ONEOK

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ONEOK, Inc.
Type Public (NYSEOKE)
S&P 500 Component
Industry Natural gas utility
Founded 1906
Founder(s) Ryan C. Haynes
C.B. Ames
Headquarters Tulsa, Oklahoma, U.S.
Key people Terry K. Spencer (CEO)
John Gibson (Chairman)
Products Natural Gas
Revenue $11.1 billion (2009)Decrease31.2%[1]
Net income $305.45 million (2009)Steady[1]
Total assets $12.8 billion (2009)Decrease2.3%[2]
Employees 4,077 Sept 2010
Divisions ONEOK Partners (42.8%)
Energy Services
Website http://www.oneok.com/
Alt text
OneOK headquarters in Tulsa, Oklahoma on 20 March 2007

ONEOK, Inc. /ˈwʌnk/ WUN-ohk;[3] is a diversified Fortune 200 corporation based in Tulsa, Oklahoma. ONEOK was founded in 1906 as Oklahoma Natural Gas Company, and is one of the largest natural gas distributors in the United States. It changed its corporate name to ONEOK in December 1980. It serves approximately 2 million customers through its natural gas distribution companies Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service. ONEOK is also a general partner and owns 45.7 percent of ONEOK Partners, LP which is one of the largest publicly traded limited partnerships in the gathering, processing, storage, and transportation of natural gas. It also owns major natural gas liquids (NGL) systems due to the 2005 acquisition of Koch Industries natural gas businesses.

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.

On December 22, 2005, The ONEOK Foundation said it would donate $1 million this winter to assist residents in Oklahoma, Kansas and Texas with their energy bills.[4]

In 2007, Fortune magazine named ONEOK the most admired company in the energy industry.[5]

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 the Cities Service Company (later renamed Citgo) in August, 1982. The acquired company 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.[6]

In 2009, ONEOK sponsored the construction of ONEOK Field, the new Tulsa Drillers minor league baseball stadium in downtown Tulsa.

History[edit]

Originally founded in 1906 by Ryan Haynes, as an intrastate natural gas pipeline business in Oklahoma, today ONEOK is one of the nation's premier energy companies involved in the natural gas and natural gas liquids businesses. Its business segments provide safe, reliable energy and services to their diverse customers. By following a strategy that blends the performance and profitability of all of the segments, ONEOK's balanced business mix enables it to deliver sustainable earnings growth for shareholders. ONEOK’s success is driven by employees who strive to better not only their company but also the communities in which they live.[7]

In February 2014, ONEOK spun off its natural gas distribution companies (Oklahoma Natural Gas, Kansas Gas Services and Texas Gas Services) into a separate publicly traded company, ONE Gas.

See also[edit]

References[edit]

  1. ^ a b "Financial Statements for ONEOK, Inc.". google finance. Retrieved 2011-02-01. 
  2. ^ "ONEOK 2009/2010 Factsheet". 2010. 
  3. ^ ONEOK Pronuciation
  4. ^ "ONEOK fund to help poor pay energy bills". 
  5. ^ 2007 Fortune Most Admired: Oneok
  6. ^ Davis, Kirby Lee "These Walls: Oneok Plaza in Tulsa". Journal Record, The (Oklahoma City). FindArticles.com. Retrieved July 14, 2011. [1]
  7. ^ ONEOK History

External links[edit]