ONEOK Seeks to Build on Strong 2025 with Pipeline Expansions

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Written by Will Ploch, Assistant Editor-in-Chief for IIR News Intelligence (Sugar Land, Texas)

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Summary

After stronger-than-expected results for 2025, ONEOK predicts demand for its products will remain elevated this year.

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Growth Follows Growth

Following a slew of acquisitions and project completions, oil and gas midstream operator ONEOK Incorporated reported solid earnings growth for full-year 2025. Strong prices and processing volumes for natural gas and related products were the driving factors behind last year's results and this year's optimism. Industrial Info is tracking more than $8.3 billion worth of active and proposed projects from ONEOK, more than $4.5 billion of which is attributed to pipelines designed to transport natural gas or natural gas liquid (NGL).

"So far, as we come off in the first quarter, we are seeing good demand, especially on our West Texas system out to El Paso, which is very, very encouraging," said Sheridan Swords, the chief commercial officer for ONEOK, in a recent quarterly earnings-related conference call. "The central system through the Mid-Continent [region] is performing at or above our expectations for the first quarter. So, we are seeing some good demand pull across our system."

Indeed, ONEOK is proposing an expansion of its West Texas system, which carries liquefied petroleum gas (LPG) from various spots in the Permian Basin to the Texas Gulf Coast near Houston. A new, 325-mile stretch would run from an area near Midland to Mont Belvieu, Texas, with an initial capacity of up to 240,000 barrels per day (BBL/d). ONEOK believes this capacity eventually could reach 400,000 BBL/d.

The new line would be supported by a pump station near Goldsmith, Texas, which is just west of Midland in the heart of the Permian Basin. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Pipeline Project Database can learn more--including key components, investment values and necessary equipment--from detailed reports on the expansion and pump station.

Among ONEOK's assets set to be brought online later this year is a refined products pipeline from Colorado Springs to Denver, Colorado. The 120-mile line is designed to transport up to 100,000 BBL/d and is "fully contracted with take-or-pay volume," Swords said in the earnings call. Subscribers can learn more from a detailed project report.

"We have some momentum in [the Colorado] area, and we are hoping that we can commercialize that sooner rather than later as we go forward, because obviously it is a very nice add-on project," Swords said. "We built operating leverage into that pipeline when we went out there."

Executives at ONEOK expect to see between $2.7 billion and $3.2 billion in capital expenditures for full-year 2026, compared with $3.15 million in 2025 and $2.02 million in 2024.

By the Numbers

• More than $8.3 billion: Total investment value of ONEOK-led projects tracked by Industrial Info
• $3.46 billion: ONEOK's net income for 2025, an 11.25% increase from 2024
• Up to $3.2 billion: ONEOK's projected capital expenditures for full-year 2026

Eager About Eiger

ONEOK also is pursuing a series of high-profile joint ventures with other pipeline developers, among the most anticipated of which is the Eiger Express Pipeline from the Permian to Houston. The 450-mile mainline is designed to transport up to 2 billion cubic feet per day of natural gas, in an effort to alleviate capacity constraints on products shipped out of the Permian. It will be supported by a trio of compressor stations. Subscribers can learn more about the mainline from a detailed project report, or see a list of reports for the Eiger line's major components.

Swords said in the earnings call that ONEOK's contracted capacity on the Eiger pipeline "is above what we need right now." Eiger is being developed by Whitewater Midstream Partners, a joint venture among ONEOK, Marathon Petroleum Corporation and Enbridge Incorporated; for more details on this and other Enbridge ventures in the U.S., see November 10, 2025, article - Canada's Enbridge Furthers Investment in Diverse North American Portfolio.

ONEOK reported $3.46 billion in net income for 2025, an 11.25% increase from 2024. Executives pointed to the positive impact of ONEOK's acquisitions of the EnLink and Medallion transportation systems.

Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for active and proposed projects from ONEOK.

Subscribers can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.

Key Takeaways

• Executives say ONEOK is seeing good demand, especially on its West Texas LPG system.
• An executive said ONEOK's contracted capacity on the Eiger pipeline "is above what we need right now."
• Major acquisitions and project completions drove much of ONEOK's 2025 growth and 2026 plans.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR News Intelligence) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 250,000 current and future projects worth $30.2 trillion (USD).