Midstream Infrastructure · Senior · Midstream · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
ONEOK, Inc. Consolidated
Portfolio · Other · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Leading U.S. midstream service provider operating an approximately 60,000-mile integrated pipeline network across four primarily fee-based segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. Consolidated 2025 earnings were approximately 90% fee-based. The footprint connects Rocky Mountain, Mid-Continent, Permian Basin and Gulf Coast supply with domestic demand and marine export. Recent scale was added through the Magellan (2023), Medallion (2024) and EnLink (controlling 2024; full 2025) acquisitions. Strategy funds high-return capital projects, dividend growth, debt reduction and a $2.0 billion share-repurchase program.
Portfolio Aggregate · Processing facilities
Multiple effective dates
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Processing facilities · 18 projects
Refined Products and Crude Segment
Segment · Pipeline Crude · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Transportation, storage and distribution of refined products (gasoline, distillates, aviation fuel, certain NGLs) and crude oil, plus crude gathering. The refined products system is one of the longest U.S. common-carrier networks, spanning a 15-state central/western area from the Texas Gulf Coast; crude assets connect the Permian Basin and Mid-Continent to the East Houston, Cushing and Corpus Christi terminals (including a splitter) and to export facilities. Earnings come from FERC/state tariff transportation, storage and terminal services, and optimization and marketing.
Processing facilities
Multiple effective dates
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Natural Gas Pipelines Segment
Segment · Pipeline Gas · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Regulated and intrastate natural gas transportation and storage segment with 8,300 miles of pipelines (91% subscribed in 2025) and eleven underground storage facilities. Largely insulated from volumetric risk because most capacity is firm, long-term and fee-based. Key systems include ONEOK Gas Transportation (Oklahoma), ONEOK WesTex Transmission (Texas/Waha Hub), Bridgeline and Louisiana Intrastate Gas (Gulf Coast/Haynesville), and the Sabine Pipeline interstate system, which owns and operates the Henry Hub NYMEX pricing point. Serves utilities, industrials, power generation, growing data-center demand and Mexico/LNG export markets.
Processing facilities
Multiple effective dates
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Natural Gas Liquids Segment
Segment · Fractionation · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
NGL gathering, fractionation, transportation, storage and terminalling segment with 10,100 miles of gathering pipelines and 4,800 miles of distribution pipelines. Gathered NGLs are fractionated into purity products (ethane, propane, butanes, natural gasoline) and delivered to petrochemical, propane, refining and export customers; primary market centers are Conway, Kansas and Mont Belvieu, Texas. Earnings come from exchange services (some with minimum volume commitments), transportation and storage tariffs, and optimization and marketing. Includes eight purity NGL terminals.
Processing facilities
Multiple effective dates
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Natural Gas Gathering and Processing Segment
Segment · Gas Processing · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Wellhead gathering, compression, treating and processing segment with 22,600 miles of natural gas gathering pipelines and processing plants across three regions, 78% utilized in 2025. Earnings derive primarily from fee with percent-of-proceeds (POP) and fee-only contracts. Mid-Continent serves the Anadarko Basin (SCOOP/STACK) and Barnett Shale (>1 million dedicated acres); the Permian Basin covers the Midland and Delaware Basins (>400 thousand dedicated acres). Removed NGLs are delivered to the Natural Gas Liquids segment for fractionation.
Processing facilities
Multiple effective dates
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BridgeTex Pipeline
Asset · Pipeline Crude · Operating · Ownership 60%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Approximately 400-mile crude oil pipeline connecting Permian Basin crude to the East Houston terminal, with transport capacity up to 440 MBbl/d. ONEOK increased its ownership interest to 60% in July 2025 via the BridgeTex Additional Interest Acquisition for $270 million.
Processing facilities
As at 31 December 2025
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Elk Creek Pipeline
Asset · Pipeline Ngl · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Wholly owned NGL pipeline transporting volumes out of the Rocky Mountain region. A 2025 expansion increased capacity to 435 MBbl/d, bringing total NGL pipeline capacity out of the Rocky Mountain region to 575 MBbl/d.
Processing facilities
As at 31 December 2025
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Texas City Logistics LPG Export Terminal
Asset · Marine Terminal · Construction · Ownership 50%
Project information
As at 31 December 2025
Description
As at 31 December 2025
400 MBbl/d liquefied petroleum gas (LPG) export terminal in Texas City, Texas, formed as a joint venture with MPLX LP (50% ONEOK / 50% MPLX). MPLX LP will construct and operate the facility, which is expected to be completed in early 2028.
Processing facilities
As at 31 December 2025
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Bighorn Plant
Asset · Gas Processing · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
Announced 300 MMcf/d natural gas processing plant in the Permian Basin, including a carbon dioxide treater, supported by acreage dedications under long-term, primarily fee-based contracts. Expected to be completed in mid-2027.
Processing facilities
As at 31 December 2025
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Saddlehorn Pipeline
Asset · Pipeline Crude · Operating · Ownership 40%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Unconsolidated affiliate; ONEOK holds a 40% undivided joint interest in an approximately 600-mile crude oil pipeline transporting up to 290 MBbl/d from the Denver-Julesburg Basin and Rocky Mountain region to storage facilities in Cushing, Oklahoma, including ONEOK's Cushing terminal.
Processing facilities
As at 31 December 2025
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Medford Fractionator
Asset · Fractionation · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
Reconstruction of ONEOK's 210 MBbl/d NGL fractionator in Medford, Oklahoma. Capacity is excluded from the Natural Gas Liquids segment's combined fractionation capacity until in service.
Processing facilities
As at 31 December 2025
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Gulf Coast Fractionators
Asset · Fractionation · Operating · Ownership 38.75%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Unconsolidated affiliate; ONEOK holds a 38.75% ownership interest in Gulf Coast Fractionators, which owns an NGL fractionator in Mont Belvieu, Texas, with 145 MBbl/d of operating capacity. The fractionator resumed operations in 2025; its capacity is excluded from the Natural Gas Liquids segment's combined fractionation capacity.
Processing facilities
As at 31 December 2025
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Jefferson Island Storage Hub Expansion
Asset · Storage Gas · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
Expansion of the Jefferson Island Storage Hub facility in Louisiana to increase working gas storage capacity from 2 Bcf to 11 Bcf, in two phases (first phase expected in 2H 2028, second phase in early 2029). The incremental capacity is excluded from the Natural Gas Pipelines segment's reported 74 Bcf working gas storage until in service.
Processing facilities
As at 31 December 2025
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MVP Pasadena Marine Terminal
Asset · Marine Terminal · Operating · Ownership 25%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Unconsolidated affiliate; ONEOK holds a 25% ownership in MVP, which owns a refined products marine terminal along the Houston Ship Channel in Pasadena, Texas, including more than 5 MMBbl of storage, two ship docks and truck loading facilities.
Processing facilities
As at 31 December 2025
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Eiger Express Pipeline
Asset · Pipeline Gas · Construction · Ownership 25.5%
Project information
As at 31 December 2025
Description
As at 31 December 2025
New approximately 450-mile, 48-inch natural gas pipeline designed to transport up to approximately 3.7 Bcf/d from the Permian Basin to Katy, Texas, announced in 2025 with WhiteWater, MPLX LP and Enbridge Inc. through the existing Matterhorn joint venture. WhiteWater will construct and operate the pipeline; ONEOK's total interest is 25.5% (15% direct in Eiger plus the remainder via Matterhorn). Expected in-service mid-2028.
Processing facilities
As at 31 December 2025
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Matterhorn Express Pipeline
Asset · Pipeline Gas · Operating · Ownership 15%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Unconsolidated affiliate; ONEOK holds a 15% ownership interest in Matterhorn, a bidirectional pipeline with capacity to transport 2.5 Bcf/d of natural gas from the Waha Hub to Katy, Texas.
Processing facilities
As at 31 December 2025
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Roadrunner Pipeline
Asset · Pipeline Gas · Operating · Ownership 50%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Unconsolidated affiliate operated by ONEOK; 50% ownership in a bidirectional pipeline that can transport 570 MMcf/d of natural gas from the Permian Basin in West Texas to the Mexican border near El Paso, and approximately 1.0 Bcf/d from the Delaware Basin to the Waha Hub area.
Processing facilities
As at 31 December 2025
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Northern Border Pipeline
Asset · Pipeline Gas · Operating · Ownership 50%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Unconsolidated affiliate; ONEOK holds a 50% ownership interest in Northern Border, which owns a FERC-regulated interstate pipeline transporting natural gas from the Montana-Saskatchewan border near Port of Morgan, Montana, and the Williston Basin in North Dakota to a terminus near North Hayden, Indiana.
Processing facilities
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Overland Pass Pipeline
Asset · Pipeline Ngl · Operating · Ownership 50%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Unconsolidated affiliate; ONEOK holds a 50% ownership interest in Overland Pass, which operates an interstate NGL pipeline system extending 760 miles, originating in Wyoming and Colorado and terminating in Kansas.
Processing facilities
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil
Natural gas
NGL
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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