| Stage | WMB | % of rev | OKE | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $3.2B | 100.00% | $12.5B | 100.00% | OKE ×3.86 |
| Gross profit | $2.6B | 80.39% | $2.8B | 22.83% | WMB +57.6pp |
| Operating income | $1.1B | 35.25% | $1.6B | 12.59% | WMB +22.7pp |
| Pre-tax income | $988M | 30.65% | $1.4B | 10.90% | WMB +19.8pp |
| Net income | $767M | 23.80% | $1.4B | 11.11% | WMB +12.7pp |
| Stage | WMB | OKE | Gap · A − B |
|---|---|---|---|
| Revenue | $3.2B100.00% | $12.5B100.00% | OKE ×3.86 |
| Gross profit | 80.39%$2.6B | 22.83%$2.8B | WMB +57.6pp |
| Operating income | 35.25%$1.1B | 12.59%$1.6B | WMB +22.7pp |
| Pre-tax income | 30.65%$988M | 10.90%$1.4B | WMB +19.8pp |
| Net income | 23.80%$767M | 11.11%$1.4B | WMB +12.7pp |
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.”
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").”