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Oneok

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Oneok, Inc.
Company typePublic
IndustryNatural gas utility
Founded1906; 118 years ago (1906)
Founders
  • Ryan C. Haynes
  • C.B. Ames
Headquarters
Tulsa, Oklahoma
,
U.S.
Key people
  • Pierce Norton (CEO)
  • Julie Edwards (Chairman)
ProductsNatural Gas
RevenueDecrease US$17.7 billion (2023)
Increase US$4.07 billion (2023)
Increase US$2.66 billion (2023)
Total assetsIncrease US$44.3 billion (2023)
Total equityIncrease US$16.5 billion (2023)
Number of employees
4,775 (2023)
Subsidiaries
Websiteoneok.com
Footnotes / references
[1]

Oneok, Inc. (/ˈwʌnˌoʊk/ WUN-oke[2]) is an American diversified corporation focused primarily on the natural gas industry, and headquartered in Tulsa, Oklahoma. The company is part of the Fortune 500 and S&P 500. [3] Oneok was founded in 1906 as Oklahoma Natural Gas Company, but it changed its corporate name to Oneok in December 1980. It also owns major natural gas liquids (NGL) systems due to the 2005 acquisition of Koch Industries natural gas businesses.

Oneok's Energy Services operation focuses primarily on marketing natural gas and related services throughout the U.S. Energy Services, which derives more than 84 percent of its earnings from the physical marketing business, showed an operating income increase of $26.5 million. Energy Services’ retail business participates in customer gas choice program in Nebraska and Wyoming.

Oneok's predecessor, Oklahoma Natural Gas Company (ONG), had been headquartered in an Art Deco building on the northwest corner of Seventh Street and Boston Avenue in Tulsa since 1928. In 1982, Oneok chairman, J. E. Tyree, announced plans to demolish the ONG building and replace it with a new 16-story tower. However, this did not happen. Instead, Oneok bought a new Cities Service Company building still under construction (later renamed Citgo) in August, 1982. The Cities Service Company, undergoing financial difficulties, already had a project underway to build a high-rise headquarters building at Fifth and Boulder. Oneok realized that it would be more economical to cap the planned structure at 17 stories and move its headquarters there, rather than to proceed with its original plan. It completed the new black granite and glass tower in 1984.[4]

In 2009, Oneok sponsored the construction of Oneok Field, the new Tulsa Drillers minor league baseball stadium in downtown Tulsa.

History

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Oklahoma Natural Gas Company headquarters in Tulsa, Oklahoma built in 1928
OneOK headquarters in Tulsa, Oklahoma on 20 March 2007

Oklahoma Natural Gas Company was founded on October 12, 1906[5] by businessmen Dennis T. Flynn and Charles B. Ames.[6] During the spring and fall of 1907, the company built a gas pipeline from Osage County to Sapulpa and Oklahoma City.[6] On December 28, 1907, the $1.7 million project was completed.[6] In 1910, the company built the first compressor station in the state of Oklahoma.[6] By 1919, the Oklahoma Natural Gas Company supplied gas to thirty-seven communities in Oklahoma across more than one thousand miles of line.[6] The company had grown to 600 employees and maintained 6,600 miles of pipeline by 1956.[6]

In December 1980 Oklahoma Natural Gas Company's board of directors changed the company's name to Oneok Inc.[6][5] Also at that time the gas service part of the company was made into a separate division, retaining the name of Oklahoma Natural Gas.[6]

In 1996, Oneok acquired Western Resources' natural gas pipeline and plants for $660 million in stock.[7] From the acquisition, Oneok acquired roughly 1,575 Western Resources employees as well as the 624,000 customers in Kansas and 36,000 customers in northeast Oklahoma.[8]

In 1999, Oneok agreed to acquire Southwest Gas, a Las Vegas based natural gas company, for $1.8 billion.[9] In January 2000, Oneok terminated the pending merger of the two companies, and Southwest Gas filed a lawsuit against Oneok.[10] Judge Roslyn O. Silver dismissed two of the cases against Oneok in June 2001, and Oneok agreed to pay Southern Union $3 million to settle the remaining case.[11][12]

In October 2002, Oneok acquired the Texas division and assets of Southern Union Gas for $420 million.[13] Oneok renamed the company to Texas Gas Service when the acquisition was completed.[12]

In September 2004, Oneok acquired Northern Plains Natural Gas Co. for $175 million.[14] The deal also gave Oneok a controlling interest in Northern Border Partners, which had a master limited partnership on 6,600 miles of pipeline, five natural gas processing plants, and two fractional plants.[14]

In July 2013, Oneok spun off its natural gas distribution businesses, including Oklahoma Natural Gas Co., Kansas Gas Service, and Texas Gas Service, into a separate company named One Gas.[15][16]

In November 2021, Oneok resumed construction of its natural gas processing facility Demicks Lake III plant in McKenzie County, North Dakota which was originally delayed due to the COVID-19 pandemic.[17] The Demicks Lake III plant was later completed and began operations in February 2023.[18]

In July 2022, a Oneok gas plant in Medford, Oklahoma exploded, causing no injuries but temporarily expelling roughly 1,000 residents from their homes.[19] In January 2023, Oneok reached an insurance settlement payment of $930 million and the company announced plans to transition gas fractionation operations away from the Medford plant.[20]

In September 2023, Oneok acquired Magellan Midstream Partners for $18.8 billion.[21] Included in the acquisition for Oneok was the Magellan-owned East Houston terminal and crude oil trading hub, facilities in Galena Park, Texas and Seabrook, Texas, and a terminal in Pasadena, Texas.[22]

In May 2024, Oneok agreed to acquire Gulf Coast NGL Pipelines from Easton Energy for $280 million.[23] The deal included 450 miles of pipelines located in Texas and the Louisiana Gulf Coast.[23]

See also

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References

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  1. ^ "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 2024-02-27.
  2. ^ "OneOK : The One In Energy". YouTube. Archived from the original on 2021-12-22. Retrieved 5 March 2021.
  3. ^ "Oneok". Fortune. Retrieved 2018-11-25.
  4. ^ Davis, Kirby Lee. "These Walls: Oneok Plaza in Tulsa". The Journal Record. Retrieved July 14, 2011 – via FindArticles.com.[dead link]
  5. ^ a b Evatt, Robert (January 31, 2024). "Cheers to 10 years: Tulsa's ONE Gas marks a decade as an independent company". TulsaPeople Magazine. Retrieved July 29, 2024.
  6. ^ a b c d e f g h Everett, Dianna. "Oklahoma Natural Gas Company The Encyclopedia of Oklahoma History and Culture". Oklahoma Historical Society OHS. Retrieved July 29, 2024.
  7. ^ "Western Resources Ready to Sell Natural Gas Pipelines to Oneok". The New York Times. December 13, 1996. Retrieved July 29, 2024.
  8. ^ Vandewater, Bob (December 13, 1996). "Utility Acquisition Plan Valued at $660 Million". The Oklahoman. Retrieved July 30, 2024.
  9. ^ Vandewater, Bob (April 27, 1999). "ONEOK Wins Bid For Southwest Gas". The Oklahoman. Retrieved July 29, 2024.
  10. ^ "Oneok-Southwest Gas merger called off". Oil & Gas Journal. January 31, 2000. Retrieved July 29, 2024.
  11. ^ "Judge dismisses two claims against Oneok". The Journal Record. June 25, 2001. Retrieved July 29, 2024.
  12. ^ a b Minty, Chip (December 24, 2002). "ONEOK acquisition nearly complete Southern Union Gas renamed as Texas Gas Services Co". The Oklahoman. Retrieved July 29, 2024.
  13. ^ "Oneok buys Southern Union Gas's Texas gas division after selling Oklahoma midstream assets". Oil & Gas Journal. October 18, 2002. Retrieved July 29, 2024.
  14. ^ a b Wilmoth, Adam (September 17, 2004). "ONEOK to purchase company". The Oklahoman. Retrieved July 29, 2024.
  15. ^ Tuttle, D. Ray (July 25, 2013). "Oneok to spin off natural gas distribution business". Retrieved August 13, 2024.
  16. ^ Davis, Tina (July 25, 2013). "Oneok to Spin Off Gas Distribution Business Into One Gas". Bloomberg. Retrieved August 13, 2024.
  17. ^ Jean, Renée (November 18, 2021). "ONEOK takes Demicks Lake III out of mothballs, Bear Creek now operational". Williston Herald. Retrieved July 29, 2024.
  18. ^ Markman, Joseph (May 17, 2023). "Targa, EnLink, ONEOK Building Out in a Hurry Hart Energy". Hart Energy. Retrieved July 29, 2024.
  19. ^ Mitchell, Taylor (July 9, 2022). "Hundreds of Medford residents evacuated from home due to OneOk gas plant explosion". KFOR. Retrieved August 15, 2024.
  20. ^ "Oneok to transition operations away from damaged Medford plant". Journal Record. January 9, 2023. Retrieved August 15, 2024.
  21. ^ Dekker, Michael (September 25, 2023). "ONEOK's $18.8B buyout of Magellan becomes official". Tulsa World. Retrieved July 29, 2024.
  22. ^ Pulsinelli, Olivia (May 15, 2023). "Magellan Midstream Partners to be acquired by fellow Oklahoma company in $18.8B deal". Houston Business Journal. Retrieved July 29, 2024.
  23. ^ a b Holcomb, Mary (May 13, 2024). "ONEOK Agrees to $280 Million Acquisition of Gulf Coast NGL Pipelines". Pipeline & Gas Journal. Retrieved July 29, 2024.
[edit]
  • Official Website
  • Business data for Oneok:
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