ONEOK
Encyclopedia
ONEOK, Inc. (ˈwʌnoʊk ; ) is a diversified Fortune 200 corporation based in Tulsa, Oklahoma
. Founded in 1906 as Oklahoma Natural Gas Company, it 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 partnership
s 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.
In 2007, Fortune magazine named ONEOK the most admired company in the Energy industry.
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.
Tulsa, Oklahoma
Tulsa is the second-largest city in the state of Oklahoma and 46th-largest city in the United States. With a population of 391,906 as of the 2010 census, it is the principal municipality of the Tulsa Metropolitan Area, a region with 937,478 residents in the MSA and 988,454 in the CSA. Tulsa's...
. Founded in 1906 as Oklahoma Natural Gas Company, it is one of the largest natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
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
Kansas Gas Service
Kansas Gas Service is the largest natural gas distribution company in Kansas, operating in 82 counties. It is a regulated public utility which serves 642,000 customers in 341 communities, employing more than 1,100 employees. In addition to owning seven interstate pipeline connections and three...
, 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 partnership
Limited partnership
A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners , there are one or more limited partners . It is a partnership in which only one partner is required to be a general partner.The GPs are, in all major respects,...
s in the gathering, processing, storage, and transportation of natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
. It also owns major natural gas liquids (NGL) systems due to the 2005 acquisition of Koch Industries
Koch Industries
Koch Industries, Inc. , is an American private energy conglomerate based in Wichita, Kansas, with subsidiaries involved in manufacturing, trading and investments. Koch also owns Invista, Georgia-Pacific, Flint Hills Resources, Koch Pipeline, Koch Fertilizer, Koch Minerals and Matador Cattle Company...
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.
In 2007, Fortune magazine named ONEOK the most admired company in the Energy industry.
ONEOK's predecessor, Oklahoma Natural Gas Company (ONG), had been headquartered in an Art Deco building
Oklahoma Natural Gas Company Building
The Oklahoma Natural Gas Company Building is a historic building in Tulsa, Oklahoma, at 624 South Boston Ave. It was one of the first Art Deco buildings built in, The selection of the new Art Deco style for this building along with the Public Service of Oklahoma Building by the relatively...
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
Citgo
CITGO Petroleum Corporation is a United States-incorporated, Venezuela-owned refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de...
) 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.