ONEOK INC /NEW/
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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.
Sep 30, 2026 · Filed Oct 28, 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 Information | Page No. |
|---|---|---|
| Item 1. | Financial Statements (Unaudited) | 7 |
| Consolidated Statements of Income - Three and Nine Months Ended September 30, 2026 and 2025 | 7 | |
| Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2026 and 2025 | 7 | |
| Consolidated Balance Sheets - September 30, 2026, and December 31, 2025 | 8 | |
| Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2026 and 2025 | 9 | |
| Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests - Three and Nine Months Ended September 30, 2026 and 2025 | 10 | |
| Notes to Consolidated Financial Statements | 12 | |
| A. Summary of Significant Accounting Policies | 12 | |
| B. Acquisitions | 12 | |
| C. Fair Value Measurements | 13 | |
| D. Risk-Management and Hedging Activities Using Derivatives | 14 | |
| E. Debt | 16 | |
| F. Equity | 17 | |
| G. Variable Interest Entities | 19 | |
| H. Earnings Per Share | 20 | |
| I. Unconsolidated Affiliates | 21 | |
| J. Commitments and Contingencies | 21 | |
| K. Revenues | 22 | |
| L. Segments | 22 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 27 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 44 |
| Item 4. | Controls and Procedures | 44 |
| Part II. | Other Information | 45 |
| Item 1. | Legal Proceedings | 45 |
| Item 1A. | Risk Factors | 45 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 45 |
| Item 3. | Defaults Upon Senior Securities | 45 |
| Item 4. | Mine Safety Disclosures | 45 |
| Item 5. | Other Information | 45 |
| Item 6. | Exhibits | 45 |
| Signatures | 49 |
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, 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 Agreement | The senior unsecured delayed draw 364-day $1.2 billion term loan agreement dated April 24, 2026 |
|---|---|
| $3.5 Billion Credit Agreement | ONEOK’s $3.5 billion amended and restated revolving credit agreement |
| AFUDC | Allowance for funds used during construction |
| Apollo | AP Falcon Holdings LLC, an affiliate of Apollo Global Management, Inc. and the initial holder of the Class B Units |
| Ascension | Ascension Pipeline Company, LLC, a 50% owned joint venture |
| Base Return | The capped return on Class B Units as specified within the Operating Agreement, equal to 7.01% during the initial 9-year period, increasing to 7.35% in year 10, 7.475% in year 12, 7.725% in year 14 and 7.85% thereafter |
| Bbl | Barrels, 1 barrel is equivalent to 42 United States gallons |
| Bcf | Billion cubic feet |
| Bcf/d | Billion cubic feet per day |
| Brazos Midland | Brazos Midland, LLC, and after the Brazos Midland Acquisition, a wholly owned subsidiary of ONEOK |
| Brazos Midland Acquisition | The acquisition contemplated by the Brazos Midland Purchase Agreement pursuant to which 100% of the issued and outstanding membership interests of Brazos Midland were acquired in a cash transaction |
| Brazos Midland Purchase Agreement | The Membership Interest Purchase Agreement, dated August 18, 2026, by and between ONEOK Rockies Midstream, L.L.C. and Brazos Midstream |
| Brazos Midstream | Brazos Midstream Holdings III, LLC |
| BridgeTex | BridgeTex Pipeline Company, LLC, a 60% owned joint venture |
| CFFO | Cash flow from operations, pursuant to the Operating Agreement, a contractually defined measure derived from adjusted EBITDA and includes adjustments for interest expense, working capital, income taxes, distributions associated with unconsolidated affiliates and noncontrolling interests, and certain other specified items |
| Class A Member | ONEOK or any successor holder of Class A Units of ONEOK Holdings pursuant to the Operating Agreement |
| Class A Units | The limited liability company interests in ONEOK Holdings designated as a “Class A Unit” in the Operating Agreement |
| Class B Member | Apollo or any successor holder of Class B Units of ONEOK Holdings pursuant to the Operating Agreement |
| Class B Units | The limited liability company interests in ONEOK Holdings held by the Class B Member pursuant to the Operating Agreement |
| Contribution Agreement | Contribution Agreement, dated August 28, 2026, by and among ONEOK Holdings, ONEOK, Falcon TopCo and Apollo |
| Delaware Basin JV | A 50.1% owned joint venture, and after the Delaware Basin JV Acquisition, a wholly owned subsidiary of ONEOK |
| Delaware Basin JV Acquisition | The transaction completed on May 28, 2025, pursuant to which ONEOK acquired the remaining 49.9% noncontrolling interest in Delaware Basin JV |
| EBITDA | Earnings before interest expense, income taxes, depreciation and amortization |
| Eiger | Eiger Express Holdings, LLC, a 25.5% owned joint venture, including the 10.5% held through Matterhorn |
| EnLink | EnLink Midstream, LLC, and after the EnLink Acquisition, Elk Merger Sub II, L.L.C., a wholly owned subsidiary of ONEOK, and in connection with the Reorganization merged into ONEOK, L.L.C., with ONEOK, L.L.C. surviving the merger |
| EnLink Acquisition | The 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 |
|---|---|
| EPS | Earnings per share of common stock |
| ESG | Environmental, social and governance |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| Falcon Merger Sub | Falcon Merger Sub, L.L.C. formed in connection with the Reorganization and renamed ONEOK, L.L.C. |
| Falcon TopCo | Falcon TopCo, Inc. formed in connection with the Reorganization and renamed ONEOK, Inc. |
| FERC | Federal Energy Regulatory Commission |
| Fitch | Fitch Ratings, Inc. |
| GAAP | Accounting principles generally accepted in the United States of America |
| Initial Period | The period beginning on September 10, 2026, and continuing until the outstanding Class B balance of ONEOK Holdings has been reduced to $200 million |
| Legacy ONEOK | Prior to the Reorganization, ONEOK, Inc. and in connection with the Reorganization merged into Falcon Merger Sub, with Falcon Merger Sub surviving the merger |
| Matterhorn | MXP Parent, LLC, 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 |
| MMBbl | Million barrels |
| MMcf/d | Million cubic feet per day |
| Moody’s | Moody’s Investors Service, Inc. |
| NGL(s) | Natural gas liquid(s) |
| Northern Border | Northern Border Pipeline Company, a 50% owned joint venture |
| ONEOK | ONEOK, Inc. |
| ONEOK Holdings | ONEOK Holdings, L.L.C., a consolidated direct subsidiary of ONEOK and the parent company of ONEOK, L.L.C., formed in connection with the ONEOK Holdings Transaction, in which ONEOK owns 87% of the outstanding units through its Class A Units and Apollo owns 13% of the outstanding units through its Class B Units |
| ONEOK Holdings Transaction | The transactions contemplated by the Contribution Agreement, including the Reorganization and Apollo’s $9 billion investment in ONEOK Holdings |
| ONEOK, L.L.C. | A wholly owned direct subsidiary of ONEOK Holdings and parent of all ONEOK operating subsidiaries |
| ONEOK Partners | ONEOK Partners, L.P., a wholly owned subsidiary of ONEOK, and in connection with the Reorganization merged into ONEOK, L.L.C., with ONEOK, L.L.C. surviving the merger |
| Operating Agreement | The amended and restated limited liability company agreement of ONEOK Holdings, entered into in connection with the ONEOK Holdings Transaction, which governs the rights and obligations of the members of ONEOK Holdings |
| OWM | ONEOK Wyoming Midstream, LLC, an 85% owned joint venture |
| Overland Pass | Overland Pass Pipeline Company, LLC, a 50% owned joint venture |
| Powder Springs | Powder Springs Logistics, 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 |
| Reorganization | The reorganization completed in connection with the ONEOK Holdings Transaction pursuant to which, among other things, (i) Legacy ONEOK merged with and into Falcon Merger Sub, with Falcon Merger Sub surviving the merger as ONEOK, L.L.C., and (ii) Falcon TopCo became the successor to Legacy ONEOK and was renamed ONEOK, Inc. |
|---|---|
| Roadrunner | Roadrunner Gas Transmission Holdings, 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 |
| Term SOFR | The forward-looking term rate based on Secured Overnight Financing Rate (SOFR) |
| 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, 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, is 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.