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Updated Oct 28, 2026
ONEOK closes $9B Apollo investment and $4.6B Brazos Midland acquisition, accelerating Permian scale and achieving BBB+ credit upgrade in Q3 2026
ONEOK's Q3 2026 filing is defined by two transformative capital structure events: Apollo's $9 billion investment in ONEOK Holdings, which funded $5.5 billion of debt extinguishments and triggered S&P and Fitch upgrades to BBB+, and the October 2026 close of the $4.6 billion Brazos Midland acquisition that will more than double Midland Basin gas processing capacity to approximately 2.3 Bcf/d. Consolidated adjusted EBITDA reached $2.238 billion in Q3 2026, up from $2.119 billion in Q3 2025, driven by volume growth and optimization across Refined Products, Crude, and Natural Gas Pipelines segments, even as the Natural Gas Gathering and Processing and Natural Gas Liquids segments posted modest EBITDA declines. The Apollo structure introduces a capped 7.01% Class B return subordinated to all debt, a novel financing mechanism that functions as below-equity-cost capital while accelerating deleveraging to a 3.4x net debt/EBITDA ratio as of September 30, 2026.
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
“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.
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