ONEOK INC NEW

For the period ended Dec 31, 2024. Filed Feb 25, 2025.

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FY2024 · Filed Feb 25, 2025

OKE$87.37+1.6%Stored close · as of Nov 10, 2026

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NIncome Taxes

The following table sets forth our provision for income taxes for the periods indicated:

	Years Ended Dec. 31,
	2024	2023	2022
(Millions of dollars)
Current tax expense (benefit)
Federal	$89	$(3)	$52
State	20	12	12
Total current tax expense	109	9	64
Deferred tax expense
Federal	792	739	423
State	97	90	41
Total deferred tax expense	889	829	464
Total provision for income taxes	$998	$838	$528

The following table is a reconciliation of our income tax provision for the periods indicated:

	Years Ended Dec. 31,
	2024	2023	2022
(Millions of dollars)
Income before income taxes	$4,110	$3,497	$2,250
Federal statutory income tax rate	21.0%	21.0%	21.0%
Provision for federal income taxes	863	734	472
State income taxes, net of federal benefit	93	100	54
Change in valuation allowance	12	2	(1)
Deferred tax rate change	20	—	—
Excess tax benefits from share-based compensation	(13)	1	(1)
Other, net	23	1	4
Income tax provision	$998	$838	$528

The following table sets forth the tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of the dates indicated:

	Dec. 31,2024	Dec. 31,2023
Deferred tax assets · (Millions of dollars)
Employee benefits and other accrued liabilities	$99	$88
Federal net operating loss	2,818	2,534
State net operating loss and benefits	515	492
Derivative instruments	15	—
Interest expense limitation	407	210
Other	39	20
Total deferred tax assets	3,893	3,344
Valuation allowance for state net operating loss and tax credits
Carryforward expected to expire prior to utilization	(252)	(240)
Net deferred tax assets	3,641	3,104
Deferred tax liabilities
Excess of tax over book depreciation	58	104
Derivative instruments	—	7
Investment in partnerships (a)	9,034	5,587
Total deferred tax liabilities	9,092	5,698
Net deferred tax liabilities	$5,451	$2,594

(a) Due primarily to excess of tax over book depreciation.

On Oct. 15, 2024, we completed the EnLink Controlling Interest Acquisition resulting in a difference between the carrying value of the underlying assets acquired and the carryover tax basis in the assets, which resulted in a deferred tax liability of $2.0 billion recorded as part of the purchase price allocation.

Subsequent event - On Jan. 31, 2025, we completed the EnLink Acquisition by acquiring all of the remaining and outstanding publicly held EnLink Units. EnLink is now a wholly owned subsidiary and included in our consolidated income tax returns.

As of Dec. 31, 2024, we have federal net operating loss carryforwards of $13.4 billion, the majority of which have an indefinite carryforward period. We expect to generate taxable income and utilize these net operating loss carryforwards in future periods. We also have loss and credit carryovers in multiple states, $11.0 billion of which, have an indefinite carryforward period and $2.3 billion of which will expire between 2026 and 2044. We have deferred tax assets related to federal and state net operating loss and credit carryforwards of $3.3 billion and $3.0 billion in 2024 and 2023, respectively. We believe that it is more likely than not that the tax benefits of certain state carryforwards will not be utilized; therefore, we recorded a valuation allowance, which was increased by $12 million and $165 million in 2024 and 2023, respectively, and reduced by $1 million in 2022 through net income.

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