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Revenue by Segment
Shows how much revenue comes from each business unit (for example NGL systems, pipelines, and midstream services). Reveals which parts of Oneok drive sales, how diversified the company is, and which segments are most exposed to commodity prices or volume swings.OneOK’s revenue mix is shifting from volatile NGL swings toward steadily rising fee-like businesses—gathering & processing, pipelines, and a newly material refined products/crude line—reflecting execution of processing, fractionation and dock projects. That diversification lowers commodity price sensitivity and underpins management’s raised 2026 guidance, but near-term realized margins are constrained by heavy hedging and regional basis headwinds, and material free-cash-flow upside won’t fully manifest until major projects complete around mid-2027; monitor differential normalization and hedging cadence.
Date | Natural Gas Liquids | Natural Gas Gathering & Processing | Natural Gas Pipelines | Refined Products & Crude |
|---|---|---|---|---|
Jun 30, 2026 | $4.59B | $1.88B | $449.00M | $7.13B |
Mar 31, 2026 | $3.65B | $2.00B | $626.00M | $4.72B |
Dec 31, 2025 | $3.98B | $1.80B | $527.00M | $4.03B |
Sep 30, 2025 | $3.90B | $1.84B | $450.00M | $3.63B |
Jun 30, 2025 | $3.87B | $1.85B | $405.00M | $2.91B |
Mar 31, 2025 | $4.27B | $2.20B | $464.00M | $2.47B |
Dec 31, 2024 | $4.52B | $1.83B | $303.00M | $1.64B |
Sep 30, 2024 | $3.68B | $905.00M | $171.00M | $963.00M |
Jun 30, 2024 | $3.53B | $846.00M | $163.00M | $1.01B |
Mar 31, 2024 | $3.44B | $1.01B | $185.00M | $844.00M |