# ONEOK INC /NEW/ (OKE) Informational only - not investment advice. CIK: 0001039684 SIC: 4923 Natural Gas Transmisison & Distribution SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4923 Natural Gas Transmisison & Distribution](/industry/4923/) Latest 10-K filed: 2026-02-24 SEC page: https://www.sec.gov/edgar/browse/?CIK=1039684 Filing source: https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001039684-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 33,629,000,000 USD | 2025 | verified | | Net income | 3,393,000,000 USD | 2025 | verified | | Assets | 66,641,000,000 USD | 2025 | verified | | Free cash flow | 2,447,000,000 USD | 2025 | computed | | Net margin | 10.09% | 2025 | computed | | Operating margin | 17.07% | 2025 | computed | | Revenue YoY | +54.99% | 2025 | computed | | ROE | 15.09% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | OKE | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 10.1% | 12.5% | 31 | 87 | | Operating margin | 17.1% | 21.2% | 28 | 83 | | Revenue growth | 55.0% | 9.8% | 99 | 87 | | FCF margin | 7.3% | -3.7% | 70 | 75 | | ROE | 15.1% | 9.2% | 84 | 89 | | ROA | 5.1% | 2.7% | 86 | 91 | | Liabilities / equity | 1.96 | 2.32 | 40 | 89 | | Current ratio | 0.71 | 0.80 | 32 | 91 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 49 Electric, Gas, And Sanitary Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 33629000000 | USD | 2025 | 2026-02-24 | | Net income | 3393000000 | USD | 2025 | 2026-02-24 | | Assets | 66641000000 | USD | 2025 | 2026-02-24 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | | | | | | | 16,540,000,000 | 22,387,000,000 | 17,677,000,000 | 21,698,000,000 | 33,629,000,000 | | Net income | | | | | | | 244,977,000 | 352,039,000 | 387,841,000 | 1,151,703,000 | 1,278,577,000 | 612,809,000 | | 1,722,000,000 | 2,659,000,000 | 3,035,000,000 | 3,393,000,000 | | Operating income | | | | | | | | 1,295,778,000 | 1,391,771,000 | 1,835,464,000 | 1,914,353,000 | 1,361,357,000 | 2,596,000,000 | 2,807,000,000 | 4,072,000,000 | 4,989,000,000 | 5,741,000,000 | | Diluted EPS | | | | | | | | 1.66 | 1.29 | 2.78 | 3.07 | 1.42 | 3.35 | 3.84 | 5.48 | 5.17 | 5.42 | | Operating cash flow | | | | | | | | 1,353,220,000 | 1,315,412,000 | 2,186,719,000 | 1,946,779,000 | 1,899,068,000 | 2,546,000,000 | 2,906,000,000 | 4,421,000,000 | 4,888,000,000 | 5,599,000,000 | | Capital expenditures | | | | | | | | 624,634,000 | 512,393,000 | 2,141,475,000 | 3,848,349,000 | 2,195,381,000 | 697,000,000 | 1,202,000,000 | 1,595,000,000 | 2,021,000,000 | 3,152,000,000 | | Dividends paid | | | | | | | | 517,601,000 | 829,414,000 | 1,335,058,000 | 1,457,628,000 | 1,605,366,000 | 1,667,000,000 | 1,672,000,000 | 1,839,000,000 | 2,313,000,000 | 2,583,000,000 | | Share buybacks | 254,000 | 7,000 | 300,108,000 | 150,000,000 | 0.00 | 0.00 | | | | | | | | 0.00 | 0.00 | 159,000,000 | 75,000,000 | | Assets | | | | | | | | 16,138,751,000 | 16,845,937,000 | 18,231,671,000 | 21,812,121,000 | 23,078,754,000 | 23,622,000,000 | 24,379,000,000 | 44,266,000,000 | 64,069,000,000 | 66,641,000,000 | | Stockholders' equity | | | | | | | | 188,745,000 | 5,527,867,000 | 6,579,543,000 | 6,225,951,000 | 6,043,000,000 | 6,016,000,000 | 6,494,000,000 | 16,484,000,000 | 17,036,000,000 | 22,485,000,000 | | Cash and cash equivalents | | | | | | | | 248,875,000 | 37,193,000 | 11,975,000 | 20,958,000 | 524,496,000 | 146,391,000 | 220,000,000 | 338,000,000 | 733,000,000 | 78,000,000 | | Free cash flow | | | | | | | | 728,586,000 | 803,019,000 | 45,244,000 | -1,901,570,000 | -296,313,000 | 1,849,000,000 | 1,704,000,000 | 2,826,000,000 | 2,867,000,000 | 2,447,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | | | | | | | | 7.69% | 15.04% | 13.99% | 10.09% | | Operating margin | | | | | | | | | | | | | 15.70% | 12.54% | 23.04% | 22.99% | 17.07% | | Return on equity | | | | | | | | 186.52% | 7.02% | 17.50% | 20.54% | 10.14% | | 26.52% | 16.13% | 17.82% | 15.09% | | Return on assets | | | | | | | | 2.18% | 2.30% | 6.32% | 5.86% | 2.66% | | 7.06% | 6.01% | 4.74% | 5.09% | | Liabilities / equity | | | | | | | | 84.51 | 2.05 | 1.77 | 2.50 | 2.82 | 2.93 | 2.75 | 1.69 | 2.76 | 1.96 | | Current ratio | | | | | | | | 0.50 | 0.66 | 0.66 | 0.73 | 1.39 | 0.75 | 0.84 | 0.90 | 0.90 | 0.71 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001039684.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2018-Q3 | 2018-09-30 | | 313,259,000 | | reported discrete quarter | | 2018-Q4 | 2018-12-31 | | 292,888,000 | | derived Q4 = FY annual - nine-month YTD | | 2019-Q1 | 2019-03-31 | | 337,208,000 | | reported discrete quarter | | 2019-Q2 | 2019-06-30 | | 311,963,000 | | reported discrete quarter | | 2019-Q3 | 2019-09-30 | | 309,155,000 | | reported discrete quarter | | 2019-Q4 | 2019-12-31 | | 320,251,000 | | derived Q4 = FY annual - nine-month YTD | | 2022-Q3 | 2022-09-30 | | | 0.96 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 2.34 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 1.04 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 4,189,000,000 | | 0.99 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 5,235,000,000 | | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 4,781,000,000 | | 1.09 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 4,894,000,000 | | 1.33 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 5,023,000,000 | | 1.18 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 7,000,000,000 | | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 8,043,000,000 | 636,000,000 | 1.04 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 7,887,000,000 | 841,000,000 | 1.34 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 8,634,000,000 | 939,000,000 | 1.49 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 9,065,000,000 | 977,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 9,618,000,000 | 774,000,000 | 1.23 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 12,049,000,000 | 966,000,000 | 1.53 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from OKE's latest 10-K: [/company/OKE/business/](/company/OKE/business/). ## Risk Factors Verbatim Item 1A Risk Factors from OKE's latest 10-K: [/company/OKE/risk-factors/](/company/OKE/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-04 Report date: 2026-06-30 ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our unaudited Consolidated Financial Statements and the Notes to Consolidated Financial Statements in this Quarterly Report, as well as our Annual Report. RECENT DEVELOPMENTS Please refer to the “Financial Results and Operating Information” and “Liquidity and Capital Resources” sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Quarterly Report for additional information. Business Update and Market Conditions - Earnings increased in the second quarter of 2026, compared with the second quarter of 2025, due primarily to higher NGL, Refined Products and natural gas volumes and higher optimization and marketing activity. Geopolitical conditions in the Middle East continue to impact our industry and contributed to a volatile commodity price environment for the six months ended June 30, 2026. These conditions highlight the importance of a reliable energy supply and infrastructure that support the United States economy and national security. We operate an integrated, reliable, resilient and regionally diversified network of gathering, processing, fractionation, transportation, storage and marine export assets connecting supply in the Rocky Mountain, Mid-Continent, Permian and Gulf Coast regions with key market centers. Our assets are well positioned to provide midstream services to producers and end-use markets to help meet domestic and international energy demand. Each of our four reportable segments is primarily fee-based, and we expect our consolidated earnings to be approximately 90% fee-based in 2026. Our fee-based earnings are primarily supported by long-term contracts with investment-grade counterparties, including minimum volume commitments and take-or-pay agreements. While we remain well positioned to reduce downside exposure to commodity price volatility, we may use our integrated midstream network to capture product, location and seasonal price differentials in our optimization and marketing businesses as we deliver volumes to where they are needed most. 23 Table of Contents Capital Projects - Our primary capital projects are outlined in the table below: [[GREPCENT_TABLE]] [["Project","Scope","Approximate Cost (a)","Expected Completion"],["Natural Gas Gathering and Processing","","(In millions)"],["Bighorn plant","300 MMcf/d processing plant with carbon dioxide treater in the Permian Basin","$365","Mid-2027"],["Natural Gas Liquids"],["Medford fractionator","Rebuild our 210 MBbl/d NGL fractionation facility in Medford, Oklahoma","$485","(b)"],["Texas City Logistics export terminal (c)","400 MBbl/d liquified petroleum gas export terminal in Texas City, Texas","$700","Early 2028"],["MBTC Pipeline","24-inch pipeline from Mont Belvieu, Texas, storage facility to the new Texas City, Texas, export terminal","$280","Early 2028"],["Natural Gas Pipelines"],["Eiger Express Pipeline (c)","450-mile, 48-inch natural gas pipeline from the Permian Basin to Katy, Texas, with capacity of 3.7 Bcf/d","$350","Mid-2028"],["Refined Products and Crude"],["Greater Denver pipeline expansion","Increase total system capacity by 35 MBbl/d with additional expansion opportunities","$480","Third Quarter 2026"]] [[/GREPCENT_TABLE]] (a) - Excludes capitalized interest/AFUDC. For our Texas City Logistics, MBTC Pipeline and Eiger joint venture projects, the amounts presented exclude capital contributions from the other joint venture members. (b) - This project is expected to be completed in two phases, with the first phase of 100 MBbl/d completed in the fourth quarter of 2026, and the second phase of 110 MBbl/d completed in the first quarter of 2027. (c) - Our investments in Texas City Logistics and Eiger are accounted for using the equity method. Spending on these projects is recorded as contributions to unconsolidated affiliates. In our Natural Gas Gathering and Processing segment, we completed the relocation of a 150 MMcf/d processing plant to the Permian Basin from North Texas, which went into service in the first quarter of 2026. For a discussion of our capital expenditure financing, see “Capital Expenditures” in the “Liquidity and Capital Resources” section. Debt Extinguishments - In April 2026, we redeemed the remaining $491 million of our $500 million, 4.85% senior notes due July 2026 at 100% of the outstanding principal amount, plus accrued and unpaid interest, with short-term borrowings. $1.2 Billion Term Loan Agreement - In April 2026, we entered into a $1.2 Billion Term Loan Agreement, which was available to be drawn in up to two borrowings within 90 days of the closing date. Borrowings under the $1.2 Billion Term Loan Agreement bear interest at Term SOFR plus an applicable margin of 95 basis points. The $1.2 Billion Term Loan Agreement matures 364 days after June 23, 2026, the date of the initial borrowing, and may be used for working capital, capital expenditures, acquisitions, mergers and for other general corporate purposes. The $1.2 Billion Term Loan Agreement allows prepayment of all or any portion outstanding, without penalty or premium, and contains substantially the same covenants as those contained in our $3.5 Billion Credit Agreement. As of June 30, 2026, we had $600 million of borrowings outstanding at an interest rate of 4.59% under the $1.2 Billion Term Loan Agreement. In July 2026, the remaining borrowings available under the $1.2 Billion Term Loan Agreement were fully drawn and no additional amounts may be borrowed. Dividends - In February and May 2026, we paid a quarterly common stock dividend of $1.07 per share ($4.28 per share on an annualized basis), an increase of 4% compared with the same quarters in the prior year. Our dividend growth is due primarily to the increase in cash flows resulting from the growth of our operations. We declared a quarterly common stock dividend of $1.07 per share in July 2026. The quarterly common stock dividend will be paid on August 14, 2026, to shareholders of record at the close of business on August 3, 2026. FINANCIAL RESULTS AND OPERATING INFORMATION How We Evaluate Our Operations Management uses a variety of financial and operating metrics to analyze our performance. Our consolidated financial metrics include: (1) operating income; (2) net income; (3) diluted EPS; and (4) adjusted EBITDA. We evaluate segment operating results using adjusted EBITDA and our operating metrics, which include various volume and rate statistics that are relevant for the respective segment. These operating metrics allow investors to analyze the various components of segment financial results in terms of volumes and rate/price. Management uses these metrics to analyze historical segment financial results and as the 24 Table of Contents key inputs for forecasting and budgeting segment financial results. For additional information on our operating metrics, see the respective segment subsections of this “Financial Results and Operating Information” section. Non-GAAP Financial Measures - Adjusted EBITDA is a non-GAAP measure of our financial performance. Adjusted EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, noncash impairment charges, income taxes, noncash compensation expense and certain other noncash items. Our calculation includes adjusted EBITDA related to our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. Adjusted EBITDA from our unconsolidated affiliates is calculated consistently with the definition above and excludes items such as interest expense, depreciation and amortization, income taxes and other noncash items. Although the amounts related to our unconsolidated affiliates are included in the calculation of adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated affiliates. We believe this non-GAAP financial measure is useful to investors because it and similar measures are used by many companies in our industry as a measurement of financial performance and is commonly employed by financial analysts and others to evaluate our financial performance and to compare financial performance among companies in our industry. Adjusted EBITDA should not be considered an alternative to net income, EPS or any other measure of financial performance presented in accordance with GAAP. Additionally, this calculation may not be comparable with similarly titled measures of other companies. See reconciliation of net income to adjusted EBITDA in the “Non-GAAP Financial Measures” subsection. Consolidated Operations Selected Financial Results - The following table sets forth certain selected financial results for the periods indicated: [[GREPCENT_TABLE]] [["","Three Months Ended","","Six Months Ended","","Three Months","","Six Months"],["","June 30,","","June 30,","","2026 vs. 2025","","2026 vs. 2025"],["Financial Results","2026","","2025","","2026","","2025","","","","$ Increase (Decrease)","","$ Increase (Decrease)"],["","(Millions of dollars, except per share amounts)"],["Revenues"],["Commodity sales","$","10,814","","","$","6,726","","","$","19,259","","","$","13,638","","","","","4,088","","","5,621"],["Services and other","1,235","","","1,161","","","2,408","","","2,292","","","","","74","","","116"],["Total revenues","12,049","","","7,887","","","21,667","","","15,930","","","","","4,162","","","5,737"],["Cost of sales and fuel (exclusive of items shown separately below)","9,242","","","5,360","","","16,295","","","11,015","","","","","3,882","","","5,280"],["Operating costs","823","","","706","","","1,569","","","1,458","","","","","117","","","111"],["Depreciation and amortization","387","","","368","","","765","","","748","","","","","19","","","17"],["Transaction costs","4","","","22","","","11","","","64","","","","","(18)","","","(53)"],["Other operating expense (income), net","\u2014","","","\u2014","","","6","","","(6)","","","","","\u2014","","","(12)"],["Operating income","$","1,593","","","$","1,431","","","$","3,021","","","$","2,651","","","","","162","","","370"],["Equity in net earnings from investments","$","103","","","$","81","","","$","192","","","$","189","","","","","22","","","3"],["Impairment of equity investments","$","\u2014","","","$","\u2014","","","$","(60)","","","$","\u2014","","","","","\u2014","","","(60)"],["Interest expense, net of capitalized interest","$","(434)","","","$","(438)","","","$","(873)","","","$","(880)","","","","","(4)","","","(7)"],["Net income","$","967","","","$","853","","","$","1,743","","","$","1,544","","","","","114","","","199"],["Net income attributable to ONEOK","$","966","","","$","841","","","$","1,740","","","$","1,477","","","","","125","","","263"],["Diluted EPS","$","1.53","","","$","1.34","","","$","2.75","","","$","2.38","","","","","0.19","","","0.37"],["Adjusted EBITDA","$","2,121","","","$","1,981","","","$","4,118","","","$","3,756","","","","","140","","","362"],["Capital expenditures","$","613","","","$","749","","","$","1,477","","","$","1,378","","","","","(136)","","","99"]] [[/GREPCENT_TABLE]] Changes in commodity prices and sales volumes affect both revenues and cost of sales and fuel in our Consolidated Statements of Income and, therefore, the impact is largely offset between these line items. 25 Table of Contents Operating income increased $162 million for the three months ended June 30, 2026, compared with the same period in 2025, primarily as a result of the following: •Natural Gas Gathering and Processing - an increase of $2 million due primarily to higher volumes across all regions and higher realized condensate prices, net of hedging, offset partially by higher operating costs. • [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm Complete FY 2025 MD&A: /company/OKE/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2026-02-24 Report date: 2025-12-31 LIQUIDITY AND CAPITAL RESOURCES General - Our primary sources of cash inflows are operating cash flows, proceeds from our commercial paper program and our $3.5 Billion Credit Agreement, debt issuances and the issuance of common stock for our liquidity and capital resource requirements. We expect our sources of cash inflows to provide sufficient resources to finance our operations, capital expenditures, quarterly cash dividends, maturities of long-term debt, share repurchases and contributions to unconsolidated affiliates and joint ventures. We believe we have sufficient liquidity due to our $3.5 Billion Credit Agreement, which expires in February 2030, our $3.5 billion commercial paper program and access to $1.0 billion available through our “at-the-market” equity program. As of February 16, 2026, no shares have been sold through our “at-the-market” equity program. We may manage interest-rate risk through the use of fixed-rate debt, floating-rate debt, Treasury locks and interest-rate swaps. For additional information on our interest-rate derivative instruments, see Note D of the Notes to Consolidated Financial Statements in this Annual Report. Cash Management - At December 31, 2025, we had $78 million of cash and cash equivalents. For our wholly owned subsidiaries, we use a centralized cash management program that concentrates the cash assets of our wholly owned nonguarantor operating subsidiaries in joint accounts for the purposes of providing financial flexibility and lowering the cost of borrowing, transaction costs and bank fees. Our centralized cash management program provides that funds in excess of the daily needs of our operating subsidiaries are concentrated, consolidated or otherwise made available for use by other entities within our consolidated group. Our operating subsidiaries participate in this program to the extent they are permitted pursuant to FERC regulations or their operating agreements. Under the cash management program, depending on whether a participating subsidiary has short-term cash surpluses or cash requirements, we provide cash to the subsidiary or the subsidiary provides cash to us. Following the completion of the EnLink Acquisition on January 31, 2025, we terminated an agreement to provide revolving unsecured loans to EnLink through a promissory note, as EnLink operating subsidiaries are wholly owned and now participate in the cash management program described above. For additional information, see Note G of the Notes to Consolidated Financial Statements in this Annual Report. Guarantees - ONEOK, ONEOK Partners, the Intermediate Partnership, Magellan, EnLink and EnLink Partners have cross guarantees in place for ONEOK’s and ONEOK Partners’ indebtedness. These guarantees in place for our and ONEOK Partners’ indebtedness are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of outstanding securities. Liabilities under the guarantees rank equally in right of payment with all of the guarantors’ existing and future senior unsecured indebtedness. The Intermediate Partnership holds all of ONEOK Partners’ interests and equity in its subsidiaries, which are nonguarantors, and substantially all the assets and operations reside with nonguarantor operating subsidiaries. Magellan, EnLink and EnLink Partners hold interests in their subsidiaries, which are nonguarantors, and substantially all the assets and operations reside with nonguarantor operating subsidiaries. Therefore, as allowed under Rule 13-01 of Regulation S-X, we have excluded the summarized financial information for each issuer and guarantor as the combined financial information of subsidiary issuers and parent guarantors, excluding our ownership of all interest in ONEOK Partners, Magellan and EnLink, reflect no material assets or liabilities or results of operations apart from guaranteed indebtedness. For additional information on our indebtedness, see Note G of the Notes to Consolidated Financial Statements in this Annual Report. Short-term Liquidity - Our principal sources of short-term liquidity consist of cash generated from operating activities, distributions received from our unconsolidated affiliates, proceeds from our commercial paper program and our $3.5 Billion Credit Agreement. In February 2025, we amended and restated our $2.5 Billion Credit Agreement to increase the size to $3.5 billion, extend the term to February 2030 and make other nonmaterial modifications. All other terms and conditions remain substantially the same. In September 2025, we increased the size of our commercial paper program to $3.5 billion from $2.5 billion. As of February 16, 2026, we had no borrowings under our $3.5 Billion Credit Agreement, and we are in compliance with all covenants. Upon closing of the EnLink Acquisition on January 31, 2025, the EnLink Revolving Credit Facility was terminated. For additional information on the EnLink Revolving Credit Facility, see Note G of the Notes to Consolidated Financial Statements in this Annual Report. 57 Table of Contents We had working capital (defined as current assets less current liabilities) deficits of $1.9 billion and $481 million as of December 31, 2025, and December 31, 2024, respectively, due primarily to current maturities of long-term debt and short-term borrowings at December 31, 2025, and current maturities of long-term debt at December 31, 2024. Generally, our working capital is influenced by several factors, including, among other things: (i) the timing of (a) debt and equity issuances, (b) the funding of capital expenditures, (c) scheduled debt payments, and (d) accounts receivable and payable; and (ii) the volume and cost of inventory and commodity imbalances. We may have working capital deficits in future periods as our long-term debt becomes current. We do not expect a working capital deficit of this nature to have a material adverse impact to our cash flows or operations. For additional information on our $3.5 Billion Credit Agreement, see Note G of the Notes to Consolidated Financial Statements in this Annual Report. Long-term Financing - In addition to our principal sources of short-term liquidity discussed above, we expect to fund our longer-term financing requirements by issuing long-term notes, as needed. Other options to obtain financing include, but are not limited to, issuing common stock, loans from financial institutions, issuance of convertible debt securities or preferred equity securities, asset securitization and the sale and lease-back of facilities. We may, at any time, seek to retire or purchase our or ONEOK Partners’ outstanding debt through cash purchases and/or exchanges for equity or debt, in open market repurchases, privately negotiated transactions, exercise of contractual call rights, public tender offers or otherwise. Such repurchases and exchanges, if any, will be on such terms and prices as we may determine and will depend on prevailing market conditions, or liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Debt Issuances - In August 2025, we completed an underwritten public offering of $3.0 billion senior unsecured notes consisting of $750 million, 4.95% senior notes due 2032; $1.0 billion, 5.4% senior notes due 2035; and $1.25 billion, 6.25% senior notes due 2055. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $2.96 billion. The net proceeds from this offering were partially used to repay our commercial paper outstanding and repay in full at maturity our senior notes due September 2025. The remaining net proceeds from the offering were used for general corporate purposes, including the repurchase and redemption of existing notes. Debt Extinguishments - We completed the following debt extinguishments in 2025: [[GREPCENT_TABLE]] [["","Principal"],["","(Millions of dollars)"],["$250 at 3.2% due March 2025","$","250"],["$750 at 4.15% due June 2025","422"],["$400 at 2.2% due September 2025","387"],["$600 at 5.85% due January 2026 (a)","600"],["$650 at 5.0% due March 2026 (a)","650"],["Open Market Repurchases (b)","789"],["Total","$","3,098"]] [[/GREPCENT_TABLE]] (a) - Amounts redeemed at 100% of principal plus accrued and unpaid interest. (b) - In 2025, we repurchased in the open market certain of our senior notes in the principal amount of $789 million for an aggregate repurchase price of $681 million, including accrued and unpaid interest. In connection with these open market repurchases, we recognized $106 million of net gains on extinguishment of debt which is included in other income, net in our Consolidated Statement of Income for the year ended December 31, 2025. Equity Issuances - On May 28, 2025, we completed the Delaware Basin JV Acquisition. Pursuant to the purchase agreement, we issued approximately 4.9 million shares of ONEOK common stock to the seller with a fair value of $391 million as of the closing date. On January 31, 2025, we completed the EnLink Acquisition. Pursuant to the EnLink Merger Agreement, each publicly held common unit of EnLink was exchanged for a fixed ratio of 0.1412 shares of ONEOK common stock, including EnLink Units that were exchanged for all previously outstanding Series B Preferred Units immediately prior to closing. We issued 41 million shares of common stock with a fair value of $4.0 billion. There are no remaining Series B Preferred Units outstanding. Share Repurchase Program - Our Board of Directors authorized a share repurchase program to buy up to $2.0 billion of our outstanding common stock. The program will terminate upon completion of the repurchase of the $2.0 billion of common stock or on January 1, 2029, whichever occurs first. For the year ended December 31, 2025, we repurchased $62 million of our outstanding common stock with cash on hand. 58 Table of Contents Material Commitments - We have material cash commitments related to our capital expenditures, senior notes and corresponding interest payments, which we expect to fund through our sources of cash inflows discussed above. Our senior notes and interest payments are discussed in Note G of the Notes to Consolidated Financial Statements in this Annual Report. We also have cash commitments related to transportation, storage and other commercial contracts, as well as our financial and physical derivative obligations, which we expect to fund with cash from operations. Capital Expenditures - We proactively monitor lead times on materials and equipment used in constructing capital projects, and we enter into procurement agreements for long-lead items for potential projects to plan for future growth. Our capital expenditures are financed typically through operating cash flows and short- and long-term debt. The following table sets forth our capital expenditures, less allowance for equity funds used during construction, for the periods indicated: [[GREPCENT_TABLE]] [["Capital Expenditures","","2025","","2024 (a)","","2023"],["","","(Millions of dollars)"],["Natural Gas Gathering and Processing","","$","1,314","","","$","492","","","$","448"],["Natural Gas Liquids","","758","","","987","","","818"],["Natural Gas Pipelines","","237","","","258","","","228"],["Refined Products and Crude (b)","","752","","","216","","","52"],["Other","","91","","","68","","","49"],["Total capital expenditures","","$","3,152","","","$","2,021","","","$","1,595"]] [[/GREPCENT_TABLE]] (a) - The year ended December 31, 2024, included capital expenditures for EnLink and Medallion for the period October 15, 2024, and November 1, 2024, through December 31, 2024, respectively. (b) - The year ended December 31, 2023, included capital expenditures for Magellan for the period September 25, 2023, through December 31, 2023. Capital expenditures increased in 2025, compared with 2024, due primarily to the timing of our large capital projects and routine capital pr [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/OKE/mda/fy2025/ All MD&A years: /company/OKE/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/OKE/mda/fy2024/): filed 2025-02-25; accession 0001039684-25-000036 (https://www.sec.gov/Archives/edgar/data/1039684/000103968425000036/oke-20241231.htm) - [FY 2023 MD&A](/company/OKE/mda/fy2023/): filed 2024-02-27; accession 0001039684-24-000015 (https://www.sec.gov/Archives/edgar/data/1039684/000103968424000015/oke-20231231.htm) - [FY 2022 MD&A](/company/OKE/mda/fy2022/): filed 2023-02-28; accession 0001039684-23-000016 (https://www.sec.gov/Archives/edgar/data/1039684/000103968423000016/oke-20221231.htm) - [FY 2021 MD&A](/company/OKE/mda/fy2021/): filed 2022-03-01; accession 0001039684-22-000015 (https://www.sec.gov/Archives/edgar/data/1039684/000103968422000015/oke-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4923 Natural Gas Transmisison & Distribution) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/OKE.md · JSON record: /company/OKE.json · verified financials: /company/OKE/financials.json / /company/OKE/financials.csv · machine TOC for the whole site: /llms.txt