ONEOK Inc

OKE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$27.00	Spwckmt	Xbpvmgcr

Oneok's Rockies Operations Continue To Turbocharge Volumes

Stephen Ellis

Mar 2, 2023

Business Strategy and Outlook

Oneok brings together high-quality assets, some of the strongest near- to medium-term growth prospects in our coverage as Rockies volumes continue their ongoing rebound, a C-Corporation structure, and a well-respected management team in a compelling package. About 90% of the firm's earnings are fee-based, 80%-90% of its customers are investment-grade, and the firm hedges its limited commodity price exposure.

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