ONEOK gathers, processes, transports and stores natural gas and natural gas liquids, operating an extensive network of pipelines concentrated in major U.S. shale-producing regions. Much of its revenue comes from fee-based, long-term contracts tied to the volume of gas and liquids moving through its infrastructure, giving it more stable, toll-road-like economics than a business directly exposed to swings in commodity prices. The company expanded significantly through acquisitions in recent years, adding pipeline and processing assets that broadened its geographic footprint and scale within the midstream energy sector. ONEOK's growth is tied to natural gas and natural gas liquids production volumes in the basins where it operates, which in turn depend on drilling activity and the broader economics of shale energy production.