Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTBrendan Coffey, The Motley FoolWed, June 24, 2026 at 11:19 PM GMT+2 5 min readInvestors seeking energy exposure often choose between high-growth infrastructure plays and stable midstream giants. Choosing between New Fortress Energy LLC (NASDAQ:NFE) and ONEOK Inc (NYSE:OKE) requires balancing aggressive expansion against steady cash generation.New Fortress focuses on liquefied natural gas logistics and power plants in emerging markets, while ONEOK manages a massive pipeline network across the United States. While both play vital roles in energy transport, their financial health and risk profiles diverged significantly heading into 2026.The case for New Fortress EnergyNew Fortress Energy operates as a global energy infrastructure company specializing in liquefied natural gas (LNG) facilities and power plants. It manages logistics and power solutions in markets including Jamaica, Mexico, and Puerto Rico. Key customers include CFE and the Puerto Rico Electric Power Authority (PREPA), and such customer concentration adds a layer of risk to the business.In FY 2025, revenue reached approximately $1.5 billion, representing a decrease of more than 36% compared to the prior year. The company reported a net loss of nearly $1.8 billion for the period. This performance reflects a challenging period of transition and asset restructuring for the energy provider. Free cash flow was negative $1.49 billion, representing the cash remaining after paying for operations and capital equipment.The case for ONEOK IncONEOK operates an extensive midstream energy network consisting of approximately 60,000 miles of pipelines for natural gas and refined products. The company gathers and transports energy for a diverse group of producers and industrial customers, including several electric utility stocks. Its business model relies heavily on long-term, fee-based contracts that reduce direct exposure to fluctuating commodity prices.In FY 2025, the company reported revenue of nearly $33.6 billion, representing a significant 55.4% increase over the previous fiscal year. Net income for the period was nearly $3.4 billion, up from $3 billion. This growth highlights the company's ability to scale its operations while maintaining steady profitability across its midstream segments. Free cash flow reached nearly $2.5 billion, representing the cash generated after accounting for all operating expenses and capital investments.Risk profile comparisonNew Fortress Energy faces substantial risks related to its current restructuring support agreement and potential insolvency if it fails to complete its financial plans. Development projects like Fast LNG carry risks of cost overruns and technical failures, as seen in prior delays at the Altamira project. Furthermore, the company relies heavily on PREPA, which is in bankruptcy proceedings, creating significant credit risk for its primary revenue streams.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info