Latest analysis
Updated Aug 31, 2026
ONEOK acquires Brazos Midstream's Permian Midland Basin assets for $4.425 billion, funded by $9 billion Apollo minority equity investment with simultaneous $5 billion debt extinguishment.
ONEOK's simultaneous execution of the Brazos Midland acquisition and the Apollo minority equity investment represents the most consequential balance sheet restructuring in the company's recent history: $4.425 billion of Permian Midland Basin gathering and processing assets acquired at 7.5x 2027 EBITDA (6.0x on 2028 numbers inclusive of synergies), funded without a single share of common equity issuance. The $9 billion Apollo Class B structure — capped at a 7.0% IRR for nine years and subordinate to all existing debt — extinguishes approximately $5 billion of senior debt simultaneously, compressing pro forma 2027 leverage to approximately 3.25x debt-to-EBITDA and accelerating ONEOK's deleveraging timeline materially ahead of prior targets. The Brazos assets more than double ONEOK's Midland Basin processing capacity to approximately 2.3 Bcf/d and are backed by 600,000 dedicated acres under fixed-fee contracts averaging more than 12 years of remaining term with ExxonMobil, Diamondback Energy, and Double Eagle as anchor producers.
Tone: bullishRevenue
$33.6B
OKE 10-K · FY 2025
Employees
6,326
Revenue FY2024
$21.7B
Headquarters
Tulsa, OK
Profile
OKE 10-K Item 1 · Feb 24, 2026ONEOK is a large-scale North American midstream energy infrastructure company operating approximately 60,000 miles of pipeline across four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. The company provides gathering, processing, fractionation, transportation, storage, and marine export services for natural gas, NGLs, refined products, and crude oil. Approximately 90% of consolidated earnings were fee-based in 2025.
Read filing description ↓ Collapse description ↑
We deliver energy products and services vital to an advancing world. We are a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services. As one of the largest integrated energy infrastructure companies in North America, we are delivering energy that makes a difference in the lives of people in the U.S. and around the world. Through our approximately 60,000-mile pipeline network, we transport the natural gas, NGLs, Refined Products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. Our extensive and integrated assets are located in, and connected with, some of the most productive shale basins, as well as refineries and demand centers, in the United States. We report operations in the following four business segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude. Each of our four reportable segments are primarily fee-based, and our consolidated earnings were approximately 90% fee-based in 2025. Our counterparties are primarily major and independent crude oil and natural gas producers that are able to produce in a lower commodity price environment and continue to find ways to lower costs or enhance production, resulting in profitable projects across our footprint. With our large asset base, multi-basin exposure and continued asset integration, most of our growth opportunities are not contingent on improving commodity prices.
Primary products
- natural gas gathering
- natural gas processing
- NGL fractionation
- NGL transportation
- NGL storage
- natural gas transportation
Business segments
End markets
Geographies
Named customers
“We believe our assets are located strategically, connecting diverse supply areas to market and demand centers.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue increased substantially in 2025 versus 2024, driven primarily by a full year of earnings from the EnLink and Medallion acquisitions across all segments and higher NGL and natural gas processing volumes.
The rest of OKE is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.