ONEOK Inc. Files 2023 Annual Report on Form 10-K

Ticker: OKE · Form: 10-K · Filed: Feb 27, 2024 · CIK: 1039684

Sentiment: neutral

Topics: ONEOK, 10-K, Annual Report, Natural Gas, Energy Sector

TL;DR

<b>ONEOK Inc. filed its 2023 10-K report detailing financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ONEOK INC /NEW/ (OKE) filed a Annual Report (10-K) with the SEC on February 27, 2024. ONEOK Inc. reported its fiscal year 2023 results on February 27, 2024. The filing covers the period from January 1, 2023, to December 31, 2023. The company's primary business is in Natural Gas Transmission & Distribution. ONEOK Inc. is incorporated in Oklahoma. The filing includes detailed financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking ONEOK INC /NEW/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of ONEOK's financial health, operational performance, and strategic positioning for investors and stakeholders. The detailed financial statements and risk factors will allow for a thorough assessment of the company's stability and future prospects in the energy sector.

Risk Assessment

Risk Level: medium — ONEOK INC /NEW/ shows moderate risk based on this filing. The company operates in the natural gas transmission and distribution sector, which is subject to regulatory changes and market volatility, as indicated by the standard industrial classification and the nature of the business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess ONEOK's performance and outlook.

Key Numbers

Key Players & Entities

FAQ

When did ONEOK INC /NEW/ file this 10-K?

ONEOK INC /NEW/ filed this Annual Report (10-K) with the SEC on February 27, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by ONEOK INC /NEW/ (OKE).

Where can I read the original 10-K filing from ONEOK INC /NEW/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by ONEOK INC /NEW/.

What are the key takeaways from ONEOK INC /NEW/'s 10-K?

ONEOK INC /NEW/ filed this 10-K on February 27, 2024. Key takeaways: ONEOK Inc. reported its fiscal year 2023 results on February 27, 2024.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's primary business is in Natural Gas Transmission & Distribution..

Is ONEOK INC /NEW/ a risky investment based on this filing?

Based on this 10-K, ONEOK INC /NEW/ presents a moderate-risk profile. The company operates in the natural gas transmission and distribution sector, which is subject to regulatory changes and market volatility, as indicated by the standard industrial classification and the nature of the business.

What should investors do after reading ONEOK INC /NEW/'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to assess ONEOK's performance and outlook. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,495 words · 18 min read · ~15 pages · Grade level 14.3 · Accepted 2024-02-27 16:18:54

Key Financial Figures

Filing Documents

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 39 Item 1C. Cybersecurity 40 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 Part II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 42 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 57 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 104 Item 9A.

Controls and Procedures

Controls and Procedures 104 Item 9B. Other Information 105 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 Part III. Item 10. Directors, Executive Officers and Corporate Governance 105 Item 11.

Executive Compensation

Executive Compensation 106 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106 Item 13. Certain Relationships and Related Transactions, and Director Independence 106 Item 14. Principal Accounting Fees and Services 107 Part IV. Item 15. Exhibits, Financial Statement Schedules 107 Item 16. Form 10-K Summary 117

Signatures

Signatures 118 As used in this Annual Report, references to "we," "our," or "us" refer to ONEOK, Inc., an Oklahoma corporation, and its predecessors and subsidiaries, including Magellan, unless the context indicates otherwise. 2 T able of Contents GLOSSARY The abbreviations, acronyms and industry terminology used in this Annual Report are defined as follows: $2.5 Billion Credit Agreement ONEOK's $2.5 billion amended and restated revolving credit agreement, as amended AFUDC Allowance for funds used during construction Annual Report Annual Report on Form 10-K for the year ended December 31, 2023 ASU Accounting Standards Update Bbl Barrels, 1 barrel is equivalent to 42 United States gallons BBtu/d Billion British thermal units per day Bcf Billion cubic feet Bcf/d Billion cubic feet per day Btu British thermal unit BridgeTex BridgeTex Pipeline Company, LLC, a 30% owned joint venture CERCLA Comprehensive Environmental Response Cleanup and Liability Act, as amended Clean Air Act Federal Clean Air Act, as amended Clean Water Act Federal Water Pollution Control Act Amendments of 1972, as amended COVID-19 Coronavirus disease 2019, including variants thereof DJ Denver-Julesburg DOT United States Department of Transportation EBITDA Earnings before interest expense, income taxes, depreciation and amortization EPA United States Environmental Protection Agency 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 GHG Greenhouse gas GWh Gigawatt hour Guardian Guardian Pipeline, L.L.C., a wholly owned subsidiary of ONEOK Guardian Term Loan Agreement Guardian's senior unsecured three-year $120 million term loan agreement dated June 2022 Homeland Security United States Department of Homeland Security HOU Midland

BUSINESS

ITEM 1. BUSINESS GENERAL We are incorporated under the laws of the state of Oklahoma, and our common stock is listed on the NYSE under the trading symbol "OKE." We deliver energy products and services vital to an advancing world. We are a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services. As one of the largest diversified energy infrastructure companies in North America, we are delivering energy that makes a difference in the lives of people in the U.S. and around the world. Through our more than 50,000-mile pipeline network, we transport the natural gas, NGLs, Refined Products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. Midstream Value Chain The midstream value chain is a vital part of the energy industry. After crude oil and natural gas are produced from upstream wells, we use our extensive infrastructure to process and transport these raw materials, readying them for end use. For transportation of crude oil, natural gas, Refined Products and NGLs, pipelines are generally the most reliable, lowest cost, least carbon intensive and safest alternative for intermediate and long-haul movements between markets. 5 T able of Contents EXECUTIVE SUMMARY Magellan Acquisition - On September 25, 2023, we completed the Magellan Acquisition. The acquisition strategically diversifies our complementary asset base and allows for significant expected synergies. Pursuant to the Merger Agreement, each common unit of Magellan was exchanged for a fixed ratio of 0.667 shares of ONEOK common stock and $25.00 of cash, for a total consideration of $14.1 billion. In addition, we assumed Magellan's debt at the fair value of $4.0 billion. We issued approximately 135 million shares of common stock, with a fair value of approximately $9.0 billion as of the

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