Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-01

ONEOK (OKE)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$12,003,335
Pierce Norton II total, FY2025
14th
CEO pay percentile vs peers
69:1
CEO-to-median pay ratio
94.24%
Say-on-pay support, latest vote
Companies that benchmark against OKE
7 companies name OKE as a compensation peer

Each company listed discloses OKE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named OKE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Pierce Norton II$1,000,000$8,771,279$1,578,000$654,056$12,003,335
President and Chief Executive Officer
Walter Hulse III750,0006,009,2161,183,500349,7298,292,445
Chief Financial Officer, Treasurer and Executive Vice President, Corporate Development and Investor Relations
Lyndon Taylor700,0004,656,809972,000571,0126,899,821
Executive Vice President, Chief Legal Officer and Assistant Secretary
Randy Lentz625,0004,480,556759,400250,5886,115,544
Executive Vice President and Chief Operating Officer
Sheridan Swords625,0003,430,537723,300974,441112,6445,865,922
Executive Vice President and Chief Commercial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Pierce Norton II$12,003,335
Walter Hulse III8,292,445
Lyndon Taylor6,899,821
Randy Lentz6,115,544
Sheridan Swords5,865,922

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Wayne Thomas SmithDirector2026-05-20A1,845$92$170,017Derivative, Class A CommonForm 4 ↗
Mark W. HeldermanDirector2026-05-20A3,03992280,044CommonForm 4 ↗
Eduardo A. RodriguezDirector2026-05-20A1,47692136,013CommonForm 4 ↗
Eduardo A. RodriguezDirector2026-05-20A3699234,003Derivative, Class A CommonForm 4 ↗
Precious Williams OwodunniDirector2026-05-20A1,84592170,017CommonForm 4 ↗
Julie H. EdwardsDirector2026-05-20A1,84592170,017CommonForm 4 ↗
Mark A. McCollumDirector2026-05-20A1,84592170,017CommonForm 4 ↗
Lori A. GobillotDirector2026-05-20A1,84592170,017Derivative, Class A CommonForm 4 ↗
Randall J. LarsonDirector2026-05-20A1,84592170,017Derivative, Class A CommonForm 4 ↗
Brian L. DerksenDirector2026-05-20A1,84592170,017Derivative, Class A CommonForm 4 ↗
Mary M. SpearsSee Remarks2026-05-28D1,00000CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Randy LentzRSU2025-02-196,653$659,978
Walter Hulse IIIRSU2025-02-1912,0971,200,022
Sheridan SwordsRSU2025-02-196,653659,978
Lyndon TaylorRSU2025-02-198,468840,026
Pierce Norton IIRSU2025-02-1930,2423,000,006
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Randy Lentz$659,978$0$00.0%
Walter Hulse III1,200,022000.0%
Sheridan Swords659,978000.0%
Lyndon Taylor840,026000.0%
Pierce Norton II3,000,006000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Pierce Norton IIRSU72,563$5,333,381
Pierce Norton IIPSU118,8928,738,562
Walter Hulse IIIPSU49,2433,619,361
Randy LentzPSU8,079593,807
Walter Hulse IIIRSU64,8074,763,315
Lyndon TaylorRSU53,5833,938,351
Randy LentzRSU36,6892,696,642
Sheridan SwordsPSU28,4782,093,133
Sheridan SwordsRSU38,0872,799,395
Lyndon TaylorPSU21,2491,561,802
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation philosophy is to pay-for-performance and provide a competitive compensation package to attract and retain qualified executives while structuring our executive compensation program in a manner that does not provide incentives for excessive risk-taking.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-20428,986,33622,828,1833,393,88594.24%Passed
20252025-05-21422,790,93327,394,8082,853,99393.32%Passed
20242024-05-22390,590,31315,852,3613,212,47995.35%Passed
20222022-05-25282,116,07716,816,9992,475,77093.6%Passed
20212021-05-26290,229,02611,767,6063,385,44595.04%Passed
20202020-05-20278,794,02212,501,3882,769,09394.81%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2094.24%a
20252025-05-2193.32%b
20242024-05-2295.35%c

a. Approved under the standard stated in the filing — “Abstentions will have the same effect as votes against Proposal 3.”.

b. Approved under the standard stated in the filing — “Abstentions will have the same effect as votes against Proposal 5.”.

c. Approved under the standard stated in the filing — “Abstentions will have the same effect as votes against Proposal 3.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)69 : 1
CEO total compensation$12,003,335
Median employee compensation$174,009
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Julie H. EdwardsIndependent · Board Chair$185,000$280,000$0$0$11,000$477,458
Wayne T. SmithIndependent · Audit · Corporate Governance110,000170,0000051,000331,000
Brian L. DerksenIndependent · Audit (Chair) · Corporate Governance135,000170,000001,000306,000
Eduardo A. RodriguezIndependent · Executive Compensation (Chair) · Corporate Governance130,000170,000004,500304,500
Randall J. LarsonIndependent · Executive Compensation · Corporate Governance (Chair)130,000170,000001,000301,000
Gerald B. SmithIndependent · Executive Compensation · Corporate Governance · Not standing for re-election110,000170,0000021,000301,000
Pattye L. MooreIndependent · Executive Compensation · Corporate Governance · Not standing for re-election110,000170,0000011,000291,278
Lori A. GobillotIndependent · Audit · Corporate Governance110,000170,000004,258284,258
Mark W. HeldermanIndependent · Audit · Corporate Governance280,000001,000281,000
Mark A. McCollumIndependent · Audit · Corporate Governance · Newly elected000000
Pierce H. Norton IIEmployee director00000
Precious Williams OwodunniIndependent · Executive Compensation · Corporate Governance · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,020,000
Equity awards (grant-date value)$1,750,000
All other compensation$105,758
Total cost of the board$2,875,758

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies ONEOK names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including ONEOK.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Cheniere Energy, Inc.2025Jack Fusco$1,765,385$19,291,784$0$4,569,600$25,647,769
2Phillips 662025Mark Lashier1,741,66716,185,20403,734,13423,113,403
3Targa Resources Corp.2025Matthew Meloy1,170,66716,275,9930021,470,708
4Marathon Petroleum Corporation2025Maryann Mannen1,400,00013,391,32203,303,30019,016,261
5Hess Corporation2024John Hess1,575,00012,075,03604,358,70018,036,267
6Diamondback Energy, Inc.2025Kaes Van t Hof1,109,50011,101,46202,676,35014,931,423
7ONEOK2025Pierce Norton II1,000,0008,771,2791,578,00012,003,335
8The Williams Companies, Inc.2025Chad Zamarin829,7885,999,96201,492,2558,682,793

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
ONEOK105.2%PSU 70 · RSU 30Yes — Total Shareholder Return (TSR)Meridian Compensation Partners
Cheniere Energy, Inc.160%PSU 50 · RSU 50Yes — ATSRMeridian
Diamondback Energy, Inc.161%PSU 60 · RSU 40Yes — Total Stockholder Return (relative to TSR performance peer group)Meridian
Hess Corporation184.3%RSU 100Yes — Relative TSR (Total Shareholder Return)Semler Brossy Consulting Group LLC
Marathon Petroleum Corporation143%not disclosedYes — Relative TSRFW Cook
Phillips 66134%PSU 70 · RSU 30Yes — Relative TSRMercer
Targa Resources Corp.190%PSU 50 · RSU 50Yes — Relative TSR vs. Alerian US Midstream Index (AMUS)Meridian Compensation Partners
The Williams Companies, Inc.136%PSU 60 · RSU 40Yes — Relative TSRFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Pierce Norton IIDEF 14A2026-04-010001039684-26-000010Section “Summary Compensation Table”. As printed: 12,003,335. Filing ↗machine: t163 · r2 · c27 · span 1318193–1318203
2Section 01, Walter Hulse IIIDEF 14A2026-04-010001039684-26-000010Section “Summary Compensation Table”. As printed: 8,292,445. Filing ↗machine: t163 · span 1332155–1332164
3Section 01, Lyndon TaylorDEF 14A2026-04-010001039684-26-000010Section “Summary Compensation Table”. As printed: 6,899,821. Filing ↗machine: span 1367137–1367146
4Section 01, Randy LentzDEF 14A2026-04-010001039684-26-000010Section “Summary Compensation Table”. As printed: 6,115,544. Filing ↗machine: span 1346719–1346728
5Section 01, Sheridan SwordsDEF 14A2026-04-010001039684-26-000010Section “Summary Compensation Table”. As printed: 5,865,922. Filing ↗machine: span 1352992–1353001
6Section 03, Randy Lentz RSUDEF 14A2026-04-010001039684-26-000010Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
7Section 03, Walter Hulse III RSUDEF 14A2026-04-010001039684-26-000010Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
8Section 03, Sheridan Swords RSUDEF 14A2026-04-010001039684-26-000010Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
9Section 03, Lyndon Taylor RSUDEF 14A2026-04-010001039684-26-000010Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
10Section 03, Pierce Norton II RSUDEF 14A2026-04-010001039684-26-000010Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
11Section 07, pay ratioDEF 14A2026-04-010001039684-26-000010Section “CEO Pay Ratio”. As printed: 69 : 1. Filing ↗
12Section 08, Julie H. EdwardsDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 477,458. Filing ↗machine: t65 · r3 · c22 · span 507610–507617
13Section 08, Wayne T. SmithDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 331,000. Filing ↗machine: t65 · r10 · c22 · span 535222–535229
14Section 08, Brian L. DerksenDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 306,000. Filing ↗machine: t65 · r2 · c22 · span 503778–503785
15Section 08, Eduardo A. RodriguezDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 304,500. Filing ↗machine: t65 · r8 · c22 · span 526778–526785
16Section 08, Randall J. LarsonDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 301,000. Filing ↗machine: t65 · r6 · c22 · span 519110–519117
17Section 08, Gerald B. SmithDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 301,000. Filing ↗machine: t65 · r9 · c22 · span 530612–530619
18Section 08, Pattye L. MooreDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 291,278. Filing ↗machine: t65 · r7 · c22 · span 522940–522947
19Section 08, Lori A. GobillotDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 284,258. Filing ↗machine: t65 · r4 · c22 · span 511440–511447
20Section 08, Mark W. HeldermanDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 281,000. Filing ↗machine: t65 · r5 · c22 · span 515275–515282
21Section 08, Mark A. McCollumDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 0. Filing ↗
22Section 08, Pierce H. Norton IIDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 0. Filing ↗
23Section 08, Precious Williams OwodunniDEF 14A2026-04-010001039684-26-000010Section “Director Compensation”. As printed: 0. Filing ↗
24Section 02, Wayne Thomas Smith 2026-05-20Form 42026-05-220001876146-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Mark W. Helderman 2026-05-20Form 42026-05-220001766621-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Eduardo A. Rodriguez 2026-05-20Form 42026-05-220001286450-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Eduardo A. Rodriguez 2026-05-20Form 42026-05-220001286450-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Precious Williams Owodunni 2026-05-20Form 42026-05-220001770366-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Julie H. Edwards 2026-05-20Form 42026-05-220001189450-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Mark A. McCollum 2026-05-20Form 42026-05-220001215888-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Lori A. Gobillot 2026-05-20Form 42026-05-220001548706-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Randall J. Larson 2026-05-20Form 42026-05-220001187185-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Brian L. Derksen 2026-05-20Form 42026-05-220001662823-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Mary M. Spears 2026-05-28Form 42026-06-010001768860-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
35Section 06, 2026 voteForm 8-K2026-05-210001039684-26-000022Item 5.07 · say-on-pay result. As reported: 94.24% (votes for as printed: 428,986,336). Filing ↗
36Section 06, 2025 voteForm 8-K2025-05-220001213900-25-046836Item 5.07 · say-on-pay result. As reported: 93.32% (votes for as printed: 422,790,933.638). Filing ↗
37Section 06, 2024 voteForm 8-K2024-05-240001039684-24-000067Item 5.07 · say-on-pay result. As reported: 95.35% (votes for as printed: 390,590,313). Filing ↗
38Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
39Section 09b board cost (computed)ComputedcomputedCash 1,020,000 + equity 1,750,000 + all other 105,758 = 2,875,758, summed across the director compensation table rows.machine: formula: Σ = 2,875,758
40Cheniere Energy, Inc., Section 10b CEO totalDEF 14A2026-04-070001193125-26-144572CEO total compensation as printed in Cheniere Energy, Inc.'s own proxy. As printed: 25,647,769. Filing ↗machine: t411 · r3 · c27 · span 1229633–1229643
41Phillips 66, Section 10b CEO totalDEF 14A2026-04-020001534701-26-000010CEO total compensation as printed in Phillips 66's own proxy. As printed: 23,113,403. Filing ↗machine: t231 · r4 · c13 · span 1318456–1318466
42Targa Resources Corp., Section 10b CEO totalDEF 14A2026-03-260001193125-26-126280CEO total compensation as printed in Targa Resources Corp.'s own proxy. As printed: 21,470,708. Filing ↗machine: span 963425–963435
43Marathon Petroleum Corporation, Section 10b CEO totalDEF 14A2026-03-160001510295-26-000023CEO total compensation as printed in Marathon Petroleum Corporation's own proxy. As printed: 19,016,261. Filing ↗machine: t228 · r3 · c8 · span 2936922–2936932
44Hess Corporation, Section 10b CEO totalDEF 14A2025-04-040001193125-25-073397CEO total compensation as printed in Hess Corporation's own proxy. As printed: 18,036,267. Filing ↗machine: r2 · c35 · span 890654–890664
45Diamondback Energy, Inc., Section 10b CEO totalDEF 14A2026-04-090001308179-26-000242CEO total compensation as printed in Diamondback Energy, Inc.'s own proxy. As printed: 14,931,423. Filing ↗machine: t243 · span 824819–824829
46ONEOK (subject), Section 10b CEO totalDEF 14A2026-04-010001039684-26-000010CEO total compensation as printed in ONEOK's own proxy. As printed: 12,003,335. Filing ↗machine: t163 · r2 · c27 · span 1318193–1318203
47The Williams Companies, Inc., Section 10b CEO totalDEF 14A2026-03-180001193125-26-112643CEO total compensation as printed in The Williams Companies, Inc.'s own proxy. As printed: 8,682,793. Filing ↗machine: r5 · c17 · span 4189334–4189344
48Section 10a, The Williams Companies, Inc. reciprocityDEF 14A0001193125-26-112643The Williams Companies, Inc. names ONEOK in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, Hess Corporation reciprocityDEF 14A0001193125-25-073397Hess Corporation's most recent proxy was read; its disclosed peer group does not include ONEOK. Filing ↗
50Section 10a, Targa Resources Corp. reciprocityDEF 14A0001193125-26-126280Targa Resources Corp. names ONEOK in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, Cheniere Energy, Inc. reciprocityDEF 14A0001193125-26-144572Cheniere Energy, Inc. names ONEOK in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Marathon Petroleum Corporation reciprocityDEF 14A0001510295-26-000023Marathon Petroleum Corporation's most recent proxy was read; its disclosed peer group does not include ONEOK. Filing ↗
53Section 10a, Diamondback Energy, Inc. reciprocityDEF 14A0001308179-26-000242Diamondback Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include ONEOK. Filing ↗
54Section 10a, Phillips 66 reciprocityDEF 14A0001534701-26-000010Phillips 66 names ONEOK in its own disclosed peer group (read from its most recent proxy). Filing ↗