ONEOK (OKE) risk factors: FY2025 10-K

1. If the level of drilling in the regions in which we operate declines substantially near our assets, our volumes and revenues could decline.
2. Our operating results may be adversely affected by unfavorable economic and market conditions.reworded
3. The volatility of natural gas, NGL, Refined Products and crude oil prices could adversely affect our earnings and cash flows.reworded
4. Reduced volatility in energy prices or new government regulations could discourage our storage customers from holding positions in Refined Products, crude oil and natural gas, which could adversely affect our business.
5. We depend on producers, gathering systems, refineries and pipelines owned and operated by others to supply our assets, and any closures, interruptions or reduced activity levels at these facilities may adversely affect our business, results of operations, financial position and cash flows.
6. Our operations are subject to operational hazards and unforeseen interruptions, which could adversely affect our business and for which we may not be adequately insured.reworded
7. Continued development of supply sources outside of our operating regions could impact demand for our services.
8. We do not hedge fully against commodity price risk or interest rate risk, including commodity price changes, seasonal price differentials, product price differentials or location price differentials. This could result in decreased revenues, increased costs and lower margins, adversely affecting our results of operations.rewordedInterest rates
9. A breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, or those of third parties, may adversely affect our operations, financial results or reputation.rewordedCybersecurity
10. Terrorist attacks, including cyber sabotage, aimed at our facilities could adversely affect our business, results of operations, financial position and cash flows.rewordedCybersecurity
11. Scrutiny and conflicting stakeholder expectations regarding ESG issues, including climate change, may impact our business.new
12. We may be subject to risks associated with the physical impacts of climate change.
13. Growing our business by constructing new pipelines and facilities or making modifications to our existing facilities subjects us to construction risk and supply risks, should adequate natural gas, NGL, Refined Products and crude oil supply be unavailable upon completion of the facilities.
14. Estimates of hydrocarbon reserves may be inaccurate, which could result in lower than anticipated volumes.
15. We do not own all of the land on which our pipelines and facilities are located, and we lease certain facilities and equipment, which could disrupt our operations.
16. Measurement adjustments on our pipeline systems may be impacted materially by changes in estimation, type of commodity and other factors.
17. We face competition for supply and, as a result, we may have significant levels of excess capacity on our pipeline, processing, fractionation, terminal and storage assets.
18. Many of our assets have been in service for several decades.
19. Our operating cash flows are derived partially from cash distributions we receive from our unconsolidated affiliates.
20. We may be unable to cause our joint ventures to take or not to take certain actions unless some or all of our joint-venture participants agree.
21. We do not operate all of our joint-venture assets nor do we employ directly all of the persons responsible for providing administrative, operating and management services. This reliance on others to operate joint-venture assets and to provide other services could adversely affect our business and results of operations.reworded
22. Our ability to use net operating losses and certain other tax attributes to offset future taxable income may be limited.

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1. Our business is subject to regulatory oversight and potential penalties.
2. Rate regulation, challenges by shippers of the rates we charge for transportation on our pipelines or changes in the jurisdictional characterization of our assets or activities by federal, state or local regulatory agencies may reduce the amount of cash we generate.
3. Increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal of wastewater, could result in reductions or delays in drilling and completing new crude oil and natural gas wells.
4. Our liquids blending activities subject us to federal regulations that govern renewable fuel requirements in the U.S.
5. We may face significant costs to comply with the regulation of GHG emissions.
6. Our operations are subject to federal and state laws and regulations relating to the protection of public health and safety and the environment, which may expose us to significant costs and liabilities. Increased litigation and activism challenging continued reliance upon oil and gas as well as changes to and/or increased penalties from the enforcement of laws, regulations and policies could adversely impact our business.reworded

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1. Changes in interest rates could adversely affect our business.rewordedInterest rates
2. Any reduction in our credit ratings could adversely affect our business, results of operations, financial position and cash flows.reworded
3. Our indebtedness and guarantee obligations could impair our financial condition and our ability to fulfill our obligations.
4. An event of default may require us to offer to repurchase or repay certain of our and ONEOK Partners’ senior notes or may impair our ability to access capital.reworded
5. The right to receive payments on our outstanding debt securities and subsidiary guarantees is unsecured and will be effectively subordinated to any future secured indebtedness as well as to any existing and future indebtedness of our subsidiaries that do not guarantee the senior notes.
6. A court may use fraudulent conveyance considerations to avoid or subordinate the cross guarantees of our and ONEOK Partners’ indebtedness.

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1. Mergers, acquisitions and other significant transactions that appear to be accretive may nevertheless reduce our cash from operations on a per-share basis.reworded
2. Our future results following any potential future transactions will suffer if we do not effectively manage our expanded operations.reworded
3. Holders of our common stock may receive dividends that vary from anticipated amounts, or no dividends at all.
4. We are exposed to the credit risk of our customers or counterparties, and our credit risk management may not be adequate to protect against such risk.
5. Our business requires the retention and recruitment of a skilled executive team and workforce, and difficulties in recruiting and retaining executives and other key personnel could impair our ability to develop and implement our business strategy. A shortage of skilled labor may make it difficult for us to maintain labor productivity and competitive costs.reworded
6. Our employees or directors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
7. An impairment of goodwill, long-lived assets, including intangible assets, and equity-method investments could reduce our earnings.
8. The cost of providing pension and postretirement health care benefits to eligible employees and qualified retirees is subject to changes in pension fund values and changing demographics and may increase.
9. If we fail to maintain an effective system of internal controls, we may not be able to report accurately our financial results or prevent fraud. As a result, current and potential holders of our equity and debt securities could lose confidence in our financial reporting.

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Headings in the FY2024 10-K with no match this year.

1. Increasing attention to ESG issues, including climate change, may impact our business.
2. We may be unable to integrate the businesses of EnLink and Medallion successfully or realize the anticipated benefits of the EnLink Acquisitions and the Medallion Acquisition (collectively, the “Recent Acquisitions”).