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ONEOK INC /NEW/

For the period ended Mar 31, 2026. Filed Apr 29, 2026.

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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, 2026 · Filed Apr 29, 2026

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

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

See the whole filing, with its images and exhibits

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, 2026 and 20256
Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2026 and 20256
Consolidated Balance Sheets - March 31, 2026 and December 31, 20257
Consolidated Statements of Cash Flows - Three Months Ended March 31, 2026 and 20258
Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests - Three Months Ended March 31, 2026 and 20259
Notes to Consolidated Financial Statements10
A. Summary of Significant Accounting Policies10
B. Fair Value Measurements10
C. Risk-Management and Hedging Activities Using Derivatives11
D. Debt13
E. Equity13
F. Variable Interest Entities13
G. Earnings Per Share14
H. Unconsolidated Affiliates15
I. Commitments and Contingencies15
J. Revenues16
K. Segments16
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations19
Item 3.Quantitative and Qualitative Disclosures About Market Risk32
Item 4.Controls and Procedures32
Part II.Other Information32
Item 1.Legal Proceedings32
Item 1A.Risk Factors33
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds33
Item 3.Defaults Upon Senior Securities33
Item 4.Mine Safety Disclosures33
Item 5.Other Information33
Item 6.Exhibits33
Signatures35

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:

$1.2 Billion Term Loan AgreementThe senior unsecured delayed draw 364-day $1.2 billion term loan agreement dated April 24, 2026
$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
Bcf/dBillion cubic feet per day
BridgeTexBridgeTex Pipeline Company, LLC, a 60% owned joint venture
EBITDAEarnings before interest expense, income taxes, depreciation and amortization
EigerEiger Express Holdings, LLC, a 25.5% owned joint venture, including the 10.5% held through Matterhorn
EnLinkEnLink Midstream, LLC, and after the EnLink Acquisition, Elk Merger Sub II, L.L.C., a wholly owned subsidiary of ONEOK
EnLink AcquisitionThe transactions pursuant to which ONEOK acquired a controlling interest in, and subsequently all outstanding publicly held common units of, EnLink, completed on October 15, 2024, and January 31, 2025, respectively, resulting in EnLink becoming a wholly owned subsidiary of ONEOK
EnLink PartnersEnLink Midstream Partners, LP, a wholly owned subsidiary of ONEOK
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
Intermediate PartnershipONEOK Partners Intermediate Limited Partnership, a wholly owned subsidiary of ONEOK
MagellanMagellan Midstream Partners, L.P., a wholly owned subsidiary of ONEOK
MatterhornMXP Parent, LLC, a 15% owned joint venture
MBbl/dThousand barrels per day
MBTC PipelineMBTC Pipeline LLC, an 80% owned joint venture
MDth/dThousand dekatherms per day
MedallionMedallion Parent Holdings, L.L.C., a wholly owned subsidiary of ONEOK
MMBblMillion barrels
MMcf/dMillion cubic feet per day
Moody’sMoody’s Investors Service, Inc.
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
OWMONEOK Wyoming Midstream, LLC, an 85% owned joint venture
Overland PassOverland Pass Pipeline Company, LLC, a 50% owned joint venture
Powder SpringsPowder Springs Logistics, 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 Holdings, LLC, a 50% owned joint venture
S&PS&P Global Ratings
SaddlehornSaddlehorn Pipeline Company, LLC, a 40% owned joint venture
SECSecurities and Exchange Commission
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, 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.