ONEOK INC NEW
For the period ended Mar 31, 2025. Filed Apr 30, 2025.
View on SEC.govAbout 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
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 Information | Page No. |
|---|---|---|
| Item 1. | Financial Statements (Unaudited) | 6 |
| Consolidated Statements of Income - Three Months Ended March 31, 2025 and 2024 | 6 | |
| Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2025 and 2024 | 6 | |
| Consolidated Balance Sheets - March 31, 2025, and December 31, 2024 | 7 | |
| Consolidated Statements of Cash Flows - Three Months Ended March 31, 2025 and 2024 | 8 | |
| Consolidated Statements of Changes in Equity - Three Months Ended March 31, 2025 and 2024 | 9 | |
| Notes to Consolidated Financial Statements | 10 | |
| A. Summary of Significant Accounting Policies | 10 | |
| B. Acquisitions | 10 | |
| C. Fair Value Measurements | 11 | |
| D. Risk-Management and Hedging Activities Using Derivatives | 12 | |
| E. Debt | 13 | |
| F. Equity | 14 | |
| G. Variable Interest Entities | 14 | |
| H. Earnings Per Share | 15 | |
| I. Unconsolidated Affiliates | 16 | |
| J. Commitments and Contingencies | 16 | |
| K. Revenues | 16 | |
| L. Segments | 17 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 33 |
| Item 4. | Controls and Procedures | 33 |
| Part II. | Other Information | 33 |
| Item 1. | Legal Proceedings | 33 |
| Item 1A. | Risk Factors | 33 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 34 |
| Item 3. | Defaults Upon Senior Securities | 34 |
| Item 4. | Mine Safety Disclosures | 34 |
| Item 5. | Other Information | 34 |
| Item 6. | Exhibits | 34 |
| Signatures | 38 |
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 Agreement | ONEOK’s $2.5 billion amended and restated revolving credit agreement, replaced by the $3.5 Billion Credit Agreement |
|---|---|
| $3.5 Billion Credit Agreement | ONEOK’s $3.5 billion amended and restated revolving credit agreement |
| AFUDC | Allowance for funds used during construction |
| Ascension | Ascension Pipeline Company, LLC, a 50% owned joint venture |
| Bbl | Barrels, 1 barrel is equivalent to 42 United States gallons |
| Bcf | Billion cubic feet |
| BridgeTex | BridgeTex Pipeline Company, LLC, a 30% owned joint venture |
| Delaware Basin JV | Delaware G&P LLC, a 50.1% owned joint venture |
| EBITDA | Earnings before interest expense, income taxes, depreciation and amortization |
| EnLink | EnLink Midstream, LLC, and after the EnLink Acquisition, Elk Merger Sub II, L.L.C., a wholly owned subsidiary of ONEOK |
| EnLink Acquisition | The 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 Acquisition | The 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 Agreement | Agreement 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 Partners | EnLink Midstream Partners, LP, a wholly owned subsidiary of ONEOK |
| EnLink Purchase Agreement | Purchase 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 Facility | EnLink’s $1.4 billion unsecured credit facility |
| EnLink Units | Common units representing limited liability company interests in EnLink |
| EPS | Earnings per share of common stock |
| ESG | Environmental, social and governance |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FERC | Federal Energy Regulatory Commission |
| Fitch | Fitch Ratings, Inc. |
| GAAP | Accounting principles generally accepted in the United States of America |
| GIP | Global 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 Partnership | ONEOK Partners Intermediate Limited Partnership, a wholly owned subsidiary of ONEOK |
| Magellan | Magellan Midstream Partners, L.P., a wholly owned subsidiary of ONEOK |
| Matterhorn | Matterhorn Express, a 15% owned joint venture |
| MBbl/d | Thousand barrels per day |
| MBTC Pipeline | MBTC Pipeline LLC, an 80% owned joint venture |
| MDth/d | Thousand dekatherms per day |
| Medallion | GIP III Trophy Intermediate Holdings, L.P., and after the Medallion Acquisition, Medallion Parent Holdings, L.L.C, a wholly owned subsidiary of ONEOK |
| Medallion Acquisition | The 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 |
| MMBbl | Million barrels |
|---|---|
| MMcf/d | Million cubic feet per day |
| Moody’s | Moody’s Investors Service, Inc. |
| MPLX | MPLX LP |
| NGL(s) | Natural gas liquid(s) |
| Northern Border | Northern Border Pipeline Company, a 50% owned joint venture |
| ONEOK | ONEOK, Inc. |
| ONEOK Partners | ONEOK Partners, L.P., a wholly owned subsidiary of ONEOK |
| Overland Pass | Overland Pass Pipeline Company, LLC, a 50% owned joint venture |
| Purity NGLs | Marketable 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 Products | The output from crude oil refineries, including products such as gasoline, diesel fuel, aviation fuel, kerosene and heating oil |
| Roadrunner | Roadrunner Gas Transmission, LLC, a 50% owned joint venture |
| S&P | S&P Global Ratings |
| Saddlehorn | Saddlehorn Pipeline Company, LLC, a 40% owned joint venture |
| SEC | Securities and Exchange Commission |
| Series B Preferred Units | EnLink Partners’ Series B Cumulative Convertible Preferred Units |
| Series E Preferred Stock | Series E Non-Voting, Perpetual Preferred Stock, par value $0.01 per share |
| Texas City Logistics | Texas City Logistics, LLC, a 50% owned joint venture |
| XBRL | eXtensible 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.