ONEOK INC NEW
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
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F. Property, Plant and Equipment
The following table sets forth our property, plant and equipment by property type, as of the dates indicated:
| Estimated UsefulLives (Years) | Dec. 31,2024 | Dec. 31,2023 | |
|---|---|---|---|
| (Millions of dollars) | |||
| Gathering pipelines and related equipment | 5 to 40 | $11,643 | $5,077 |
| Processing and fractionation and related equipment | 3 to 40 | 12,406 | 8,591 |
| Storage and related equipment | 5 to 54 | 3,684 | 3,330 |
| Transmission pipelines and related equipment | 5 to 87 | 21,315 | 18,551 |
| General plant and other | 2 to 60 | 1,316 | 1,002 |
| Land | — | 592 | 375 |
| Construction work in process | — | 1,318 | 1,528 |
| Property, plant and equipment | 52,274 | 38,454 | |
| Accumulated depreciation and amortization | (6,339) | (5,757) | |
| Net property, plant and equipment | $45,935 | $32,697 | |
The depreciation expense for the years ended Dec. 31, 2024 and 2023, was $1.1 billion and $736 million, respectively.
We incurred costs for construction work in process that had not been paid at Dec. 31, 2024, 2023 and 2022, of $179 million, $242 million and $171 million, respectively. Such amounts are not included in capital expenditures (less AFUDC) on the Consolidated Statements of Cash Flows.
EnLink Controlling Interest Acquisition - In October 2024, we completed the EnLink Controlling Interest Acquisition and acquired property, plant and equipment, which primarily include pipeline and rights of way, pipeline-related equipment, processing plant and fractionators valued at $11.4 billion.
Medallion Acquisition - In October 2024, we completed the Medallion Acquisition and acquired property, plant and equipment, which primarily include pipeline and pump station equipment, valued at $1.6 billion.
Interstate Natural Gas Pipeline Divestiture - In December 2024, we completed the sale ofthree of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. These assets, which are primarily transmission pipelines and related equipment, had a gross cost basis of $1.3 billion.
Magellan Acquisition - In September 2023, we completed the Magellan Acquisition and acquired property, plant and equipment, which primarily include pipeline, pipeline-related equipment, storage tanks and processing equipment, valued at $11.6 billion.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.