Oneok management check
OKE · Energy · Oil & Gas Storage & Transportation · CEO Mr. Norton
Filings as of
1 good · 3 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $257, against $291 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.32 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- n/a
Do they own the stock?
No recent CEO filingNo open-market insider buying or selling in the last six months.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +13.6% a year over the last three fiscal years. Stock-based pay was 0.3% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Spencer, Mr. Norton. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Energy.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 35 | 64 | |
| Pay for performance | 66 | 65 | |
| CEO cost | — | — | 66 |
| Skin in the game | — | — | 49 |
| Dilution | 0 | 58 | |
| Stable leadership | 55 | 73 | |
| Clean books | 100 | 100 |
Closest peers
Others in Oil & Gas Storage & Transportation, by management score. Oneok is 19th of 20 in its sector.
- 17TRGPTarga Resources86
- 253WMBWilliams Companies64
- 279KMIKinder Morgan63
- 388OXYOccidental Petroleum55
- 414OKEOneok51
- 426APAAPA Corporation50
Pay versus performance
From the proxy statement filed April 1, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Norton | $12.0m | −$10.2m | $6.8m | $257 | $291 | — |
| 2024 | Mr. Norton | $13.2m | $21.0m | $4.6m | $333 | $267 | — |
| 2023 | Mr. Norton | $9.5m | $6.6m | $3.7m | $222 | $253 | — |
| 2022 | Mr. Spencer | $8.1m | $7.4m | $3.0m | $196 | $256 | — |
| 2021 | Mr. Spencer | $9.3m | $8.2m | $3.2m | $165 | $155 | — |
The board says pay is tied most to diluted EPS. Its other key measures: Earnings Per Share, Return on Invested Capital, Relative TSR Percentile.
Insiders and the CEO's stake
No open-market insider buying or selling in the last six months.
Leadership and governance on file
- Mar 25, 2026Leadership change8-K 5.02
- Jan 26, 2026Leadership change8-K 5.02
- May 22, 2025Leadership change8-K 5.02
- Feb 5, 2025Leadership change8-K 5.02
- Jan 7, 2025Leadership change8-K 5.02
- Feb 22, 2024Leadership change8-K 5.02
- Sep 26, 2023Leadership change8-K 5.02
- Sep 13, 2023Leadership change8-K 5.02
- Dec 29, 2022Leadership change8-K 5.02
- May 6, 2022Leadership change8-K 5.02
- Mar 9, 2022Leadership change8-K 5.02
- Feb 22, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 21, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $10.3bn returned to owners in buybacks and dividends, 95% of net income, and $364.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $16.5bn | $22.4bn | $17.7bn | $21.7bn | $33.6bn |
| Net income | — | $1.7bn | $2.7bn | $3.0bn | $3.4bn |
| Stock-based pay | $54.0m | $53.0m | $63.0m | $102.0m | $92.0m |
| Buybacks | — | $0 | $0 | $159.0m | $75.0m |
| Dividends | $1.7bn | $1.7bn | $1.8bn | $2.3bn | $2.6bn |
| Diluted shares | 447m | 448m | 485m | 587m | 626m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.