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ONEOK INC NEW

For the period ended Mar 31, 2025. Filed Apr 30, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 30, 2025

OKE$85.98+0.9%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Table of Contents

ONEOK, Inc.

TABLE OF CONTENTS

Part I.Financial InformationPage No.
Item 1.Financial Statements (Unaudited)6
Consolidated Statements of Income - Three Months Ended March 31, 2025 and 20246
Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2025 and 20246
Consolidated Balance Sheets - March 31, 2025, and December 31, 20247
Consolidated Statements of Cash Flows - Three Months Ended March 31, 2025 and 20248
Consolidated Statements of Changes in Equity - Three Months Ended March 31, 2025 and 20249
Notes to Consolidated Financial Statements10
A. Summary of Significant Accounting Policies10
B. Acquisitions10
C. Fair Value Measurements11
D. Risk-Management and Hedging Activities Using Derivatives12
E. Debt13
F. Equity14
G. Variable Interest Entities14
H. Earnings Per Share15
I. Unconsolidated Affiliates16
J. Commitments and Contingencies16
K. Revenues16
L. Segments17
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations20
Item 3.Quantitative and Qualitative Disclosures About Market Risk33
Item 4.Controls and Procedures33
Part II.Other Information33
Item 1.Legal Proceedings33
Item 1A.Risk Factors33
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds34
Item 3.Defaults Upon Senior Securities34
Item 4.Mine Safety Disclosures34
Item 5.Other Information34
Item 6.Exhibits34
Signatures38

As used in this Quarterly Report, references to “ONEOK,” “we,” “our” or “us” refer to ONEOK, Inc., an Oklahoma corporation, and its predecessors and subsidiaries, including Magellan, EnLink and Medallion, unless the context indicates otherwise.

The statements in this Quarterly Report that are not historical information, including statements concerning plans and objectives of management for future operations, economic performance or related assumptions, are forward-looking statements. Forward-looking statements may include words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “projects,” “scheduled,” “should,” “target,” “will,” “would” and other words and terms of similar meaning. Although we believe that our expectations regarding future events are based on reasonable assumptions, we can give no assurance that such expectations or assumptions will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements are described under Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements” and Part II, Item 1A, “Risk Factors,” in this Quarterly Report, and under Part I, Item 1A, “Risk Factors,” in our Annual Report.

GLOSSARY

The abbreviations, acronyms and industry terminology used in this Quarterly Report are defined as follows:

$2.5 Billion Credit AgreementONEOK’s $2.5 billion amended and restated revolving credit agreement, replaced by the $3.5 Billion Credit Agreement
$3.5 Billion Credit AgreementONEOK’s $3.5 billion amended and restated revolving credit agreement
AFUDCAllowance for funds used during construction
AscensionAscension Pipeline Company, LLC, a 50% owned joint venture
BblBarrels, 1 barrel is equivalent to 42 United States gallons
BcfBillion cubic feet
BridgeTexBridgeTex Pipeline Company, LLC, a 30% owned joint venture
Delaware Basin JVDelaware G&P LLC, a 50.1% owned joint venture
EBITDAEarnings before interest expense, income taxes, depreciation and amortization
EnLinkEnLink Midstream, LLC, and after the EnLink Acquisition, Elk Merger Sub II, L.L.C., a wholly owned subsidiary of ONEOK
EnLink AcquisitionThe transaction completed on January 31, 2025, pursuant to which ONEOK acquired all of the publicly held EnLink Units in a tax-free transaction, pursuant to the EnLink Merger Agreement
EnLink Controlling Interest AcquisitionThe transaction completed on October 15, 2024, pursuant to which ONEOK acquired (i) approximately 43% of the outstanding EnLink Units and (ii) all of the outstanding limited liability company interests in EnLink Midstream Manager, LLC, pursuant to the EnLink Purchase Agreement
EnLink Merger AgreementAgreement and Plan of Merger, dated as of November 24, 2024, by and among ONEOK, Inc., Elk Merger Sub I, LLC., Elk Merger Sub II LLC., EnLink and EnLink Midstream Manager, LLC
EnLink PartnersEnLink Midstream Partners, LP, a wholly owned subsidiary of ONEOK
EnLink Purchase AgreementPurchase agreement, dated August 28, 2024, by and among ONEOK, GIP III Stetson I, L.P., GIP III Stetson II, L.P. and EnLink Midstream Manager, LLC
EnLink Revolving Credit FacilityEnLink’s $1.4 billion unsecured credit facility
EnLink UnitsCommon units representing limited liability company interests in EnLink
EPSEarnings per share of common stock
ESGEnvironmental, social and governance
Exchange ActSecurities Exchange Act of 1934, as amended
FERCFederal Energy Regulatory Commission
FitchFitch Ratings, Inc.
GAAPAccounting principles generally accepted in the United States of America
GIPGlobal Infrastructure Partners and certain of its managed fund vehicles, including GIP III Stetson I, L.P., GIP III Stetson II, L.P., GIP III Trophy GP 2, GIP III Trophy Acquisition
Intermediate PartnershipONEOK Partners Intermediate Limited Partnership, a wholly owned subsidiary of ONEOK
MagellanMagellan Midstream Partners, L.P., a wholly owned subsidiary of ONEOK
MatterhornMatterhorn Express, a 15% owned joint venture
MBbl/dThousand barrels per day
MBTC PipelineMBTC Pipeline LLC, an 80% owned joint venture
MDth/dThousand dekatherms per day
MedallionGIP III Trophy Intermediate Holdings, L.P., and after the Medallion Acquisition, Medallion Parent Holdings, L.L.C, a wholly owned subsidiary of ONEOK
Medallion AcquisitionThe transaction completed on October 31, 2024, pursuant to which ONEOK (i) became general partner of Medallion and (ii) acquired all of the issued and outstanding limited partner interests in Medallion from GIP
MMBblMillion barrels
MMcf/dMillion cubic feet per day
Moody’sMoody’s Investors Service, Inc.
MPLXMPLX LP
NGL(s)Natural gas liquid(s)
Northern BorderNorthern Border Pipeline Company, a 50% owned joint venture
ONEOKONEOK, Inc.
ONEOK PartnersONEOK Partners, L.P., a wholly owned subsidiary of ONEOK
Overland PassOverland Pass Pipeline Company, LLC, a 50% owned joint venture
Purity NGLsMarketable natural gas liquid purity products, such as ethane, ethane/propane mix, propane, iso-butane, normal butane and natural gasoline
Quarterly Report(s)Quarterly Report(s) on Form 10-Q
Refined ProductsThe output from crude oil refineries, including products such as gasoline, diesel fuel, aviation fuel, kerosene and heating oil
RoadrunnerRoadrunner Gas Transmission, LLC, a 50% owned joint venture
S&PS&P Global Ratings
SaddlehornSaddlehorn Pipeline Company, LLC, a 40% owned joint venture
SECSecurities and Exchange Commission
Series B Preferred UnitsEnLink Partners’ Series B Cumulative Convertible Preferred Units
Series E Preferred StockSeries E Non-Voting, Perpetual Preferred Stock, par value $0.01 per share
Texas City LogisticsTexas City Logistics, LLC, a 50% owned joint venture
XBRLeXtensible Business Reporting Language

INFORMATION AVAILABLE ON OUR WEBSITE

We make available, free of charge, on our website (www.oneok.com) copies of our Annual Reports on Form 10-K, Quarterly Reports, Current Reports on Form 8-K, Proxy Statements, amendments to those reports filed or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act and reports of holdings of our securities filed by our officers and directors under Section 16 of the Exchange Act as soon as reasonably practicable after filing such material electronically or otherwise furnishing it to the SEC. Copies of our Code of Business Conduct and Ethics, Corporate Governance Guidelines, Director Independence Guidelines, Corporate Sustainability Report and the written charters of our Board Committees also are available on our website, and we will provide copies of these documents upon request.

In addition to our filings with the SEC and materials posted on our website, we also use social media platforms as additional channels of distribution to reach public investors. Information contained on our website or posted on our social media accounts, including any corresponding applications, are not incorporated by reference into this report.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.