ONEOK INC /NEW/
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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R. Segments
Segment Descriptions - Our operations are divided into four reportable business segments, as follows:
our Natural Gas Gathering and Processing segment gathers, compresses, treats, processes and markets natural gas;
our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes Purity NGLs;
our Natural Gas Pipelines segment transports, stores and markets natural gas; and
our Refined Products and Crude segment gathers, transports, stores, distributes, blends and markets Refined Products and crude oil.
On October 15, 2024, we completed the EnLink Controlling Interest Acquisition. Our 2024 results include the impact of the EnLink Controlling Interest Acquisition from the period of October 15, 2024, to December 31, 2024, across allfour of our existing operating segments. On October 31, 2024, we completed the Medallion Acquisition. Our 2024 results include the impact of the Medallion Acquisition from the period of November 1, 2024, to December 31, 2024, in our Refined Products and Crude segment.
Other and eliminations consist of corporate costs, the operating activities of our headquarters building and related parking facility, the activity of our wholly owned captive insurance company and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements.
For the years ended December 31, 2025, and December 31, 2023, revenues from one customer impacting all our segments represented approximately 12% and 11% of our consolidated revenues, respectively. For the year ended December 31, 2024, we had no single customer from which we received 10% or more of our consolidated revenues.
The significant expense categories and amounts included in the table below align with the segment-level information that is regularly provided to the chief operating decision-maker.
Operating Segment Information -The following tables set forth certain selected financial information for our operating segments for the periods indicated:
| Year Ended December 31, 2025 | Natural Gas Gathering and Processing | Natural Gas Liquids | Natural Gas Pipelines | Refined Products and Crude | Total Segments |
|---|---|---|---|---|---|
| (Millions of dollars) | |||||
| Liquids commodity sales | $4,372 | $15,405 | $— | $10,631 | $30,408 |
| Residue natural gas sales | 2,137 | — | 1,235 | — | 3,372 |
| Exchange services and natural gas gathering and processing revenue | 1,137 | 336 | — | — | 1,473 |
| Transportation and storage revenue | — | 258 | 611 | 2,291 | 3,160 |
| Other revenue | 38 | 11 | — | 117 | 166 |
| Total revenues (a) | 7,684 | 16,010 | 1,846 | 13,039 | 38,579 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | (4,617) | (12,533) | (1,005) | (10,171) | (28,326) |
| Operating costs | (988) | (831) | (231) | (906) | (2,956) |
| Adjusted EBITDA from unconsolidated affiliates | 5 | 101 | 244 | 166 | 516 |
| Noncash compensation expense and other | 54 | 32 | 7 | 49 | 142 |
| Segment adjusted EBITDA | $2,138 | $2,779 | $861 | $2,177 | $7,955 |
| Depreciation and amortization | $(501) | $(468) | $(98) | $(438) | $(1,505) |
| Equity in net earnings from investments | $3 | $91 | $170 | $122 | $386 |
| Investments in unconsolidated affiliates | $40 | $652 | $929 | $1,263 | $2,884 |
| Total assets | $16,757 | $20,415 | $4,805 | $25,255 | $67,232 |
| Capital expenditures | $1,314 | $758 | $237 | $752 | $3,061 |
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $4.3 billion for the Natural Gas Gathering and Processing segment, $0.5 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.
| Year Ended December 31, 2025 | Total Segments | Other and Eliminations | Total |
|---|---|---|---|
| (Millions of dollars) | |||
| Reconciliations of total segments to consolidated | |||
| Liquids commodity sales | $30,408 | $(4,842) | $25,566 |
| Residue natural gas sales | 3,372 | (60) | 3,312 |
| Exchange services and natural gas gathering and processing revenue | 1,473 | (3) | 1,470 |
| Transportation and storage revenue | 3,160 | (23) | 3,137 |
| Other revenue | 166 | (22) | 144 |
| Total revenues (a) | $38,579 | $(4,950) | $33,629 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | $(28,326) | $4,953 | $(23,373) |
| Operating costs | $(2,956) | $(7) | $(2,963) |
| Depreciation and amortization | $(1,505) | $(9) | $(1,514) |
| Equity in net earnings from investments | $386 | $— | $386 |
| Investments in unconsolidated affiliates | $2,884 | $5 | $2,889 |
| Total assets | $67,232 | $(591) | $66,641 |
| Capital expenditures | $3,061 | $91 | $3,152 |
| Year Ended December 31, 2024 | Natural Gas Gathering and Processing | Natural Gas Liquids | Natural Gas Pipelines | Refined Products and Crude | Total Segments |
|---|---|---|---|---|---|
| (Millions of dollars) | |||||
| Liquids commodity sales | $3,033 | $14,446 | $— | $2,258 | $19,737 |
| Residue natural gas sales | 1,203 | — | 137 | — | 1,340 |
| Exchange services and natural gas gathering and processing revenue | 260 | 500 | — | — | 760 |
| Transportation and storage revenue | 70 | 207 | 684 | 2,082 | 3,043 |
| Other revenue | 23 | 14 | 1 | 120 | 158 |
| Total revenues (a) | 4,589 | 15,167 | 822 | 4,460 | 25,038 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | (2,600) | (11,994) | (112) | (1,949) | (16,655) |
| Operating costs | (603) | (762) | (233) | (888) | (2,486) |
| Adjusted EBITDA from unconsolidated affiliates | 3 | 95 | 187 | 247 | 532 |
| Noncash compensation expense | 20 | 34 | 8 | 31 | 93 |
| Other (b) | 75 | 3 | 228 | (9) | 297 |
| Segment adjusted EBITDA | $1,484 | $2,543 | $900 | $1,892 | $6,819 |
| Depreciation and amortization | $(325) | $(361) | $(88) | $(354) | $(1,128) |
| Equity in net earnings from investments | $— | $85 | $143 | $211 | $439 |
| Investments in unconsolidated affiliates | $33 | $484 | $764 | $1,031 | $2,312 |
| Total assets | $15,856 | $19,797 | $5,041 | $23,181 | $63,875 |
| Capital expenditures | $492 | $987 | $258 | $216 | $1,953 |
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $3.0 billion for the Natural Gas Gathering and Processing segment, $0.3 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.
(b) - Included a gain of $227 million for the Natural Gas Pipelines segment related to the sale ofthree of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc.
| Year Ended December 31, 2024 | Total Segments | Other and Eliminations | Total |
|---|---|---|---|
| (Millions of dollars) | |||
| Reconciliations of total segments to consolidated | |||
| Liquids commodity sales | $19,737 | $(3,287) | $16,450 |
| Residue natural gas sales | 1,340 | (10) | 1,330 |
| Exchange services and natural gas gathering and processing revenue | 760 | — | 760 |
| Transportation and storage revenue | 3,043 | (23) | 3,020 |
| Other revenue | 158 | (20) | 138 |
| Total revenues (a) | $25,038 | $(3,340) | $21,698 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | $(16,655) | $3,344 | $(13,311) |
| Operating costs | $(2,486) | $(10) | $(2,496) |
| Depreciation and amortization | $(1,128) | $(6) | $(1,134) |
| Equity in net earnings from investments | $439 | $— | $439 |
| Investments in unconsolidated affiliates | $2,312 | $4 | $2,316 |
| Total assets | $63,875 | $194 | $64,069 |
| Capital expenditures | $1,953 | $68 | $2,021 |
| Year Ended December 31, 2023 | Natural Gas Gathering and Processing | Natural Gas Liquids | Natural Gas Pipelines | Refined Products and Crude | Total Segments |
|---|---|---|---|---|---|
| (Millions of dollars) | |||||
| Liquids commodity sales | $2,479 | $13,666 | $— | $502 | $16,647 |
| Residue natural gas sales | 1,398 | — | 39 | — | 1,437 |
| Gathering, processing and exchange services revenue | 147 | 549 | — | — | 696 |
| Transportation and storage revenue | — | 204 | 582 | 535 | 1,321 |
| Other revenue | 32 | 10 | 2 | 34 | 78 |
| Total revenues (a) | 4,056 | 14,429 | 623 | 1,071 | 20,179 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | (2,364) | (11,592) | (28) | (450) | (14,434) |
| Operating costs | (467) | (666) | (202) | (198) | (1,533) |
| Adjusted EBITDA from unconsolidated affiliates | 1 | 67 | 160 | 36 | 264 |
| Noncash compensation expense | 19 | 29 | 8 | 6 | 62 |
| Other (b) | (1) | 778 | (2) | — | 775 |
| Segment adjusted EBITDA | $1,244 | $3,045 | $559 | $465 | $5,313 |
| Depreciation and amortization | $(272) | $(334) | $(67) | $(92) | $(765) |
| Equity in net earnings from investments | $(2) | $58 | $118 | $28 | $202 |
| Investments in unconsolidated affiliates | $24 | $419 | $526 | $903 | $1,872 |
| Total assets | $7,078 | $14,974 | $2,624 | $19,531 | $44,207 |
| Capital expenditures | $448 | $818 | $228 | $52 | $1,546 |
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $2.4 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.
(b) - Included a settlement gain of $779 million for the Natural Gas Liquids segment related to the Medford incident.
| Year Ended December 31, 2023 | Total Segments | Other and Eliminations | Total |
|---|---|---|---|
| (Millions of dollars) | |||
| Reconciliations of total segments to consolidated | |||
| Liquids commodity sales | $16,647 | $(2,480) | $14,167 |
| Residue natural gas sales | 1,437 | — | 1,437 |
| Gathering, processing and exchange services revenue | 696 | — | 696 |
| Transportation and storage revenue | 1,321 | (15) | 1,306 |
| Other revenue | 78 | (7) | 71 |
| Total revenues (a) | $20,179 | $(2,502) | $17,677 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | $(14,434) | $2,505 | $(11,929) |
| Operating costs | $(1,533) | $(2) | $(1,535) |
| Depreciation and amortization | $(765) | $(4) | $(769) |
| Equity in net earnings from investments | $202 | $— | $202 |
| Investments in unconsolidated affiliates | $1,872 | $2 | $1,874 |
| Total assets | $44,207 | $59 | $44,266 |
| Capital expenditures | $1,546 | $49 | $1,595 |
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Reconciliation of income before income taxes to total segment adjusted EBITDA · (Millions of dollars) | |||
| Income before income taxes | $4,490 | $4,110 | $3,497 |
| Interest expense, net of capitalized interest | 1,783 | 1,371 | 866 |
| Depreciation and amortization | 1,514 | 1,134 | 769 |
| Adjusted EBITDA from unconsolidated affiliates | 516 | 532 | 264 |
| Equity in net earnings from investments | (386) | (439) | (202) |
| Noncash compensation expense and other (a) | 103 | 76 | 49 |
| Corporate other (b) | (65) | 35 | 70 |
| Total segment adjusted EBITDA (c)(d) | $7,955 | $6,819 | $5,313 |
(a) - The year ended December 31, 2025, included noncash transaction costs related primarily to the EnLink Acquisition of $16 million included within noncash compensation expense and other.
(b) - The year ended December 31, 2025, included corporate net gains on extinguishment of debt of $106 million in connection with open market repurchases and interest income of $33 million, offset partially by transaction costs related primarily to the EnLink Acquisition of $65 million. The year ended December 31, 2024, included transaction costs related primarily to the EnLink Acquisitions and Medallion Acquisition of $73 million, offset partially by interest income of $39 million. The year ended December 31, 2023, included transaction costs related to the Magellan Acquisition of $158 million, offset partially by interest income of $49 million and corporate net gains on extinguishment of debt of $41 million in connection with open market repurchases.
(c) - The year ended December 31, 2024, included a gain of $227 million from the interstate natural gas pipeline divestiture.
(d) - The year ended December 31, 2023, included $633 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $146 million of third-party fractionation costs.
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