What ONEOK, Inc. told the SEC could break it.

Although ONEOK's earnings are primarily fee-based, its Natural Gas Gathering and Processing segment retains commodity price exposure through percent-of-proceeds (POP) contracts and take-in-kind rights, hedging only ~75% of monthly equity volumes.

“Our Natural Gas Gathering and Processing segment is exposed to commodity price risk as a result of retaining a portion of the commodity sales proceeds associated with our fee with POP contracts and our POP contracts with take-in-kind rights. Our Natural Gas Gathering and Processing segment follows a programmatic approach to hedging commodity price risk and expects to hedge approximately 75% of its monthly equity volumes over time.”

In 2025 one customer impacting all of ONEOK's segments represented approximately 12% of consolidated revenues (11% in 2023; no 10%+ customer in 2024), a meaningful single-customer concentration.

“For the years ended December 31, 2025, and December 31, 2023, revenues from one customer impacting all our segments represented approximately 12 % and 11 % of our consolidated revenues, respectively. For the year ended December 31, 2024, we had no single customer from which we received 10% or more of our consolidated revenues.”

ONEOK's interstate natural gas and common-carrier pipelines are heavily regulated by the FERC (Natural Gas Act, Interstate Commerce Act), which dictates rates, services, and facility construction, with maximum tariff rates capping pricing.

“Our interstate natural gas pipelines are regulated under the Natural Gas Act, which gives the FERC jurisdiction to regulate virtually all aspects of this business, such as transportation of natural gas, rates and charges for services, construction of new facilities, depreciation and amortization policies, acquisition and disposition of facilities and the initiation and discontinuation of services.”