Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS


ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Unaudited)	2025		2024		2025		2024
	(Millions of dollars, except per share amounts)
Revenues
Commodity sales	$	6,726	$	3,994	$	13,638	$	7,922
Services and other	1,161		900		2,292		1,753
Total revenues (Note K)	7,887		4,894		15,930		9,675
Cost of sales and fuel (exclusive of items shown separately below)	5,360		2,891		11,015		5,788
Operations and maintenance	618		486		1,273		969
Depreciation and amortization	368		262		748		516
General taxes	88		83		185		169
Transaction costs (Note B)	22		4		64		7
Other operating income, net	—		(61)		(6)		(67)
Operating income	1,431		1,229		2,651		2,293
Equity in net earnings from investments (Note I)	81		88		189		164
Other income, net	39		4		41		11
Interest expense (net of capitalized interest of $12, $16, $22 and $28, respectively)	(438)		(298)		(880)		(598)
Income before income taxes	1,113		1,023		2,001		1,870
Income taxes	(260)		(243)		(457)		(451)
Net income	853		780		1,544		1,419
Less: Net income attributable to noncontrolling interests	(12)		—		(67)		—
Net income attributable to ONEOK	$	841	$	780	$	1,477	$	1,419



Basic EPS (Note H)	$	1.34	$	1.33	$	2.38	$	2.43

Diluted EPS (Note H)	$	1.34	$	1.33	$	2.38	$	2.42
Average shares (millions)
Basic	627.2		584.6		619.3		584.4
Diluted	628.1		585.8		620.3		585.7

See accompanying Notes to Consolidated Financial Statements.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Unaudited)	2025		2024		2025		2024
	(Millions of dollars)
Net income	$	853	$	780	$	1,544	$	1,419
Other comprehensive income (loss), net of tax
Change in fair value of derivatives, net of tax of $(17), $(3), $(6) and $19, respectively	58		11		21		(64)
Derivative amounts reclassified to net income, net of tax of $(2), $(3), $(5) and $3, respectively	1		13		11		(8)
Changes in benefit plan obligations and other, net of tax of $—, $—, $— and $—, respectively	1		(4)		1		(3)
Total other comprehensive income (loss), net of tax	60		20		33		(75)
Comprehensive income	913		800		1,577		1,344
Less: Comprehensive income attributable to noncontrolling interests	(12)		—		(67)		—
Comprehensive income attributable to ONEOK	$	901	$	800	$	1,510	$	1,344

See accompanying Notes to Consolidated Financial Statements.

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ONEOK, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS

	June 30,		December 31,
(Unaudited)	2025		2024
Assets	(Millions of dollars)
Current assets
Cash and cash equivalents	$	97	$	733
Accounts receivable, net	2,484		2,326

Inventories	858		748

Other current assets	457		431
Total current assets	3,896		4,238
Property, plant and equipment
Property, plant and equipment	53,689		52,274
Accumulated depreciation and amortization	6,974		6,339
Net property, plant and equipment	46,715		45,935
Other assets
Investments in unconsolidated affiliates	2,446		2,316
Goodwill	8,097		8,091
Intangible assets, net	2,969		3,039
Other assets	401		450
Total other assets	13,913		13,896
Total assets	$	64,524	$	64,069
Liabilities and equity
Current liabilities
Current maturities of long-term debt (Note E)	$	1,637	$	1,059
Short-term borrowings (Note E)	1,205		—
Accounts payable	2,453		2,187
Commodity imbalances	238		260

Accrued interest	474		511
Other current liabilities	639		702
Total current liabilities	6,646		4,719
Long-term debt, excluding current maturities	29,625		31,018
Deferred credits and other liabilities
Deferred income taxes	5,775		5,451
Other deferred credits	574		748
Total deferred credits and other liabilities	6,349		6,199
Commitments and contingencies (Note J)
Equity (Note F)
Preferred Stock, $0.01 par value: authorized 20,000 shares; issued and outstanding 0 shares at June 30, 2025; issued and outstanding 20,000 shares at December 31, 2024	—		—
Common stock, $0.01 par value: authorized 1,200,000,000 shares; issued 655,909,018 shares and outstanding 629,749,279 shares at June 30, 2025; issued 609,713,834 shares and outstanding 583,110,633 shares at December 31, 2024	7		6
Paid-in capital	20,923		16,354
Accumulated other comprehensive loss	(63)		(96)
Retained earnings	1,765		1,579
Treasury stock, at cost: 26,159,739 shares at June 30, 2025, and 26,603,201 shares at December 31, 2024	(802)		(807)
Total ONEOK shareholders' equity	21,830		17,036
Noncontrolling interests in consolidated subsidiaries	74		5,097
Total equity	21,904		22,133
Total liabilities and equity	$	64,524	$	64,069

See accompanying Notes to Consolidated Financial Statements.

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ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
	Six Months Ended
	June 30,
(Unaudited)	2025		2024
	(Millions of dollars)
Operating activities
Net income	$	1,544	$	1,419
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	748		516
Equity in net earnings from investments (Note I)	(189)		(164)
Distributions received from unconsolidated affiliates	198		167
Deferred income taxes	394		385
Other, net	23		2
Changes in assets and liabilities:
Accounts receivable	(153)		384
Inventories, net of commodity imbalances	(140)		6
Accounts payable	301		(258)
Risk-management assets and liabilities	14		(93)
Other assets and liabilities, net	(311)		(338)
Cash provided by operating activities	2,429		2,026
Investing activities
Capital expenditures (less allowance for equity funds used during construction)	(1,378)		(991)
Cash paid for acquisitions, net of cash received	—		(357)
Purchases of and contributions to unconsolidated affiliates	(155)		(98)
Other, net	25		112
Cash used in investing activities	(1,508)		(1,334)
Financing activities
Dividends paid	(1,287)		(1,156)
Short-term borrowings, net	1,205		180
Repurchase of common stock	(30)		—
Delaware Basin JV Acquisition (Note B)	(536)		—
Repayment of long-term debt (Note E)	(803)		—
Other, net	(106)		(18)
Cash used in financing activities	(1,557)		(994)
Change in cash and cash equivalents	(636)		(302)
Cash and cash equivalents at beginning of period	733		338
Cash and cash equivalents at end of period	$	97	$	36

See accompanying Notes to Consolidated Financial Statements.

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ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
	ONEOK Shareholder's Equity
(Unaudited)	Preferred Stock		Common Stock		Paid-in Capital		AOCL*		Retained Earnings		Treasury Stock		Noncontrolling Interest		Total Equity
	(Millions of dollars)
January 1, 2025	$	—	$	6	$	16,354	$	(96)	$	1,579	$	(807)	$	5,097	$	22,133
Net income	—		—		—		—		636		—		55		691
Other comprehensive loss	—		—		—		(27)		—		—		—		(27)
Preferred Stock dividends - $13.75 per share	—		—		—		—		—		—		—		—
Common stock issued	—		—		(21)		—		—		14		—		(7)
Common stock dividends - $1.03 per share (Note F)	—		—		—		—		(645)		—		—		(645)
Repurchase of common stock	—		—		—		—		—		(17)		—		(17)
EnLink Acquisition (Note B)	—		1		4,377		—		—		—		(4,378)		—
Distributions to noncontrolling interests	—		—		—		—		—		—		(25)		(25)
Contributions from noncontrolling interests	—		—		—		—		—		—		4		4
Other, net	—		—		11		—		(1)		—		3		13
March 31, 2025	—		7		20,721		(123)		1,569		(810)		756		22,120
Net income	—		—		—		—		841		—		12		853
Other comprehensive income	—		—		—		60		—		—		—		60
Common stock issued	—		—		8		—		—		8		—		16
Common stock dividends - $1.03 per share (Note F)	—		—		—		—		(644)		—		—		(644)

Delaware Basin JV Acquisition (Note B)	—		—		199		—		—		—		(678)		(479)
Distributions to noncontrolling interests	—		—		—		—		—		—		(20)		(20)
Contributions from noncontrolling interests	—		—		—		—		—		—		6		6
Other, net	—		—		(5)		—		(1)		—		(2)		(8)
June 30, 2025	$	—	$	7	$	20,923	$	(63)	$	1,765	$	(802)	$	74	$	21,904

*Accumulated other comprehensive loss

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ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Continued)
(Unaudited)	Preferred Stock		Common Stock		Paid-in Capital		AOCL*		Retained Earnings		Treasury Stock		Total Equity
	(Millions of dollars)
January 1, 2024	$	—	$	6	$	16,320	$	(33)	$	868	$	(677)	$	16,484
Net income	—		—		—		—		639		—		639
Other comprehensive loss	—		—		—		(95)		—		—		(95)
Preferred Stock dividends - $13.75 per share	—		—		—		—		—		—		—
Common stock issued	—		—		(8)		—		—		14		6
Common stock dividends - $0.99 per share	—		—		—		—		(579)		—		(579)
Other, net	—		—		(9)		—		(1)		—		(10)
March 31, 2024	—		6		16,303		(128)		927		(663)		16,445
Net income	—		—		—		—		780		—		780
Other comprehensive income	—		—		—		20		—		—		20
Preferred Stock dividends - $13.75 per share	—		—		—		—		—		—		—
Common stock issued	—		—		18		—		—		10		28
Common stock dividends - $0.99 per share	—		—		—		—		(580)		—		(580)
Other, net	—		—		17		—		(1)		—		16
June 30, 2024	$	—	$	6	$	16,338	$	(108)	$	1,126	$	(653)	$	16,709

*Accumulated other comprehensive loss

See accompanying Notes to Consolidated Financial Statements.

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ONEOK, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2024 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. Certain reclassifications have been made in the prior year Consolidated Financial Statements to conform to the current year presentation. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report.

Recently Issued Accounting Standards Update - Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not discussed herein or in our Annual Report were assessed and determined to be either not applicable or clarifications of ASUs previously issued. There have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us during the quarter, and no material updates to recently issued standards disclosed in our Annual Report.

B. ACQUISITIONS

Delaware Basin JV Acquisition - On May 28, 2025, we completed the Delaware Basin JV Acquisition for $927 million. Pursuant to the purchase agreement, we paid $536 million in cash, including post-closing adjustments, which we funded with short-term borrowings and 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. Following the completion of the transaction, Delaware Basin JV is now a wholly owned subsidiary.

As we controlled the Delaware Basin JV at December 31, 2024, prior to the Delaware Basin JV Acquisition, the change in our ownership interest was accounted for as an equity transaction, and no gain or loss was recognized in our Consolidated Statement of Income from the acquisition. The Delaware Basin JV Acquisition was a taxable exchange. The transaction resulted in a decrease to the carrying value of noncontrolling interest in consolidated subsidiaries at the acquisition date of $678 million and an increase to paid-in capital of $199 million, including deferred tax assets.

EnLink Acquisition - 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. As a result of the completion of the EnLink Acquisition, common units of EnLink are no longer publicly traded, and EnLink is now a wholly owned subsidiary.

As we controlled EnLink at December 31, 2024, prior to the EnLink Acquisition, the change in our ownership interest was accounted for as an equity transaction. The carrying value of the noncontrolling interest in consolidated subsidiaries at the acquisition date was $4.4 billion. The difference between the equity consideration and the carrying value of the noncontrolling interest in consolidated subsidiaries at the acquisition date was recognized as an adjustment to paid-in capital.

Supplemental Cash Flow Information - Our noncash balance sheet activity related to the EnLink Acquisition is as follows (in millions):


Common stock	$	1
Paid-in capital	$	4,377
Noncontrolling interests in consolidated subsidiaries	$	(4,378)

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EnLink Controlling Interest Acquisition - On October 15, 2024, we completed the EnLink Controlling Interest Acquisition. We accounted for this acquisition using the acquisition method of accounting for business combinations pursuant to Accounting Standards Codification 805, “Business Combinations,” which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. Any excess of consideration to be transferred over the estimated fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining the fair value of acquired assets and liabilities assumed requires management to make estimates, assumptions and judgments, and in some cases, management may also utilize third-party specialists to assist and advise on those estimates. During the six months ended June 30, 2025, there were no material changes to the preliminary purchase price allocation disclosed in our Annual Report.

Medallion Acquisition - On October 31, 2024, we completed the Medallion Acquisition. We accounted for this acquisition using the acquisition method of accounting for business combinations pursuant to Accounting Standards Codification 805, “Business Combinations,” which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. Any excess of consideration to be transferred over the estimated fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining the fair value of acquired assets and liabilities assumed requires management to make estimates, assumptions and judgments, and in some cases, management may also utilize third-party specialists to assist and advise on those estimates. During the six months ended June 30, 2025, there were no material changes to the preliminary purchase price allocation disclosed in our Annual Report.

Subsequent Event - On July 22, 2025, we completed the BridgeTex Additional Interest Acquisition. Pursuant to the purchase agreement, we paid approximately $270 million in cash, which we funded with short-term borrowings. Following the completion of the transaction, we now have a 60% ownership interest in BridgeTex.

Transaction Costs - The six months ended June 30, 2025, included $64 million of nonrecurring transaction costs, including $52 million related primarily to advisory fees and severance and $12 million of noncash compensation expense related to the settlement of share-based awards for certain EnLink employees associated with the EnLink Acquisition.

C. FAIR VALUE MEASUREMENTS

Determining Fair Value - For our fair value measurements, we utilize market prices, third-party pricing services, present value methods and standard option valuation models to determine the price we would receive from the sale of an asset or the transfer of a liability in an orderly transaction at the measurement date. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date. Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires management’s judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives based on the lowest level input that is significant to the fair value measurement in its entirety. Our valuation techniques and inputs are consistent with those discussed in Note A of the Notes to Consolidated Financial Statements in our Annual Report.

Recurring Fair Value Measurements - The following tables set forth our recurring fair value measurements as of the dates indicated:


	June 30, 2025
	Level 1		Level 2		Level 3		Total - Gross		Netting (a)		Total - Net
	(Millions of dollars)
Derivative assets
Commodity contracts	$	48	$	48	$	—	$	96	$	(75)	$	21

Total derivative assets (b)	$	48	$	48	$	—	$	96	$	(75)	$	21

Derivative liabilities
Commodity contracts	$	(43)	$	(32)	$	—	$	(75)	$	75	$	—

Total derivative liabilities (b)	$	(43)	$	(32)	$	—	$	(75)	$	75	$	—

(b) - The fair value measurements of our interest-rate contracts were not material as of June 30, 2025. For additional information on our interest-rate derivative instruments, see Note D of the Notes to Consolidated Financial Statements in this Quarterly Report.

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	December 31, 2024
	Level 1		Level 2		Level 3		Total - Gross		Netting (a)		Total - Net
	(Millions of dollars)
Derivative assets
Commodity contracts	$	41	$	34	$	—	$	75	$	(72)	$	3
Total derivative assets	$	41	$	34	$	—	$	75	$	(72)	$	3

Derivative liabilities
Commodity contracts	$	(40)	$	(46)	$	—	$	(86)	$	81	$	(5)
Total derivative liabilities	$	(40)	$	(46)	$	—	$	(86)	$	81	$	(5)

(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2024, we held no cash and posted cash of $45 million with a counterparty, including $10 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $35 million of cash collateral in excess of derivative liability positions is included in other current assets in our Consolidated Balance Sheets.

Other Financial Instruments - The approximate fair value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings is equal to book value due to the short-term nature of these items. Our cash and cash equivalents are composed of bank and money market accounts and are classified as Level 1. Our short-term borrowings are classified as Level 2 since the estimated fair value of the short-term borrowings can be determined using information available in the commercial paper market. We have investments associated with our supplemental executive retirement plan and nonqualified deferred compensation plan that are carried at fair value and primarily are composed of mutual funds, municipal bonds and other fixed income securities classified as Level 1 and Level 2.

The estimated fair value of our consolidated long-term debt, including current maturities, was $30.2 billion and $30.8 billion at June 30, 2025, and December 31, 2024, respectively. The book value of our consolidated long-term debt, including current maturities, was $31.3 billion and $32.1 billion at June 30, 2025, and December 31, 2024, respectively. The estimated fair value of the aggregate senior notes outstanding was determined using quoted market prices for similar issues with similar terms and maturities. The estimated fair value of our consolidated long-term debt is classified as Level 2.

D. RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES

Risk-management Activities - We are sensitive to changes in the prices of natural gas, NGLs, Refined Products and crude oil, principally as a result of contractual terms under which these commodities are processed, purchased and sold. We are also subject to the risk of interest-rate fluctuation in the normal course of business. We use physical-forward purchases and sales and financial derivatives to secure a certain price for a portion of our natural gas, NGLs, Refined Products, condensate and crude oil purchases and sales; to reduce our exposure to commodity price and interest-rate fluctuations; and to achieve more predictable cash flows. Additionally, we may use physical-forward purchases and financial derivatives to reduce commodity price risk associated with power and natural gas used to operate our facilities. We follow established policies and procedures to assess risk and approve, monitor and report our risk-management activities. We have not used these instruments for trading purposes.

Commodity price risk - Commodity price risk refers to the risk of loss in cash flows and future earnings arising from adverse changes in the price of natural gas, NGLs, Refined Products and crude oil. We may use commodity derivative instruments to reduce the near-term commodity price risk associated with a portion of our forecasted purchases and sales of commodities. Our exposure to commodity price risk is consistent with that discussed in our Annual Report.

Interest-rate risk - We may manage interest-rate risk through the use of fixed-rate debt, floating-rate debt, Treasury locks and interest-rate swaps. Treasury locks are agreements to pay the difference between the benchmark Treasury rate and the rate that is designated in the terms of the agreement. In the second quarter of 2025, we entered into $700 million notional quantity of Treasury locks to hedge the variability of interest payments on a portion of our forecasted debt issuances, resulting in a total of $700 million notional quantity of Treasury locks outstanding as of June 30, 2025. All of our Treasury locks are designated as cash flow hedges.

Subsequent Event - In July 2025, we entered into an additional $300 million notional quantity of Treasury locks to hedge the variability of interest payments on a portion of our forecasted debt issuances.

At December 31, 2024, we had no outstanding interest-rate derivative instruments.

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Fair Values of Derivative Instruments - The following table sets forth the fair values of our derivative instruments presented on a gross basis as of the dates indicated:


		June 30, 2025				December 31, 2024
	Location in our Consolidated Balance Sheets	Assets		(Liabilities)		Assets		(Liabilities)
		(Millions of dollars)
Derivatives designated as hedging instruments
Commodity contracts (a)(b)	Other current assets/liabilities	$	76	$	(50)	$	39	$	(47)

Total derivatives designated as hedging instruments		76		(50)		39		(47)
Derivatives not designated as hedging instruments
Commodity contracts (a)(b)	Other current assets/liabilities	20		(25)		36		(33)
	Other deferred credits	—		—		—		(6)

Total derivatives not designated as hedging instruments		20		(25)		36		(39)
Total derivatives		$	96	$	(75)	$	75	$	(86)

(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us.

(b) - At December 31, 2024, our derivative net liability positions under master-netting arrangements for financial commodity contracts were offset by cash collateral of $10 million.

Notional Quantities for Derivative Instruments - The following table sets forth the notional quantities for our derivative instruments, consisting of futures, swaps and Treasury locks, held as of the dates indicated:


	June 30, 2025		December 31, 2024
	Net Purchased/Payor (Sold/Receiver)
Derivatives designated as hedging instruments:
Cash flow hedges
Fixed price
- Natural gas (Bcf)	(13.2)		(12.2)
- NGLs, Refined Products and crude oil (MMBbl)	(21.3)		(12.2)

Basis
- Natural gas (Bcf)	(12.2)		(11.2)
- Crude oil (MMBbl)	0.2		—
Interest-rate contracts (Billions of dollars)	$	0.7	$	—

Derivatives not designated as hedging instruments:
Fixed price
- Natural gas (Bcf)	(4.4)		(8.0)
- NGLs, Refined Products and crude oil (MMBbl)	(1.3)		(2.7)
Basis
- Natural gas (Bcf)	0.1		(3.7)
- NGLs, Refined Products and crude oil (MMBbl)	—		(0.2)
Swing Swaps
- Natural gas (Bcf)	(1.6)		(0.2)

Cash Flow Hedges - During the three and six months ended June 30, 2025 and 2024, we had no material changes in other comprehensive income related to our commodity derivative instruments.

Credit Risk - We monitor the creditworthiness of our counterparties and compliance with policies and limits established by our Risk Oversight and Strategy Committee. We maintain credit policies with regard to our counterparties that we believe minimize credit risk. Our policies and related credit risk are consistent with those discussed in our Annual Report.

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E. DEBT

Current Maturities - At June 30, 2025, our current maturities of long-term debt consist of the following:


	(Millions of dollars)
$400 at 2.2% due September 2025	$	387
$600 at 5.85% due January 2026	600
$650 at 5.0% due March 2026	650
Current maturities of long-term debt	$	1,637

Commercial Paper Program - At June 30, 2025, we had $1.2 billion of commercial paper outstanding, bearing a weighted-average interest rate of 4.65%. At December 31, 2024, we had no commercial paper outstanding.

$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. Our $3.5 Billion Credit Agreement is a revolving credit facility and contains certain customary conditions for borrowing, as well as customary financial, affirmative and negative covenants. Among other things, these covenants include maintaining a ratio of consolidated net indebtedness to adjusted EBITDA (EBITDA, as defined in our $3.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects). In addition, adjusted EBITDA as defined in our $3.5 Billion Credit Agreement allows inclusion of the trailing 12 months of consolidated adjusted EBITDA of an acquired business. In July 2025, we completed the BridgeTex Additional Interest Acquisition, which allowed us to effectively extend the acquisition adjustment period under our $3.5 Billion Credit Agreement and, as a result, our leverage ratio covenant of 5.5 to 1 was extended through the quarter ending March 31, 2026, after which it will decrease to 5.0 to 1. As of June 30, 2025, we had no outstanding borrowings, our ratio of consolidated indebtedness to adjusted EBITDA was 4.2 to 1, and we were in compliance with all covenants under our $3.5 Billion Credit Agreement.

Debt Repayments - In June 2025, we repaid the remaining $422 million of our $750 million, 4.15% senior notes at maturity with short-term borrowings.

In May 2025, we repurchased in the open market certain of our senior notes in the principal amount of $169 million for an aggregate repurchase price of $133 million, including accrued and unpaid interest, with short-term borrowings.

In March 2025, we repaid our $250 million, 3.2% senior notes at maturity with cash on hand.

EnLink Acquisition - Upon the closing of the EnLink Acquisition on January 31, 2025, we terminated the EnLink Revolving Credit Facility. We also effectively terminated the agreement to provide revolving unsecured loans to EnLink through a promissory note. For further details on the EnLink Revolving Credit Facility and the promissory note, see Note H of the Notes to Consolidated Financial Statements in our Annual Report.

Debt Guarantees - At the completion of the EnLink Acquisition on January 31, 2025, ONEOK assumed the outstanding debt of EnLink and EnLink Partners (the “Assumed Debt”). EnLink and EnLink Partners were released from all debt obligations, and each entity provided a guarantee for our and ONEOK Partners’ indebtedness to the holders of each series of outstanding securities, including for the Assumed Debt.

ONEOK, ONEOK Partners, the Intermediate Partnership, Magellan, EnLink and EnLink Partners have cross guarantees in place for ONEOK’s and ONEOK Partners’ indebtedness. For further details on our indebtedness, see Note H of the Notes to Consolidated Financial Statements in our Annual Report.

F. EQUITY

Noncontrolling Interests - As of June 30, 2025, noncontrolling interests in our Consolidated Balance Sheets related to Ascension and MBTC Pipeline. On February 4, 2025, we announced a definitive agreement to form the MBTC Pipeline joint venture, of which we own 80%. As a result of the Delaware Basin JV Acquisition and the EnLink Acquisition, these entities are now wholly owned subsidiaries and are no longer recorded as noncontrolling interests in our Consolidated Balance Sheet as of June 30, 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.

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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 six months ended June 30, 2025, we repurchased $17 million of our outstanding common stock under the program with cash on hand.

Dividends - Holders of our common stock share equally in any dividend declared by our Board of Directors. Dividends paid on our common stock in February and May 2025 were $1.03 per share. We declared a quarterly common stock dividend of $1.03 per share in July 2025. The quarterly common stock dividend will be paid on August 14, 2025, to shareholders of record at the close of business on August 1, 2025.

G. VARIABLE INTEREST ENTITIES

Consolidated Variable Interest Entities (VIEs) - As a result of the Delaware Basin JV Acquisition and the EnLink Acquisition, these entities are no longer considered VIEs.

As of June 30, 2025, we consolidated the following VIEs:

MBTC Pipeline - On February 4, 2025, we announced a definitive agreement with MPLX to form the MBTC Pipeline joint venture, which will construct and operate a 24-inch pipeline from our Mont Belvieu, Texas, storage facility to a new liquified petroleum gas export terminal in Texas City, Texas. We own an 80% interest in MBTC Pipeline, and we are the operator. MBTC Pipeline is a VIE because the nonmanaging member does not have substantive rights (except in the case of default and other triggering events) to remove the managing member or participating rights over the managing member. As the managing member, we are the primary beneficiary because we control the decisions that most significantly impact MBTC Pipeline.

Ascension - We own a 50% interest in Ascension, which owns an NGL transmission pipeline that connects our Riverside fractionator to the other owner’s refinery. Ascension is a VIE because the nonmanaging member does not have substantive rights (except in the case of default and other triggering events) to remove us as the managing member. They also do not have the ability to participate or block our decisions as the managing member, which makes us the primary beneficiary because we control the decisions that most significantly impact Ascension.

As of June 30, 2025, the assets and liabilities of our consolidated VIEs were not material.

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H. EARNINGS PER SHARE

The following tables set forth the computation of basic and diluted EPS for the periods indicated:


	Three Months Ended June 30, 2025
	Income		Shares	Per Share Amount
	(Millions, except per share amounts)
Basic EPS
Net income attributable to ONEOK available for common stock	$	841	627.2	$	1.34
Diluted EPS
Effect of dilutive securities	—		0.9
Net income attributable to ONEOK available for common stock and common stock equivalents	$	841	628.1	$	1.34


	Three Months Ended June 30, 2024
	Income		Shares	Per Share Amount
	(Millions, except per share amounts)
Basic EPS
Net income available for common stock	$	780	584.6	$	1.33
Diluted EPS
Effect of dilutive securities	—		1.2
Net income available for common stock and common stock equivalents	$	780	585.8	$	1.33


	Six Months Ended June 30, 2025
	Income		Shares	Per Share Amount
	(Millions, except per share amounts)
Basic EPS
Net income attributable to ONEOK available for common stock	$	1,477	619.3	$	2.38
Diluted EPS
Effect of dilutive securities	—		1.0
Net income attributable to ONEOK available for common stock and common stock equivalents	$	1,477	620.3	$	2.38


	Six Months Ended June 30, 2024
	Income		Shares	Per Share Amount
	(Millions, except per share amounts)
Basic EPS
Net income available for common stock	$	1,419	584.4	$	2.43
Diluted EPS
Effect of dilutive securities	—		1.3
Net income available for common stock and common stock equivalents	$	1,419	585.7	$	2.42

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I. UNCONSOLIDATED AFFILIATES

Equity in Net Earnings from Investments - The following table sets forth our equity in net earnings from investments for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions of dollars)
Northern Border	$	20	$	22	$	48	$	47
Overland Pass	20		23		46		38
Saddlehorn	13		13		26		23
BridgeTex	6		11		22		18
Roadrunner	11		10		21		21


Other	11		9		26		17
Equity in net earnings from investments	$	81	$	88	$	189	$	164

We incurred expenses in transactions with unconsolidated affiliates of $96 million and $56 million for the three months ended June 30, 2025 and 2024, respectively, and $176 million and $95 million for the six months ended June 30, 2025 and 2024, respectively, related primarily to Overland Pass, Matterhorn and Northern Border. Revenue earned and accounts receivable from, and accounts payable to, our unconsolidated affiliates were not material.

We are the operator of Roadrunner, BridgeTex and Saddlehorn. In each case, we have operating agreements that provide for reimbursement or payment to us for management services and certain operating costs. Reimbursements and payments included in operating income in our Consolidated Statements of Income for all periods presented were not material.

J. COMMITMENTS AND CONTINGENCIES

Regulatory, Environmental and Safety Matters - The operation of pipelines, terminals, plants and other facilities for the gathering, processing, fractionation, transportation and storage of products is subject to numerous and complex laws and regulations pertaining to health, safety and the environment. As an owner and/or operator of these facilities, we must comply with laws and regulations that relate to air and water quality, hazardous and solid waste management and disposal, cultural resource protection and other environmental and safety matters. The cost of planning, designing, constructing and operating pipelines, terminals, plants and other facilities must incorporate compliance with these laws, regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements and the issuance of injunctions or restrictions on operation or construction. Management does not believe that, based on currently known information, a material risk of noncompliance with these laws and regulations exists that will affect adversely our consolidated results of operations, financial condition or cash flows.

Legal Proceedings - We are a party to various legal proceedings that have arisen in the normal course of our operations. While the results of these proceedings cannot be predicted with certainty, we believe the reasonably possible losses from such proceedings, individually and in the aggregate, are not material. Additionally, we believe the probable final outcome of such proceedings will not have a material adverse effect on our consolidated results of operations, financial position or cash flows.

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K. REVENUES

Contract Assets and Contract Liabilities - Our contract asset balances at the beginning and end of the period primarily relate to our firm service transportation contracts with tiered rates, which were not material. Our contract liabilities at the beginning and end of the period primarily related to deferred revenue on Refined Products and crude oil transportation contracts, NGL storage contracts and contributions in aid of construction received from customers, which were not material.

Receivables from Customer and Revenue Disaggregation - Substantially all of the balances in accounts receivable on our Consolidated Balance Sheets at June 30, 2025, and December 31, 2024, related to customer receivables. Revenue sources are disaggregated in Note L.

Unsatisfied Performance Obligations - We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration on contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

The following table presents aggregate value allocated to unsatisfied performance obligations as of June 30, 2025, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from one month to 21 years.


Expected Period of Recognition in Revenue	(Millions of dollars)
Remainder of 2025	$	599
2026	1,104
2027	985
2028	904
2029 and beyond	3,368
Total	$	6,960

The table above excludes variable consideration allocated entirely to wholly unsatisfied performance obligations, wholly unsatisfied promises to transfer distinct goods or services that are part of a single performance obligation and consideration we determine to be fully constrained. The amounts we determined to be fully constrained relate to future sales obligations under long-term sales contracts where the value is not known and certain minimum volume agreements, which we consider to be fully constrained until invoiced.

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.

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Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated:


Three Months Ended June 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	$	1,100	$	3,740	$	—	$	2,316	$	7,156
Residue natural gas sales	449		—		256		—		705
Exchange services and natural gas gathering and processing revenue	290		93		—		—		383
Transportation and storage revenue	—		34		149		563		746
Other revenue	9		4		—		29		42
Total revenues (a)	1,848		3,871		405		2,908		9,032
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1,082)		(3,030)		(219)		(2,175)		(6,506)
Operating costs	(236)		(203)		(56)		(217)		(712)
Adjusted EBITDA from unconsolidated affiliates	1		22		55		34		112
Noncash compensation expense and other	9		13		3		7		32
Segment adjusted EBITDA	$	540	$	673	$	188	$	557	$	1,958
Depreciation and amortization	$	(122)	$	(112)	$	(25)	$	(106)	$	(365)
Equity in net earnings from investments	$	—	$	18	$	38	$	25	$	81
Capital expenditures	$	341	$	135	$	52	$	184	$	712

(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 $625 million for the Natural Gas Gathering and Processing segment, $434 million for the Natural Gas Liquids segment, $79 million for the Refined Products and Crude segment and were not material for the Natural Gas Pipelines segment.


Three Months Ended June 30, 2025	Total Segments		Other and Eliminations		Total
	(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales	$	7,156	$	(1,124)	$	6,032
Residue natural gas sales	705		(11)		694
Exchange services and natural gas gathering and processing revenue	383		—		383
Transportation and storage revenue	746		(5)		741
Other revenue	42		(5)		37
Total revenues (a)	$	9,032	$	(1,145)	$	7,887
Cost of sales and fuel (exclusive of depreciation and operating costs)	$	(6,506)	$	1,146	$	(5,360)
Operating costs	$	(712)	$	6	$	(706)
Depreciation and amortization	$	(365)	$	(3)	$	(368)
Equity in net earnings from investments	$	81	$	—	$	81
Capital expenditures	$	712	$	37	$	749

(a) - Substantially all of our revenues are related to contracts with customers.

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Three Months Ended June 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	$	641	$	3,344	$	—	$	492	$	4,477
Residue natural gas sales	169		—		—		—		169
Gathering, processing and exchange services revenue	31		139		—		—		170
Transportation and storage revenue	—		43		163		498		704
Other revenue	5		4		—		24		33
Total revenues (a)	846		3,530		163		1,014		5,553
Cost of sales and fuel (exclusive of depreciation and operating costs)	(421)		(2,748)		(2)		(380)		(3,551)
Operating costs	(119)		(181)		(52)		(216)		(568)
Adjusted EBITDA from unconsolidated affiliates	1		27		41		41		110
Noncash compensation expense	5		7		2		7		21
Other	59		—		—		1		60
Segment adjusted EBITDA	$	371	$	635	$	152	$	467	$	1,625
Depreciation and amortization	$	(74)	$	(86)	$	(18)	$	(81)	$	(259)
Equity in net earnings from investments	$	—	$	24	$	32	$	32	$	88
Capital expenditures	$	101	$	285	$	52	$	33	$	471

(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 $632 million and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.


Three Months Ended June 30, 2024	Total Segments		Other and Eliminations		Total
	(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales	$	4,477	$	(652)	$	3,825
Residue natural gas sales	169		—		169
Gathering, processing and exchange services revenue	170		—		170
Transportation and storage revenue	704		(5)		699
Other revenue	33		(2)		31
Total revenues (a)	$	5,553	$	(659)	$	4,894
Cost of sales and fuel (exclusive of depreciation and operating costs)	$	(3,551)	$	660	$	(2,891)
Operating costs	$	(568)	$	(1)	$	(569)
Depreciation and amortization	$	(259)	$	(3)	$	(262)
Equity in net earnings from investments	$	88	$	—	$	88
Capital expenditures	$	471	$	8	$	479

(a) - Substantially all of our revenues are related to contracts with customers.

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Six Months Ended June 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	$	2,327	$	7,852	$	—	$	4,217	$	14,396
Residue natural gas sales	1,147		—		576		—		1,723
Exchange services and natural gas gathering and processing revenue	554		196		—		—		750
Transportation and storage revenue	—		85		293		1,102		1,480
Other revenue	17		6		—		57		80
Total revenues (a)	4,045		8,139		869		5,376		18,429
Cost of sales and fuel (exclusive of depreciation and operating costs)	(2,538)		(6,487)		(480)		(4,010)		(13,515)
Operating costs	(493)		(413)		(108)		(441)		(1,455)
Adjusted EBITDA from unconsolidated affiliates	3		50		116		82		251
Noncash compensation expense and other	14		19		3		21		57
Segment adjusted EBITDA	$	1,031	$	1,308	$	400	$	1,028	$	3,767
Depreciation and amortization	$	(248)	$	(225)	$	(48)	$	(222)	$	(743)
Equity in net earnings from investments	$	2	$	45	$	77	$	65	$	189
Investments in unconsolidated affiliates	$	39	$	550	$	843	$	1,011	$	2,443
Total assets	$	16,141	$	19,943	$	4,573	$	23,495	$	64,152
Capital expenditures	$	582	$	306	$	114	$	325	$	1,327

(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 $1.3 billion for the Natural Gas Gathering and Processing segment, $977 million for the Natural Gas Liquids segment, $172 million for the Refined Products and Crude segment and were not material for the Natural Gas Pipelines segment.


Six Months Ended June 30, 2025	Total Segments		Other and Eliminations		Total
	(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales	$	14,396	$	(2,447)	$	11,949
Residue natural gas sales	1,723		(34)		1,689
Exchange services and natural gas gathering and processing revenue	750		—		750
Transportation and storage revenue	1,480		(10)		1,470
Other revenue	80		(8)		72
Total revenues (a)	$	18,429	$	(2,499)	$	15,930
Cost of sales and fuel (exclusive of depreciation and operating costs)	$	(13,515)	$	2,500	$	(11,015)
Operating costs	$	(1,455)	$	(3)	$	(1,458)
Depreciation and amortization	$	(743)	$	(5)	$	(748)
Equity in net earnings from investments	$	189	$	—	$	189
Investments in unconsolidated affiliates	$	2,443	$	3	$	2,446
Total assets	$	64,152	$	372	$	64,524
Capital expenditures	$	1,327	$	51	$	1,378

(a) - Substantially all of our revenues are related to contracts with customers.

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Six Months Ended June 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	$	1,264	$	6,608	$	—	$	843	$	8,715
Residue natural gas sales	513		—		28		—		541
Gathering, processing and exchange services revenue	66		261		—		—		327
Transportation and storage revenue	—		91		320		964		1,375
Other revenue	13		6		—		51		70
Total revenues (a)	1,856		6,966		348		1,858		11,028
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1,015)		(5,446)		(17)		(665)		(7,143)
Operating costs	(236)		(362)		(105)		(433)		(1,136)
Adjusted EBITDA from unconsolidated affiliates	3		44		88		76		211
Noncash compensation expense	9		15		4		14		42
Other	60		6		(1)		(2)		63
Segment adjusted EBITDA	$	677	$	1,223	$	317	$	848	$	3,065
Depreciation and amortization	$	(144)	$	(171)	$	(36)	$	(161)	$	(512)
Equity in net earnings from investments	$	2	$	39	$	68	$	55	$	164
Investments in unconsolidated affiliates	$	30	$	418	$	518	$	967	$	1,933
Total assets	$	7,096	$	15,735	$	2,667	$	18,963	$	44,461
Capital expenditures	$	217	$	538	$	131	$	75	$	961

(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 $1.3 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.


Six Months Ended June 30, 2024	Total Segments		Other and Eliminations		Total
	(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales	$	8,715	$	(1,334)	$	7,381
Residue natural gas sales	541		—		541
Gathering, processing and exchange services revenue	327		—		327
Transportation and storage revenue	1,375		(12)		1,363
Other revenue	70		(7)		63
Total revenues (a)	$	11,028	$	(1,353)	$	9,675
Cost of sales and fuel (exclusive of depreciation and operating costs)	$	(7,143)	$	1,355	$	(5,788)
Operating costs	$	(1,136)	$	(2)	$	(1,138)
Depreciation and amortization	$	(512)	$	(4)	$	(516)
Equity in net earnings from investments	$	164	$	—	$	164
Investments in unconsolidated affiliates	$	1,933	$	4	$	1,937
Total assets	$	44,461	$	74	$	44,535
Capital expenditures	$	961	$	30	$	991

(a) - Substantially all of our revenues are related to contracts with customers.

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	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Reconciliation of net income to total segment adjusted EBITDA	(Millions of dollars)
Net income	$	853	$	780	$	1,544	$	1,419
Interest expense, net of capitalized interest	438		298		880		598
Depreciation and amortization	368		262		748		516
Income taxes	260		243		457		451
Adjusted EBITDA from unconsolidated affiliates	113		110		252		211
Equity in net earnings from investments	(81)		(88)		(189)		(164)
Noncash compensation expense and other (a)	30		19		64		34
Corporate other (a)	(23)		1		11		—
Total segment adjusted EBITDA	$	1,958	$	1,625	$	3,767	$	3,065

(a) - The three months ended June 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $21 million included within corporate other and $1 million included within noncash compensation expense and other. The six months ended June 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $52 million included within corporate other and $12 million included within noncash compensation expense and other.

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