ONEOK is one of North America's largest midstream energy infrastructure companies, operating a roughly 60,000-mile pipeline network across the U.S. mid-continent, Rockies, Permian Basin, and Gulf Coast. ONEOK gathers raw natural gas at the wellhead, processes it to extract NGLs, transports those NGLs to fractionators that separate them into purity products (ethane, propane, butane, natural gasoline), and delivers residue gas to utilities, industrials, and LNG export facilities. ONEOK also transports gasoline, diesel, jet fuel, and crude oil across a 15-state footprint. The company operates four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. ONEOK earns roughly 90% of its consolidated earnings from fee-based contracts, with revenue driven primarily by volume throughput and contracted fee rates. The remaining earnings come from commodity optimization—capturing price differentials between market hubs—and liquids blending. ONEOK has grown significantly through acquisitions, most notably Magellan Midstream in 2023, which added the country's longest refined products pipeline system, and EnLink Midstream in early 2025, which expanded Mid-Continent and Permian G&P capacity and Gulf Coast LNG access. Organic growth is focused on Permian processing capacity additions, a Denver refined products pipeline expansion, rebuilding its Medford NGL fractionator, and an LPG export terminal in Texas City expected in 2028.