIB regional de US $ 3,6 bilhões

Oneok, Inc. (OKE) - Análise de Pestle: Fatores sociais

A crescente conscientização pública sobre transições de energia sustentável afeta a percepção da empresa

De acordo com o Barômetro Edelman Trust de 2023, 71% dos funcionários esperam que seu empregador tome medidas sobre as mudanças climáticas. A infraestrutura de gás natural de Oneok suporta uma redução de 38% nas emissões de carbono em comparação à geração de energia baseada em carvão.

Métrica de energia sustentável	Oneok Performance
Potencial de redução de emissão de carbono	38%
Investimento em tecnologias de baixo carbono	US $ 127 milhões (2023)
Projetos de infraestrutura de energia renovável	3 grandes expansões de pipeline

As mudanças demográficas da força de trabalho exigem estratégias de gerenciamento de talentos adaptáveis

O Bureau of Labor Statistics dos EUA relata que até 2030, a geração do milênio compreenderá 75% da força de trabalho. A demografia da força de trabalho de Oneok reflete atualmente:

Faixa etária	Percentagem
Baby Boomers	22%
Geração x	38%
Millennials	35%
Geração z	5%

O envolvimento da comunidade rural crítica para aprovações de projeto de pipeline e infraestrutura

Métricas de investimento comunitário:

• Investimento comunitário anual: US $ 4,2 milhões
• Criação de empregos local em áreas rurais: 1.247 empregos diretos em 2023
• Projeto de infraestrutura Horário de consulta da comunidade: 3.672 horas

O aumento da demanda por alternativas de energia mais limpa influencia o planejamento estratégico de longo prazo

Os projetos da Administração de Informações sobre Energia dos EUA representarão 38% da geração de eletricidade até 2050. A resposta estratégica de Oneok inclui:

Iniciativa Estratégica	Valor do investimento
Desenvolvimento de infraestrutura de baixo carbono	US $ 512 milhões
Pesquisa de mistura de hidrogênio	US $ 87 milhões
Tecnologia de captura de carbono	US $ 214 milhões

Oneok, Inc. (OKE) - Análise de Pestle: Fatores tecnológicos

Tecnologias avançadas de monitoramento de pipeline e detecção de vazamentos

O Oneok investiu US $ 84,2 milhões em tecnologias avançadas de monitoramento de dutos em 2023. A Companhia implantou 672 sensores de monitoramento em tempo real em seus 38.627 milhas de oleodutos de líquidos de gás natural e gás natural.

Tipo de tecnologia	Investimento ($ m)	Cobertura (milhas)	Precisão da detecção
Sensores acústicos	32.5	15,243	99.7%
Monitoramento de fibra óptica	26.7	12,384	99.5%
Imagem por satélite	25.0	11,000	98.9%

Transformação digital em gerenciamento de ativos

O OneOK implementou um sistema abrangente de gerenciamento de ativos digitais com US $ 47,6 milhões investidos em 2023. O sistema cobre 100% dos ativos de infraestrutura da empresa, reduzindo os custos de manutenção em 22,3%.

Automação e tecnologias de IoT

A empresa implantou 1.248 dispositivos IoT em sua rede operacional, resultando em US $ 63,4 milhões em ganhos de eficiência operacional. As tecnologias de automação reduziram a intervenção manual em 37,6% no gerenciamento crítico de infraestrutura.

Categoria de tecnologia	Dispositivos implantados	Economia de custos ($ m)	Melhoria de eficiência
Sistemas de monitoramento remoto	732	28.7	29.4%
Sistemas de controle automatizados	516	34.7	42.1%

Tecnologias de captura de carbono e redução de emissões

O OneOok alocou US $ 92,3 milhões para tecnologias de captura de carbono e redução de emissões em 2023. A Companhia alcançou uma redução de 16,7% nas emissões de carbono em comparação com a linha de base de 2022.

Tecnologia	Investimento ($ m)	Redução de emissões	Status de implementação
Infraestrutura de captura de carbono	62.4	12.3%	Operacional
Tecnologias de redução de metano	29.9	4.4%	Fase piloto

Oneok, Inc. (OKE) - Análise de Pestle: Fatores Legais

Conformidade com os regulamentos ambientais federais e estaduais em infraestrutura energética

Oneok, Inc. mantém a conformidade com os seguintes regulamentos ambientais seguintes:

Regulamento	Detalhes da conformidade	Custo anual de conformidade
Lei do ar limpo	Conformidade total em 14 estados	US $ 12,3 milhões
Lei da Água Limpa	Licenças para 37 pontos de descarga de água	US $ 8,7 milhões
Lei de Conservação e Recuperação de Recursos	Protocolos de gerenciamento de resíduos	US $ 5,2 milhões

Considerações legais contínuas para aquisições e servidões de passagem de povo

O portfólio legal de Oneok para a faixa de passagem inclui:

• Acordos de servidão totais: 1.247 contratos ativos
• Cobertura geográfica: 5 estados no meio -oeste dos Estados Unidos
• Custo médio de aquisição de servidão: US $ 3.750 por milha linear

Riscos potenciais de litígios associados a incidentes ambientais ou projetos de infraestrutura

Tipo de incidente	Número de casos pendentes	Exposição legal estimada
Reivindicações de danos ambientais	6 casos ativos	US $ 22,5 milhões
Reivindicações de danos à infraestrutura	3 casos ativos	US $ 14,6 milhões

Requisitos regulatórios para segurança e desempenho ambiental em operações no meio da corrente

Métricas de conformidade regulatória de Oneok:

• PHMSA (Administração de Segurança de Pipeline e Materiais Perigosos) Classificação de conformidade: 98,7%
• Despesas anuais de inspeção de segurança: US $ 7,9 milhões
• Investimentos totais de gerenciamento de integridade de pipeline: US $ 43,2 milhões

Métrica de segurança	Indicador de desempenho
Incidentes relatáveis	4 incidentes em 2023
Tempo de resposta de emergência	37 minutos em média
Precisão da detecção de vazamentos	99.6%

Oneok, Inc. (OKE) - Análise de Pestle: Fatores Ambientais

Compromisso em reduzir as emissões de metano e a pegada de carbono em operações de energia

Oneok relatou a Redução de 24% nas emissões de metano A partir de 2015, os níveis de linha de base em 2022. As emissões totais de gases de efeito estufa da empresa foram de 1.248.000 toneladas de CO2 equivalentes em 2022.

Métrica de emissão	2022 Valor	Alvo de redução
Emissões de metano	Redução de 24%	30% até 2025
Emissões totais de GEE	1.248.000 toneladas métricas	Líquido zero até 2050

Foco crescente em práticas sustentáveis ​​e integração de energia renovável

O Oneok investiu US $ 12,3 milhões em projetos de eficiência energética em 2022, direcionando melhorias na infraestrutura e estratégias de redução de emissões.

Investimento de sustentabilidade	2022 quantidade
Projetos de eficiência energética	US $ 12,3 milhões
Integração de energia renovável	3,5% do portfólio total de energia

Avaliações de impacto ambiental para projetos de desenvolvimento de pipeline e infraestrutura

Em 2022, o Oneok conduziu 47 avaliações abrangentes de impacto ambiental em seus projetos de desenvolvimento de oleodutos e infraestruturas, cobrindo 2.365 milhas de infraestrutura de oleodutos.

Métrica de avaliação	2022 Valor
Avaliações de impacto ambiental	47 Avaliações
Infraestrutura de pipeline coberta	2.365 milhas

Abordagem proativa para gerenciar riscos ecológicos na infraestrutura de transporte energético

O Oneok alocou US $ 18,7 milhões para o gerenciamento de riscos ecológicos e as estratégias de proteção ambiental em 2022, com foco na preservação da biodiversidade e restauração de habitats.

Gerenciamento de riscos ecológicos	2022 Investimento
Orçamento de proteção ambiental	US $ 18,7 milhões
Projetos de restauração de habitat	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.