Oneok
Natural Gas | |
Revenue | US$17.7 billion (2023) |
---|---|
US$4.07 billion (2023) | |
US$2.66 billion (2023) | |
Total assets | US$44.3 billion (2023) |
Total equity | US$16.5 billion (2023) |
Number of employees | 4,775 (2023) |
Subsidiaries | |
Website | oneok |
Footnotes / references [1] |
Oneok, Inc. (
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
Oklahoma Natural Gas Company (ONG) was founded in 1906 by two attorneys,
ONG continued to build pipelines throughout Oklahoma. By the time Braden retired in 1921, ONG owned over 1,300 miles (2,100 km) of lines and served over a half million customers in 48 of the state's 77 counties. In 1928, it built its noted headquarters building in Tulsa. It reorganized several times, first becoming a Maryland Corporation, then a Delaware Corporation.[5]
In December 1980, the Oklahoma Natural Gas board voted to reorganize as a holding company, Oneok Inc. Oklahoma Natural Gas became Oneok's leading subsidiary, headquartered in Oklahoma City. The parent company is headquartered in Tulsa.[5]
In 1996, Oneok acquired the natural gas operations of Kansas utility Western Resources (now
In 2007, Fortune magazine named Oneok the most admired company in the energy industry.[6]
In February 2014, Oneok spun off its natural gas distribution companies–Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Services–into a separate publicly traded company, ONE Gas. For all intents and purposes, Oneok had spun out the core of the original Oklahoma Natural Gas.
For many years until 2017, Oneok was an MLP and issued its holders a K-1 every year. That year it became a regular company (C-corporation) and it issues its stockholders a yearly 1099 summarizing their income from the company.[7]
In May 2023, Oneok agreed to acquire Magellan Midstream Partners. The cash-and-stock transaction was valued at US$18.8 billion, including debt.[8][9] The transaction completed in September 2023.[10]
Notes
- ^ Barnsdall owned the Barnsdall oil company and became the namesake of Barnsdall, Oklahoma.
See also
References
- ^ "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 2024-02-27.
- ^ "OneOK : The One In Energy". YouTube. Archived from the original on 2021-12-22. Retrieved 5 March 2021.
- ^ "Oneok". Fortune. Retrieved 2018-11-25.
- ^ Davis, Kirby Lee "These Walls: Oneok Plaza in Tulsa". Journal Record, The (Oklahoma City). FindArticles.com. Retrieved July 14, 2011. [1]
- ^ a b c Dianna Everett, "Oklahoma Natural Gas Company." Encyclopedia of Oklahoma History and Culture. Retrieved September 13, 2014.
- ^ 2007 Fortune Most Admired: Oneok
- ^ "ONEOK Announces Agreement to Acquire Remaining Public Stake in ONEOK Partners in a Transaction Valued at $17.2 Billion".
- ^ Narayan, Jyoti; French, David (2023-05-15). "US pipeline operator ONEOK moves into oil, products with $18.8 billion Magellan deal". Reuters.
- ^ "StackPath". www.ogj.com. Retrieved 2023-05-15.
- ^ Dekker, Michael (2023-09-26). "ONEOK's $18.8B buyout of Magellan becomes official". Tulsa World.
External links
- Official Website
- Business data for Oneok: