UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended ~~March~~June 3130, 2025.

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________.

Commission file number 001-13643

ONEOK, Inc.

(Exact name of registrant as specified in its charter)


Oklahoma			73-1520922
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

100 West Fifth Street,

Tulsa,

74103

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (918) 588-7000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value of $0.01	OKE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

On ~~April~~July 2128, 2025, the Company had ~~624~~629,~~632~~755,~~479~~979 shares of common stock outstanding.

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ONEOK, Inc.

TABLE OF CONTENTS

Part I.	Financial Information	Page No.
Item 1.	Financial Statements (Unaudited)	6
	Consolidated Statements of Income - Three Months Ended March 31, 2025 and 2024	6
	Consolidated Statements of Income - Three and Six Months Ended June 30, 2025 and 2024	6
	Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2025 and 2024	6
	Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2025 and 2024	6
	Consolidated Balance Sheets - March 31, 2025, and December 31, 2024	7
	Consolidated Balance Sheets - June 30, 2025, and December 31, 2024	7
	Consolidated Statements of Cash Flows - Three Months Ended March 31, 2025 and 2024	8
	Consolidated Statements of Cash Flows - Six Months Ended June 30, 2025 and 2024	8
	Consolidated Statements of Changes in Equity - Three Months Ended March 31, 2025 and 2024	9
	Consolidated Statements of Changes in Equity - Three and Six Months Ended June 30, 2025 and 2024	9
	Notes to Consolidated Financial Statements	1011
	A. Summary of Significant Accounting Policies	1011
	B. Acquisitions	1011
	C. Fair Value Measurements	1112
	D. Risk-Management and Hedging Activities Using Derivatives	1213
	E. Debt	1315
	F. Equity	1415
	G. Variable Interest Entities	1416
	H. Earnings Per Share	1517
	I. Unconsolidated Affiliates	1618
	J. Commitments and Contingencies	1618
	K. Revenues	1619
	L. Segments	1719
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2024
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3338
Item 4.	Controls and Procedures	3339
Part II.	Other Information	3339
Item 1.	Legal Proceedings	3339
Item 1A.	Risk Factors	3339
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3439
Item 3.	Defaults Upon Senior Securities	3439
Item 4.	Mine Safety Disclosures	3439
Item 5.	Other Information	3439
Item 6.	Exhibits	3440
Signatures		3842

As used in this Quarterly Report, references to “ONEOK,” “we,” “our” or “us” refer to ONEOK, Inc., an Oklahoma corporation, and its predecessors and subsidiaries, including Magellan, EnLink and Medallion, unless the context indicates otherwise.

The statements in this Quarterly Report that are not historical information, including statements concerning plans and objectives of management for future operations, economic performance or related assumptions, are forward-looking statements. Forward-looking statements may include words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “projects,” “scheduled,” “should,” “target,” “will,” “would” and other words and terms of similar meaning. Although we believe that our expectations regarding future events are based on reasonable assumptions, we can give no assurance that such expectations or assumptions will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements are described under Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements” and Part II, Item 1A, “Risk Factors,” in this Quarterly Report, and under Part I, Item 1A, “Risk Factors,” in our Annual Report.

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GLOSSARY

The abbreviations, acronyms and industry terminology used in this Quarterly Report are defined as follows:

$2.5 Billion Credit Agreement			ONEOK’s $2.5 billion amended and restated revolving credit agreement, replaced by the $3.5 Billion Credit Agreement
$3.5 Billion Credit Agreement			ONEOK’s $3.5 billion amended and restated revolving credit agreement
AFUDC			Allowance for funds used during construction
Annual Report			Annual Report on Form 10-K for the year ended December 31, 2024
Ascension			Ascension Pipeline Company, LLC, a 50% owned joint venture
Bbl			Barrels, 1 barrel is equivalent to 42 United States gallons
Bcf			Billion cubic feet
BridgeTex			BridgeTex Pipeline Company, LLC, a 30% owned joint venture, and after the BridgeTex Additional Interest Acquisition, a 60% owned joint venture
Delaware Basin JV			Delaware G&P LLC, a 50.1% owned joint venture
BridgeTex Additional Interest Acquisition			The transaction completed on July 22, 2025, pursuant to which ONEOK acquired an additional 30% interest in BridgeTex
Delaware Basin JV			Delaware G&P LLC, a 50.1% owned joint venture, and after the Delaware Basin JV Acquisition, a wholly owned subsidiary of ONEOK
Delaware Basin JV Acquisition			The transaction completed on May 28, 2025, pursuant to which ONEOK acquired the remaining 49.9% noncontrolling interest in Delaware Basin JV
EBITDA			Earnings before interest expense, income taxes, depreciation and amortization
EnLink			EnLink Midstream, LLC, and after the EnLink Acquisition, Elk Merger Sub II, L.L.C., a wholly owned subsidiary of ONEOK
EnLink Acquisition			The transaction completed on January 31, 2025, pursuant to which ONEOK acquired all of the publicly held EnLink Units in a tax-free transaction, pursuant to the EnLink Merger Agreement
EnLink Controlling Interest Acquisition			The transaction completed on October 15, 2024, pursuant to which ONEOK acquired (i) approximately 43% of the outstanding EnLink Units and (ii) all of the outstanding limited liability company interests in EnLink Midstream Manager, LLC, pursuant to the EnLink Purchase Agreement
EnLink Merger Agreement			Agreement and Plan of Merger, dated as of November 24, 2024, by and among ONEOK, Inc., Elk Merger Sub I, ~~LLC~~L.L.C., Elk Merger Sub II ~~LLC~~L.L.C., EnLink and EnLink Midstream Manager, LLC
EnLink Partners			EnLink Midstream Partners, LP, a wholly owned subsidiary of ONEOK
EnLink Purchase Agreement			Purchase agreement, dated August 28, 2024, by and among ONEOK, GIP III Stetson I, L.P., GIP III Stetson II, L.P. and EnLink Midstream Manager, LLC
EnLink Revolving Credit Facility			EnLink’s $1.4 billion unsecured credit facility
EnLink Units			Common units representing limited liability company interests in EnLink
EPS			Earnings per share of common stock
ESG			Environmental, social and governance
Exchange Act			Securities Exchange Act of 1934, as amended
FERC			Federal Energy Regulatory Commission
Fitch			Fitch Ratings, Inc.
GAAP			Accounting principles generally accepted in the United States of America
GIP			Global Infrastructure Partners and certain of its managed fund vehicles, including GIP III Stetson I, L.P., GIP III Stetson II, L.P., GIP III Trophy GP 2, GIP III Trophy Acquisition
Intermediate Partnership			ONEOK Partners Intermediate Limited Partnership, a wholly owned subsidiary of ONEOK
Magellan			Magellan Midstream Partners, L.P., a wholly owned subsidiary of ONEOK
Matterhorn			Matterhorn Express, a 15% owned joint venture
MBbl/d			Thousand barrels per day
MBTC Pipeline			MBTC Pipeline LLC, an 80% owned joint venture
MDth/d			Thousand dekatherms per day
Medallion			GIP III Trophy Intermediate Holdings, L.P., and after the Medallion Acquisition, Medallion Parent Holdings, L.L.C, a wholly owned subsidiary of ONEOK
Medallion Acquisition			The transaction completed on October 31, 2024, pursuant to which ONEOK (i) became general partner of Medallion and (ii) acquired all of the issued and outstanding limited partner interests in Medallion from GIP

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MDth/d			Thousand dekatherms per day
Medallion			GIP III Trophy Intermediate Holdings, L.P., and after the Medallion Acquisition, Medallion Parent Holdings, L.L.C., a wholly owned subsidiary of ONEOK
Medallion Acquisition			The transaction completed on October 31, 2024, pursuant to which ONEOK (i) became general partner of Medallion and (ii) acquired all of the issued and outstanding limited partner interests in Medallion from GIP
MMBbl			Million barrels
MMcf/d			Million cubic feet per day
Moody’s			Moody’s Investors Service, Inc.
MPLX			MPLX LP
NGL(s)			Natural gas liquid(s)
Northern Border			Northern Border Pipeline Company, a 50% owned joint venture
ONEOK			ONEOK, Inc.
ONEOK Partners			ONEOK Partners, L.P., a wholly owned subsidiary of ONEOK
Overland Pass			Overland Pass Pipeline Company, LLC, a 50% owned joint venture
Preferred Stock			Series E Non-Voting, Perpetual Preferred Stock, par value $0.01 per share
Purity NGLs			Marketable natural gas liquid purity products, such as ethane, ethane/propane mix, propane, iso-butane, normal butane and natural gasoline
Quarterly Report(s)			Quarterly Report(s) on Form 10-Q
Refined Products			The output from crude oil refineries, including products such as gasoline, diesel fuel, aviation fuel, kerosene and heating oil
Roadrunner			Roadrunner Gas Transmission, LLC, a 50% owned joint venture
S&P			S&P Global Ratings
Saddlehorn			Saddlehorn Pipeline Company, LLC, a 40% owned joint venture
SEC			Securities and Exchange Commission
Series B Preferred Units			EnLink Partners’ Series B Cumulative Convertible Preferred Units
Series E Preferred Stock			Series E Non-Voting, Perpetual Preferred Stock, par value $0.01 per share
Texas City Logistics			Texas City Logistics, LLC, a 50% owned joint venture
XBRL			eXtensible Business Reporting Language

INFORMATION AVAILABLE ON OUR WEBSITE

We make available, free of charge, on our website (www.oneok.com) copies of our Annual Reports on Form 10-K, Quarterly Reports, Current Reports on Form 8-K, Proxy Statements, amendments to those reports filed or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act and reports of holdings of our securities filed by our officers and directors under Section 16 of the Exchange Act as soon as reasonably practicable after filing such material electronically or otherwise furnishing it to the SEC. Copies of our Code of Business Conduct and Ethics, Corporate Governance Guidelines, Director Independence Guidelines, Corporate Sustainability Report and the written charters of our Board Committees also are available on our website, and we will provide copies of these documents upon request.

In addition to our filings with the SEC and materials posted on our website, we also use social media platforms as additional channels of distribution to reach public investors. Information contained on our website or posted on our social media accounts, including any corresponding applications, are not incorporated by reference into this report.

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
	Three Months Ended				Six Months Ended
	March 31,
	June 30,				June 30,
(Unaudited)	2025		2024		2025		2024
	(Millions of dollars, except per share amounts)
Revenues
Commodity sales	$	6,~~912~~726	$	3,~~928~~994	$	13,638	$	7,922
Services and other	1,~~131~~161		~~853~~900		2,292		1,753
Total revenues (Note K)	87,~~043~~887		4,~~781~~894		15,930		9,675
Cost of sales and fuel (exclusive of items shown separately below)	5,~~655~~360		2,~~897~~891		11,015		5,788
Operations and maintenance	~~655~~618		~~483~~486		1,273		969
Depreciation and amortization	~~380~~368		~~254~~262		748		516
General taxes	9788		8683		185		169
Transaction costs (Note B)	4222		34		64		7
Other operating income, net	~~(6)~~—		(661)		(6)		(67)
Operating income	1,~~220~~431		1,~~064~~229		2,651		2,293
Equity in net earnings from investments (Note I)	~~108~~81		7688		189		164
Other income, net	239		74		41		11
Interest expense (net of capitalized interest of $10 and $12, respectively)	(442)		(300)
Interest expense (net of capitalized interest of $12, $16, $22 and $28, respectively)	(438)		(298)		(880)		(598)
Income before income taxes	~~888~~1,113		~~847~~1,023		2,001		1,870
Income taxes	(~~197~~260)		(~~208~~243)		(457)		(451)
Net income	~~691~~853		~~639~~780		1,544		1,419
Less: Net income attributable to noncontrolling interests	(5512)		—		(67)		—
Net income attributable to ONEOK	~~636~~$	841	~~639~~$	780	$	1,477	$	1,419
Less: Preferred stock dividends	—		—
Basic EPS (Note H)	$	1.34	$	1.33	$	2.38	$	2.43
Net income available to common shareholders	$	636	$	639
Diluted EPS (Note H)	$	1.34	$	1.33	$	2.38	$	2.42
Basic EPS (Note H)	$	1.04	$	1.09
Average shares (millions)
Diluted EPS (Note H)	$	1.04	$	1.09
Basic	627.2		584.6		619.3		584.4
Average shares (millions)
Diluted	628.1		585.8		620.3		585.7
Basic	611.4		584.2
Diluted	612.5		585.7

See accompanying Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
	Three Months Ended				Six Months Ended
	March 31,
	June 30,				June 30,
(Unaudited)	2025		2024		2025		2024
	(Millions of dollars)
Net income	$	~~691~~853	$	~~639~~780	$	1,544	$	1,419
Other comprehensive income (loss), net of tax
Change in fair value of derivatives, net of tax of $11 and $22, respectively	(37)		(75)
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 $(3) and $6, respectively	10		(21)
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
Changes in benefit plan obligations and other, net of tax of $—, $—, $— and $—, respectively	1		(4)		1		(3)
Total other comprehensive loss, net of tax	(27)		(95)
Total other comprehensive income (loss), net of tax	60		20		33		(75)
Comprehensive income	~~664~~913		~~544~~800		1,577		1,344
Less: Comprehensive income attributable to noncontrolling interests	(5512)		—		(67)		—
Comprehensive income attributable to ONEOK	$	~~609~~901	$	~~544~~800	$	1,510	$	1,344

See accompanying Notes to Consolidated Financial Statements.

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ONEOK, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

March 31,

December 31,

June 30,

December 31,

(Unaudited)

2025

2024

Assets

~~(Millions of dollars)~~

(Millions of dollars)

Current assets

Cash and cash equivalents

~~141~~97

733

Accounts receivable, net

2,~~651~~484

2,326

Inventories

~~905~~858

748

Other current assets

~~419~~457

431

Total current assets

43,~~116~~896

4,238

Property, plant and equipment

5253,~~888~~689

52,274

Accumulated depreciation and amortization

6,~~658~~974

6,339

Net property, plant and equipment

46,~~230~~715

45,935

Other assets

Investments in unconsolidated affiliates

2,~~405~~446

2,316

Goodwill

8,~~094~~097

8,091

Intangible assets, net

32,~~002~~969

3,039

Other assets

~~416~~401

450

Total other assets

13,~~917~~913

13,896

Total assets

64,~~263~~524

64,069

Liabilities and equity

Current liabilities

Current maturities of long-term debt (Note E)

21,~~059~~637

1,059

Short-term borrowings (Note E)

~~200~~1,205

—

Accounts payable

2,~~437~~453

2,187

Commodity imbalances

~~319~~238

260

Accrued interest

~~461~~474

511

Other current liabilities

~~707~~639

702

Total current liabilities

6,~~183~~646

4,719

Long-term debt, excluding current maturities

29,~~781~~625

31,018

Deferred credits and other liabilities

Deferred income taxes

5,~~591~~775

5,451

Other deferred credits

~~588~~574

748

Total deferred credits and other liabilities

6,~~179~~349

6,199

Commitments and contingencies (Note J)

Equity (Note F)

Preferred stock, $0.01 par value: authorized and issued 20,000 shares at March 31, 2025, and December 31, 2024

—

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 651,056,373 shares and outstanding 624,626,545 shares at March 31, 2025; issued 609,713,834 shares and outstanding 583,110,633 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

Paid-in capital

20,~~721~~923

16,354

Accumulated other comprehensive loss

(~~123~~63)

(96)

Retained earnings

1,~~569~~765

1,579

Treasury stock, at cost: 26,429,828 shares at March 31, 2025, and 26,603,201 shares at December 31, 2024

(810)

(807)

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

21,364

17,036

Total ONEOK shareholders' equity

21,830

17,036

Noncontrolling interests in consolidated subsidiaries

~~756~~74

5,097

Total equity

2221,~~120~~904

22,133

Total liabilities and equity

64,~~263~~524

64,069

See accompanying Notes to Consolidated Financial Statements.

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ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
	Three Months Ended
	Six Months Ended
	March 31,
	June 30,
(Unaudited)	2025		2024
	(Millions of dollars)
Operating activities
Net income	$	~~691~~1,544	$	~~639~~1,419
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	~~380~~748		~~254~~516
Equity in net earnings from investments (Note I)	(~~108~~189)		(76164)
Distributions received from unconsolidated affiliates	~~101~~198		78167
Deferred income taxes	~~170~~394		~~180~~385
Other, net	1423		232
Changes in assets and liabilities:
Accounts receivable	(~~322~~153)		6384
Inventories, net of commodity imbalances	(~~113~~140)		~~(179)~~6
Accounts payable	~~281~~301		(29258)
Risk-management assets and liabilities	~~(34)~~14		(~~144~~93)
Other assets and liabilities, net	(~~156~~311)		(~~156~~338)
Cash provided by operating activities	~~904~~2,429		~~596~~2,026
Investing activities
Capital expenditures (less allowance for equity funds used during construction)	(~~629~~1,378)		(~~512~~991)
Purchases of and contributions to unconsolidated affiliates	(82)		(92)
Cash paid for acquisitions, net of cash received	—		(357)
Other, net	17		26
Purchases of and contributions to unconsolidated affiliates	(155)		(98)
Cash used in investing activities	(694)		(578)
Other, net	25		112
Cash used in investing activities	(1,508)		(1,334)
Financing activities
Dividends paid	(~~643~~1,287)		(~~578~~1,156)
Short-term borrowings, net	~~200~~1,205		~~320~~180
Repurchase of common stock	(30)		—
Repayment of long-term debt (Note E)	(250)		—
Delaware Basin JV Acquisition (Note B)	(536)		—
Other, net	(79)		(33)
Repayment of long-term debt (Note E)	(803)		—
Cash used in financing activities	(802)		(291)
Other, net	(106)		(18)
Change in cash and cash equivalents	(592)		(273)
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	$	~~141~~97	$	6536

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	—		—		—		—		—		—		—		—
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	7	$20,721	~~20,721~~	$(123)	~~(123)~~	$1,569	~~1,569~~	$(810)	~~(810)~~	$756	~~756~~	$22,120	~~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

(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

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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.

910

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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

~~EnLink~~Delaware Basin JV Acquisition - On ~~January~~May 3128, 2025, we completed the ~~EnLink~~Delaware Basin JV Acquisition for $927 million. Pursuant to the ~~EnLink~~purchase ~~Merger Agreement~~agreement, ~~each~~we ~~publicly~~paid ~~held~~$536 ~~common~~million ~~unit~~in ~~of EnLink was exchanged for a fixed ratio of 0.1412 shares of ONEOK common stock~~cash, including ~~EnLink~~post-closing ~~Units~~adjustments, ~~that~~which ~~were~~we ~~exchanged~~funded ~~for~~with ~~all~~short-term ~~previously~~borrowings ~~outstanding~~and ~~Series~~issued Bapproximately ~~Preferred Units immediately prior to closing~~4. We9 ~~issued 41~~ million shares of ONEOK common stock, to the seller with a fair value of $~~4.0~~391 ~~billion. As~~million aas ~~result~~ of the ~~completion~~closing ofdate. Following the ~~EnLink~~completion ~~Acquisition, common units~~ of ~~EnLink~~the ~~are no longer publicly traded~~transaction, ~~and~~Delaware ~~EnLink~~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)

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 three months ended March 31, 2025, there were no material changes to the preliminary purchase price allocation disclosed in our Annual Report. 11

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 three months ended March 31, 2025, there were no material changes to the preliminary purchase price allocation disclosed in our Annual Report.

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~~Transaction~~EnLink ~~Costs~~Controlling Interest Acquisition - ~~The~~On ~~three~~October ~~months~~15, ~~ended~~2024, ~~March~~we 31completed 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, ~~2025~~“Business Combinations,” ~~included~~which ~~$42~~requires, ~~million~~among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. Any excess of ~~nonrecurring~~consideration ~~transaction~~to ~~costs,~~be transferred over the estimated fair value of ~~which~~assets ~~$31 million~~acquired ~~related~~and liabilities assumed is recorded as goodwill. Determining the fair value of acquired assets and liabilities assumed requires management to ~~advisory~~make ~~fees~~estimates, assumptions and ~~severance~~judgments, and ~~$11 million~~in ofsome ~~noncash~~cases, ~~compensation~~management ~~expense~~may ~~related~~also utilize third-party specialists to assist and advise on those estimates. During the ~~settlement~~six ofmonths ~~share-based~~ended ~~awards~~June ~~for~~30, ~~certain~~2025, ~~EnLink~~there ~~employees~~were ~~associated~~no ~~with~~material changes to the ~~EnLink~~preliminary ~~Acquisition~~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:

	March 31, 2025
	June 30, 2025
	Level 1		Level 2		Level 3		Total - Gross		Netting (a)		Total - Net
	(Millions of dollars)
Derivative assets
Commodity contracts	$	4448	$	3748	$	—	$	8196	$	(8175)	$	—21
Total derivative assets	$	44	$	37	$	—	$	81	$	(81)	$	—
Total derivative assets (b)	$	48	$	48	$	—	$	96	$	(75)	$	21
Derivative liabilities
Commodity contracts	$	(6343)	$	(7332)	$	—	$	(~~136~~75)	$	~~130~~75	$	~~(6)~~—
Total derivative liabilities	$	(63)	$	(73)	$	—	$	(136)	$	130	$	(6)
Total derivative liabilities (b)	$	(43)	$	(32)	$	—	$	(75)	$	75	$	—

(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~~June 30, 2025, we held no cash and posted cash of $9457 million with a counterparty, ~~including~~which ~~$49 million of cash collateral that~~ is ~~offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $45 million of cash collateral in excess of derivative liability positions is~~ included in other current assets in our Consolidated Balance Sheets.

(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.

11The 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.

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The estimated fair value of our consolidated long-term debt, including current maturities, was $30.7 billion and $30.8 billion at March 31, 2025, and December 31, 2024, respectively. The book value of our consolidated long-term debt, including current maturities, was $31.8 billion and $32.1 billion at March 31, 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. AtTreasury ~~both~~locks ~~March~~are ~~31,~~agreements ~~2025,~~to pay the difference between the benchmark Treasury rate and ~~December~~the ~~31,~~rate ~~2024~~that is designated in the terms of the agreement. In the second quarter of 2025, we ~~had~~entered nointo ~~outstanding~~$700 million notional quantity of Treasury locks to hedge the variability of interest~~-rate~~ ~~derivative~~payments ~~instruments~~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:

		March 31, 2025				December 31, 2024
		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	$	5976	$	(~~107~~50)	$	39	$	(47)
Total derivatives designated as hedging instruments		5976		(~~107~~50)		39		(47)
Derivatives not designated as hedging instruments
Commodity contracts (a)(b)	Other current assets/liabilities	2220		(2925)		36		(33)
	Other deferred credits	—		—		—		(6)
Total derivatives not designated as hedging instruments		2220		(2925)		36		(39)
Total derivatives		$	8196	$	(~~136~~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 ~~March 31, 2025, and~~ December 31, 2024, our derivative net liability positions under master-netting arrangements for financial commodity contracts were offset by cash collateral of $~~49 million and $~~10 million~~, respectively~~.

12Notional 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:

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	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)

~~Notional~~Cash ~~Quantities~~Flow ~~for~~Hedges ~~Derivative~~- ~~Instruments~~During -the ~~The~~three ~~following~~and ~~table~~six ~~sets~~months ~~forth~~ended ~~the~~June 30, ~~notional~~2025 ~~quantities~~and ~~for~~2024, ~~our~~we ~~derivative~~had ~~instruments,~~no ~~consisting~~material ofchanges ~~futures~~in ~~and~~other ~~swaps,~~comprehensive ~~held~~income asrelated ofto ~~the~~our ~~dates~~commodity ~~indicated:~~derivative instruments.

	March 31, 2025	December 31, 2024
	Net Purchased/Payor(Sold/Receiver)
Derivatives designated as hedging instruments:
Cash flow hedges
Fixed price
- Natural gas (Bcf)	(8.3)	(12.2)
- NGLs, Refined Products and crude oil (MMBbl)	(21.9)	(12.2)
Basis
- Natural gas (Bcf)	(7.0)	(11.2)
Derivatives not designated as hedging instruments:
Fixed price
- Natural gas (Bcf)	(6.7)	(8.0)
- NGLs, Refined Products and crude oil (MMBbl)	(1.7)	(2.7)
Basis
- Natural gas (Bcf)	(6.3)	(3.7)
- NGLs, Refined Products and crude oil (MMBbl)	(0.1)	(0.2)
Swing Swaps
- Natural gas (Bcf)	(1.7)	(0.2)

Cash Flow Hedges - During the three months ended March 31, 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.

~~E. DEBT~~14

Current Maturities - At March 31, 2025, our current maturities of long-term debt consist of the following:

	(Millions of dollars)
$750 at 4.15% due June 2025	$	422
$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	$	2,059

Commercial Paper Program - At March 31, 2025, we had $200 million of commercial paper outstanding, bearing a weighted-average interest rate of 4.64%. 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 the acquired business. In February 2025, we announced definitive agreements to form joint ventures with MPLX, 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 September 30, 2025, after which it will decrease to 5.0 to 1. As of March 31, 2025, we had no outstanding borrowings, our ratio of consolidated indebtedness to adjusted EBITDA was 4.1 to 1, and we were in compliance with all covenants under our $3.5 Billion Credit Agreement.

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~~Debt Repayments - In March 2025, we repaid our $250 million, 3~~E.~~2% senior notes at maturity with cash on hand.~~ 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 aof ~~result~~June of30, ~~the~~2025, ~~EnLink~~noncontrolling ~~Acquisition~~interests ~~completed~~in onour ~~January~~Consolidated ~~31,~~Balance ~~2025,~~Sheets werelated ~~now~~to ~~own~~Ascension ~~100%~~and ofMBTC ~~EnLink~~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 ~~March~~the ~~31,~~Delaware ~~2025~~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 ~~Sheets~~Sheet ~~related~~as toof ~~the~~June ~~Delaware Basin JV~~30, ~~Ascension and MBTC Pipeline~~2025.

Equity Issuances - On ~~January~~May 3128, 2025, we completed the ~~EnLink~~Delaware Basin JV Acquisition. Pursuant to the ~~EnLink~~purchase ~~Merger Agreement~~agreement, ~~each~~we ~~publicly~~issued ~~held~~approximately ~~common unit of EnLink was exchanged for a fixed ratio of 0~~4.~~1412~~9 million shares of ONEOK ~~Common~~common stock, ~~including EnLink Units that were exchanged for all previously outstanding Series B Preferred Units immediately prior~~ to ~~closing. We~~the ~~issued~~seller ~~41 million shares of common stock,~~ with a fair value of $~~4.0 billion. There~~391 ~~are~~million noas ~~remaining~~of ~~Series~~the Bclosing ~~Preferred Units outstanding~~date.

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 three months ended March 31, 2025, we repurchased $17 million of our outstanding common stock under the program with cash on hand.15

Dividends - Holders of our common stock share equally in any dividend declared by our Board of Directors, subject to the rights of the holders of outstanding Series E Preferred Stock. Dividends paid on our common stock in February 2025 were $1.03 per share. A common stock dividend of $1.03 per share was declared for shareholders of record at the close of business on May 5, 2025, payable on May 15, 2025.

G. VARIABLE INTEREST ENTITIES

Consolidated Variable Interest Entities (VIE)s - As a result of the EnLink Acquisition completed on January 31, 2025, EnLink is no longer considered a VIE.

As of March 31, 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.

Delaware Basin JV - We own a 50.1% interest in the Delaware Basin JV, which owns processing facilities located in the Delaware Basin in Texas, and we are the operator. The Delaware Basin JV is a VIE because the nonmanaging member does not have substantive rights 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 the Delaware Basin JV. After June 30, 2025, our joint venture partner has the right to cause the Delaware Basin JV to commence a sale

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~~process~~On January 31, 2025, we completed the EnLink Acquisition. Pursuant to ~~sell~~the ~~all~~EnLink Merger Agreement, each publicly held common unit of ~~the~~EnLink ~~outstanding~~was ~~interests~~exchanged orfor ~~assets~~a fixed ratio of ~~the~~0.1412 ~~Delaware~~shares ~~Basin~~of JVONEOK common stock, including EnLink Units that were exchanged for ~~the~~all ~~best~~previously ~~available~~outstanding ~~price~~Series B Preferred Units immediately prior to closing. IfWe ~~our~~issued ~~joint~~41 million ~~venture~~shares ~~partner~~of ~~exercises~~common ~~this~~stock ~~right,~~with wea ~~are~~fair ~~permitted~~value toof ~~purchase~~$4.0 billion. There ~~their~~are ~~interest~~no atremaining aSeries ~~contractually~~B ~~determined~~Preferred ~~call~~Units ~~price~~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.

~~The~~As ~~following~~of ~~table~~June ~~presents~~30, ~~the~~2025, ~~balance sheet information for~~ the assets and liabilities of our consolidated VIEs, ~~which~~were ~~are~~not ~~included in our Consolidated Balance Sheets and are only for the use or obligation of our consolidated VIEs:~~ material.

	March 31, 2025
	(Millions of dollars)
Assets:
Cash and cash equivalents	$	16
Accounts receivable, net	30
Other current assets	15
Net property, plant and equipment	1,119
Goodwill	97
Intangible assets, net	263
Other assets	21

Liabilities:
Accounts payable	$	15
Other current liabilities	14
Other deferred credits	9

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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 March 31, 2025

Three Months Ended June 30, 2025

Income

Per ~~ShareAmount~~Share Amount

(Millions, except per share amounts)

Basic EPS

Net income attributable to ONEOK available for common stock

~~636~~841

~~611~~627.42

1.0434

Diluted EPS

Effect of dilutive securities

—

10.19

Net income attributable to ONEOK available for common stock and common stock equivalents

~~636~~841

~~612~~628.51

1.0434

	Three Months Ended March 31, 2024
	Three Months Ended June 30, 2024
	Income		Shares	Per ~~ShareAmount~~Share Amount
	(Millions, except per share amounts)
Basic EPS
Net income available for common stock	$	~~639~~780	584.26	$	1.0933
Diluted EPS
Effect of dilutive securities	—		1.52
Net income available for common stock and common stock equivalents	$	~~639~~780	585.78	$	1.0933


	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
	Three Months EndedJune 30,						Six Months EndedJune 30,
	March 31,
	2025				2024		2025		2024
	2025		2024
	(Millions of dollars)
	(Millions of dollars)
Northern Border	$	20			$	22	$	48	$	47
Northern Border	$	28	$	25
Overland Pass	20				23		46		38
Overland Pass	26		15
Saddlehorn	13				13		26		23
BridgeTex	166		7		11		22		18
Saddlehorn	13		10
Roadrunner	11				10		21		21
Roadrunner	10		11
Other	11				9		26		17
Other	15		8
Equity in net earnings from investments	$	81			$	88	$	189	$	164
Equity in net earnings from investments	$	108	$	76

We incurred expenses in transactions with unconsolidated affiliates of $8096 million and $56 million for the three months ended June 30, 2025 and 2024, respectively, and $176 million and $3995 million for the ~~three~~six months ended ~~March~~June 3130, 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 ~~March~~June 3130, 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.

16The 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.

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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 following table presents aggregate value allocated to unsatisfied performance obligations as of March 31, 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 two months to 20 years.

Expected Period of Recognition in Revenue	(Millions of dollars)
Remainder of 2025	$	893
2026	1,068
2027	968
2028	893
2029 and beyond	3,351
Total	$	7,173

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 EndedMarch 31, 2025	Natural GasGathering andProcessing		Natural GasLiquids		Natural GasPipelines		Refined Products and Crude		TotalSegments
Three Months EndedJune 30, 2025	Natural GasGathering andProcessing		Natural GasLiquids		Natural GasPipelines		Refined Products and Crude		TotalSegments
	(Millions of dollars)
Liquids commodity sales	$	1,~~227~~100	$	43,~~112~~740	$	—	$	12,~~901~~316	$	7,~~240~~156
Residue natural gas sales	~~698~~449		—		~~320~~256		—		~~1,018~~705
Exchange services and natural gas gathering and processing revenue	~~184~~290		~~103~~93		—		—		~~287~~383
Transportation and storage revenue	80—		5134		~~144~~149		~~539~~563		~~814~~746
Other revenue	89		24		—		2829		3842
Total revenues (a)	21,~~197~~848		43,~~268~~871		~~464~~405		2,~~468~~908		9,~~397~~032
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1,~~456~~082)		(3,~~457~~030)		(~~261~~219)		(12,~~835~~175)		(76,~~009~~506)
Operating costs	(~~257~~236)		(~~210~~203)		(5256)		(~~224~~217)		(~~743~~712)
Adjusted EBITDA from unconsolidated affiliates	21		2822		6155		4834		~~139~~112
Noncash compensation expense and other	59		613		—3		147		2532
Segment adjusted EBITDA	$	~~491~~540	$	~~635~~673	$	~~212~~188	$	~~471~~557	$	1,~~809~~958
Depreciation and amortization	$	(~~126~~122)	$	(~~113~~112)	$	(2325)	$	(~~116~~106)	$	(~~378~~365)
Equity in net earnings from investments	$	2—	$	2718	$	3938	$	4025	$	~~108~~81
Investments in unconsolidated affiliates	$	37	$	524	$	811	$	1,029	$	2,401
Capital expenditures	$	341	$	135	$	52	$	184	$	712
Total assets	$	15,837	$	19,988	$	4,534	$	23,632	$	63,991
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 $~~704~~625 million for the Natural Gas Gathering and Processing segment, $~~543~~434 million for the Natural Gas Liquids segment, ~~and~~$79 ~~were~~million ~~not material~~ for the Refined Products and Crude segment and were not material for the Natural Gas Pipelines ~~segments~~segment.

Three Months EndedMarch 31, 2025			TotalSegments				Other andEliminations				Total
Three Months EndedJune 30, 2025	Total Segments				Other and Eliminations				Total
	(Millions of dollars)		~~(Millions of dollars)~~
Reconciliations of total segments to consolidated
Liquids commodity sales	$	7,156	$	~~7,240~~	$	(1,124)	$	~~(1,323)~~	$	6,032	$	~~5,917~~
Residue natural gas sales	705		~~1,018~~		(11)		~~(23)~~		694		~~995~~
Exchange services and natural gas gathering and processing revenue	383		~~287~~		—		—		383		~~287~~
Transportation and storage revenue	746		~~814~~		(5)		~~(5)~~		741		~~809~~
Other revenue	42		38		(5)		~~(3)~~		37		35
Total revenues (a)	$	9,032	$	~~9,397~~	$	(1,145)	$	~~(1,354)~~	$	7,887	$	~~8,043~~
Cost of sales and fuel (exclusive of depreciation and operating costs)	$	(6,506)	$	~~(7,009)~~	$	1,146	$	~~1,354~~	$	(5,360)	$	~~(5,655)~~
Operating costs	$	(712)	$	~~(743)~~	$	6	$	~~(9)~~	$	(706)	$	~~(752)~~
Depreciation and amortization	$	(365)	$	~~(378)~~	$	(3)	$	~~(2)~~	$	(368)	$	~~(380)~~
Equity in net earnings from investments	$	81	$	~~108~~	$	—	$	—	$	81	$	~~108~~
Investments in unconsolidated affiliates			$	2,401			$	4			$	2,405
Capital expenditures	$	712			$	37			$	749
Total assets			$	63,991			$	272			$	64,263
Capital expenditures			$	615			$	14			$	629

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

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Three Months EndedMarch 31, 2024	Natural GasGathering andProcessing		Natural GasLiquids		Natural GasPipelines		Refined Products and Crude		TotalSegments
Three Months EndedJune 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	$	~~623~~641	$	3,~~264~~344	$	—	$	~~351~~492	$	4,~~238~~477
Residue natural gas sales	~~344~~169		—		28—		—		~~372~~169
Gathering, processing and exchange services revenue	3531		~~122~~139		—		—		~~157~~170
Transportation and storage revenue	—		4843		~~157~~163		~~466~~498		~~671~~704
Other revenue	85		24		—		2724		3733
Total revenues (a)	~~1,010~~846		3,~~436~~530		~~185~~163		~~844~~1,014		5,~~475~~553
Cost of sales and fuel (exclusive of depreciation and operating costs)	(~~594~~421)		(2,~~698~~748)		(152)		(~~285~~380)		(3,~~592~~551)
Operating costs	(~~117~~119)		(181)		(5352)		(~~217~~216)		(568)
Adjusted EBITDA from unconsolidated affiliates	21		1727		4741		3541		~~101~~110
Noncash compensation expense and other	5		14		1		4		24
Noncash compensation expense	5		7		2		7		21
Segment adjusted EBITDA	$	306	$	588	$	165	$	381	$	1,440
Other	59		—		—		1		60
Depreciation and amortization	$	(70)	$	(85)	$	(18)	$	(80)	$	(253)
Segment adjusted EBITDA	$	371	$	635	$	152	$	467	$	1,625
Equity in net earnings from investments	$	2	$	15	$	36	$	23	$	76
Depreciation and amortization	$	(74)	$	(86)	$	(18)	$	(81)	$	(259)
Investments in unconsolidated affiliates	$	25	$	414	$	522	$	976	$	1,937
Equity in net earnings from investments	$	—	$	24	$	32	$	32	$	88
Total assets	$	7,021	$	15,279	$	2,635	$	19,401	$	44,336
Capital expenditures	$	101	$	285	$	52	$	33	$	471
Capital expenditures	$	116	$	253	$	79	$	42	$	490

(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 $~~620~~632 million and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.

Three Months EndedMarch 31, 2024			TotalSegments				Other andEliminations				Total
Three Months EndedJune 30, 2024	Total Segments				Other and Eliminations				Total
	(Millions of dollars)		~~(Millions of dollars)~~
Reconciliations of total segments to consolidated
Liquids commodity sales	$	4,477	$	~~4,238~~	$	(652)	$	~~(682)~~	$	3,825	$	~~3,556~~
Residue natural gas sales	169		~~372~~		—		—		169		~~372~~
Gathering, processing and exchange services revenue	170		~~157~~		—		—		170		~~157~~
Transportation and storage revenue	704		~~671~~		(5)		~~(7)~~		699		~~664~~
Other revenue	33		37		(2)		~~(5)~~		31		32
Total revenues (a)	$	5,553	$	~~5,475~~	$	(659)	$	~~(694)~~	$	4,894	$	~~4,781~~
Cost of sales and fuel (exclusive of depreciation and operating costs)	$	(3,551)	$	~~(3,592)~~	$	660	$	~~695~~	$	(2,891)	$	~~(2,897)~~
Operating costs	$	(568)	$	~~(568)~~	$	(1)	$	~~(4)~~	$	(569)	$	~~(572)~~
Depreciation and amortization	$	(259)	$	~~(253)~~	$	(3)	$	~~(1)~~	$	(262)	$	~~(254)~~
Equity in net earnings from investments	$	88	$	76	$	—	$	—	$	88	$	76
Investments in unconsolidated affiliates			$	1,937			$	2			$	1,939
Capital expenditures	$	471			$	8			$	479
Total assets			$	44,336			$	54			$	44,390
Capital expenditures			$	490			$	22			$	512

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

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			Three Months EndedMarch 31,
Six Months EndedJune 30, 2025	Natural Gas Gathering and Processing				Natural Gas Liquids				Natural Gas Pipelines		Refined Products and Crude		Total Segments
			2025				2024
	(Millions of dollars)
Reconciliation of net income to total segment adjusted EBITDA			(Millions of dollars)
Liquids commodity sales	$	2,327			$	7,852			$	—	$	4,217	$	14,396
Net income			$	691			$	639
Residue natural gas sales	1,147				—				576		—		1,723
Interest expense, net of capitalized interest			442				300
Exchange services and natural gas gathering and processing revenue	554				196				—		—		750
Depreciation and amortization			380				254
Transportation and storage revenue	—				85				293		1,102		1,480
Income taxes			197				208
Other revenue	17				6				—		57		80
Adjusted EBITDA from unconsolidated affiliates			139				101
Total revenues (a)	4,045				8,139				869		5,376		18,429
Equity in net earnings from investments			(108)				(76)
Cost of sales and fuel (exclusive of depreciation and operating costs)	(2,538)				(6,487)				(480)		(4,010)		(13,515)
Noncash compensation expense and other (a)			34				15
Operating costs	(493)				(413)				(108)		(441)		(1,455)
Other corporate costs (a)			34				(1)
Adjusted EBITDA from unconsolidated affiliates	3				50				116		82		251
Total segment adjusted EBITDA			$	1,809			$	1,440
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.

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with our unaudited Consolidated Financial Statements and the Notes to Consolidated Financial Statements in this Quarterly Report, as well as our Annual Report.

RECENT DEVELOPMENTS

Please refer to the “Financial Results and Operating Information” and “Liquidity and Capital Resources” sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Quarterly Report for additional information.

~~EnLink~~Delaware Basin JV Acquisition - On ~~January~~May 3128, 2025, we completed the ~~EnLink~~Delaware Basin JV Acquisition for $927 million. Pursuant to the ~~EnLink~~purchase ~~Merger Agreement~~agreement, ~~each~~we ~~publicly~~paid ~~held~~$536 ~~common~~million ~~unit~~in ~~of EnLink was exchanged for a fixed ratio of 0.1412 shares of ONEOK common stock~~cash, including ~~EnLink~~post-closing ~~Units~~adjustments, ~~that~~which ~~were~~we ~~exchanged~~funded ~~for~~with ~~all~~short-term ~~previously~~borrowings ~~outstanding~~and ~~Series~~issued Bapproximately ~~Preferred Units immediately prior to closing~~4. We9 ~~issued 41~~ million shares of ONEOK common stock, to the seller with a fair value of $~~4.0~~391 ~~billion~~million as of the closing date. Following the completion of the ~~EnLink~~transaction, ~~Acquisition. EnLink~~Delaware Basin JV is now a wholly owned subsidiary.

~~Joint~~EnLink ~~Ventures~~Acquisition - On ~~February~~January 431, 2025, we ~~announced~~completed ~~definitive~~the ~~agreements~~EnLink toAcquisition. Pursuant ~~form joint ventures with MPLX~~ to ~~construct~~the aEnLink ~~400~~Merger ~~MBbl/d~~Agreement, ~~liquified~~each ~~petroleum~~publicly ~~gas~~held ~~export~~common ~~terminal~~unit inof ~~Texas~~EnLink ~~City,~~was ~~Texas,~~exchanged ~~and~~for a ~~new~~fixed ~~24-inch~~ratio ~~pipeline~~of ~~from~~0.1412 ~~our~~shares ~~Mont~~of ~~Belvieu,~~ONEOK ~~Texas,~~common ~~storage facility to the new terminal. Texas City Logistics~~stock, ~~the~~including ~~export~~EnLink ~~terminal~~Units ~~joint~~that ~~venture,~~were isexchanged ~~owned~~for ~~50%~~all bypreviously usoutstanding ~~and~~Series ~~50%~~B byPreferred ~~MPLX,~~Units ~~with~~immediately ~~MPLX~~prior ~~constructing~~to ~~and operating the facility~~closing. ~~MBTC~~We ~~Pipeline,~~issued ~~the~~41 ~~pipeline~~million ~~joint~~shares ~~venture,~~of iscommon ~~owned~~stock ~~80%~~with bya usfair ~~and~~value ~~20%~~of by$4.0 ~~MPLX,~~billion ~~and~~as weof ~~will~~the ~~construct~~closing ~~and~~date ~~operate~~of the ~~pipeline~~EnLink Acquisition. WeEnLink ~~expect~~is tonow ~~invest~~ a ~~total~~wholly ofowned ~~approximately $1~~subsidiary.~~0 billion into these projects.~~

~~Business~~Joint ~~Update~~Ventures ~~and~~- ~~Market~~On ~~Conditions~~February -4, ~~Earnings~~2025, ~~increased~~we inannounced ~~the~~definitive ~~first~~agreements ~~quarter~~to ofform ~~2025,~~joint ~~compared~~ventures with ~~the~~MPLX ~~first~~to ~~quarter~~construct ofa ~~2024,~~400 ~~due~~MBbl/d ~~primarily~~liquified topetroleum ~~the~~gas ~~positive~~export ~~impact~~terminal ofin ~~the~~Texas ~~EnLink~~City, Texas, and ~~Medallion~~a ~~Acquisitions~~new ~~across~~24-inch pipeline from our ~~segments~~Mont Belvieu, Texas, storage facility to the new terminal. ~~Our~~Texas ~~extensive~~City ~~and~~Logistics, ~~integrated~~the ~~assets~~export ~~are~~terminal ~~located~~joint inventure, is owned 50% by us and ~~connected~~50% ~~with~~by MPLX, ~~some~~with ofMPLX constructing and operating the ~~most~~facility. MBTC ~~productive~~Pipeline, ~~shale~~the ~~basins~~pipeline joint venture, asis ~~well~~owned as80% ~~refineries~~by us and ~~demand~~20% ~~centers~~by MPLX, inand we will construct and operate the ~~United~~pipeline. We ~~States~~expect to invest a total of approximately $1.0 billion into these projects, which are expected to be completed in early 2028.

~~Due~~Subsequent toEvent ~~recent~~- ~~changes~~On inJuly ~~the commodity price environment~~22, ~~we are monitoring producers’ drilling~~2025, ~~completion and production plans, but~~ we docompleted ~~not~~the ~~currently~~BridgeTex ~~anticipate~~Additional ~~material~~Interest ~~changes to our volume expectations~~Acquisition. ~~Our~~Pursuant ~~counterparties~~to ~~are primarily major and independent crude oil and natural gas producers that can withstand temporary commodity price volatility. We are also monitoring~~ the ~~impact~~purchase ofagreement, ~~the~~we ~~tariffs~~paid ~~announced~~approximately by$270 ~~the~~million ~~federal government~~ in ~~2025~~cash, which ~~could~~we ~~increase~~funded ~~our~~with ~~costs~~short-term ~~for materials and equipment~~borrowings. ~~Due~~Following to the ~~phase~~completion of ~~construction~~the ~~of our larger projects~~transaction, ~~proactively monitoring lead times on materials and equipment used in constructing capital projects and entering into procurement agreements for long-lead items,~~ we donow ~~not expect the announced tariffs to~~ have a ~~material~~60% ~~impact~~ownership oninterest ~~capital expenditures~~ in ~~2025~~BridgeTex.

~~Although~~Business ~~the~~Update ~~energy~~and ~~industry~~Market ~~has~~Conditions ~~experienced~~- ~~many~~Earnings ~~commodity~~increased ~~cycles,~~in wethe ~~have~~second ~~positioned~~quarter ~~ourselves~~of to2025, ~~reduce~~compared ~~exposure~~with tothe ~~direct~~second ~~commodity~~quarter ~~price~~of ~~volatility. Each~~2024, ofdue ~~our~~primarily ~~four~~to ~~reportable~~the ~~segments~~positive ~~are~~impact ~~primarily~~of ~~fee-based,~~the EnLink and weMedallion ~~expect~~Acquisitions across our ~~consolidated~~segments. Our ~~earnings~~extensive toand beintegrated ~~approximately~~assets ~~90%~~are ~~fee-based~~located in, ~~2025. Our~~and ~~fee-based~~connected ~~earnings~~with, ~~are~~some ~~primarily~~of ~~supported~~the bymost ~~long-term~~productive ~~contracts~~shale basins, ~~including~~as ~~minimum~~well ~~volume~~as ~~commitments~~refineries and ~~take-or-pay~~demand ~~agreements~~centers, ~~with~~in ~~investment-grade~~the ~~counterparties~~United States.

2024

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Due to recent geopolitical events and changes in the commodity price environment, we are monitoring producers’ drilling, completion and production plans, but we do not currently anticipate material changes to our volume expectations. Our counterparties are primarily major and independent crude oil and natural gas producers that are able to produce in a lower commodity price environment. We are also monitoring the impact of the tariffs announced by the federal government in 2025, which could increase our costs for materials and equipment. Due to the timing of construction of our larger projects, proactively monitoring lead times on materials and equipment used in constructing capital projects and entering into procurement agreements for long-lead items, we do not expect the announced tariffs to have a material impact on capital expenditures in 2025.

Although the energy industry has experienced many commodity cycles, we have positioned ourselves to reduce exposure to direct commodity price volatility. Each of our four reportable segments are primarily fee-based, and we expect our consolidated earnings to be approximately 90% fee-based in 2025. Our fee-based earnings are primarily supported by long-term contracts, including minimum volume commitments and take-or-pay agreements, with investment-grade counterparties.

One Big Beautiful Bill Act (OBBBA) - On July 4, 2025, the OBBBA was signed into law. The OBBBA makes changes to U.S. tax law and includes provisions that, beginning in January 2025, make permanent full expensing of tangible personal property and restore EBITDA-based calculations for purposes of the business interest deduction. We expect the OBBBA to reduce our cash taxes beginning with the 2025 tax year; however, we do not anticipate the OBBBA to materially impact net income. We will continue to monitor the implementation of the OBBBA by the U.S. Treasury Department and Internal Revenue Service and will review applicable guidance and rulemaking as it becomes available.

Capital Projects - Our primary capital projects are outlined in the table below:

Project	Scope	ApproximateCost (a)	Expected Completion
Natural Gas Liquids		(In millions)
Elk Creek pipeline expansion	Increase capacity to 435 MBbl/d out of the Rocky Mountain region	$355	Completed ~~(b)~~
Medford fractionator	Rebuild our 210 MBbl/d NGL fractionation facility in Medford, Oklahoma	$385	(cb)
Texas City Logistics export terminal (d)	400 MBbl/d liquefied petroleum gas export terminal in Texas City, Texas	$700	Early 2028
Texas City Logistics export terminal (c)	400 MBbl/d liquefied petroleum gas export terminal in Texas City, Texas	$700	Early 2028
MBTC Pipeline	24-inch pipeline from Mont Belvieu, Texas, storage facility to the new Texas City, Texas, export terminal	$280	Early 2028
Refined Products and Crude
Greater Denver pipeline expansion	Increase total system capacity by 35 MBbl/d and additional expansion capabilities	$480	Mid-2026

(a) - Excludes capitalized interest/AFUDC. For our Texas City Logistics and MBTC Pipeline joint venture projects, the amounts presented exclude MPLX capital contributions.

(b) - WeThis ~~completed~~project ~~construction~~is expected to be completed in ~~January~~two ~~2025~~phases, ~~and~~with the ~~project~~first isphase ~~partially~~expected to be completed in ~~service. Following~~the ~~supply~~fourth quarter of ~~full power~~2026, ~~expected~~and inthe ~~mid-2025,~~second wephase ~~will~~completed ~~reach~~in the ~~full~~first ~~capacity~~quarter of ~~435 MBbl/d~~2027.

(c) - ~~This~~Our ~~project~~investment ~~is expected to be completed~~ in ~~two~~Texas ~~phases,~~City ~~with~~Logistics ~~the~~is ~~first~~accounted ~~phase~~for ~~expected~~using ~~to be completed in~~ the ~~fourth~~equity ~~quarter~~method. Spending ofon ~~2026,~~this ~~and~~project ~~the~~will ~~second~~be ~~phase~~recorded ~~completed~~as incontributions ~~the~~to ~~first~~unconsolidated ~~quarter of 2027~~affiliates.

~~(d)~~In -our ~~Our~~Natural ~~investment~~Gas inGathering ~~Texas~~and ~~City~~Processing ~~Logistics~~segment, iswe ~~accounted~~are ~~for~~relocating ~~using~~a 150 MMcf/d processing plant to the ~~equity~~Permian ~~method. Spending~~Basin onfrom ~~this~~North ~~project~~Texas, ~~will~~which we expect to be ~~recorded~~in asservice ~~contributions~~in tothe ~~unconsolidated~~first ~~affiliates.~~quarter of 2026.

In our Natural Gas Gathering and Processing segment, we have a capital project to relocate a 150 MMcf/d processing plant to the Permian Basin from North Texas, which we expect to be in service in the first quarter of 2026.

For a discussion of our capital expenditure financing, see “Capital Expenditures” in the “Liquidity and Capital Resources” section.

Debt Repayments - In ~~March~~June 2025, we repaid ~~our~~the remaining $~~250~~422 million of our $750 million, 34.215% senior notes at maturity with ~~cash~~short-term ~~on hand~~borrowings.

~~Share~~In 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 three months ended March ~~31,~~ 2025, we ~~repurchased~~repaid our $17250 million, of3.2% ~~our~~senior ~~outstanding~~notes ~~common~~at ~~stock~~maturity with cash on hand~~, bringing total repurchases under the program to 1~~.~~865 million shares of common stock for $189 million since its inception in January 2024.~~

Dividends - In February and May 2025, we paid a quarterly common stock dividend of $1.03 per share ($4.12 per share on an annualized basis), an increase of 4% compared with the same ~~quarter~~quarters in the prior year. Our dividend growth is due primarily to the increase in cash flows resulting from the growth of our operations. We declared a quarterly common stock dividend of $1.03 per share in ~~April~~July 2025. The quarterly common stock dividend will be paid on ~~May~~August 1514, 2025, to shareholders of record at the close of business on ~~May~~August 51, 2025.

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FINANCIAL RESULTS AND OPERATING INFORMATION

How We Evaluate Our Operations

Management uses a variety of financial and operating metrics to analyze our performance. Our consolidated financial metrics include: (1) operating income; (2) net income; (3) diluted EPS; and (4) adjusted EBITDA. We evaluate segment operating results using adjusted EBITDA and our operating metrics, which include various volume and rate statistics that are relevant for the respective segment. These operating metrics allow investors to analyze the various components of segment financial results in terms of volumes and rate/price. Management uses these metrics to analyze historical segment financial results and as the key inputs for forecasting and budgeting segment financial results. For additional information on our operating metrics, see the respective segment subsections of this “Financial Results and Operating Information” section.

Non-GAAP Financial Measures - Adjusted EBITDA is a non-GAAP measure of our financial performance. Adjusted EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, noncash impairment charges, income taxes, noncash compensation expense and certain other noncash items. Our calculation includes adjusted EBITDA related to our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. Adjusted EBITDA from our unconsolidated affiliates is calculated consistently with the definition above and excludes items such as interest expense, depreciation and amortization, income taxes and other noncash items. Although the amounts related to our unconsolidated affiliates are included in the calculation of adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated affiliates.

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earnings from investments. Adjusted EBITDA from our unconsolidated affiliates is calculated consistently with the definition above and excludes items such as interest expense, depreciation and amortization, income taxes and other noncash items. Although the amounts related to our unconsolidated affiliates are included in the calculation of adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated affiliates.

We believe this non-GAAP financial measure is useful to investors because it and similar measures are used by many companies in our industry as a measurement of financial performance and is commonly employed by financial analysts and others to evaluate our financial performance and to compare financial performance among companies in our industry. Adjusted EBITDA should not be considered an alternative to net income, EPS or any other measure of financial performance presented in accordance with GAAP. Additionally, this calculation may not be comparable with similarly titled measures of other companies. See reconciliation of net income to adjusted EBITDA in the “Non-GAAP Financial Measures” subsection.

Consolidated Operations

Selected Financial Results - The following table sets forth certain selected financial results for the periods indicated:

	Three Months Ended				~~Three~~Six Months Ended				Three Months	Six Months
	March 31,				2025 vs. 2024
	June 30,				June 30,				2025 vs. 2024	2025 vs. 2024
Financial Results	2025		2024		~~$ Increase (Decrease)~~2025		2024		$ Increase (Decrease)	$ Increase (Decrease)
	(Millions of dollars, except per share amounts)
Revenues
Commodity sales	$	6,~~912~~726	$	3,~~928~~994	~~2,984~~$	13,638	$	7,922	2,732	5,716
Services and other	1,~~131~~161		~~853~~900		~~278~~2,292		1,753		261	539
Total revenues	87,~~043~~887		4,~~781~~894		315,~~262~~930		9,675		2,993	6,255
Cost of sales and fuel (exclusive of items shown separately below)	5,~~655~~360		2,~~897~~891		211,~~758~~015		5,788		2,469	5,227
Operating costs	~~752~~706		569		~~183~~1,458		1,138		137	320
Depreciation and amortization	~~380~~368		~~254~~262		~~126~~748		516		106	232
Transaction costs	4222		34		3964		7		18	57
Other operating income, net	~~(6)~~—		(661)		—(6)		(67)		(61)	(61)
Operating income	$	1,~~220~~431	$	1,~~064~~229	~~156~~$	2,651	$	2,293	202	358
Equity in net earnings from investments	$	~~108~~81	$	7688	32$	189	$	164	(7)	25
Interest expense, net of capitalized interest	$	(~~442~~438)	$	(~~300~~298)	~~142~~$	(880)	$	(598)	140	282
Net income	$	~~691~~853	$	~~639~~780	52$	1,544	$	1,419	73	125
Net income attributable to ONEOK	$	~~636~~841	$	~~639~~780	~~(3)~~$	1,477	$	1,419	61	58
Diluted EPS	$	1.0434	$	1.0933	~~(0.05)~~$	2.38	$	2.42	0.01	(0.04)
Adjusted EBITDA	$	1,~~775~~981	$	1,~~441~~624	~~334~~$	3,756	$	3,065	357	691
Capital expenditures	$	~~629~~749	$	~~512~~479	~~117~~$	1,378	$	991	270	387

Changes in commodity prices and sales volumes affect both revenues and cost of sales and fuel in our Consolidated Statements of Income and, therefore, the impact is largely offset between these line items.26

Operating income increased $156 million for the three months ended March 31, 2025, compared with the same period in 2024, primarily as a result of the following:

•Natural Gas Gathering and Processing - an increase of $129 million due primarily to the operating income of EnLink and higher volumes in the Rocky Mountain region, offset partially by lower realized NGL prices, net of hedging, and higher operating costs;

•Natural Gas Liquids - an increase of $9 million due primarily to the operating income of EnLink, offset partially by lower earnings on sales of Purity NGLs held in inventory and higher operating costs;

•Natural Gas Pipelines - an increase of $28 million due primarily to the operating income of EnLink, offset partially by the impact of the interstate natural gas pipeline divestiture in 2024; and

•Refined Products and Crude - an increase of $39 million due primarily to the operating income of Medallion and EnLink and lower operating costs, offset partially by lower liquids blending differentials; offset by

•Consolidated Transaction Costs - an increase of $39 million due primarily to higher transaction costs related to the EnLink Acquisition.

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~~Net~~Changes ~~income~~in ~~increased~~commodity ~~for~~prices ~~the~~and ~~three~~sales ~~months~~volumes ~~ended~~affect ~~March 31,~~both ~~2025,~~revenues ~~compared~~and ~~with~~cost ~~the~~of ~~same~~sales ~~period~~and fuel in ~~2024,~~our ~~due~~Consolidated ~~primarily~~Statements toof ~~the~~Income ~~items discussed above~~ and, ~~higher equity in net earnings from investments~~therefore, ~~offset partially by higher interest expense due to higher debt balances resulting from~~ the ~~September~~impact ~~2024~~is ~~$7.0~~largely ~~billion~~offset ~~notes~~between ~~offering~~these ~~and~~line ~~the acquired debt balances from the EnLink Controlling Interest Acquisition in 2024~~items.

~~Capital~~Operating ~~expenditures~~income increased $202 million for the three months ended ~~March~~June 3130, 2025, compared with the same period in 2024, ~~due~~ primarily toas ~~the~~a ~~phase~~result of ~~our large capital projects. Please refer to~~ the ~~“Recent~~following: ~~Developments” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Quarterly Report for additional information on our capital projects.~~

•Natural Gas Gathering and Processing - an increase of $116 million due primarily to the operating income of EnLink, offset partially by the impact from the divestiture of certain non-strategic assets in 2024 and lower realized NGL prices, net of hedging;

•Natural Gas Liquids - an increase of $10 million due primarily to the operating income of EnLink, offset partially by lower exchange services;

•Natural Gas Pipelines - an increase of $15 million due primarily to the operating income of EnLink, offset partially by the impact of the interstate natural gas pipeline divestiture in 2024; and

•Refined Products and Crude - an increase of $70 million due primarily to the operating income of Medallion and EnLink and lower operating costs, offset partially by lower liquids blending differentials; offset by

•Consolidated Transaction Costs - an increase of $18 million due primarily to higher transaction costs related to the EnLink Acquisition.

Operating income increased $358 million for the six months ended June 30, 2025, compared with the same period in 2024, primarily as a result of the following:

•Natural Gas Gathering and Processing - an increase of $245 million due primarily to the operating income of EnLink, offset partially by the impact from the divestiture of certain non-strategic assets in 2024 and lower realized NGL prices, net of hedging;

•Natural Gas Liquids - an increase of $19 million due primarily to the operating income of EnLink, offset partially by lower optimization and marketing and higher operating costs;

•Natural Gas Pipelines - an increase of $43 million due primarily to the operating income of EnLink, offset partially by the impact of the interstate natural gas pipeline divestiture in 2024; and

•Refined Products and Crude - an increase of $109 million due primarily to the operating income of Medallion and EnLink and lower operating costs, offset partially by lower liquids blending differentials; offset by

•Consolidated Transaction Costs - an increase of $57 million due primarily to higher transaction costs related to the EnLink Acquisition.

Net income increased for the three months ended June 30, 2025, compared with the same period in 2024, due primarily to the items discussed above, offset partially by higher interest expense due to higher debt balances resulting from the September 2024 $7.0 billion notes offering, the acquired debt balances from the EnLink Controlling Interest Acquisition in 2024 and increased short-term borrowings.

Net income increased for the six months ended June 30, 2025, compared with the same period in 2024, due primarily to the items discussed above and higher equity in net earnings from investments, offset partially by higher interest expense due to higher debt balances resulting from the September 2024 $7.0 billion notes offering, the acquired debt balances from the EnLink Controlling Interest Acquisition in 2024 and increased short-term borrowings.

Capital expenditures increased for the three and six months ended June 30, 2025, compared with the same periods in 2024, due primarily to the timing of our large capital projects and routine capital projects associated with the growth of our operations. Please refer to the “Recent Developments” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Quarterly Report for additional information on our capital projects.

Additional information regarding our financial results and operating information is provided in the following discussion for each of our segments.

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Natural Gas Gathering and Processing

Selected Financial Results and Operating Information - The following tables set forth certain selected financial results and operating information for our Natural Gas Gathering and Processing segment for the periods indicated:

	Three Months Ended				Six Months Ended		~~Three Months~~			Three Months	Six Months
	March 31,						2025 vs. 2024
	June 30,				June 30,					2025 vs. 2024	2025 vs. 2024
Financial Results	2025		2024		2025		~~$ Increase (Decrease)~~	2024		$ Increase (Decrease)	$ Increase (Decrease)
	(Millions of dollars)
NGL and condensate sales	$	1,~~227~~100	$	~~623~~641	$	2,327	~~604~~	$	1,264	459	1,063
Residue natural gas sales	~~698~~449		~~344~~169		1,147		~~354~~	513		280	634
Gathering, compression, dehydration and processing fees and other revenue	~~272~~299		4336		571		~~229~~	79		263	492
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1,~~456~~082)		(~~594~~421)		(2,538)		~~862~~	(1,015)		661	1,523
Operating costs, excluding noncash compensation adjustments	(~~250~~229)		(~~113~~114)		(479)		~~137~~	(227)		115	252
Adjusted EBITDA from unconsolidated affiliates	21		21		3		—	3		—	—
Other	(2)		159		—		~~(3)~~	60		(57)	(60)
Adjusted EBITDA	$	~~491~~540	$	~~306~~371	$	1,031	~~185~~	$	677	169	354
Capital expenditures	$	~~241~~341	$	~~116~~101	$	582	~~125~~	$	217	240	365

Changes in commodity prices and sales volumes affect both revenues and cost of sales and fuel and, therefore, the impact is largely offset between these line items.

Adjusted EBITDA increased $~~185~~169 million for the three months ended ~~March~~June 3130, 2025, compared with the same period in 2024, primarily as a result of the following:

•an increase of $~~213~~240 million due to adjusted EBITDA from EnLink; and

•an increase of $1618 million from higher volumes due primarily to increased production ~~and~~in the ~~impact~~Mid-Continent ofand ~~winter weather in the~~ Rocky Mountain ~~region in 2024~~regions; offset by

•a decrease of $1959 million ~~due~~from ~~primarily~~the todivestiture ~~lower realized NGL prices, net~~ of ~~hedging,~~certain ~~and~~non-strategic ~~lower~~assets ~~average~~in ~~fee~~2024; ~~rates, offset partially by higher realized natural gas~~ and ~~condensate prices, net of hedging;~~

•ana ~~increase~~decrease of $1633 million ~~in operating costs~~ due primarily to ~~higher~~lower ~~employee-related~~realized ~~costs~~NGL ~~and~~prices, ~~accruals~~net ~~for~~of ~~methane~~hedging, ~~fees~~offset inpartially ~~2025;~~by ~~and~~higher realized natural gas prices, net of hedging.

•aAdjusted ~~decrease~~EBITDA ofincreased $6354 million ~~from~~for the ~~divestiture~~six ofmonths ~~certain~~ended ~~non-strategic~~June 30, ~~assets~~2025, compared with the same period in 2024., primarily as a result of the following:

23•an increase of $453 million due to adjusted EBITDA from EnLink; and

~~Table~~•an increase of ~~Contents~~$34 million from higher volumes due primarily to increased production in the Mid-Continent and Rocky Mountain regions; offset by

~~Capital~~•a ~~expenditures~~decrease ~~increased~~of ~~for~~$65 ~~the~~million ~~three~~from ~~months~~the ~~ended~~divestiture ~~March~~of ~~31,~~certain ~~2025,~~non-strategic ~~compared~~assets ~~with the same period~~ in 2024~~, due primarily to our capital project to relocate a processing plant to the Permian Basin from North Texas and routine capital projects.~~;

	Three Months Ended
	March 31,
Operating Information	2025	2024
Natural gas processed (MMcf/d) (a)(b)	5,250	2,187

•a decrease of $52 million due primarily to lower realized NGL prices, net of hedging, offset partially by higher realized natural gas prices, net of hedging; and

•an increase of $14 million in operating costs due primarily to higher employee-related costs associated with the growth of our operations.

Capital expenditures increased for the three and six months ended June 30, 2025, compared with the same periods in 2024, due primarily to our capital project to relocate a processing plant to the Permian Basin from North Texas and routine capital projects.


	Three Months Ended		Six Months Ended
	June 30,		June 30,
Operating Information	2025	2024	2025	2024
Natural gas processed (MMcf/d) (a)(b)	5,573	2,326	5,412	2,257

(a) - Includes volumes for consolidated entities only.

(b) - Includes volumes we processed at company-owned and third-party facilities.

~~Our natural gas processed volumes increased for the three months ended March 31, 2025, compared with the same period in 2024, due primarily to incremental volumes from the EnLink Acquisition.~~ 28

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Our natural gas processed volumes increased for the three and six months ended June 30, 2025, compared with the same periods in 2024, due primarily to incremental volumes from EnLink.

Natural Gas Liquids

Selected Financial Results and Operating Information - The following tables set forth certain selected financial results and operating information for our Natural Gas Liquids segment for the periods indicated:

	Three Months Ended				Six Months Ended		~~Three Months~~			Three Months	Six Months
	March 31,						2025 vs. 2024
	June 30,				June 30,					2025 vs. 2024	2025 vs. 2024
Financial Results	2025		2024		2025		~~$ Increase (Decrease)~~	2024		$ Increase (Decrease)	$ Increase(Decrease)
	(Millions of dollars)
NGL and condensate sales	$	43,~~112~~740	$	3,~~264~~344	$	7,852	~~848~~	$	6,608	396	1,244
Exchange service and other revenues	~~105~~97		~~124~~143		202		~~(19)~~	267		(46)	(65)
Transportation and storage revenues	5134		4843		85		3	91		(9)	(6)
Cost of sales and fuel (exclusive of depreciation and operating costs)	(3,~~457~~030)		(2,~~698~~748)		(6,487)		~~759~~	(5,446)		282	1,041
Operating costs, excluding noncash compensation adjustments	(~~203~~195)		(~~173~~174)		(398)		30	(347)		21	51
Adjusted EBITDA from unconsolidated affiliates	2822		1727		50		11	44		(5)	6
Other	~~(1)~~5		6—		4		~~(7)~~	6		5	(2)
Adjusted EBITDA	$	~~635~~673	$	~~588~~635	$	1,308	47	$	1,223	38	85
Capital expenditures	$	~~171~~135	$	~~253~~285	$	306	~~(82)~~	$	538	(150)	(232)

Changes in commodity prices and sales volumes affect both revenues and cost of sales and fuel and, therefore, the impact is largely offset between these line items.

Adjusted EBITDA increased $47 38 million for the three months ended ~~March~~June 3130, 2025, compared with the same period in 2024, primarily as a result of the following:

•an increase of $6450 million due to adjusted EBITDA from EnLink; ~~and~~offset by

•ana ~~increase~~decrease of $11 million in ~~adjusted~~exchange ~~EBITDA~~services ~~from unconsolidated affiliates~~ due primarily to ~~higher~~lower ~~volumes~~average ~~delivered~~fee torates in the ~~Overland~~Mid-Continent ~~Pass~~region ~~Pipeline;~~and higher inventory of unfractionated NGLs due to unplanned outages, offset partially by higher volumes in the Rocky Mountain region.

•aAdjusted ~~decrease~~EBITDA ofincreased $1585 million infor ~~optimization~~the ~~and~~six ~~marketing~~months ~~due~~ended ~~primarily~~June 30, to2025, ~~lower~~compared ~~earnings~~with onthe ~~sales~~same ofperiod ~~Purity~~in ~~NGLs~~2024, ~~held~~primarily inas ~~inventory;~~a ~~and~~result of the following:

•an increase of $13115 million ~~in operating costs~~ due ~~primarily~~ to ~~higher~~adjusted ~~employee-related~~EBITDA ~~costs~~ from ~~the growth of our operations.~~EnLink;

~~Capital~~•an ~~expenditures~~increase ~~decreased~~of ~~for~~$8 ~~the~~million ~~three~~in ~~months~~transportation ~~ended~~and ~~March 31,~~storage ~~2025, compared with the same periods in 2024,~~ due primarily to ~~the~~an ~~completion~~NGL ~~of our MB-6 fractionator and~~ pipeline ~~expansion~~system ~~projects~~acquisition in June 2024.; offset by

	Three Months Ended
	March 31,
Operating Information	2025		2024
Raw feed throughput (MBbl/d) (a)	1,293		1,241
Average Conway-to-Mont Belvieu Oil Price Information Service price differential - ethane in ethane/propane mix ($/gallon)	$	0.00	$	0.00

•a decrease of $17 million in optimization and marketing due primarily to narrower product price differentials;

~~(a)~~•an -increase ~~Represents~~of ~~physical~~$16 ~~raw~~million ~~feed~~in ~~volumes~~operating ~~for~~costs ~~which~~due weprimarily ~~provide~~to ~~transportation~~higher ~~and/or~~employee-related ~~fractionation~~costs ~~services.~~associated with the growth of our operations; and

24•a decrease of $9 million in exchange services due primarily to lower average fee rates and lower volumes in the Mid-Continent region and higher transportation costs, offset partially by higher volumes and higher average fee rates in the Rocky Mountain region.

Capital expenditures decreased for the three and six months ended June 30, 2025, compared with the same periods in 2024, due primarily to the completion of our MB-6 fractionator and pipeline expansion projects in 2024, offset partially by our Medford fractionator rebuild project.

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	Three Months Ended				Six Months Ended
	June 30,				June 30,
Operating Information	2025		2024		2025		2024
Raw feed throughput (MBbl/d) (a)	1,527		1,365		1,411		1,303
Average Conway-to-Mont Belvieu Oil Price Information Service price differential - ethane in ethane/propane mix ($/gallon)	$	0.02	$	0.04	$	0.01	$	0.02

(a) - Represents physical raw feed volumes for which we provide transportation and/or fractionation services.

We generally expect ethane volumes to increase or decrease with corresponding increases or decreases in overall NGL production. However, ethane volumes may experience growth or decline greater than corresponding growth or decline in overall NGL production due to ethane economics causing producers to recover or reject ethane.

Volumes increased for the three and six months ended ~~March 31~~June 30, 2025, compared with the same ~~period~~periods in 2024, due primarily to incremental volumes from ~~the~~ EnLink ~~Acquisition~~ and higher volumes in the Rocky Mountain region, primarily ethane, offset partially by lower ethane ~~volume~~volumes in the Mid-Continent region. The three months ended June 30, 2025, also benefited from increased volumes in the Permian Basin.

Natural Gas Pipelines

Interstate Natural Gas Pipeline Divestiture - On December 31, 2024, we completed the sale of three of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc.

Selected Financial Results and Operating Information - The following tables set forth certain selected financial results and operating information for our Natural Gas Pipelines segment for the periods indicated:

	Three Months Ended				Six Months Ended		~~Three Months~~			Three Months	Six Months
	March 31,						2025 vs. 2024
	June 30,				June 30,					2025 vs. 2024	2025 vs. 2024
Financial Results	2025		2024		2025		~~$ Increase (Decrease)~~	2024		$ Increase (Decrease)	$ Increase (Decrease)
	(Millions of dollars)
Transportation revenues	$	~~100~~104	$	~~119~~122	$	204	~~(19)~~	$	241	(18)	(37)
Storage revenues	4445		3841		89		6	79		4	10
Residue natural gas sales and other revenues	~~320~~256		28—		576		~~292~~	28		256	548
Cost of sales and fuel (exclusive of depreciation and operating costs)	(~~261~~219)		(152)		(480)		~~246~~	(17)		217	463
Operating costs, excluding noncash compensation adjustments	(5153)		(5150)		(104)		—	(101)		3	3
Adjusted EBITDA from unconsolidated affiliates	6155		4741		116		14	88		14	28
Other	~~(1)~~—		~~(1)~~—		(1)		—	(1)		—	—
Adjusted EBITDA	$	~~212~~188	$	~~165~~152	$	400	47	$	317	36	83
Capital expenditures	$	6252	$	7952	$	114	~~(17)~~	$	131	—	(17)

Changes in commodity prices and sales volumes affect both revenues and cost of sales and fuel and, therefore, the impact is largely offset between these line items.

Adjusted EBITDA increased $4736 million for the three months ended ~~March~~June 3130, 2025, compared with the same period in 2024, primarily as a result of the following:

•an increase of $8069 million due to adjusted EBITDA from EnLink; offset by

•a decrease of $3231 million due to the interstate natural gas pipeline divestiture.

~~Capital~~Adjusted ~~expenditures~~EBITDA ~~decreased~~increased $83 million for the ~~three~~six months ended ~~March~~June 3130, 2025, compared with the same period in 2024, ~~due~~ primarily toas ~~the~~a ~~completion~~result of ~~capital~~the ~~projects in 2024, offset partially by increased growth projects primarily from EnLink.~~ following:

	Three Months Ended
	March 31,
Operating Information (a)	2025		2024
Natural gas transportation capacity contracted (MDth/d)	4,663		4,485
Transportation capacity contracted	97	%	97	%

•an increase of $149 million due to adjusted EBITDA from EnLink; offset by

(•a) -decrease ~~Includes~~of ~~capacity~~$63 ~~contracted~~million ~~for~~due ~~consolidated~~to ~~Oklahoma~~the ~~and~~interstate ~~Texas~~natural ~~intrastate~~gas pipeline ~~entities only~~divestiture.

2530

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Capital expenditures decreased for the six months ended June 30, 2025, compared with the same period in 2024, due primarily to the completion of capital projects in 2024, offset partially by increased growth projects primarily from EnLink.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
Operating Information (a)	2025		2024		2025		2024
Natural gas transportation capacity contracted (MDth/d)	4,650		4,458		4,657		4,472
Transportation capacity contracted	97	%	96	%	97	%	96	%

(a) - Includes capacity contracted for consolidated Oklahoma and Texas intrastate pipeline entities only.

Refined Products and Crude

Selected Financial Results and Operating Information - The following tables set forth certain selected financial results and operating information for our Refined Products and Crude segment for the periods indicated:

	Three Months Ended				Six Months Ended		~~Three Months~~			Three Months	Six Months
	March 31,						2025 vs. 2024
	June 30,				June 30					2025 vs. 2024	2025 vs. 2024
Financial Results	2025		2024		2025		~~$ Increase (Decrease)~~	2024		$ Increase (Decrease)	$ Increase (Decrease)
	(Millions of dollars)
Product sales	$	12,~~901~~316	$	~~351~~492	$	4,217	~~1,550~~	$	843	1,824	3,374
Transportation revenues	~~409~~425		~~340~~360		834		69	700		65	134
Storage, terminals and other revenues	~~158~~167		~~153~~162		325		5	315		5	10
Cost of sales and fuel (exclusive of depreciation and operating costs)	(12,~~835~~175)		(~~285~~380)		(4,010)		~~1,550~~	(665)		1,795	3,345
Operating costs, excluding noncash compensation adjustments	(~~217~~210)		(~~210~~209)		(427)		7	(419)		1	8
Adjusted EBITDA from unconsolidated affiliates	4834		3541		82		13	76		(7)	6
Other	7—		~~(3)~~1		7		10	(2)		(1)	9
Adjusted EBITDA	$	~~471~~557	$	~~381~~467	$	1,028	90	$	848	90	180
Capital expenditures	$	~~141~~184	$	4233	$	325	99	$	75	151	250

Adjusted EBITDA increased $90 million for the three months ended ~~March~~June 3130, 2025, compared towith the same period in 2024, primarily as a result of the following:

•an increase of $9289 million due to adjusted EBITDA from Medallion and EnLink; and

•ana ~~increase~~decrease of $1321 million in ~~adjusted~~operating ~~EBITDA~~costs ~~from unconsolidated affiliates~~ due primarily to ~~higher~~lower ~~BridgeTex~~outside ~~earnings~~services and ~~higher~~property ~~Saddlehorn~~taxes ~~earnings~~associated ~~due~~with ~~to our 10% ownership interest increase in March 2024~~timing; ~~and~~offset by

•a decrease of $138 million in ~~operating~~optimization ~~cost~~and marketing due primarily to lower ~~outside~~liquids ~~services;~~blending differentials, offset partially by higher volumes; and

•a decrease of $277 million in ~~optimization~~adjusted ~~and~~EBITDA ~~marketing~~from unconsolidated affiliates due primarily to lower ~~liquids~~BridgeTex ~~blending differentials~~earnings.

~~Capital~~Adjusted ~~expenditures~~EBITDA increased $180 million for the ~~three~~six months ended ~~March~~June 3130, 2025, compared with the same ~~periods~~period in 2024, ~~due~~ primarily toas ~~capital~~a ~~projects~~result ~~from~~of ~~Medallion~~the ~~and EnLink and our greater Denver pipeline expansion project.~~following:

	Three Months Ended
	March 31,
Operating Information (a)	2025	2024
Refined Products volume shipped (MBbl/d)	1,401	1,411
Crude oil volume shipped (MBbl/d)	1,846	747

•an increase of $182 million due to adjusted EBITDA from Medallion and EnLink;

(•a) -decrease ~~Includes~~of ~~volumes~~$34 ~~for~~million ~~consolidated~~in ~~entities~~operating ~~only.~~costs due primarily to lower outside services and property taxes associated with timing; and

~~Crude~~•an ~~oil~~increase ~~volume~~of ~~shipped~~$6 ~~increased~~million ~~for~~in ~~the~~adjusted ~~three~~EBITDA ~~months~~from ~~ended~~unconsolidated ~~March~~affiliates ~~31,~~due ~~2025,~~primarily ~~compared~~to ~~with~~higher ~~the~~Saddlehorn ~~same~~earnings ~~period~~due into ~~2024,~~our ~~due~~10% ~~primarily~~ownership tointerest ~~incremental~~increase ~~volumes~~in ~~from~~March ~~the~~2024 ~~Medallion~~ and ~~EnLink~~higher ~~Acquisitions.~~BridgeTex earnings; offset by

26•a decrease of $35 million in optimization and marketing due primarily to lower liquids blending differentials, offset partially by higher volumes; and

•a decrease of $16 million in transportation and storage due primarily to timing of operational gains and losses and lower volumes on our legacy system.

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Capital expenditures increased for the three and six months ended June 30, 2025, compared with the same periods in 2024, due primarily to our greater Denver pipeline expansion project.


	Three Months Ended		Six Months Ended
	June 30,		June 30,
Operating Information (a)	2025	2024	2025	2024
Refined Products volume shipped (MBbl/d)	1,503	1,536	1,452	1,473
Crude oil volume shipped (MBbl/d)	1,782	731	1,814	739

(a) - Includes volumes for consolidated entities only.

Refined Products volume shipped decreased for the three and six months ended June 30, 2025, compared with the same periods in 2024, due primarily to regional market dynamics that impact demand on our system.

Crude oil volume shipped increased for the three and six months ended June 30, 2025, compared with the same periods in 2024, due primarily to incremental volumes from Medallion and EnLink.

Non-GAAP Financial Measures

The following table sets forth a reconciliation of net income, the nearest comparable GAAP financial performance measure, to adjusted EBITDA for the periods indicated:

	Three Months Ended		~~Three Months Ended~~				Six Months Ended
			March 31,
	June 30,						June 30,
(Unaudited)	2025		~~2025~~		2024		~~2024~~2025		2024
Reconciliation of net income to adjusted EBITDA	(Millions of dollars)		~~(Millions of dollars)~~
Net income	$	853	$	~~691~~	$	780	$	~~639~~1,544	$	1,419
Interest expense, net of capitalized interest	438		~~442~~		298		~~300~~880		598
Depreciation and amortization	368		~~380~~		262		~~254~~748		516
Income taxes	260		~~197~~		243		~~208~~457		451
Adjusted EBITDA from unconsolidated affiliates	113		~~139~~		110		~~101~~252		211
Equity in net earnings from investments	(81)		~~(108)~~		(88)		(76189)		(164)
Noncash compensation expense and other (a)	30		34		19		1564		34
Adjusted EBITDA	$	1,981	$	~~1,775~~	$	1,624	$	13,~~441~~756	$	3,065
Reconciliation of segment adjusted EBITDA to adjusted EBITDA
Segment adjusted EBITDA:
Natural Gas Gathering and Processing	$	540	$	~~491~~	$	371	$	~~306~~1,031	$	677
Natural Gas Liquids	673		~~635~~		635		~~588~~1,308		1,223
Natural Gas Pipelines	188		~~212~~		152		~~165~~400		317
Refined Products and Crude	557		~~471~~		467		~~381~~1,028		848
Other (a)	23		~~(34)~~		(1)		1(11)		—
Adjusted EBITDA	$	1,981	$	~~1,775~~	$	1,624	$	13,~~441~~756	$	3,065

(a) - The three months ended ~~March 31~~June 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $21 million included within 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 $3152 million included within other and $1112 million included within noncash compensation expense and other.

CONTINGENCIES

See Note J of the Notes to Consolidated Financial Statements in this Quarterly Report for a discussion of regulatory and legal matters.

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LIQUIDITY AND CAPITAL RESOURCES

General - Our primary sources of cash inflows are operating cash flows, proceeds from our commercial paper program and our $3.5 Billion Credit Agreement, debt issuances and the issuance of common stock for our liquidity and capital resources requirements.

We expect our sources of cash inflows to provide sufficient resources to finance our operations, capital expenditures, quarterly cash dividends, maturities of long-term debt, share repurchases, contributions to unconsolidated affiliates and joint ventures. We believe we have sufficient liquidity due to our $3.5 Billion Credit Agreement, which expires in February 2030, and access to $1.0 billion available through our “at-the-market” equity program. As of ~~April~~July 2128, 2025, no shares have been sold through our “at-the-market” equity program.

We may manage interest-rate risk through the use of fixed-rate debt, floating-rate debt, Treasury locks and interest-rate swaps. InFor ~~April~~additional ~~2025,~~information weon ~~entered~~our ~~into~~interest-rate ~~$250~~derivative ~~million~~instruments, ofsee ~~Treasury~~Note ~~locks~~E toof ~~hedge~~ the ~~variability~~Notes ofto ~~interest~~Consolidated ~~payments~~Financial onStatements ain ~~portion of~~ our ~~forecasted~~Annual ~~debt~~Report ~~issuances. For~~and ~~additional information on our interest-rate derivative instruments, see~~ Note ED of the Notes to Consolidated Financial Statements in ~~our~~this ~~Annual~~Quarterly Report.

Cash Management - At ~~March~~June 3130, 2025, we had $~~141~~97 million of cash and cash equivalents. For our wholly owned subsidiaries, we use a centralized cash management program that concentrates the cash assets of our wholly owned nonguarantor operating subsidiaries in joint accounts for the purposes of providing financial flexibility and lowering the cost of borrowing, transaction costs and bank fees. Our centralized cash management program provides that funds in excess of the daily needs of our operating subsidiaries are concentrated, consolidated or otherwise made available for use by other entities within our consolidated group. Our operating subsidiaries participate in this program to the extent they are permitted pursuant to FERC regulations or their operating agreements. Under the cash management program, depending on whether a participating subsidiary has short-term cash surpluses or cash requirements, we provide cash to the subsidiary or the subsidiary provides cash to us.

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participating subsidiary has short-term cash surpluses or cash requirements, we provide cash to the subsidiary or the subsidiary provides cash to us.

Following the completion of the EnLink Acquisition on January 31, 2025, we effectively terminated an agreement to provide revolving unsecured loans to EnLink through a promissory note, as EnLink operating subsidiaries are wholly owned and now participate in the cash management program described above.

Guarantees - ONEOK, ONEOK Partners, the Intermediate Partnership, Magellan, EnLink and EnLink Partners have cross guarantees in place for ONEOK’s and ONEOK Partners’ indebtedness. These guarantees in place for our and ONEOK Partners’ indebtedness are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of outstanding securities. Liabilities under the guarantees rank equally in right of payment with all of the guarantors’ existing and future senior unsecured indebtedness. The Intermediate Partnership holds all of ONEOK Partners’ interests and equity in its subsidiaries, which are nonguarantors, and substantially all the assets and operations reside with nonguarantor operating subsidiaries. Magellan, EnLink and EnLink Partners hold interests in their subsidiaries, which are nonguarantors, and substantially all the assets and operations reside with nonguarantor operating subsidiaries. Therefore, as allowed under Rule 13-01 of Regulation S-X, we have excluded the summarized financial information for each issuer and guarantor as the combined financial information of subsidiary issuers and parent guarantors, excluding our ownership of all interest in ONEOK Partners, Magellan and EnLink, reflect no material assets or liabilities or results of operations apart from guaranteed indebtedness. For additional information on our indebtedness, ~~please~~ see Note H of the Notes to Consolidated Financial Statements in our Annual Report and Note E of the Notes to Consolidated Financial Statements in this Quarterly Report.

Short-term Liquidity - Our principal sources of short-term liquidity consist of cash generated from operating activities, distributions received from our unconsolidated affiliates, proceeds from our commercial paper program and our $3.5 Billion Credit Agreement. In February 2025, we amended and restated our $2.5 Billion Credit Agreement to increase the size to $3.5 billion, extend the term to February 2030, and make other nonmaterial modifications. All other terms and conditions remain substantially the same. As of ~~March~~June 3130, 2025, we had no borrowings under our $3.5 Billion Credit Agreement, and we are in compliance with all covenants. Upon closing of the EnLink Acquisition on January 31, 2025, the EnLink Revolving Credit Facility was terminated. For additional information on the EnLink Revolving Credit Facility, see Note H of the Notes to Consolidated Financial Statements in our Annual Report.

As of ~~March~~June 3130, 2025, we had a working capital (defined as current assets less current liabilities) deficit of $2.18 billion, due primarily to current maturities of long-term debt and short-term borrowings. Generally, our working capital is influenced by several factors, including, among other things: (i) the timing of (a) debt and equity issuances, (b) the funding of capital expenditures, (c) scheduled debt payments, and (d) accounts receivable and payable; and (ii) the volume and cost of inventory and commodity imbalances. We may have working capital deficits in future periods as our long-term debt becomes current. We do not expect a working capital deficit of this nature to have a material adverse impact to our cash flows or operations.

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For additional information on our $3.5 Billion Credit Agreement, see Note E of the Notes to Consolidated Financial Statements in this Quarterly Report.

Long-term Financing - In addition to our principal sources of short-term liquidity discussed above, we expect to fund our longer-term financing requirements by issuing long-term notes, as needed. Other options to obtain financing include, but are not limited to, issuing common stock, loans from financial institutions, issuance of convertible debt securities or preferred equity securities, asset securitization and the sale and lease-back of facilities.

We may, at any time, seek to retire or purchase our or ONEOK Partners’ outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market repurchases, privately negotiated transactions or otherwise. Such repurchases and exchanges, if any, will be on such terms and prices as we may determine and will depend on prevailing market conditions, or liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Debt Repayments - In ~~March~~June 2025, we repaid the remaining $422 million of our $~~250~~750 million, 34.215% senior notes at maturity with ~~cash~~short-term ~~on hand~~borrowings.

~~Equity~~In ~~Issuances~~May ~~- On January 31,~~ 2025, we ~~completed~~repurchased ~~the~~in ~~EnLink Acquisition. Pursuant to~~ the ~~EnLink~~open ~~Merger~~market ~~Agreement,~~certain ~~each publicly held common unit~~ of ~~EnLink~~our ~~was~~senior ~~exchanged~~notes ~~for~~in athe ~~fixed~~principal ~~ratio~~amount 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~~$169 million ~~shares~~for ofan ~~common~~aggregate ~~stock,~~repurchase ~~with~~price ~~a fair value~~ of $~~4.0~~133 ~~billion. There~~million, ~~are~~including noaccrued ~~remaining~~and ~~Series~~unpaid Binterest, ~~Preferred~~with ~~Units~~short-term ~~outstanding~~borrowings.

28In March 2025, we repaid our $250 million, 3.2% senior notes at maturity with cash on hand.

~~Table~~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 ~~Contents~~ONEOK common stock to the seller with a fair value of $391 million as of the closing date.

~~Share~~On ~~Repurchase~~January ~~Program~~31, -2025, ~~Our~~we ~~Board~~completed ofthe ~~Directors~~EnLink ~~authorized~~Acquisition. Pursuant ~~a share repurchase program~~ to ~~buy~~the upEnLink toMerger ~~$2.0 billion~~Agreement, ofeach ~~our~~publicly ~~outstanding~~held common ~~stock. The~~unit ~~program~~of ~~will~~EnLink ~~terminate~~was ~~upon~~exchanged ~~completion~~for ofa ~~the~~fixed ~~repurchase~~ratio of ~~the $2.~~0 ~~billion~~.1412 shares of ~~common~~ONEOK ~~stock~~Common ~~or on January 1~~stock, ~~2029,~~including ~~whichever~~EnLink ~~occurs~~Units ~~first. For~~that ~~the~~were ~~three~~exchanged ~~months~~for ~~ended~~all ~~March~~previously ~~31, 2025, we repurchased $17 million of our~~ outstanding ~~common~~Series ~~stock~~B ~~with~~Preferred ~~cash~~Units onimmediately ~~hand,~~prior ~~bringing total repurchases under the program~~ to 1closing.~~865~~ We issued 41 million shares of common stock ~~for~~with a fair value of $~~189~~4.0 billion. There ~~million~~are ~~since~~no ~~its~~remaining ~~inception~~Series inB ~~January~~Preferred ~~2024.~~Units outstanding.

~~Capital~~Share ~~Expenditures~~Repurchase Program - WeOur ~~proactively~~Board ~~monitor~~of ~~lead~~Directors ~~times~~authorized ona ~~materials~~share ~~and~~repurchase ~~equipment~~program ~~used~~to inbuy ~~constructing~~up ~~capital~~to ~~projects,~~$2.0 billion ~~and~~of weour ~~enter~~outstanding ~~into~~common ~~procurement~~stock. The ~~agreements~~program ~~for~~will ~~long-lead~~terminate ~~items~~upon ~~for~~completion ~~potential~~of ~~projects~~the torepurchase ~~plan~~of ~~for~~the ~~future~~$2.0 billion ~~growth~~of common stock or on January 1, 2029, whichever occurs first. ~~Our~~For ~~capital~~the ~~expenditures~~six ~~are~~months ~~financed~~ended ~~typically~~June 30, ~~through~~2025, ~~operating~~we ~~cash~~repurchased ~~flows~~$17 million ~~and~~of ~~short-~~our ~~and~~outstanding ~~long-term~~common ~~debt. We~~stock dowith ~~not~~cash ~~expect~~on ~~the~~hand, ~~tariffs~~bringing ~~recently~~total ~~announced~~repurchases byunder the ~~federal~~program ~~government~~ to ~~have~~1.865 amillion ~~material~~shares ~~impact~~of oncommon ~~capital~~stock ~~expenditures~~for $189 million since its inception in ~~2025~~January 2024.

Capital ~~expenditures,~~Expenditures ~~less~~- ~~allowance~~We ~~for~~proactively ~~equity~~monitor ~~funds~~lead times on materials and equipment used ~~during~~in ~~construction,~~constructing ~~were~~capital ~~$629 million~~projects, and ~~$512 million~~we enter into procurement agreements for ~~the~~long-lead ~~three~~items ~~months~~for ~~ended~~potential ~~March~~projects ~~31,~~to ~~2025~~plan for future growth. Our capital expenditures are financed typically through operating cash flows and ~~2024,~~short- ~~respectively~~and long-term debt. We do not expect the tariffs announced by the federal government earlier this year to have a material impact on capital expenditures in 2025.

Capital expenditures, less allowance for equity funds used during construction, were $1.4 billion and $991 million for the six months ended June 30, 2025 and 2024, respectively.

We expect total capital expenditures of $2.8 - $3.2 billion in 2025.

Credit Ratings - Our long-term debt credit ratings as of ~~April~~July 2128, 2025, are shown in the table below:

Rating Agency	Long-~~Term~~term Rating	Short-~~Term~~term Rating	Outlook
Moody’s	Baa2	Prime-2	Stable
S&P	BBB	A-2	Stable
Fitch	BBB	F2	Stable

Our credit ratings, which are investment grade, may be affected by our leverage, liquidity, credit profile or potential transactions. The most common criteria for assessment of our credit ratings are the debt-to-EBITDA ratio, interest coverage, business risk profile and liquidity. If our credit ratings were downgraded, our cost to borrow funds under our $3.5 Billion Credit Agreement would increase, and a potential loss of access to the commercial paper market could occur. In the event that we are unable to borrow funds under our commercial paper program and there has not been a material adverse change in our business, we would continue to have access to our $3.5 Billion Credit Agreement, which expires in 2030. An adverse credit rating change alone is not a default under our $3.5 Billion Credit Agreement.

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business, we would continue to have access to our $3.5 Billion Credit Agreement, which expires in 2030. An adverse credit rating change alone is not a default under our $3.5 Billion Credit Agreement.

In the normal course of business, our counterparties provide us with secured and unsecured credit. In the event of a downgrade in our credit ratings or a significant change in our counterparties’ evaluation of our creditworthiness, we could be required to provide additional collateral in the form of cash, letters of credit or other negotiable instruments as a condition of continuing to conduct business with such counterparties. We may be required to fund margin requirements with our counterparties with cash, letters of credit or other negotiable instruments.

Dividends - Holders of our common stock share equally in any common stock dividends declared by our Board of Directors~~, subject to the rights of the holders of outstanding preferred stock~~. In February and May 2025, we paid a common stock dividend of $1.03 per share ($4.12 per share on an annualized basis), an increase of 4% compared with the same ~~quarter~~quarters in the prior year. AWe declared a quarterly common stock dividend of $1.03 per share ~~was~~in ~~declared~~July in2025. The ~~April~~quarterly common stock dividend will be paid on August 14, 2025, ~~for~~to ~~the~~ shareholders of record at the close of business on ~~May~~August 51, 2025~~, payable on May 15, 2025~~.

For the ~~three~~six months ended ~~March~~June 3130, 2025, our cash flows from operations exceeded dividends paid by $~~261~~1.1 ~~million~~billion. We expect our cash flows from operations to continue to sufficiently fund our cash dividends. To the extent operating cash flows are not sufficient to fund our dividends, we may utilize cash on hand from other sources of short- and long-term liquidity to fund a portion of our dividends.

CASH FLOW ANALYSIS

We use the indirect method to prepare our Consolidated Statements of Cash Flows. Under this method, we reconcile net income to cash flows provided by operating activities by adjusting net income for those items that affect net income but do not result in actual cash receipts or payments during the period and for operating cash items that do not impact net income. These reconciling items can include depreciation and amortization, deferred income taxes, impairment charges, allowance for equity funds used during construction, gain or loss on sale of business and assets, net undistributed earnings from unconsolidated affiliates, share-based compensation expense, other amounts and changes in our assets and liabilities not classified as investing or financing activities.

The following table sets forth the changes in cash flows by operating, investing and financing activities for the periods indicated:


					Variances
	Six Months Ended				2025 vs. 2024
	June 30,				$ Increase (Decrease) in Cash
	2025		2024
	(Millions of dollars)
Total cash provided by (used in):
Operating activities	$	2,429	$	2,026	403
Investing activities	(1,508)		(1,334)		(174)
Financing activities	(1,557)		(994)		(563)
Change in cash and cash equivalents	(636)		(302)		(334)
Cash and cash equivalents at beginning of period	733		338		395
Cash and cash equivalents at end of period	$	97	$	36	61

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The following table sets forth the changes in cash flows by operating, investing and financing activities for the periods indicated:

					Variances
	Three Months Ended				2025 vs. 2024
	March 31,				$ Increase (Decrease) in Cash
	2025		2024
	(Millions of dollars)
Total cash provided by (used in):
Operating activities	$	904	$	596	308
Investing activities	(694)		(578)		(116)
Financing activities	(802)		(291)		(511)
Change in cash and cash equivalents	(592)		(273)		(319)
Cash and cash equivalents at beginning of period	733		338		395
Cash and cash equivalents at end of period	$	141	$	65	76

Operating Cash Flows - Operating cash flows are affected by earnings from our business activities and changes in our operating assets and liabilities. Changes in commodity prices and demand for our services or products, whether because of general economic conditions, changes in supply, changes in demand for the end products that are made with our products or increased competition from other service providers, could affect our earnings and operating cash flows. Our operating cash flows can also be impacted by changes in our inventory balances, which are driven primarily by commodity prices, supply, demand and the operation of our assets.

Cash flows from operating activities, before changes in operating assets and liabilities for the ~~three~~six months ended ~~March~~June 3130, 2025, increased $~~150~~393 million compared with the same period in 2024, due primarily to the impact of the EnLink and Medallion Acquisitions as discussed in “Financial Results and Operating Information.”

The changes in operating assets and liabilities decreased operating cash flows $344 million for the three months ended March 31, 2025, compared with a decrease of $502 million for the same period in 2024. This change is due primarily to changes in accounts payable, which vary from period to period with changes in commodity prices and from the timing of payments to vendors, suppliers and other third parties and due to changes in risk management assets and liabilities. These changes were offset partially by changes in accounts receivable, which vary from period to period with changes in commodity prices and from the timing of cash receipts from counterparties.35

~~Investing~~Table ~~Cash~~of Flows - Cash used in investing activities for the three months ended March 31, 2025, increased $116 million, compared with the same period in 2024, due primarily to an increase in capital expenditures related to our capital projects.Contents

~~Financing~~The ~~Cash~~changes ~~Flows~~in -operating ~~Cash~~assets ~~used~~and inliabilities ~~financing~~decreased ~~activities~~operating cash flows $289 million for the ~~three~~six months ended ~~March~~June 3130, 2025, ~~increased~~compared with a decrease of $~~511~~299 million, ~~compared~~for ~~with~~ the same period in 2024,. This change is due primarily to changes in accounts payable, which vary from period to period with changes in commodity prices and from the ~~repayment~~timing of ~~long-term~~payments ~~debt~~to vendors, suppliers and aother ~~decrease~~third ofparties ~~short-term~~and ~~borrowings~~due to changes in ~~2025~~risk management assets and liabilities. These changes were partially offset by changes in accounts receivable resulting from the receipt of cash from counterparties and from inventory, both of which vary from period to period, and with changes in commodity prices.

Investing Cash Flows - Cash used in investing activities for the six months ended June 30, 2025, increased $174 million, compared with the same period in 2024, due primarily to an increase in capital expenditures related to our capital projects in 2025 and proceeds received from the divestiture of certain non-strategic assets in 2024, offset partially by cash paid for acquisitions in 2024.

Financing Cash Flows - Cash used in financing activities for the six months ended June 30, 2025, increased $563 million, compared with the same period in 2024, due primarily to the repayment of long-term debt, the Delaware Basin JV Acquisition and an increase in dividends paid, offset partially by an increase of short-term borrowings in 2025.

IMPACT OF NEW ACCOUNTING STANDARDS

See Note A of the Notes to Consolidated Financial Statements in this Quarterly Report for discussion of new accounting standards.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our Consolidated Financial Statements and related disclosures in accordance with GAAP requires us to make estimates and assumptions with respect to values or conditions that cannot be known with certainty that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements. These estimates and assumptions also affect the reported amounts of revenue and expenses during the reporting period. Although we believe these estimates and assumptions are reasonable, actual results could differ from our estimates.

Information about our critical accounting estimates is included under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates,” in our Annual Report.

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FORWARD-LOOKING STATEMENTS

This Quarterly Report contains forward-looking statements in reliance on the safe harbor protections of the Securities Act of 1933, as amended (the “Securities Act”), and the Exchange Act, which involve substantial risk and uncertainties. Such forward-looking statements include, but are not limited to, statements relating to our anticipated financial performance, liquidity, management’s plans, expectations and objectives for our future capital projects and other future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions, potential or pending strategic transactions, the timing thereof and our ability to achieve the intended and projected operational, financial and strategic benefits from any such transactions, and other matters. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.

Forward-looking statements and other statements in this Quarterly Report regarding our environmental, social and other sustainability targets, plans and goals are not an indication that these statements are required to be disclosed in our filings with the SEC, or that we will continue to make similar statements in the same extent or manner in future filings. In addition, historical, current and forward-looking environmental, social and sustainability-related statements may be based on standards and processes for measuring progress that are still developing and that continue to evolve, and assumptions that are subject to change in the future.

Forward-looking statements include the items identified in the preceding paragraphs, the information concerning possible or assumed future results of our operations and other statements contained in this Quarterly Report identified by words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “projects,” “scheduled,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning.

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One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:

•the impact on drilling and production by factors beyond our control, including the demand for natural gas, NGLs, Refined Products and crude oil; producers’ desire and ability to drill and obtain necessary permits; regulatory compliance; reserve performance; and capacity constraints and/or shut downs on the pipelines that transport crude oil, natural gas, NGLs, and Refined Products from producing areas and our facilities;

•the impact of unfavorable economic and market conditions, inflationary pressures, which may increase our capital expenditures and operating costs, raise the cost of capital or depress economic growth;

•the impact of the volatility of natural gas, NGL, Refined Products and crude oil prices on our earnings and cash flows, which is impacted by a variety of factors beyond our control, including international terrorism and conflicts and geopolitical instability;

•the impact of reduced volatility in energy prices or new government regulations that could discourage our storage customers from holding positions in Refined Products, crude oil and natural gas;

•the economic or other impact of announced or future tariffs, including inflationary impacts;

•our dependence on producers, gathering systems, refineries and pipelines owned and operated by others and the impact of any closures, interruptions or reduced activity levels at these facilities;

•the impact of increased attention to ESG issues, including climate change, and risks associated with the physical and financial impacts of climate change;

•risks associated with operational hazards and unforeseen interruptions at our operations;

•the inability of insurance proceeds to cover all liabilities or incurred costs and losses, or lost earnings, resulting from a loss;

•the risk of increased costs for insurance premiums or less favorable coverage;

•demand for our services and products in the proximity of our facilities;

•risks associated with our ability to hedge against commodity price risks or interest rate risks;

•a breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, and terrorist attacks, including cyber sabotage;

•exposure to construction risk and supply risks if adequate natural gas, NGL, Refined Products and crude oil supply is unavailable upon completion of facilities;

•the accuracy of estimates of hydrocarbon reserves, which could result in lower than anticipated volumes;

•our lack of ownership over all of the land on which our property is located and certain of our facilities and equipment;

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•the impact of changes in estimation, type of commodity and other factors on our measurement adjustments;

•excess capacity on our pipelines, processing, fractionation, terminal and storage assets;

•risks associated with the period of time our assets have been in service;

•our partial reliance on cash distributions from our unconsolidated affiliates on our operating cash flows;

•our ability to cause our joint ventures to take or not take certain actions unless some or all of our joint-venture participants agree;

•our reliance on others to operate certain joint-venture assets and to provide other services;

•our ability to use net operating losses and certain tax attributes;

•increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal of wastewater;

•impacts of regulatory oversight and potential penalties on our business;

•risks associated with the rate regulation, challenges or changes, which may reduce the amount of cash we generate;

•the impact of our gas liquids blending activities, which subject us to federal regulations that govern renewable fuel requirements in the U.S.;

•incurrence of significant costs to comply with the regulation of greenhouse gas emissions;

•the impact of federal and state laws and regulations relating to the protection of the environment, public health and safety on our operations, as well as increased litigation and activism challenging oil and gas development as well as changes to and/or increased penalties from the enforcement of laws, regulations and policies;

•the impact of unforeseen changes in interest rates, debt and equity markets and other external factors over which we have no control;

•actions by rating agencies concerning our credit;

•our indebtedness and guarantee obligations could cause adverse consequences, including making us vulnerable to general adverse economic and industry conditions, limiting our ability to borrow additional funds and placing us at competitive disadvantages compared with our competitors that have less debt;

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•an event of default may require us to offer to repurchase certain of our or ONEOK Partners’ senior notes or may impair our ability to access capital;

•the right to receive payments on our outstanding debt securities and subsidiary guarantees is unsecured and effectively subordinated to any future secured indebtedness and any existing and future indebtedness of our subsidiaries that do not guarantee the senior notes;

•use by a court of fraudulent conveyance to avoid or subordinate the cross guarantees of our or ONEOK Partners’ indebtedness;

•the risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions;

•the risk that the EnLink and Medallion businesses will not be integrated successfully;

•our ability to effectively manage our expanded operations following closing of recent acquisitions;

•our ability to pay dividends;

•our exposure to the credit risk of our customers or counterparties;

•a shortage of skilled labor;

•misconduct or other improper activities engaged in by our employees;

•the impact of potential impairment charges;

•the impact of the changing cost of providing pension and health care benefits, including postretirement health care benefits, to eligible employees and qualified retirees;

•our ability to maintain an effective system of internal controls; and

•the risk factors listed in the reports we have filed and may file with the SEC.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also affect adversely our future results. These and other risks are described in greater detail in Part I, Item 1A, “Risk Factors,” in our Annual Report and in our other filings that we make with the SEC, which are available via the SEC’s website at www.sec.gov and our website at www.oneok.com. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.

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ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

COUNTERPARTY CREDIT RISK

We assess the creditworthiness of our counterparties on an ongoing basis and require security, including prepayments, letters of credit, liens and other forms of collateral, when appropriate. Certain of our counterparties may be impacted by a relatively low commodity price environment and could experience financial problems, which could result in nonpayment and/or nonperformance, which could impact adversely our results of operations.

~~In our~~ Natural Gas Gathering and Processing, ~~Natural~~- ~~Gas~~In ~~Liquids~~our ~~and~~ Natural Gas ~~Pipelines~~Gathering ~~segments, the creditworthiness of our counterparties, which are primarily investment grade, is consistent with that discussed in Part II, Item 7A, Quantitative~~ and ~~Qualitative~~Processing ~~Disclosures about Market Risk, in our Annual Report. In our Refined Products and Crude~~ segment, for the ~~three~~six months ended ~~March~~June 3130, 2025, including EnLink ~~and Medallion~~, approximately 8575% of ~~our~~the ~~revenues~~downstream commodity sales were made ~~from~~to customers rated investment-grade by S&P, approved through comparable internal counterparty analysis or were secured by letters of credit, ~~liens~~ or other collateral.

Natural Gas Liquids - In our Natural Gas Liquids segment, for the six months ended June 30, 2025, the creditworthiness of our counterparties, which are primarily investment grade, is consistent with that discussed in Part II, Item 7A, Quantitative and Qualitative Disclosures about Market Risk, in our Annual Report.

Natural Gas Pipelines - In our Natural Gas Pipelines segment, for the six months ended June 30, 2025, including EnLink, approximately 80% of our revenues were from customers rated investment-grade by S&P, approved through comparable internal counterparty analysis or were secured by letters of credit or other collateral. In addition, the majority of our pipeline tariffs in this segment provide us the ability to require security from shippers.

Refined Products and Crude - In our Refined Products and Crude segment, for the six months ended June 30, 2025, including Medallion and EnLink, approximately 85% of our revenues were from customers rated investment-grade by S&P, approved through comparable internal counterparty analysis or were secured by letters of credit, liens or other collateral.

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There have been no material changes in market risk exposures that would affect the other quantitative and qualitative disclosures presented in Part II, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” in our Annual Report.

See Note D of the Notes to Consolidated Financial Statements in this Quarterly Report for more information on our hedging activities.

ITEM 4.CONTROLS AND PROCEDURES

Quarterly Evaluation of Disclosure Controls and Procedures - Our Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer) have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) were effective as of the end of the period covered by this report.

Changes in Internal Control over Financial Reporting - There have been no changes in our internal control over financial reporting during the quarter ended ~~March~~June 3130, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

We have elected to use a $1 million threshold for disclosing environmental proceedings.

Information about our legal proceedings is included in Note J of the Notes to Consolidated Financial Statements in this Quarterly Report and under Note P of the Notes to Consolidated Financial Statements in our Annual Report.

ITEM 1A.RISK FACTORS

There have been no material changes to the risk factors set forth in Part I, Item 1A, Risk Factors, of our Annual Report that could affect us and our business. Although we have tried to discuss key factors, our investors need to be aware that other risks may prove to be important in the future. New risks may emerge at any time, and we cannot predict such risks or estimate the extent to which they may affect our financial performance. Investors should consider carefully the discussion of risks and the other information included or incorporated by reference in this Quarterly Report, including “Forward-Looking Statements,” which are included in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

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ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

~~ISSUER~~Unregistered ~~PURCHASES~~Sale OFof ~~EQUITY~~Equity ~~SECURITIES~~Securities - On May 28, 2025, we issued a total of 4,852,645 shares of common stock to NGP XI Midstream Holdings, L.L.C. as a portion of the consideration for the Delaware Basin JV Acquisition in reliance on the exemption contained in Section 4(a)(2) of the Securities Act. We subsequently registered these shares pursuant to a Registration Statement on Form S-3 ASR (File No. 333-287749) filed with the SEC on June 3, 2025.

Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of the Publicly Announced Program (a)	Maximum Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program (Millions of dollars)
January 2025 (b)	125,000	$	100.46	125,000	$	1,828
February 2025	—	$	—	—	$	1,828
March 2025	190,000	$	91.79	190,000	$	1,811
Total	315,000			315,000

(a) - In January 2024, 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 repurchases of the $2.0 billion of common stock, or on January 1, 2029, whichever occurs first.

(b) - Includes 125,000 shares that were repurchased in December 2024, and settled in January 2025.

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.OTHER INFORMATION

During the three months ended ~~March~~June 3130, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangements,” as each term is defined in item 408(a) Regulation S-K.

Disclosure Pursuant to Item 5.03 of Form 8-K – Amendments to Articles of Incorporation or Bylaws - In connection with our repurchase on April 25, 2025 of all our outstanding Series E Preferred Stock from ONEOK Foundation, Inc., a not-for-profit corporation formed for the purpose of making charitable contributions, on April 28, 2025, we filed a certificate of retirement which (i) retired and canceled all such outstanding shares of Series E Preferred Stock and (ii) amended our certificate of incorporation to eliminate all references to the Series E Preferred Stock. The retired shares have now resumed the status of authorized but unissued shares of our preferred stock, such that the total number of authorized shares of our preferred stock is 100,000,000 of undesignated preferred stock. No shareholder vote was required to approve the certificate of retirement. Our amended and restated certificate of incorporation is filed as Exhibit 3.1 to this Quarterly Report.39

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ITEM 6.EXHIBITS

Readers of this report should not rely on or assume the accuracy of any representation or warranty or the validity of any opinion contained in any agreement filed as an exhibit to this Quarterly Report, because such representation, warranty or opinion may be subject to exceptions and qualifications contained in separate disclosure schedules, may represent an allocation of risk between parties in the particular transaction, may be qualified by materiality standards that differ from what may be viewed as material for securities law purposes, or may no longer continue to be true as of any given date. All exhibits attached to this Quarterly Report are included for the purpose of complying with requirements of the SEC. Other than the certifications made by our officers pursuant to the Sarbanes-Oxley Act of 2002 included as exhibits to this Quarterly Report, all exhibits are included only to provide information to investors regarding their respective terms and should not be relied upon as constituting or providing any factual disclosures about us, any other persons, any state of affairs or other matters.

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The following exhibits are filed as part of this Quarterly Report:

Exhibit No.			Exhibit Description
3.1			Amended and Restated Certificate of Incorporation of ONEOK, Inc., dated April 28, 2025, as amended (incorporated by reference from Exhibit 3.1 to ONEOK, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed April 30, 2025 (File No. 1-13643)).
3.2			Amended and Restated By-laws of ONEOK, Inc. (incorporated by reference from Exhibit 3.1 to ONEOK Inc.’s Current Report on Form 8-K filed, February 24, 2023 (File No. 1-13643)).
4.1			First Supplemental Indenture, dated as of January 31, 2025, by and among Elk Merger Sub II, L.L.C., as issuer, EnLink Midstream Partners, LP, as guarantor, and Computershare Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to EnLink Midstream, LLC’s Current Report on Form 8-K filed January 31, 2025 (File No. 001-36336)).
10.1			ONEOK, Inc., 2025 Equity Incentive Plan, effective as of May 21, 2025 (incorporated by reference from Exhibit 10.1 to ONEOK, Inc.’s Current Report on Form 8-K filed May 22, 2025 (File No. 1-13643)).
4.2			Second Supplemental Indenture, dated as of January 31, 2025, by and among Elk Merger Sub II, L.L.C., as issuer, EnLink Midstream Partners, LP, as guarantor, and Computershare Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to EnLink Midstream, LLC’s Current Report on Form 8-K filed January 31, 2025 (File No. 001-36336)).
10.2			ONEOK, Inc., 2025 Employee Stock Award Program, as amended, effective as of May 21, 2025 (incorporated by reference from Exhibit 10.2 to ONEOK, Inc.’s, Current Report on Form 8-K filed May 22, 2025 (File No. 1-13643)).
4.3			First Supplemental Indenture, dated as of January 31, 2025, by and among Elk Merger Sub II, L.L.C., as issuer, EnLink Midstream Partners, LP, as guarantor, and Computershare Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.3 to EnLink Midstream, LLC’s Current Report on Form 8-K filed January 31, 2025 (File No. 001-36336)).
10.3			Form of 2025 Performance Unit Award Agreement pursuant to the ONEOK, Inc. 2025 Equity Incentive Plan.
4.4			Second Supplemental Indenture, dated as of January 31, 2025, by and among Elk Merger Sub II, L.L.C., as issuer, EnLink Midstream Partners, LP, as guarantor, and Computershare Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.4 to EnLink Midstream, LLC’s Current Report on Form 8-K filed January 31, 2025 (File No. 001-36336)).
10.4			Form of 2025 Restricted Unit Award Agreement pursuant to the ONEOK, Inc. 2025 Equity Incentive Plan.
4.5			Third Supplemental Indenture, dated as of January 31, 2025, by and among ONEOK, Inc., Elk Merger Sub II, L.L.C., EnLink Midstream Partners, LP, ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P. and Computershare Trust Company, N.A., as trustee (incorporated by reference from Exhibit 4.5 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
22.1			List of subsidiary guarantors and issuers of guaranteed securities.
4.6			Second Supplemental Indenture, dated as of January 31, 2025, by and among ONEOK, Inc., Elk Merger Sub II, L.L.C., EnLink Midstream Partners, LP, ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P. and Computershare Trust Company, N.A., as trustee (incorporated by reference from Exhibit 4.6 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
31.1			Certification of Pierce H. Norton II pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
4.7			Second Supplemental Indenture, dated as of January 31, 2025, by and among ONEOK, Inc., Elk Merger Sub II, L.L.C., EnLink Midstream Partners, LP, ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P. and Computershare Trust Company, N.A., as trustee (incorporated by reference from Exhibit 4.7 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
31.2			Certification of Walter S. Hulse III pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
4.8			Third Supplemental Indenture, dated as of January 31, 2025, by and among ONEOK, Inc., Elk Merger Sub II, L.L.C., EnLink Midstream Partners, LP, ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P. and Computershare Trust Company, N.A., as trustee (incorporated by reference from Exhibit 4.8 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
32.1			Certification of Pierce H. Norton II pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished only pursuant to Rule 13a-14(b)).
4.9			Sixth Supplemental Indenture, dated as of January 31, 2025, by and among ONEOK, Inc., EnLink Midstream Partners, LP, Elk Merger Sub II, L.L.C., ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P. and Computershare Trust Company, N.A., as trustee (incorporated by reference from Exhibit 4.9 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
32.2			Certification of Walter S. Hulse III pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished only pursuant to Rule 13a-14(b)).
101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			Inline XBRL Taxonomy Extension Schema Document.
101.CAL			Inline XBRL Taxonomy Calculation Linkbase Document.
101.DEF			Inline XBRL Taxonomy Extension Definitions Document.
101.LAB			Inline XBRL Taxonomy Label Linkbase Document.
101.PRE			Inline XBRL Taxonomy Presentation Linkbase Document.

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4.10			Seventh Supplemental Indenture, dated as of January 31, 2025, by and among ONEOK, Inc., ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P., EnLink Midstream Partners, LP, Elk Merger Sub II, L.L.C. and The Bank of New York Mellon Trust Company, National Association, as trustee (incorporated by reference from Exhibit 4.10 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
4.11			Fourteenth Supplemental Indenture, dated as of January 31, 2025, by and among ONEOK, Inc., ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P., EnLink Midstream Partners, LP, Elk Merger Sub II, L.L.C., and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference from Exhibit 4.11 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
4.12			Fourth Supplemental Indenture, dated as of January 31, 2025, by and among ONEOK, Inc., ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P., EnLink Midstream Partners, LP, Elk Merger Sub II, L.L.C., and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference from Exhibit 4.12 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
4.13			Sixth Supplemental Indenture, dated as of January 31, 2025, by and among ONEOK, Inc., ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P., EnLink Midstream Partners, LP, Elk Merger Sub II, L.L.C. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference from Exhibit 4.13 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
4.14			Thirty-Second Supplemental Indenture, dated as of January 31, 2025, by and among ONEOK, Inc., ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P., EnLink Midstream Partners, LP, Elk Merger Sub II, L.L.C. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference from Exhibit 4.14 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
4.15			Seventeenth Supplemental Indenture, dated as of January 31, 2025, by and among ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, ONEOK, Inc., Magellan Midstream Partners, L.P., EnLink Midstream Partners, LP, Elk Merger Sub II, L.L.C., and Computershare Trust Company, N.A., as trustee (incorporated by reference from Exhibit 4.15 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
10.1			Form of 2025 Restricted Unit Award Agreement (incorporated by reference from Exhibit 10.23 to ONEOK, Inc.’s Annual Report on Form 10-K filed February 25, 2025 (File No. 1-13646)).
10.2			Form of 2025 Performance unit Award Agreement (incorporated by reference from Exhibit 10.24 to ONEOK, Inc.’s Annual Report on Form 10-K filed February 25, 2025 (File No. 1-13646)).
10.3*			Second Amended and Restated Credit Agreement, dated as of February 14, 2025, by and among ONEOK, Inc., as borrower, Citibank, N.A., as administrative agent, a swing line lender, a letter of credit issuer and a lender, and each of the other lenders, swing line lenders and letter of credit issuers party thereto (incorporated by reference from Exhibit 10.1 to ONEOK, Inc.’s Current Report on Form 8-K filed February 20, 2025 ((File No. 1-13643)).
10.4			Guaranty Agreement, dated as of January 31, 2025, by and between Elk Merger Sub II, L.L.C. and EnLink Midstream Partners, LP, in favor of Citibank, N.A., as administrative agent, under the Credit Agreement, dated as of June 10, 2022, by and among ONEOK, Inc., Citibank, N.A. and the other lenders parties thereto (incorporated by reference from Exhibit 10.1 to ONEOK, Inc.’s Current Report on Form 8-K filed February 5, 2025 (File No. 1-13643)).
10.5			Second Amended and Restated Guaranty Agreement, dated as of February 14, 2025, by and among ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P., EnLink Midstream Partners, LP, and Elk Merger Sub II, L.L.C., in favor of Citibank, N.A. (incorporated by reference from Exhibit 10.2 to ONEOK, Inc.’s Current Report on Form 8-K filed February 20, 2025 (File No. 1-13643)).



104			Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101).

36Attached as Exhibit 101 to this Quarterly Report are the following Inline XBRL-related documents: (i) Document and Entity Information; (ii) Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024; (iii) Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024; (iv) Consolidated Balance Sheets at June 30, 2025, and December 31, 2024; (v) Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024; (vi) Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2025 and 2024; and (vii) Notes to Consolidated Financial Statements.

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22.1			List of subsidiary guarantors and issuers of guaranteed securities.
31.1			Certification of Pierce H. Norton II pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification of Walter S. Hulse III pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification of Pierce H. Norton II pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished only pursuant to Rule 13a-14(b)).
32.2			Certification of Walter S. Hulse III pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished only pursuant to Rule 13a-14(b)).
101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			Inline XBRL Taxonomy Extension Schema Document.
101.CAL			Inline XBRL Taxonomy Calculation Linkbase Document.
101.DEF			Inline XBRL Taxonomy Extension Definitions Document.
101.LAB			Inline XBRL Taxonomy Label Linkbase Document.
101.PRE			Inline XBRL Taxonomy Presentation Linkbase Document.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101).
*Certain annexes, schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. ONEOK undertakes to furnish supplemental copies of any of the omitted annexes, schedules and exhibits to the SEC upon its request.

Attached as Exhibit 101 to this Quarterly Report are the following Inline XBRL-related documents: (i) Document and Entity Information; (ii) Consolidated Statements of Income for the three months ended March 31, 2025 and 2024; (iii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024; (iv) Consolidated Balance Sheets at March 31, 2025, and December 31, 2024; (v) Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024; (vi) Consolidated Statements of Changes in Equity for the three months ended March 31, 2025 and 2024; and (vii) Notes to Consolidated Financial Statements.

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SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ONEOK, Inc.
	Registrant
Date: April 30, 2025	By:	/s/ Walter S. Hulse III
Date: August 5, 2025	By:	/s/ Walter S. Hulse III
		Walter S. Hulse III
		Chief Financial Officer, Treasurer and
		Executive Vice President, Investor Relations
		and Corporate Development
		(Principal Financial Officer)

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