Transforming
Energy Future
ONEOK remains focused on our vision to create exceptional value for our stakeholders by providing solutions for a transforming energy future and on our mission to deliver energy products and services vital to an advancing world.
As we have grown our business and expanded our operational footprint over the years, we have also strengthened our commitment to improve our companywide sustainability program, practices and performance. We continue to actively research opportunities that will complement our extensive midstream assets and expertise, strengthening the role we expect to play in the transformation to a lower-carbon economy.
ONEOK’s long-term business strategy includes potential renewable energy and low-carbon investment opportunities that contribute to long-term growth, profitability and business diversification.
Key business groups focused on enhancing ONEOK’s vital role in a transforming energy future include:
Alternative Energy Solutions:
focused on the evaluation and development of renewable energy and low-carbon projects. This group is actively evaluating opportunities that will complement our extensive midstream assets and expertise, strengthening the role we expect to play in the transformation to a lower-carbon economy.
ONEOK Capital Ventures:
focused on pursuing investments in early-stage energy technology companies.
Sustainability:
tasked with promoting sustainable practices and awareness in business planning and operations processes, and maintaining environmental and safety compliance across ONEOK’s operations. A key focus area includes greenhouse gas (GHG) emissions and reductions.
These groups are working collaboratively with ONEOK business segments, customers, service providers and various government agencies to identify potential low-carbon or emission-reducing projects or investments. Examples of opportunities under evaluation include:
Further Electrification of Compression Assets: Compression assets are vital to efficiently flowing natural gas through ONEOK’s pipelines. Electric powered compressors produce no Scope 1 combustion emissions and provide opportunities to reduce ONEOK’s Scope 1 and Scope 2 greenhouse gas (GHG) emissions. ONEOK’s natural gas gathering and processing segment’s compression currently is more than 60% electric, with the Rocky Mountain region’s compression more than 80% electric. For natural gas liquids pipelines, pump stations help NGLs to efficiently flow through pipeline systems. In ONEOK’s natural gas liquids segment, more than 95% of pump station power is electric.
Sourcing Renewable Energy for Operations: ONEOK’s existing assets and extensive operations position us to take advantage of energy produced from wind and solar. We have installed solar powered equipment at some of our facilities, and ONEOK purchases electricity generated by solar, wind and other renewables from electric providers located in regions conducive to renewable energy production. Approximately 30% of the current electrical supply in the regions we operate is sourced from renewables. In addition, we are evaluating other opportunities, such as the installation of commercial scale solar power plants at our processing facilities, pump stations and compressor stations.
Carbon Capture, Use and Storage (CCUS) Opportunities: We are evaluating the potential for implementing CCUS technology in North Dakota, Oklahoma, Kansas and Texas, where several of our assets are located near formations that could potentially be used for carbon sequestration.
One project currently under evaluation would capture, transport and sequester CO2 produced from amine treating at a natural gas treating facility in Wyoming. Amine treating removes CO2 and hydrogen sulfide from natural gas. Currently, Wyoming is one of two states that directly issues permits for CO2 storage facilities.
Hydrogen Transportation and Storage: Our existing assets and operational infrastructure position us to participate in the potential transformation to a lower-carbon hydrogen economy. While we believe there is a potential future opportunity for us, the technologies and markets to support a hydrogen economy are still being developed, and we are in the early stages of participating in several related studies and exploring the scope of low-carbon hydrogen opportunities.
ONEOK participates in multiple low-carbon and sustainable energy-focused initiatives and research projects such as:
In addition, ONEOK Capital Ventures is focused on exploring and investing in innovative technologies that tie to our core business and seek to provide solutions for a transforming energy future. We work with other energy companies to support new technologies and also may make direct equity investments in early-stage energy technology companies that are intended to help to improve our operations and are aligned with the energy transformation. Recent investments include:
Energy Technology Startup Hub Initiative – ONEOK, along with leading energy companies and organizations, committed funds towards a new venture capital fund aimed at transforming Oklahoma into a hub for energy technology startups. The initiative intends to attract energy technology startups to the region through access to resources such as free office space, early-stage capital, and services to accelerate innovation to meet growing energy demands and create a more sustainable future. By fueling research and development and forward-looking technologies, the initiative is expected to create more than 1,700 jobs across the energy industry.
Orbital Sidekick – ONEOK made a minority direct equity investment in Orbital Sidekick (OSK), a startup company that aims to generate space-based data intelligence using its proprietary constellation of satellites equipped with hyperspectral sensors. Using these satellites, OSK will monitor assets for sustainable operations, ESG and security goals. Hyperspectral imaging (HSI) is a technology that analyzes a wide spectrum of light reflecting off Earth’s surfaces. Companies could use the information collected to monitor critical infrastructure, minimize emissions, exceed regulatory requirements and support a lower carbon future. This technology could also allow companies to scan assets within a day to inspect for damage after a storm. Prior to investing, ONEOK helped Orbital Sidekick test its technology through participation in the Intelligent Pipeline Integrity Program (iPIPE). ONEOK sees multiple potential future application benefits and potential industry-wide scalability of Orbital Sidekick’s technology, including potential opportunities for right-of-way monitoring, vegetation management and erosion monitoring.