Pierce Norton

Pierce Norton became President and CEO of ONEOK in 2021, bringing decades of experience in natural gas gathering, processing, and transportation. He joined ONEOK in 2014 and previously held senior positions at other midstream companies. ONEOK operates one of the nation's premier natural gas liquids (NGL) systems, connecting supply basins in the Rocky Mountain region and Mid-Continent with key market centers. Norton's defining strategic move came in 2023 when he orchestrated the $18.8 billion merger with Magellan Midstream Partners, a leading refined petroleum products pipeline operator. The combination created a diversified midstream giant with over 50,000 miles of pipeline infrastructure, spanning natural gas gathering, processing, NGL fractionation and transportation, and now refined products transportation and storage. The deal significantly expanded ONEOK's earnings base and diversified its commodity exposure beyond natural gas liquids. The integration of Magellan has been a central focus of Norton's leadership, requiring harmonization of operating cultures, systems, and commercial strategies across two very different types of midstream businesses. Norton's decisions on integration execution, capital allocation between organic growth projects and debt reduction, distribution growth policy, and positioning for the energy transition (including potential roles in carbon capture and hydrogen transport) are the key variables for ONEOK's stock. The company's large and geographically diverse pipeline network provides essential infrastructure services, offering relatively stable, fee-based cash flows that support ONEOK's status as a major dividend-paying midstream company.