ONEOK INC NEW

Consolidated Variable Interest Entities (VIE)s -As of Dec. 31, 2024, we consolidate the following VIEs:

EnLink- We control EnLink through our ownership of its managing member. EnLink is a VIE because the holders of the membership interest do not have substantive kick-out rights or participating rights over the managing member. We are the primary beneficiary of EnLink because we have the power through our 100% ownership of the managing member, to control decisions that most significantly impact EnLink. We consolidate EnLink and record a noncontrolling interest for the interest that we do not own. We also record a noncontrolling interest related to EnLink’s Series B Preferred Units.

Subsequent Event - Upon closing of the EnLink Acquisition on Jan. 31, 2025, EnLink is no longer considered a VIE.

Delaware Basin JV- EnLink owns a 50.1% interest in the Delaware Basin JV, which owns processing facilities located in the Delaware Basin in Texas. The Delaware Basin JV is a VIE because the other owner does not have substantive kick-out rights or participating rights over the managing member. As the managing member, we are the primary beneficiary because we control the decisions that most significantly impact the Delaware Basin JV. After June 30, 2025, our joint venture partner has the right to cause the Delaware Basin JV to commence a sale process to sell all of the outstanding interests or assets of the Delaware Basin JV for the best available price. If our joint venture partner exercises this right, we are permitted to purchase their interest at a certain call price.

Ascension Pipeline Company, LLC (Ascension)- EnLink owns a 50% interest in Ascension, which owns an NGL transmission pipeline that connects EnLink’s Riverside fractionator to the other owner’s refinery. Ascension is a VIE because the other owner does not have the ability to remove us as the managing member. They also do not have the ability to participate or block our decisions as the managing member, which makes us the primary beneficiary because we control the decisions that most significantly impact Ascension.

The following table presents the balance sheet information for the assets and liabilities of our consolidated VIEs, which are included in our Consolidated Balance Sheet: