ONEOK’s Rise Under Pierce Norton’s Steady Hand | Shale Magazine

Introduction

Pierce Norton’s story begins far from the towers of corporate America. Raised in the small northeast Alabama town of Heflin, Norton didn’t grow up with visions of leading a Fortune 500 energy company. But over the decades, through a mix of hard work, humility, and hands-on experience, he has had the good fortune to end up at the top of ONEOK—one of the nation’s leading midstream energy companies.

Norton, a mechanical engineer by education and training, likes to call his discipline “the Swiss Army knife of engineering”—versatile, practical, and built for problem-solving. After graduating from the University of Alabama, he spent the first decade of his career out in the field, working in engineering, construction and operations. That early field experience didn’t just teach him the mechanics of the energy business—it shaped the way he leads. He believes in earning trust, communicating clearly and often, and making sure that during times of big change, employees are informed.

That philosophy has guided Pierce and his leadership team, particularly during one of the most ambitious chapters in the company’s history: the $18.8 billion acquisition of Magellan Midstream Partners; the first of many. It was a bold first move that redefined ONEOK’s footprint in the energy space.

Today, the energy world is changing faster than ever. The growing role of artificial intelligence in high-performance computing is driving new energy demand, particularly from data centers relying on power that is both reliable and resilient. Under Norton’s leadership team, ONEOK is not merely reacting—it’s actively shaping the future. The company is expanding its portfolio, extending asset integration across its operations, and positioning itself to meet both current needs and what’s coming next.

Before diving into acquisitions and corporate strategy, it’s worth stepping back to understand the mindset driving ONEOK’s transformation. For Norton, leadership isn’t about making flashy moves. It’s about long-term vision, intentionality and discipline—focus areas he developed through years spent in operations, commercial and management. That real-world grounding continues to influence every decision he and the company make. “If you build from a place of purpose, the big moves take care of themselves,” he says. It’s this philosophy that shapes the deals ONEOK pursues—and why every acquisition under Norton’s watch fits into a larger story.

A Bigger, Stronger, More Diversified ONEOK: The Strategy Behind the Deals

When Pierce Norton talks about acquisitions, it’s clear he doesn’t see them as just deals on a balance sheet. For Norton, the ONEOK Board of Directors, and his leadership team, they’re part of a bigger story—a long-term vision to make ONEOK not only larger but stronger, more connected, geographically diversified and resilient.

Since taking the helm in 2021, Norton has led ONEOK through a series of strategic moves that have expanded its footprint well beyond its historical roots. Each acquisition has been purposeful, designed to complement what ONEOK already does well while positioning the company for a more diversified and a more sustainable future.

“We’re not chasing headlines or trends,” Norton says. “Our deals are grounded in logic. They need to fit. They need to make us better.” That mindset is a big reason why the company’s acquisition pipeline looks less like a scramble and more like a curated shopping list—each addition is deliberate, with a clear purpose.

The first headline-making move, of course, was the $18.8 billion acquisition of Magellan Midstream Partners. The deal was a game-changer. Overnight, ONEOK went from being primarily focused on natural gas liquids to also operating one of the largest refined products systems in the country. The Magellan acquisition didn’t just significantly increase the company’s size—it shifted the company’s earnings mix to favor predictable cash flow, increasing investor confidence. “Magellan brought us high cash flow and low reinvestment,” Norton explains. “That’s a strong counterbalance to the more capital-heavy parts of our business.”

But the Magellan deal wasn’t a one-off. It was part of a larger, carefully sequenced plan. Deals like the purchase of Gulf Coast NGL pipelines from Easton Energy, EnLink Midstream, and Medallion Midstream have added critical pieces to the puzzle—each one chosen for how it connects to the rest.

Take the Easton Energy assets acquisition, for instance. It connected key infrastructure between Mont Belvieu and Houston, enabling new blending opportunities and streamlining logistics. EnLink Midstream brought gathering and processing assets that tie directly into the company’s liquids transportation system, creating end-to-end efficiencies. Medallion Midstream, meanwhile, reinforced the company’s presence in the Permian Basin with an expanded crude oil gathering footprint that connected to the crude oil long-haul pipes purchased in the Magellan acquisition.

These deals aren’t just about size—they’re about synergies. Norton puts it simply: “Our business is all about connection—touching as many molecules as possible, as often as possible,

for as long as possible to add more value to customers.” That philosophy is more than a catchy line—it’s a blueprint for how ONEOK operates. Integration, not mere expansion, is the name of the game.

With the energy world shifting—driven by demand from AI data centers, rising LNG exports, and evolving infrastructure needs—the company’s broadened capabilities position it to be a critical player for the long haul. Norton isn’t just building a bigger company. He’s building one that’s innovative, interconnected, and built to last.

These transactions are investments in the company’s future—and Norton and his leadership team’s strategic fingerprints are all over them. Yet growth isn’t just about acquisitions—it’s about making a larger company stronger, more connected, and more efficient.

Bringing It All Together: The Art and Discipline of Integration

For Pierce Norton, growth at ONEOK isn’t just about adding more pipelines or acquiring new assets—it’s about creating a system that works better together. That was the real goal behind headline-making acquisitions like Magellan, Easton Energy assets, EnLink Midstream, and Medallion Midstream. But while Wall Street often focuses on the financial upside of these deals, Norton knows the real work begins after the ink is dry.

And with decades of experience that began in the field, he doesn’t approach that challenge lightly.

At the center of Norton’s playbook is a simple but powerful three-step approach: stabilize, integrate, and transform. The first priority? Safety, by making sure the basics are solid. “You have to stabilize the operations right out of the gate,” he explains. “If your field teams feel like everything is up in the air, that’s when mistakes happen. That’s when trust erodes.” So, Norton’s team prioritizes calm, clear communication from day one—keeping frontline operations running smoothly and providing stability for the people doing the work.

Once the dust settles, the focus shifts to integration—bringing together physical systems, but also teams, processes, and ways of doing business. With each acquisition, new capabilities were added to the fold. Magellan brought in refined products and crude oil pipelines, while the Easton Energy assets connected critical Gulf Coast assets. The opportunity was ensuring all those pieces worked in harmony, not in isolation.

“Think of it like connecting organs in a body,” Norton says. “You don’t just want them running—you want them working together efficiently.” That meant integrating dispatch systems, aligning engineering standards, and creating seamless handoffs between previously independent teams.

A big advantage was location. Both ONEOK and Magellan had headquarters in Tulsa, Oklahoma—a fortunate bit of geography that eased one of the most common merger pain points: relocation. But proximity alone doesn’t create culture. That’s where Norton’s people-first mindset came in.

Having worked for eight different companies himself, Norton knows what it feels like to navigate a merger. He also knows that people need to believe in the new direction. “You can’t just tell them to get on board,” he says. “You have to give them a reason to want to be part of what you’re building. Be a part of something bigger than themselves.”

To do that, he encouraged employees from all sides to participate in shaping the new ONEOK. Rather than simply imposing the company’s existing practices, the company took a more collaborative approach. Teams were asked to bring their best ideas to the table—especially when it came to finding efficiencies, optimizing operations, and exploring new technologies.

And that last part—technology—is a key part of Norton’s transformation vision. With rising energy demand driven by AI data centers and electrification, ONEOK is now investing in tools that help forecast and respond to usage spikes. From predictive analytics to real-time monitoring, technology is increasingly central to how the company plans and operates.

“We’re not just integrating assets,” Norton says. “We’re building a smarter, faster, more flexible company.”

By emphasizing stability, collaboration, and innovation, ONEOK has managed to keep its footing even as it’s grown dramatically. For Norton, that’s what true integration looks like—combining pipelines but also aligning people and purpose to move the company forward.

Capital with a Purpose: The Company’s Playbook for Long-Term Value

At ONEOK, capital allocation isn’t just a matter of crunching numbers—it’s a strategic balancing act that reflects Norton and his leadership team’s steady approach and forward-looking mindset. Since stepping into the top job, Norton has embraced a philosophy of financial discipline that prioritizes long-term resilience over short-term flash.

“We’re here to build a company that’s strong today—and stronger tomorrow,” Norton says.

That philosophy shows up clearly in the company’s four-part capital strategy: invest in high-return organic projects, protect and grow the dividend, reduce debt, and return capital to shareholders through buybacks when it makes sense. It’s a formula rooted in balance—ensuring that no single priority comes at the expense of financial stability or shareholder value.

One of the most visible areas of investment has been infrastructure, particularly natural gas storage. With LNG exports booming and global energy markets becoming more interconnected,

Norton sees storage as the unsung hero of system stability. “When you’re moving as much gas as we are—domestically and abroad—you need to have the right storage in place,” he explains. “It’s not a nice-to-have. It’s essential.”

That view has positioned ONEOK to support growing export volumes while maintaining its ability to respond to seasonal and market-driven supply swings. In a world increasingly shaped by weather volatility and geopolitical disruption, storage serves as a buffer that adds both value and security.

Beyond storage, the company’s joint venture with MPLX is another key pillar of its capital deployment strategy. The two companies are developing a liquefied petroleum gas (LPG) export terminal in Texas City—a project aimed squarely at tapping rising global demand from Asia. For Norton, it’s not all about capacity—it’s about connectivity.

“This terminal improves our ability to serve global customers,” Norton says. “It fits with our strategy of building assets that are integrated, efficient, and designed for the long haul.”

That long-haul thinking also applied to the company’s recent acquisitions. The Magellan deal—along with the other strategic acquisitions—wasn’t just about footprint expansion. It was about balance. By adding Magellan’s refined products and crude infrastructure, ONEOK brought more predictability into the mix. Cash flow from those assets is steady, and reinvestment needs are low, giving the company more flexibility to fund growth and return capital to shareholders.

“Magellan added balance to our portfolio,” Norton explains. “When you combine that with our more capital-intensive gathering and processing operations, you get a business that’s stronger across cycles.”

Of course, it all comes back to what’s ahead—and Norton and his leadership team have their eyes firmly on the future. As AI and data center expansion ramp up energy demand, and as U.S. LNG exports continue to rise, ONEOK is positioning itself to serve as both an enabler and a beneficiary of those trends. That means continuing to invest—but doing so wisely.

“Capital allocation is one of the most important levers we have,” Norton says. “It’s how we stay flexible, stay relevant, and keep delivering value—no matter what the market throws our way.”

In other words, for ONEOK, every dollar has a job. And every investment is a step toward building a company that’s not only prepared for the future—but ready to lead it.

Market Positioning in a Transforming Energy Landscape

The energy industry is in the midst of a fundamental transformation. From the rapid growth of LNG exports to the power demands of artificial intelligence and the evolving expectations

around sustainability, the landscape is shifting beneath the feet of every major player. Under Norton’s leadership, ONEOK is actively shaping the future.

A major driver of this change is the U.S. transition from a natural gas importer to a global LNG powerhouse. With export capacity expected to jump by 10 billion cubic feet per day over the next five years, the Gulf Coast—especially Texas and Louisiana—has become ground zero for infrastructure expansion. ONEOK has responded by strategically investing in storage capacity and midstream assets that support this new flow of energy. “Storage isn’t a luxury—it’s a stabilizer,” Norton explains, pointing to facilities in Louisiana that will serve as key buffers between volatile supply and ever-growing demand.

That demand is coming from new places, too. Artificial intelligence may not be the first thing that comes to mind when thinking about natural gas, but it should be. Data centers powered by AI are energy-hungry, and some analysts forecast an increase in gas consumption of 3 to 8 billion cubic feet per day in the coming years to keep up. ONEOK’s asset base—spanning gathering, processing, transportation, and storage—positions the company to support this surge in and around their assets. It’s about moving molecules, but also enabling digital infrastructure.

Meanwhile, the EnLink and Medallion acquisitions have expanded and extended the company’s presence in the Permian Basin and beyond, building a highly integrated network that touches multiple points of the energy value chain. From crude and refined products to natural gas liquids, ONEOK is executing what Norton calls the “wellhead-to-water” strategy—involved in every stage of the journey from production to export.

But growth in this industry isn’t just about capital deployment—it’s about execution, stability, and vision. Norton and his executive leadership team have kept ONEOK grounded even as it expands. The company has a philosophy of “choosing issues, not sides” that reflects a broader, pragmatic view: focus on reliability, efficiency, and innovation, regardless of political winds or policy cycles.

That balance—between critical energy reliability and future-facing adaptability—is what positions ONEOK as a steady hand in a cyclical sector. As Norton puts it, “We’re not just reacting to the market. We’re helping define it.”

Culture, Trust, and Purpose: The Leadership Philosophy Powering ONEOK

In an industry where volatility is a given and transformation is constant, ONEOK President and CEO Pierce Norton grounds his leadership approach in something timeless: trust.

It’s not a mere corporate catchphrase for Norton. After more than four decades in the energy industry—including more than a decade in field operations and roles of increasing responsibility

across eight different companies—he’s seen firsthand what drives organizations forward and what holds them back. At ONEOK, he aims to build on the company’s strengths by focusing not merely on assets or balance sheets, but on people.

“You can have authority without trust,” Norton says. “But without trust, you can’t have lasting impact.”

That philosophy has shaped how Norton and his team have guided ONEOK through its most transformative period in recent history. As the company completed its series of major acquisitions, the opportunity went beyond integrating pipelines and platforms. It was about uniting teams, cultures, and identities. In Norton’s view, the hardest part of a merger isn’t the financials. It’s giving employees a greater sense of opportunity during a time of change and a reason to believe in the new direction of the combined company.

To guide that process, Norton operates by a clear framework.

First comes stabilization—keeping the day-to-day operations running smoothly, making safety a priority, and communicating constantly. “People need to know the train is still on the tracks,” Norton explains. “That’s what allows them to stay focused, even when everything around them is changing.”

Once that foundation is in place, integration begins. Norton emphasizes connection across teams—whether that’s through shared systems, joint projects, or simply creating more opportunities to collaborate. The goal isn’t just efficiency; it’s building a culture where employees feel they’re part of a larger mission.

Then comes transformation. Norton encourages his team to challenge assumptions, push boundaries, and bring forward new ideas. “We’re not here to do what’s always been done,” he says. “We’re here to lead. And that means creating a space where innovation is part of the everyday conversation.”

One of the most difficult—and often overlooked—elements of acquisition is the cultural side. Magellan, for example, had a proud and successful legacy, as did Medallion and EnLink. Folding those organizations into ONEOK meant more than just changing letterhead. Norton made it a priority to meet people where they were, hosting town halls, visiting field offices, and keeping an open-door policy that encouraged transparency. He challenged his leaders to do the same. “If people feel heard, they’re far more likely to stay engaged,” he says. “And that’s what drives performance.”

But Norton’s focus on people doesn’t stop with current employees. He’s also committed to building the next generation of the energy workforce. ONEOK invests heavily in workforce development, supporting programs that introduce high school students to real-world

opportunities in energy. One such initiative is a training center in Watford City, North Dakota, where students can explore hands-on technical education and envision a path from classroom to career.

“People gravitate toward what they can see,” Norton explains. “We can’t just talk about energy jobs—we have to show them the purpose behind them.”

That word—purpose—comes up often in conversation with Norton. While the energy industry frequently finds itself at the center of political debates, Norton tries to cut through the noise. He doesn’t frame leadership in terms of left or right, fossil or renewable. Instead, he talks about reliability, responsibility, and national security. “At the end of the day,” he says, “this business is about keeping the lights on and the economy moving. That takes reliable energy, and it takes people who believe in the work they’re doing.”

Under Norton’s leadership, ONEOK has embraced this balance—honoring the company’s nearly 120-year legacy while preparing for an energy future that demands innovation, agility, and trust. He is the first to point out it is those who came before him and the decisions they made that have given he and his leadership team the opportunity they have today, and it is their responsibility to make good decisions to give the next generation the same opportunity. He’s not trying to be the loudest voice in the room. He’s trying to be the most thoughtful—and that’s made all the difference.

Conclusion: A Leader Built for the Long Game

In a sector defined by volatility, complexity, and constant evolution, Pierce Norton brings a sense of steady purpose to ONEOK. His leadership reflects a rare blend of field-tested experience, strategic vision, and a deeply human approach to running a company—managing assets, while also guiding people and empowering teams.

From his early days working in the field to leading multibillion-dollar acquisitions from the C-suite, Norton’s career has been a study in how operational know-how can translate into boardroom results. Under his watch, ONEOK hasn’t just grown—it’s transformed. The Magellan acquisition was a milestone moment, extending the company’s reach into refined products and crude oil infrastructure. Other deals followed with the purpose of building a more connected, resilient energy network.

But Norton’s legacy at ONEOK will be about more than numbers or expansion maps. It’s about the culture he’s fostered—one built on trust, transparency, and a belief that stability and innovation can go hand in hand. Whether investing in local workforce development programs or meeting face-to-face with field teams during times of change, Norton leads by showing up and

listening. He doesn’t ask people to buy into a vision from a distance—he brings them into the process.

His approach to industry issues reflects that same grounded sensibility. Rather than getting caught in political crossfire or ideological debates, Norton focuses on practical solutions—investing in infrastructure that supports growth, reduces volatility, and keeps energy flowing where it’s needed most. As demand rises from AI, LNG exports, and the expanding global economy, the company’s integrated portfolio is positioned to lead.

Looking ahead, Norton’s playbook remains the same: be intentional, stay disciplined, and never lose sight of the people behind the business. In an industry that often chases the next big thing, his long view is a refreshing reminder that real leadership isn’t reactive—it’s relational, strategic, and built on trust.

As ONEOK charts its course into a new era of opportunity, Pierce Norton isn’t just building an energy company. He’s shaping a future—one that ensures ONEOK remains a vital part of the North American energy story for generations to come.

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