Tulsa, Okla., lays claims to three of the largest midstream companies in the nation, one of which is ONEOK coming in at No. 8 with a market capitalization of $28.89 billion. This compares with Williams at No. 5 and $41.52 billion, and Magellan Midstream at No. 12 and $10.86 billion.
Following our post last Thursday when we featured Targa’s continued buildout and expansion in the Permian, Reese Energy Consulting today is spotlighting ONEOK, which rolled into 2023 with up to $1.48 billion budgeted for capex this year (up from $1.2 billion in 2022) and 95% of its transportation capacity already contracted. ONEOK owns natural gas and NGLs systems throughout the Mid-Continent and Rockies with 9,130 miles of gathering pipe, 4,350 miles of intra- and interstate pipelines, eight fractionators, and six underground storage facilities. The company completed in February a 200 MMCFD processing plant in the Williston with plans to wrap up construction in 2Q of a 125 MBPD fractionator at Mount Belvieu and break dirt on a second. Then there’s ONEOK’s Saguaro Connector Pipeline project, which would flow 2.8 BCFD of Permian natural gas 155 miles from the Waha Hub to a proposed LNG plant in Sonora, Mexico, via a new international border crossing in far-western Texas. The company filed a Presidential Permit app with FERC in January and looks for a FID in June.