Search
 
Alexander Hamilton Awards

ONEOK Drills for Liquidity Gold as an Early Adopter of APIs

The Oklahoma-based energy company takes home the 2020 Gold Alexander Hamilton Award in Technology Excellence.

ONEOK, Inc. is a midstream energy company headquartered in Tulsa, Oklahoma. ONEOK owns of one of the nation’s premier natural gas liquids (NGL) systems, connecting NGL supply in the Rocky Mountain, Mid-Continent, and Permian regions with key market centers. The company also has an extensive network of natural gas gathering, processing, storage, and transportation assets. ONEOK periodically funds business activities through daily borrowing. However, accessing East Coast markets for short-term debt and commercial paper creates some inherent efficiency challenges.

“Being in Oklahoma, we’re in the Central Time Zone,” explains Anita West, supervisor of treasury operations. “A few years ago, our first view of our cash position each day was when we got BAI files from our banks. After the BAI files came in, we could start pulling out any wires we were planning to send that day, and we could factor in the incoming ACH payments and wires that we expected to arrive before our bank closed at the end of the day.”

This process gave West’s team an idea of the company’s overall net position, which they would use to determine how much to borrow for that day. “So if, for instance, it looked like we were going to need $25 million to fund our activities, we would go to the market with the goal of issuing $25 million worth of short-term debt or commercial paper, and our dealers would start looking for investors,” she explains.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Meg Waters

Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

More from this author

Dig Deeper

 

Recommended Stories

Inventory, Reimagined

Inventory, Reimagined

Amit Goel |

How companies should be determining their ideal inventory level in the current economic climate.

U.S.-China Audit Agreement Draws Criticism

U.S.-China Audit Agreement Draws Criticism

Jessica Seah |

Although the deal has potential to ease trade tensions, a failure to effectively implement it might actually lead to further damage to the U.S.-China relationship.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.