Item 1. FINANCIAL STATEMENTS

ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
									Three Months Ended
									March 31,
(Unaudited)															2026						2025
												(Millions of dollars, except per share amounts)
Revenues
Commodity sales															$	8,445					$	6,912
Services and other															1,173						1,131
Total revenues (Note J)															9,618						8,043
Cost of sales and fuel (exclusive of items shown separately below)															7,053						5,655
Operations and maintenance															634						655
Depreciation and amortization															378						380
General taxes															112						97
Transaction costs															7						42
Other operating expense (income), net															6						(6)
Operating income															1,428						1,220
Equity in net earnings from investments (Note H)															89						108
Impairment of equity investments (Note H)															(60)						—
Other income, net															3						2
Interest expense (net of capitalized interest of $27 and $10, respectively)															(439)						(442)
Income before income taxes															1,021						888
Income taxes															(245)						(197)
Net income															776						691
Less: Net income attributable to noncontrolling interests															2						55
Net income attributable to ONEOK															$	774					$	636
Basic EPS (Note G)															$	1.23					$	1.04
Diluted EPS (Note G)															$	1.23					$	1.04
Average shares (millions)
Basic															630.7						611.4
Diluted															631.6						612.5

See accompanying Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
						Three Months Ended
						March 31,
(Unaudited)												2026						2025
												(Millions of dollars)
Net income												$	776					$	691
Other comprehensive income (loss), net of tax
Change in fair value of derivatives, net of tax of $91 and $11, respectively												(303)						(37)
Derivative amounts reclassified to net income, net of tax of $(19) and $(3), respectively												64						10
Total other comprehensive loss, net of tax												(239)						(27)
Comprehensive income												537						664
Less: Comprehensive income attributable to noncontrolling interests												2						55
Comprehensive income attributable to ONEOK												$	535					$	609

See accompanying Notes to Consolidated Financial Statements.

ONEOK, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
						March 31,						December 31,
(Unaudited)						2026						2025
Assets						(Millions of dollars)
Current assets
Cash and cash equivalents						$	172					$	78
Accounts receivable, net						3,670						3,010
Inventories						1,136						948
Other current assets						565						452
Total current assets						5,543						4,488
Property, plant and equipment
Property, plant and equipment						56,272						55,489
Accumulated depreciation and amortization						7,968						7,628
Net property, plant and equipment						48,304						47,861
Other assets
Investments in unconsolidated affiliates						2,985						2,889
Goodwill						8,058						8,058
Intangible assets, net						2,868						2,901
Other assets						445						444
Total other assets						14,356						14,292
Total assets						$	68,203					$	66,641
Liabilities, redeemable noncontrolling interests and equity
Current liabilities
Current maturities of long-term debt (Note D)						$	1,241					$	1,241
Short-term borrowings (Note D)						1,647						820
Accounts payable						3,572						2,838
Accrued interest						515						499
Other current liabilities						836						967
Total current liabilities						7,811						6,365
Long-term debt, excluding current maturities						30,764						30,755
Deferred credits and other liabilities
Deferred income taxes						6,531						6,349
Other deferred credits						609						603
Total deferred credits and other liabilities						7,140						6,952
Commitments and contingencies (Note I)
Redeemable noncontrolling interests in consolidated subsidiaries (Note F)						41						—
Equity (Note E)
Common stock, $0.01 par value: authorized 1,200,000,000 shares; issued 655,909,018 shares and outstanding 630,030,737 shares at March 31, 2026; issued 655,909,018 shares and outstanding 629,707,691 shares at December 31, 2025						7						7
Paid-in capital						20,965						20,961
Accumulated other comprehensive loss						(266)						(27)
Retained earnings						2,469						2,373
Treasury stock, at cost: 25,878,281 shares at March 31, 2026, and 26,201,327 shares at December 31, 2025						(818)						(829)
Total ONEOK shareholders' equity						22,357						22,485
Noncontrolling interests in consolidated subsidiaries						90						84
Total equity						22,447						22,569
Total liabilities, redeemable noncontrolling interests and equity						$	68,203					$	66,641

See accompanying Notes to Consolidated Financial Statements.

ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
						Three Months Ended
						March 31,
(Unaudited)						2026						2025
						(Millions of dollars)
Operating activities
Net income						$	776					$	691
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization						378						380
Equity in net earnings from investments (Note H)						(89)						(108)
Impairment of equity investments (Note H)						60						—
Distributions received from unconsolidated affiliates						110						101
Deferred income taxes						256						170
Other, net						48						14
Changes in assets and liabilities:
Accounts receivable						(656)						(322)
Inventories, net of commodity imbalances						(173)						(113)
Accounts payable						810						281
Risk-management assets and liabilities						(460)						(34)
Other assets and liabilities, net						(126)						(156)
Cash provided by operating activities						934						904
Investing activities
Capital expenditures (less allowance for equity funds used during construction)						(864)						(629)
Contributions to unconsolidated affiliates						(183)						(82)
Other, net						40						17
Cash used in investing activities						(1,007)						(694)
Financing activities
Dividends paid						(674)						(643)
Short-term borrowings, net						827						200
Extinguishment of long-term debt						—						(250)
Other, net						14						(109)
Cash provided by (used in) financing activities						167						(802)
Change in cash and cash equivalents						94						(592)
Cash and cash equivalents at beginning of period						78						733
Cash and cash equivalents at end of period						$	172					$	141

See accompanying Notes to Consolidated Financial Statements.

ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
			ONEOK Shareholders' Equity
(Unaudited)			Common Stock			Paid-in Capital			AOCL*			Retained Earnings			Treasury Stock			Noncontrolling Interests			Total Equity			Redeemable Noncontrolling Interests (a)
			(Millions of dollars)
January 1, 2026			$	7		$	20,961		$	(27)		$	2,373		$	(829)		$	84		$	22,569		$	—
Net income			—			—			—			774			—			2			776			—
Other comprehensive loss			—			—			(239)			—			—			—			(239)			—
Common stock issued			—			4			—			—			11			—			15			—
Common stock dividends - $1.07 per share (Note E)			—			—			—			(677)			—			—			(677)			—
Distributions to noncontrolling interests			—			—			—			—			—			(2)			(2)			—
Contributions from noncontrolling interests			—			—			—			—			—			6			6			—
Contributions from redeemable noncontrolling interests (a)			—			—			—			—			—			—			—			41
Other, net			—			—			—			(1)			—			—			(1)			—
March 31, 2026			$	7		$	20,965		$	(266)		$	2,469		$	(818)		$	90		$	22,447		$	41

*Accumulated other comprehensive loss

(a) - See Note F for additional discussion on our redeemable noncontrolling interests.

			ONEOK Shareholders' Equity
(Unaudited)			Preferred Stock			Common Stock			Paid-in Capital			AOCL*			Retained Earnings			Treasury Stock			Noncontrolling Interests			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			—			—			—			—			(645)			—			—			(645)
Repurchase of common stock			—			—			—			—			—			(17)			—			(17)
EnLink Acquisition			—			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

*Accumulated other comprehensive loss

See accompanying Notes to Consolidated Financial Statements.

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 2025 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. 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:

			March 31, 2026
			Level 1						Level 2						Level 3						Total - Gross						Netting (a)						Total - Net
			(Millions of dollars)
Derivative assets
Commodity contracts			$	64					$	134					$	—					$	198					$	(198)					$	—
Total derivative assets			$	64					$	134					$	—					$	198					$	(198)					$	—
Derivative liabilities
Commodity contracts			$	(314)					$	(171)					$	—					$	(485)					$	485					$	—
Total derivative liabilities			$	(314)					$	(171)					$	—					$	(485)					$	485					$	—

(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 March 31, 2026, we held no cash and posted cash of $499 million with a counterparty, including $287 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $212 million of cash collateral in excess of derivative liability positions is included in other current assets in our Consolidated Balance Sheets.

			December 31, 2025
			Level 1						Level 2						Level 3						Total - Gross						Netting (a)						Total - Net
			(Millions of dollars)
Derivative assets
Commodity contracts			$	60					$	69					$	—					$	129					$	(67)					$	62
Total derivative assets			$	60					$	69					$	—					$	129					$	(67)					$	62
Derivative liabilities
Commodity contracts			$	(21)					$	(46)					$	—					$	(67)					$	67					$	—
Total derivative liabilities			$	(21)					$	(46)					$	—					$	(67)					$	67					$	—

(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, 2025, we held no cash and posted cash of $4 million with a counterparty, which 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 book value of our consolidated long-term debt, including current maturities, was $32.0 billion at March 31, 2026, and December 31, 2025. The estimated fair value of our consolidated long-term debt, including current maturities, was $32.1 billion and $32.7 billion at March 31, 2026, and December 31, 2025, 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.

C. 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. At March 31, 2026, and December 31, 2025, we had no outstanding interest-rate derivative instruments.

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:

						March 31, 2026												December 31, 2025
			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			$	180					$	(441)					$	112					$	(50)
Total derivatives designated as hedging instruments						180						(441)						112						(50)
Derivatives not designated as hedging instruments
Commodity contracts (a)(b)			Other current assets			18						(44)						17						(17)
Total derivatives not designated as hedging instruments						18						(44)						17						(17)
Total derivatives						$	198					$	(485)					$	129					$	(67)

(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 March 31, 2026, our derivative net liability positions under master-netting arrangements for financial commodity contracts were offset by cash collateral of $287 million.

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

						March 31, 2026						December 31, 2025
						Net Purchased/Payor (Sold/Receiver)
Derivatives designated as hedging instruments:
Cash flow hedges
Fixed price
- Natural gas (Bcf)						(9.9)						(19.4)
- NGLs, Refined Products and crude oil (MMBbl)						(26.9)						(22.1)
Basis
- Natural gas (Bcf)						(9.9)						(17.9)
- NGLs, Refined Products and crude oil (MMBbl)						7.1						(0.6)
Derivatives not designated as hedging instruments:
Fixed price
- Natural gas (Bcf)						(0.9)						(4.1)
- NGLs, Refined Products and crude oil (MMBbl)						(1.5)						0.1
Basis
- Natural gas (Bcf)						—						(0.2)
Swing Swaps
- Natural gas (Bcf)						0.5						(0.6)

Cash Flow Hedges - At March 31, 2026, the accumulated other comprehensive income (loss) relating to risk-management assets and liabilities, net of taxes, was $(220) million, which included unrealized losses of $(198) million, net of tax, related to commodity derivative instruments that we expect to be reclassified into earnings during the next 12 months.

For the three months ended March 31, 2026, the unrealized change in fair value of cash flow hedges in other comprehensive income (loss) related to commodity contracts was $(394) million and the effect of cash flow hedges on net income was not material.

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.

D. DEBT

Current Maturities - At March 31, 2026, our current maturities of long-term debt consisted of the following:

			(Millions of dollars)
$500 at 4.85% due July 2026			$	491
$750 at 5.55% due November 2026			750
Current maturities of long-term debt			$	1,241

Commercial Paper Program - At March 31, 2026, we had $1.6 billion of commercial paper outstanding, bearing a weighted-average interest rate of 4.16%. At December 31, 2025, we had $820 million of commercial paper outstanding, bearing a weighted-average interest rate of 3.91%.

$3.5 Billion Credit Agreement - 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 items 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 December 2025, we completed the acquisition of a system of gas gathering assets, 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 June 30, 2026, after which it will decrease to 5.0 to 1. As of March 31, 2026, 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.

Subsequent Events - 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.

In April 2026, we entered into a $1.2 Billion Term Loan Agreement, which is available to be drawn in up to two borrowings within 90 days of the closing date. The $1.2 Billion Term Loan Agreement matures 364 days after 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. We had no borrowings under the $1.2 Billion Term Loan Agreement as of the date of issuance of the Consolidated Financial Statements in this Quarterly Report.

Debt Guarantees - 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 G of the Notes to Consolidated Financial Statements in our Annual Report.

E. EQUITY

Dividends - Holders of our common stock share equally in any common stock dividends declared by our Board of Directors. Dividends paid on our common stock in February 2026 were $1.07 per share. We declared a quarterly common stock dividend of $1.07 per share in April 2026. The quarterly common stock dividend will be paid on May 15, 2026, to shareholders of record at the close of business on May 4, 2026.

F. VARIABLE INTEREST ENTITIES

Consolidated Variable Interest Entities (VIEs) - As of March 31, 2026, our consolidated VIEs consist of OWM, MBTC Pipeline and Ascension. We are the managing member of each entity. These entities are VIEs 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 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 these entities.

In January 2026, we entered into an agreement to form OWM, which owns natural gas gathering and processing assets in Wyoming. Pursuant to the agreement, our joint venture partner holds a put right, which, if exercised, would require us to purchase all of the outstanding interests in OWM, beginning on the fourth anniversary of closing, at a contractually determined put price. As the put right is outside of our control, we recorded redeemable noncontrolling interests classified as temporary equity in our Consolidated Balance Sheets.

As of December 31, 2025, the assets and liabilities of our consolidated VIEs were not material. The following table presents the balance sheet information for the assets and liabilities that are only for the use or obligation of our consolidated VIEs, which were included in our Consolidated Balance Sheets as of March 31, 2026:

						March 31, 2026
						(Millions of dollars)
Assets:
Cash and cash equivalents						$	136
Accounts receivable, net						10
Other current assets						2
Net property, plant and equipment						397
Liabilities:
Accounts payable						9
Other deferred credits						1

G. EARNINGS PER SHARE

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

			Three Months Ended March 31, 2026
			Income						Shares						Per Share Amount
			(Millions, except per share amounts)
Basic EPS
Net income attributable to ONEOK available for common stock			$	774					630.7						$	1.23
Diluted EPS
Effect of dilutive securities			—						0.9
Net income attributable to ONEOK available for common stock and common stock equivalents			$	774					631.6						$	1.23

			Three Months Ended March 31, 2025
			Income						Shares						Per Share Amount
			(Millions, except per share amounts)
Basic EPS
Net income attributable to ONEOK available for common stock			$	636					611.4						$	1.04
Diluted EPS
Effect of dilutive securities			—						1.1
Net income attributable to ONEOK available for common stock and common stock equivalents			$	636					612.5						$	1.04

H. UNCONSOLIDATED AFFILIATES

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

									Three Months Ended March 31,
															2026						2025
															(Millions of dollars)
Northern Border															$	40					$	28
Overland Pass															24						26
BridgeTex															13						16
Saddlehorn															11						13
Roadrunner															10						10
Matterhorn															8						1
Powder Springs															(26)						3
Other															9						11
Equity in net earnings from investments															$	89					$	108
Impairment of equity investments															$	(60)					$	—

We incurred expenses in transactions with unconsolidated affiliates of $75 million and $80 million for the three months ended March 31, 2026 and 2025, 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, Saddlehorn and Powder Springs. 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.

In the first quarter of 2026, we made equity contributions to Texas City Logistics and Eiger of $64 million and $61 million, respectively, which, in combination with contributions from our joint venture partners, were primarily used for funding capital projects.

Impairment Charges - For the period ended March 31, 2026, we evaluated and concluded that the full carrying value of our 50% investment in Powder Springs in our Refined Products and Crude segment was not recoverable and recorded a noncash impairment charge of $60 million, which included $52 million related to a basis difference associated with property, plant and equipment and equity-method goodwill. This impairment charge is reported within impairment of equity investments in our Consolidated Statements of Income. The estimated fair value of the equity investment is classified as Level 3. Our accounting policies for evaluating and testing our equity-method investments in unconsolidated affiliates for impairment are consistent with those discussed in Note A of the Notes to Consolidated Financial Statements in our Annual Report.

I. 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 adversely affect 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.

J. REVENUES

Contract Assets and Contract Liabilities - Our contract asset balances at the beginning and end of the period 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 March 31, 2026, and December 31, 2025, related to customer receivables. Revenue sources are disaggregated in Note K.

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 March 31, 2026, 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 23 years.

Expected Period of Recognition in Revenue						(Millions of dollars)
Remainder of 2026						$	978
2027						1,200
2028						1,020
2029						866
2030 and beyond						2,908
Total						$	6,972

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.

K. 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, transports, stores, markets and distributes 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 tables below align with the segment-level information that is regularly provided to the chief operating decision-maker. Total assets by segment is excluded from the tables below as that information is not regularly provided to the chief operating decision-maker.

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

Three Months Ended March 31, 2026			Natural Gas Gathering and Processing						Natural Gas Liquids						Natural Gas Pipelines						Refined Products and Crude						Total Segments
			(Millions of dollars)
Liquids commodity sales			$	1,026					$	3,481					$	—					$	4,128					$	8,635
Residue natural gas sales			711						—						455						—						1,166
Exchange services and natural gas gathering and processing revenue			251						92						—						—						343
Transportation and storage revenue			—						70						171						560						801
Other revenue			9						3						—						28						40
Total revenues (a)			1,997						3,646						626						4,716						10,985
Cost of sales and fuel (exclusive of depreciation and operating costs)			(1,293)						(2,768)						(310)						(4,052)						(8,423)
Operating costs			(245)						(208)						(60)						(228)						(741)
Adjusted EBITDA from unconsolidated affiliates			1						27						78						24						130
Noncash compensation expense and other			7						9						5						32						53
Segment adjusted EBITDA			$	467					$	706					$	339					$	492					$	2,004
Depreciation and amortization			$	(135)					$	(107)					$	(25)					$	(109)					$	(376)
Equity in net earnings from investments			$	—					$	24					$	58					$	7					$	89
Impairment of equity investments			$	—					$	—					$	—					$	(60)					$	(60)
Investments in unconsolidated affiliates			$	40					$	718					$	1,037					$	1,184					$	2,979
Capital expenditures			$	317					$	310					$	46					$	180					$	853

(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 $1.0 billion for the Natural Gas Gathering and Processing segment, $0.3 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.

Three Months Ended March 31, 2026			Total Segments						Other and Eliminations						Total
			(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales			$	8,635					$	(1,336)					$	7,299
Residue natural gas sales			1,166						(20)						1,146
Exchange services and natural gas gathering and processing revenue			343						—						343
Transportation and storage revenue			801						(13)						788
Other revenue			40						2						42
Total revenues (a)			$	10,985					$	(1,367)					$	9,618
Cost of sales and fuel (exclusive of depreciation and operating costs)			$	(8,423)					$	1,370					$	(7,053)
Operating costs			$	(741)					$	(5)					$	(746)
Depreciation and amortization			$	(376)					$	(2)					$	(378)
Equity in net earnings from investments			$	89					$	—					$	89
Impairment of equity investments			$	(60)					$	—					$	(60)
Investments in unconsolidated affiliates			$	2,979					$	6					$	2,985
Capital expenditures			$	853					$	11					$	864

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

Three Months Ended March 31, 2025			Natural Gas Gathering and Processing						Natural Gas Liquids						Natural Gas Pipelines						Refined Products and Crude						Total Segments
			(Millions of dollars)
Liquids commodity sales			$	1,227					$	4,112					$	—					$	1,901					$	7,240
Residue natural gas sales			698						—						320						—						1,018
Exchange services and natural gas gathering and processing revenue			184						103						—						—						287
Transportation and storage revenue			80						51						144						539						814
Other revenue			8						2						—						28						38
Total revenues (a)			2,197						4,268						464						2,468						9,397
Cost of sales and fuel (exclusive of depreciation and operating costs)			(1,456)						(3,457)						(261)						(1,835)						(7,009)
Operating costs			(257)						(210)						(52)						(224)						(743)
Adjusted EBITDA from unconsolidated affiliates			2						28						61						48						139
Noncash compensation expense and other			5						6						—						14						25
Segment adjusted EBITDA			$	491					$	635					$	212					$	471					$	1,809
Depreciation and amortization			$	(126)					$	(113)					$	(23)					$	(116)					$	(378)
Equity in net earnings from investments			$	2					$	27					$	39					$	40					$	108
Investments in unconsolidated affiliates			$	37					$	524					$	811					$	1,029					$	2,401
Capital expenditures			$	241					$	171					$	62					$	141					$	615

(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 $0.7 billion for the Natural Gas Gathering and Processing segment, $0.5 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.

Three Months Ended March 31, 2025			Total Segments						Other and Eliminations						Total
			(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales			$	7,240					$	(1,323)					$	5,917
Residue natural gas sales			1,018						(23)						995
Exchange services and natural gas gathering and processing revenue			287						—						287
Transportation and storage revenue			814						(5)						809
Other revenue			38						(3)						35
Total revenues (a)			$	9,397					$	(1,354)					$	8,043
Cost of sales and fuel (exclusive of depreciation and operating costs)			$	(7,009)					$	1,354					$	(5,655)
Operating costs			$	(743)					$	(9)					$	(752)
Depreciation and amortization			$	(378)					$	(2)					$	(380)
Equity in net earnings from investments			$	108					$	—					$	108
Investments in unconsolidated affiliates			$	2,401					$	4					$	2,405
Capital expenditures			$	615					$	14					$	629

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

												Three Months Ended March 31,
																		2026						2025
Reconciliation of income before income taxes to total segment adjusted EBITDA																		(Millions of dollars)
Income before income taxes																		$	1,021					$	888
Interest expense, net of capitalized interest																		439						442
Depreciation and amortization																		378						380
Adjusted EBITDA from unconsolidated affiliates																		130						139
Equity in net earnings from investments																		(89)						(108)
Impairment of equity investments																		60						—
Noncash compensation expense and other (a)																		58						34
Corporate other (a)																		7						34
Total segment adjusted EBITDA																		$	2,004					$	1,809

(a) - The three months ended March 31, 2026, included transaction costs related primarily to the EnLink Acquisition of $7 million included within corporate other. The three months ended March 31, 2025, included transaction costs related primarily to the EnLink Acquisition of $31 million included within corporate other and $11 million included within noncash compensation expense and other.