ONEOK INC
OKE
Financials
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
ONEOK is a midstream energy company whose core business is the transportation, storage, and processing of fossil fuels. It operates approximately 50,000 miles of pipelines and provides gathering, compression, treating, processing, fractionation, storage, and marine export services. Its extensive infrastructure network includes large storage and terminal capacity anchored at Mont Belvieu, a major hub for natural gas liquids (NGLs).
The company’s operations have been central to legal disputes over market conduct. In 2015, the U.S. Supreme Court ruled in *ONEOK, Inc. v. Learjet, Inc.*, a case where natural gas purchasers filed state-law antitrust claims. The purchasers alleged that interstate pipelines, including ONEOK, had manipulated natural gas indices, causing them to overpay. While the Supreme Court’s decision centered on federal preemption, the underlying allegations highlight the company’s integral role in the fossil fuel transportation and pricing system.
ONEOK’s business is defined by this essential midstream infrastructure, which supports the continued flow and market for natural gas and NGLs. There is no evidence of a company-wide plan to transition this asset base away from fossil fuels.
ONEOK operates a natural gas liquids (NGL) and natural gas pipeline network spanning approximately 50,000 miles across the central United States. This extensive infrastructure is inherently linked to documented environmental damage. ViolationTracker records nine water pollution violations against the company totaling $27.5 million in penalties, alongside a $600,000 air pollution penalty assessed to its subsidiary Magellan Terminals Holdings LP in 2023.
The company’s operations are situated within regions experiencing significant ecological harm from oil and gas development. In Oklahoma, where ONEOK is headquartered and operates a major pipeline hub, regulators have documented widespread issues with toxic wastewater from oil fields contaminating land and water resources. While ONEOK’s infrastructure facilitates the transportation of these commodities, the company’s own sustainability reporting focuses on operational emissions reductions, such as a 36% cut in Scope 1 methane emissions since 2019, rather than addressing the systemic environmental damage associated with the fossil fuel lifecycle it enables.
Research Sources
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