종합 밸류에이션 구간 · 보수적 $80–$95 / 적정 $105–$130 / 낙관적 $140–$165. $89.46 기준, 보수적 내재가치 구간 내 · 충분한 안전마진.
보고서 발행 시 $90.44（2026년 5월 27일）
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ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent, Permian Basin, North Texas, Gulf Coast region, and Rocky Mountain regions; and provides midstream services to producers of NGLs. It also owns NGL gathering and distribution pipelines, fractionation, terminal and storage facilities; and transports refined products, including gasoline, diesel fuel, aviation fuel, kerosene, and heating oil. In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities; it owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases buildings, warehouses, office space, land, and equipment, including pipeline equipment, pipeline capacity, rail cars, and information technology equipment. Further, the company transports, stores, and distributes refined products, purity NGLs, and crude oil, as well as conducts commodity-related activities, including liquids blending and marketing activities. It serves integrated and independent exploration and production companies; other NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; utilities; industrial companies; natural gasoline distributors; propane distributors; municipalities; ethanol producers; petrochemical, refining, and marketing companies; and diluent users, refineries, and exporters. ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.
연혁
ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma, where it owns and operates a parking garage in the downtown area. The company completed its initial public offering on July 1, 1985. Once a more NGL-focused business, it has grown into a multi-segment midstream platform, with the Magellan integration adding a refined products and crude oil network. In 2025 it completed the EnLink transaction by issuing 41 million shares with a fair value of about $4 billion, and a Delaware Basin joint-venture transaction in which it issued roughly 4.9 million shares valued at about $391 million; the Medallion acquisition further strengthened its Permian gathering, processing and NGL operations.
업계 내 위치
ONEOK is a U.S. midstream service provider operating in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude, with 2026 guidance EBITDA roughly split as NGL 35%, gathering and processing 27%, refined products and crude 28%, and natural gas pipelines 10%, and about 90% of its business fee-based. It operates a network of about 60,000 miles of pipelines, NGL fractionation capacity exceeding 1.2 million barrels per day, natural gas processing capacity above 7 Bcf/d, and a refined products system of about 14,000 miles with 53 terminals, four marine terminals and roughly 115 million barrels of storage. With a market capitalization of about $57.1 billion and 6,326 employees, it is a large platform-scale midstream company though not the outright industry leader, comparing with Williams (about $93.6 billion), Kinder Morgan (about $73.1 billion) and Energy Transfer (about $67.4 billion).
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