Group 1: Investment Activity - Benson Investment Management Company, Inc. initiated a new position in ONEOK with an estimated transaction value of $5.4 million, representing 1.8% of the fund's $292.7 million in reportable U.S. equity holdings [2][3]. Group 2: Company Performance - ONEOK's shares were priced at $69.09, reflecting a one-year decline of 29%, significantly underperforming the S&P 500's 12% gain during the same period [3]. - The company reported a trailing twelve months (TTM) revenue of $28 billion and a net income of $3.1 billion, with a dividend yield of 6% [4]. - In the second quarter of 2025, ONEOK achieved a net income of $853 million, a 9% year-over-year increase, and a 22% rise in adjusted EBITDA to approximately $2 billion, driven by higher production volumes [10]. Group 3: Company Overview - ONEOK, Inc. is a leading midstream energy company with over 17,500 miles of gathering pipelines and significant storage facilities, focusing on natural gas and NGL infrastructure [6]. - The company provides natural gas gathering, processing, storage, and transportation services, leveraging extensive midstream infrastructure to serve various customers, including energy producers and industrial end users [9]. Group 4: Strategic Positioning - Benson's investment in ONEOK adds exposure to energy infrastructure within a portfolio primarily focused on technology and metals, indicating a diversification strategy [7][11].

Core Viewpoint - Energy Transfer is a midstream master limited partnership (MLP) with a distribution yield of 7.5%, presenting both growth opportunities and historical challenges [1] Business Overview - Energy Transfer owns energy pipelines, storage, and transportation assets, primarily charging fees for their use, with approximately 90% of adjusted EBITDA linked to these fees [2] - The business is diversified across various segments: natural gas liquids and refined products (24% of EBITDA), midstream assets (23%), natural gas pipelines and storage (21%), crude oil (18%), and stakes in two publicly traded MLPs (14%) [4] Financial Health and Growth Prospects - The company has reduced leverage to levels that management is comfortable with and is planning $5 billion in capital investments for 2025 [8] - Capital investments will be allocated across different segments: midstream (30%), natural gas liquids and refined products (28%), natural gas pipelines (28%), oil (6%), and other projects [9] - Management targets a distribution growth of 3% to 5% annually for the foreseeable future, indicating a focus on slow and steady growth [10] Historical Context and Investor Sentiment - Past events, such as a distribution cut in 2020 and the cancellation of a deal to acquire Williams in 2016, may cause conservative investors to be cautious [5][6] - Despite historical challenges, the company is expected to be slightly larger and more profitable in the coming year, potentially leading to a higher distribution [11] - The sustainable growth path of Energy Transfer is comparable to that of peers like Enterprise Products Partners, which has a strong track record of annual distribution increases [12]