ONEOK INC /NEW/
For the period ended Sep 30, 2025. Filed Oct 29, 2025.
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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.
Sep 30, 2025 · Filed Oct 29, 2025
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L. Segments
Segment Descriptions - Our operations are divided into four reportable business segments as follows:
our Natural Gas Gathering and Processing segment gathers, compresses, treats, processes and markets natural gas;
our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes Purity NGLs;
our Natural Gas Pipelines segment transports, stores and markets natural gas; and
our Refined Products and Crude segment gathers, transports, stores, distributes, blends and markets Refined Products and crude oil.
Other and eliminations consist of corporate costs, the operating activities of our headquarters building and related parking facility, the activity of our wholly owned captive insurance company and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements.
The significant expense categories and amounts included in the table below align with the segment-level information that is regularly provided to the chief operating decision-maker.
Operating Segment Information -The following tables set forth certain selected financial information for our operating segments for the periods indicated:
| Three Months EndedSeptember 30, 2025 | Natural GasGathering andProcessing | Natural GasLiquids | Natural GasPipelines | Refined Products and Crude | TotalSegments |
|---|---|---|---|---|---|
| (Millions of dollars) | |||||
| Liquids commodity sales | $1,066 | $3,746 | $— | $3,010 | $7,822 |
| Residue natural gas sales | 468 | — | 296 | — | 764 |
| Exchange services and natural gas gathering and processing revenue | 298 | 111 | — | — | 409 |
| Transportation and storage revenue | — | 36 | 154 | 590 | 780 |
| Other revenue | 9 | 2 | — | 29 | 40 |
| Total revenues (a) | 1,841 | 3,895 | 450 | 3,629 | 9,815 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | (1,038) | (2,977) | (255) | (2,873) | (7,143) |
| Operating costs | (244) | (202) | (59) | (231) | (736) |
| Adjusted EBITDA from unconsolidated affiliates | 1 | 26 | 63 | 40 | 130 |
| Noncash compensation expense and other | 6 | 6 | 1 | 17 | 30 |
| Segment adjusted EBITDA | $566 | $748 | $200 | $582 | $2,096 |
| Depreciation and amortization | $(126) | $(116) | $(25) | $(108) | $(375) |
| Equity in net earnings from investments | $1 | $24 | $39 | $28 | $92 |
| Capital expenditures | $302 | $218 | $55 | $214 | $789 |
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $1.1 billion for the Natural Gas Gathering and Processing segment, $99 million for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.
| Three Months EndedSeptember 30, 2025 | Total Segments | Other and Eliminations | Total |
|---|---|---|---|
| (Millions of dollars) | |||
| Reconciliations of total segments to consolidated | |||
| Liquids commodity sales | $7,822 | $(1,157) | $6,665 |
| Residue natural gas sales | 764 | (13) | 751 |
| Exchange services and natural gas gathering and processing revenue | 409 | (3) | 406 |
| Transportation and storage revenue | 780 | (5) | 775 |
| Other revenue | 40 | (3) | 37 |
| Total revenues (a) | $9,815 | $(1,181) | $8,634 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | $(7,143) | $1,181 | $(5,962) |
| Operating costs | $(736) | $(2) | $(738) |
| Depreciation and amortization | $(375) | $(3) | $(378) |
| Equity in net earnings from investments | $92 | $— | $92 |
| Capital expenditures | $789 | $15 | $804 |
| Three Months EndedSeptember 30, 2024 | Natural Gas Gathering and Processing | Natural Gas Liquids | Natural Gas Pipelines | Refined Products and Crude | Total Segments |
|---|---|---|---|---|---|
| (Millions of dollars) | |||||
| Liquids commodity sales | $648 | $3,496 | $— | $407 | $4,551 |
| Residue natural gas sales | 219 | — | — | — | 219 |
| Gathering, processing and exchange services revenue | 35 | 129 | — | — | 164 |
| Transportation and storage revenue | — | 50 | 171 | 526 | 747 |
| Other revenue | 3 | 4 | — | 30 | 37 |
| Total revenues (a) | 905 | 3,679 | 171 | 963 | 5,718 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | (464) | (2,906) | (1) | (352) | (3,723) |
| Operating costs | (129) | (183) | (52) | (217) | (581) |
| Adjusted EBITDA from unconsolidated affiliates | — | 26 | 45 | 41 | 112 |
| Noncash compensation expense and other | 6 | 8 | 3 | 6 | 23 |
| Segment adjusted EBITDA | $318 | $624 | $166 | $441 | $1,549 |
| Depreciation and amortization | $(71) | $(89) | $(21) | $(93) | $(274) |
| Equity in net earnings (loss) from investments | $(1) | $24 | $34 | $35 | $92 |
| Capital expenditures | $102 | $247 | $56 | $45 | $450 |
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $657 million and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.
| Three Months EndedSeptember 30, 2024 | Total Segments | Other and Eliminations | Total |
|---|---|---|---|
| (Millions of dollars) | |||
| Reconciliations of total segments to consolidated | |||
| Liquids commodity sales | $4,551 | $(691) | $3,860 |
| Residue natural gas sales | 219 | — | 219 |
| Gathering, processing and exchange services revenue | 164 | — | 164 |
| Transportation and storage revenue | 747 | (4) | 743 |
| Other revenue | 37 | — | 37 |
| Total revenues (a) | $5,718 | $(695) | $5,023 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | $(3,723) | $696 | $(3,027) |
| Operating costs | $(581) | $(1) | $(582) |
| Depreciation and amortization | $(274) | $— | $(274) |
| Equity in net earnings from investments | $92 | $— | $92 |
| Capital expenditures | $450 | $18 | $468 |
| Nine Months EndedSeptember 30, 2025 | Natural Gas Gathering and Processing | Natural Gas Liquids | Natural Gas Pipelines | Refined Products and Crude | Total Segments |
|---|---|---|---|---|---|
| (Millions of dollars) | |||||
| Liquids commodity sales | $3,393 | $11,598 | $— | $7,227 | $22,218 |
| Residue natural gas sales | 1,615 | — | 872 | — | 2,487 |
| Exchange services and natural gas gathering and processing revenue | 852 | 307 | — | — | 1,159 |
| Transportation and storage revenue | — | 121 | 447 | 1,692 | 2,260 |
| Other revenue | 26 | 8 | — | 86 | 120 |
| Total revenues (a) | 5,886 | 12,034 | 1,319 | 9,005 | 28,244 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | (3,576) | (9,464) | (735) | (6,883) | (20,658) |
| Operating costs | (737) | (615) | (167) | (672) | (2,191) |
| Adjusted EBITDA from unconsolidated affiliates | 4 | 76 | 179 | 122 | 381 |
| Noncash compensation expense and other | 20 | 25 | 4 | 38 | 87 |
| Segment adjusted EBITDA | $1,597 | $2,056 | $600 | $1,610 | $5,863 |
| Depreciation and amortization | $(374) | $(341) | $(73) | $(330) | $(1,118) |
| Equity in net earnings from investments | $3 | $69 | $116 | $93 | $281 |
| Investments in unconsolidated affiliates | $40 | $597 | $860 | $1,271 | $2,768 |
| Total assets | $16,266 | $20,047 | $4,610 | $24,225 | $65,148 |
| Capital expenditures | $884 | $524 | $169 | $539 | $2,116 |
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues totaled $3.4 billion for the Natural Gas Gathering and Processing segment, $239 million for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.
| Nine Months EndedSeptember 30, 2025 | Total Segments | Other and Eliminations | Total |
|---|---|---|---|
| (Millions of dollars) | |||
| Reconciliations of total segments to consolidated | |||
| Liquids commodity sales | $22,218 | $(3,604) | $18,614 |
| Residue natural gas sales | 2,487 | (47) | 2,440 |
| Exchange services and natural gas gathering and processing revenue | 1,159 | (3) | 1,156 |
| Transportation and storage revenue | 2,260 | (15) | 2,245 |
| Other revenue | 120 | (11) | 109 |
| Total revenues (a) | $28,244 | $(3,680) | $24,564 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | $(20,658) | $3,681 | $(16,977) |
| Operating costs | $(2,191) | $(5) | $(2,196) |
| Depreciation and amortization | $(1,118) | $(8) | $(1,126) |
| Equity in net earnings from investments | $281 | $— | $281 |
| Investments in unconsolidated affiliates | $2,768 | $5 | $2,773 |
| Total assets | $65,148 | $1,468 | $66,616 |
| Capital expenditures | $2,116 | $66 | $2,182 |
| Nine Months EndedSeptember 30, 2024 | Natural Gas Gathering and Processing | Natural Gas Liquids | Natural Gas Pipelines | Refined Products and Crude | Total Segments |
|---|---|---|---|---|---|
| (Millions of dollars) | |||||
| Liquids commodity sales | $1,912 | $10,104 | $— | $1,250 | $13,266 |
| Residue natural gas sales | 732 | — | 28 | — | 760 |
| Gathering, processing and exchange services revenue | 101 | 390 | — | — | 491 |
| Transportation and storage revenue | — | 141 | 491 | 1,490 | 2,122 |
| Other revenue | 16 | 10 | — | 81 | 107 |
| Total revenues (a) | 2,761 | 10,645 | 519 | 2,821 | 16,746 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | (1,479) | (8,352) | (18) | (1,017) | (10,866) |
| Operating costs | (365) | (545) | (157) | (650) | (1,717) |
| Adjusted EBITDA from unconsolidated affiliates | 3 | 70 | 133 | 117 | 323 |
| Noncash compensation expense | 16 | 26 | 6 | 24 | 72 |
| Other | 59 | 3 | — | (6) | 56 |
| Segment adjusted EBITDA | $995 | $1,847 | $483 | $1,289 | $4,614 |
| Depreciation and amortization | $(215) | $(260) | $(57) | $(254) | $(786) |
| Equity in net earnings from investments | $1 | $63 | $102 | $90 | $256 |
| Investments in unconsolidated affiliates | $31 | $417 | $516 | $958 | $1,922 |
| Total assets | $7,113 | $15,701 | $2,704 | $19,031 | $44,549 |
| Capital expenditures | $319 | $785 | $187 | $120 | $1,411 |
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $1.9 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.
| Nine Months EndedSeptember 30, 2024 | Total Segments | Other and Eliminations | Total |
|---|---|---|---|
| (Millions of dollars) | |||
| Reconciliations of total segments to consolidated | |||
| Liquids commodity sales | $13,266 | $(2,025) | $11,241 |
| Residue natural gas sales | 760 | — | 760 |
| Gathering, processing and exchange services revenue | 491 | — | 491 |
| Transportation and storage revenue | 2,122 | (16) | 2,106 |
| Other revenue | 107 | (7) | 100 |
| Total revenues (a) | $16,746 | $(2,048) | $14,698 |
| Cost of sales and fuel (exclusive of depreciation and operating costs) | $(10,866) | $2,051 | $(8,815) |
| Operating costs | $(1,717) | $(3) | $(1,720) |
| Depreciation and amortization | $(786) | $(4) | $(790) |
| Equity in net earnings from investments | $256 | $— | $256 |
| Investments in unconsolidated affiliates | $1,922 | $3 | $1,925 |
| Total assets | $44,549 | $6,501 | $51,050 |
| Capital expenditures | $1,411 | $48 | $1,459 |
| Three Months EndedSeptember 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Reconciliation of net income to total segment adjusted EBITDA · (Millions of dollars) | ||||
| Net income | $940 | $693 | $2,484 | $2,112 |
| Interest expense, net of capitalized interest | 450 | 325 | 1,330 | 923 |
| Depreciation and amortization | 378 | 274 | 1,126 | 790 |
| Income taxes | 297 | 219 | 754 | 670 |
| Adjusted EBITDA from unconsolidated affiliates | 129 | 112 | 381 | 323 |
| Equity in net earnings from investments | (92) | (92) | (281) | (256) |
| Noncash compensation expense and other (a) | 17 | 14 | 81 | 48 |
| Corporate other (a) | (23) | 4 | (12) | 4 |
| Total segment adjusted EBITDA | $2,096 | $1,549 | $5,863 | $4,614 |
(a) - The three months ended September 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $7 million included within corporate other and $3 million included within noncash compensation expense and other. The nine months ended September 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $59 million included within corporate other and $15 million included within noncash compensation expense and other.
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