ONEOK INC /NEW/
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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E. Property, Plant and Equipment
The following table sets forth our property, plant and equipment by property type, as of the dates indicated:
| Estimated UsefulLives (Years) | December 31,2025 | December 31,2024 | |
|---|---|---|---|
| (Millions of dollars) | |||
| Gathering pipelines and related equipment | 3 to 47 | $13,219 | $11,643 |
| Processing and fractionation and related equipment | 3 to 40 | 12,594 | 12,406 |
| Storage and related equipment | 5 to 54 | 3,770 | 3,684 |
| Transmission pipelines and related equipment | 3 to 87 | 21,756 | 21,315 |
| General plant and other | 2 to 60 | 1,171 | 1,316 |
| Land | — | 416 | 592 |
| Construction work in process | — | 2,563 | 1,318 |
| Property, plant and equipment | 55,489 | 52,274 | |
| Accumulated depreciation and amortization | (7,628) | (6,339) | |
| Net property, plant and equipment | $47,861 | $45,935 | |
The depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $1.4 billion, $1.1 billion and $736 million, respectively.
We incurred costs for construction work in process that had not been paid at December 31, 2025, 2024 and 2023, of $173 million, $179 million and $242 million, respectively. Such amounts are not included in capital expenditures (less AFUDC) on the Consolidated Statements of Cash Flows.
EnLink Controlling Interest Acquisition - In October 2024, we completed the EnLink Controlling Interest Acquisition and acquired property, plant and equipment, which primarily include pipeline and rights of way, pipeline-related equipment, processing plants and fractionators, valued at $11.4 billion.
Medallion Acquisition - In October 2024, we completed the Medallion Acquisition and acquired property, plant and equipment, which primarily include pipeline and pump station equipment, valued at $1.6 billion.
Interstate Natural Gas Pipeline Divestiture - In December 2024, we completed the sale ofthree of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. These assets, which are primarily transmission pipelines and related equipment, had a gross cost basis of $1.3 billion.
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