ONEOK Inc. (NYSE:OKE)

Total inventory levels exhibited a volatile trajectory between 2018 and 2022, characterized by a notable contraction in 2020 followed by a significant recovery. Overall inventory value rose from $437.8 million in 2018 to $580.7 million in 2022, representing a net increase of approximately 32.6% over the period.

Materials and Supplies

This segment demonstrated moderate fluctuations, peaking in 2019 at $201.7 million before declining to $143.2 million in 2020. For the subsequent two years, the value remained relatively stable, ending 2022 at $149.0 million. This indicates a consistent baseline of operational supplies despite the volatility seen in other inventory categories.

NGLs and Natural Gas in Storage

This category served as the primary driver of total inventory variance. A significant decline was observed in 2020, where values dropped to $227.8 million. However, a substantial increase occurred in 2021, with the value surging to $427.9 million, an increase of approximately 87.8% in a single year. This upward trend stabilized in 2022 at $431.7 million.

Inventory Composition and Concentration

The weighting of inventory shifted increasingly toward NGLs and natural gas in storage. In 2018, stored energy products comprised approximately 67.8% of total inventory. By 2022, this concentration increased to approximately 74.3%, suggesting that the company's inventory profile is heavily influenced by commodity storage levels rather than operational supplies.