ONEOK, Inc. (OKE) Discusses Strategic Shifts and Portfolio Diversification in Energy Infrastructure December 9, 2025 2:15 PM EST
Company Participants
Pierce Norton – President, CEO & Director
Walter Hulse – CFO, Treasurer and Executive VP of Investor Relations & Corporate Development
Sheridan Swords – Executive VP & Chief Commercial Officer
Conference Call Participants
Michael Blum – Wells Fargo Securities, LLC, Research Division
Presentation
Michael Blum
Wells Fargo Securities, LLC, Research Division
All right. This is the session for ONEOK. You’ve got to my left, Sheridan Swords, EVP, Chief Commercial Officer. We’ve got Pierce Norton, President and CEO; and Walt Hulse, EVP and Chief Financial Officer. So thank you, gentlemen, for joining me. Appreciate it.
Unknown Executive
Thank you, Mike.
Michael Blum
Wells Fargo Securities, LLC, Research Division
Welcome. This is open Q&A, so feel free to just raise your hand and any time during the session, and someone will come over with the mic and you can ask your question.
Question-and-Answer Session
Michael Blum
Wells Fargo Securities, LLC, Research Division
So maybe I’ll start. Yes, I guess I’d start just high level over the last few years. You’ve made some pretty significant strategic shifts in the company, diversifying your Bakken concentration, adding more basins, refined products, crude, NGLs, reducing your gas — natural gas exposure. Maybe you could just talk through that strategic shift you’ve undergone at a high level? Do you like where the company is now from a mix of assets, markets, cash flow stability? And is this kind of what you’re aiming to get to?
Pierce Norton
President, CEO & Director
Okay. So I’ll take that question, Michael. I’d probably start out by saying that in 2021, in the middle of the year, we had decided as a management team that we did need to take a strong look and really assess our competitive
