Company Snapshot

Investment Thesis

ONEOK operates NGL pipelines and natural gas gathering/processing assets focused on the Midcontinent and Permian. Magellan acquisition adds refined products and export optionality.

  • NGL Fracs: Integrated NGL system benefits from Permian associated gas growth.
  • Midstream Consolidation: Magellan deal diversifies into liquids and export terminals.
  • Stable Fee Base: Predominantly fee-based contracts with investment-grade customers.

Strategic Mix

Natural Gas Liquids Gathering, fractionation, and pipelines
Natural Gas Gathering & Processing Midcontinent and Williston assets
Pipelines/Refined Products Magellan refined products and marine terminals
Other Storage and marketing

Mix reflects combined ONEOK + Magellan segments.

Recent Performance

MTD TBD
QTD TBD
YTD TBD
5Y TBD

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Strategic Insights

Export Growth

Gulf Coast terminals capture international demand for NGLs and refined products.

Synergy Capture

Operating efficiencies and commercial opportunities from integration.

Balance Sheet

Target leverage ~3.5x supports dividend growth.

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