| Stage | OKE | % of rev | WMB | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $12.5B | 100.00% | $3.2B | 100.00% | OKE ×3.86 |
| Gross profit | $2.8B | 22.83% | $2.6B | 80.39% | WMB +57.6pp |
| Operating income | $1.6B | 12.59% | $1.1B | 35.25% | WMB +22.7pp |
| Pre-tax income | $1.4B | 10.90% | $988M | 30.65% | WMB +19.8pp |
| Net income | $1.4B | 11.11% | $767M | 23.80% | WMB +12.7pp |
| Stage | OKE | WMB | Gap · A − B |
|---|---|---|---|
| Revenue | $12.5B100.00% | $3.2B100.00% | OKE ×3.86 |
| Gross profit | 22.83%$2.8B | 80.39%$2.6B | WMB +57.6pp |
| Operating income | 12.59%$1.6B | 35.25%$1.1B | WMB +22.7pp |
| Pre-tax income | 10.90%$1.4B | 30.65%$988M | WMB +19.8pp |
| Net income |
| 11.11%$1.4B |
| 23.80%$767M |
| WMB +12.7pp |
OKE · BKV 10-KMar 6 '26
“Our remaining Barnett production was gathered and processed primarily under an agreement with ONEOK (formerly EnLink) with no minimum volume commitments ("MVC").”
WMB · BKV 10-KMar 6 '26
“For the year ended December 31, 2025, approximately 52%, 41%, and 7% of our gross operated volumes in NEPA were further gathered, treated, and transported to sales on the gathering systems of UGI Energy Services Midstream Services, Williams Companies, and Energy Transfer, respectively.”