ONEOK (OKE)
Table of Contents

⚠ Disclaimer: This entry may be incomplete, out of date, or inaccurate. It is AI-maintained on a best-effort basis. Do not rely on it as a sole source — verify claims independently using the sources listed below.

Summary

ONEOK, Inc. (NYSE: OKE; headquartered in Tulsa, Oklahoma per its earnings release) is a midstream company centered on natural gas liquids, gas gathering and processing, and refined products and crude. It is a secondary player in data center gas supply: its Q2 2026 call reportedly disclosed a gas supply agreement for 1 GW of power-plant demand and late-stage talks on further data center supply that could each require more than $100M of capital with firm-demand contracts (MarketBeat summary of the 2026-08-05 call). The customer, location and whether the plant is grid-connected or behind-the-meter were not stated in the source reviewed. The call figures are from a third-party summary; the earnings release is linked below but was not read in full.

Key Facts

  • Status: active
  • Type: Public (NYSE: OKE); value-chain position: pipeline operator / gatherer-processor
  • Q2 2026: net income $967M ($1.53/share, +13%); adjusted EBITDA $2.121B (+7%) per the earnings release (the MarketBeat call summary shows $965M). The earnings release does not mention power demand or data centers; the 1 GW and data center statements come from the call summary only
  • 2026 guidance (midpoints, raised): net income $3.6B; adjusted EBITDA $8.35B; capex $2.7B–$3.2B, likely near the high end
  • Power / data center: gas supply agreement for 1 GW of power-plant demand; more data center opportunities in late-stage talks (each over $100M capex; firm-demand contracts)
  • Other projects: Delaware Basin plant expansions (+110 MMcf/d, Q3 2026); Bighorn Plant to 400 MMcf/d (mid-2027); Cutter 2 (120 MMcf/d, Q1 2028); Medford fractionation phases (Q4 2026, Q1 2027); Denver refined-products expansion in service 2026-08-01

What It Is / How It Works

Most ONEOK capital goes to gathering, processing, NGL transport and fractionation rather than long-haul gas transmission. Its data center exposure is via gas supply and delivery to power plants. Because disclosure is thin, treat the 1 GW figure as a demand-side description (plant capacity served), not a volume or revenue number.

Notable Developments

  • Eiger Express: ONEOK holds 15% directly and 25.5% in total, including its Matterhorn JV stake, of the roughly 450-mile, 42-inch, up to 2.5 Bcf/d Permian-to-Katy pipeline built and operated by WhiteWater, targeted for mid-2028 (Yahoo Finance); its pipe is supplied by Borusan Berg Pipe.

  • 2026-08-03/05: Q2 results and call; guidance raised twice in the year; 1 GW supply agreement and data center pipeline of opportunities disclosed. (ONEOK release; MarketBeat)

Key People

Per ONEOK’s management page (ONEOK, fetched 2026-10-21). LinkedIn: not found for all; social accounts not searched.

  • Pierce H. Norton II — President and CEO. First president and CEO of ONE Gas after its 2014 spin-off; joined ONEOK 2004. Previously Delhi Gas Pipeline (from 1982), American Oil and Gas, KN Energy, Bear Paw Energy (president from 2002).
  • Walter S. Hulse III — EVP, CFO, Investor Relations and Corporate Development (joined 2015 from Spinnaker Strategic Advisory Services). Previously UBS, PaineWebber, J.P. Morgan.
  • Randy N. Lentz — EVP and COO, Integrated Assets. Founded and led Medallion Midstream as CEO.
  • Sheridan C. Swords — EVP and Chief Commercial Officer (joined 2005). Previously Koch Gathering Systems from 1992 and Koch Hydrocarbon.
  • Lyndon C. Taylor — EVP and Chief Legal Officer (joined 2023). Previously Devon Energy; 20 years at Skadden Arps.
  • Mark B. Roles — SVP, Commercial, Refined Products, NGLs and Marketing. Joined Magellan in 2004; worked at Williams from 1998. ⚑ Overlap: prior employer Williams, documented in Williams Companies.
  • Kyle T. Krshka — SVP, Commercial, Natural Gas Pipelines. Joined Magellan 2016; Invista (Koch subsidiary) 2009 to 2016.
  • Jamie Hoskin — SVP, Engineering and Operations, Refined Products and Crude Oil. Previously SVP of operations at Magellan Midstream Partners.

⚑ Shared background: Norton began at Delhi Gas Pipeline; the undated historical Boardwalk bio of Brian Cody lists Delhi Gas Pipeline as an early employer (Boardwalk, page copyright 2007, so verify current roles). Koch lineage (Swords, Krshka) also appears in the same historical Boardwalk bio (Gafvert, Cody).

People — Last Reviewed: 2026-10-21

Supply Chain Position

Gatherer, processor and transporter between producers (Permian, Williston, Mid-Continent) and gas-fired power loads. Pipeline construction is contracted out; see MasTec.

Claim Verification

Status: Partially verified

Supporting sources: MarketBeat call summary

Refuting / questioning sources: None found; the summary says power-plant demand, not data center specifically

Summary: Counterparty, binding terms and BTM status are undisclosed; confirm in the call transcript or release.

Sources

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