01—Abstract
Summary
Summary of the 8-K filed January 7, 2025. Cited figures are marked; the original filing is the authoritative source.
ONEOK, Inc. (NYSE: OKE) filed an 8-K on January 7, 2025 reporting two executive leadership changes, both effective immediately.
Randy N. Lentz, founder and CEO of Medallion Midstream (acquired by ONEOK in October 2024), was appointed Executive Vice President and Chief Operating Officer, responsible for all of ONEOK's asset operations. He reports directly to CEO Pierce H.
Norton II and receives a one-time special RSU award with an aggregate grant-date value of approximately $1.8 milliona, vesting one-third after year one and two-thirds after year two. His existing Medallion employment agreement is terminated, and he becomes eligible for the standard executive compensation and benefit plans described in the 2024 proxy statement. Separately, Sheridan C.
Swords, previously EVP of commercial liquids and natural gas gathering and processing, moved to the newly created role of EVP and Chief Commercial Officer. In addition to his prior responsibilities, he now oversees the Natural Gas Pipelines segment. The press release frames both moves as part of ONEOK's disciplined strategy to build a diversified, fully integrated energy infrastructure company.
For investors, the filing is primarily organizational rather than financial. It contains no earnings, guidance, or transaction terms, and the compensation disclosed is modest relative to the company's scale. The key takeaways are the consolidation of operational leadership under a seasoned midstream executive with the Medallion acquisition integrated into senior management, and the expanded commercial and pipeline oversight given to Swords.
02—Key points
Key Highlights
- Randy Lentz appointed EVP and Chief Operating Officer, effective January 6, 2025, responsible for all of ONEOK's asset operations
- Lentz has led Medallion Midstream as CEO since 2010 and brings over 35 years of midstream experience; ONEOK acquired Medallion in October 2024
- Lentz receives a one-time RSU award with an aggregate grant-date value of about $1.8 million, vesting 1/3 after one year and 2/3 after two years
- Sheridan Swords promoted to newly created EVP and Chief Commercial Officer, and now also oversees the Natural Gas Pipelines segment
- Both appointments are effective immediately and report directly to President and CEO Pierce H. Norton II
- The 8-K contains no financial results, guidance, or transaction terms; the Item 7.01 press release is furnished, not filed
03—Questions
Frequently Asked Questions
Who is Randy Lentz and what is his role at ONEOK?
Randy N. Lentz, 60, is ONEOK's new Executive Vice President and Chief Operating Officer, effective January 6, 2025. He was previously CEO and founder of Medallion Midstream, which ONEOK acquired in October 2024. He is responsible for all of ONEOK's asset operations and reports directly to CEO Pierce H. Norton II.
What compensation is Lentz receiving?
His existing employment agreement with Medallion Operating Company is terminated. He is eligible for ONEOK's executive compensation and benefit plans and received a one-time special RSU award with an aggregate grant-date value of about $1.8 million. One-third vests on the first anniversary of the grant and two-thirds on the second anniversary.
How do the changes affect Sheridan Swords?
Swords moves from EVP of commercial liquids and natural gas gathering and processing to the newly created role of EVP and Chief Commercial Officer. He keeps his previous responsibilities and now also oversees the Natural Gas Pipelines segment.
Does this filing change ONEOK's financial outlook?
No. The filing contains no financial results, earnings guidance, or transaction terms. It reports executive appointments and related compensation only.
Is there any conflict of interest or related-party concern with Lentz?
ONEOK states there are no arrangements or understandings under which Lentz was selected as an officer, no family relationships with any director or executive officer, and no interest in a transaction requiring disclosure under Item 404(a) of Regulation S-K.
04—Continue