ONEOK Set to Add Permian, Bakken Pipeline Capacity in 2024

February 29, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--ONEOK Incorporated (NYSE:OKE) (Tulsa, Oklahoma) reported record volumes and strong financials for 2023, which the company says points to further growth this year. ONEOK enjoyed double-digit volume growth for natural gas and natural gas liquid (NGL) processing when compared with 2022, and it saw fee-based earnings growth in each of its major businesses. This year, the company aims to improve its production efficiency to provide stronger natural gas and NGL volumes across its systems.

Industrial Info is tracking nearly $3 billion worth of active and planned projects from ONEOK, nearly 60% of which is attributed to pipeline projects. Texas alone accounts for more than 75% of the capital spending related to ONEOK's projects, including the ongoing construction of an NGL fractionator and the expansion of an liquefied petroleum gas (LPG) pipeline.