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Oneok Ends 2020 in a Position of Strength, More Growth Ahead in 2021

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Oneok's fourth-quarter results were good, as it benefited from new projects in service, while its 2021 guidance was slightly above our expectations. We expect to increase our $41 fair value estimate a few dollars and will maintain our narrow moat rating. 2020 EBITDA was $2.7 billion (a 6% increase year over year) and 2021 guidance at the midpoint is $3.05 billion, which puts Oneok as one of the strongest U.S. midstream growth stories this year. 2020 results largely benefited from an increase in natural gas liquids volumes in the Rockies and the Permian basins. Higher natural gas liquids volumes will drive 2021 results, along with ongoing ethane recovery volumes, and a full year of contributions from projects completed in 2020.

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Company Profile

Business Description

Oneok provides natural gas gathering, processing, storage, and transportation as well as natural gas liquids transportation and fractionation. It owns extensive assets in the midcontinent, Permian, and Rocky Mountain regions.

100 West Fifth Street
Tulsa, OK, 74103
T +1 918 588-7000
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 2,886