ONEOK, Inc.

“We are a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services. As one of the largest integrated energy infrastructure companies in North America”

“Each of our four reportable segments are primarily fee-based, and our consolidated earnings were approximately 90% fee-based in 2025.”

“Our counterparties are primarily major and independent crude oil and natural gas producers that are able to produce in a lower commodity price environment”

“a 60% ownership interest in BridgeTex, which owns an approximately 400-mile crude oil pipeline with transport capacity of up to 440 MBbl/d that connects Permian Basin crude oil to our East Houston terminal”

“Our extensive and integrated assets are located in, and connected with, some of the most productive shale basins, as well as refineries and demand centers, in the United States.”

“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.”

“Delaware Basin JV Acquisition - On May 28, 2025, we completed the Delaware Basin JV Acquisition for $941 million.”

“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”

“On September 25, 2023, we completed the Magellan Acquisition... 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 February 2025, we announced definitive agreements to form the Texas City Logistics and MBTC Pipeline joint ventures with MPLX LP to construct a 400 MBbl/d liquified petroleum gas export terminal in Texas City, Texas, and a new 24-inch pipeline from our Mont Belvieu, Texas, storage facility to the new terminal.”

“In August 2025, we announced plans to construct the Bighorn natural gas processing plant in the Permian Basin, with processing capacity of 300 MMcf/d... to cost approximately $365 million... expected to be completed in mid-2027.”

“In 2025, we, WhiteWater, MPLX LP and Enbridge Inc., through the existing Matterhorn joint venture, announced the new approximately 450-mile, 48-inch Eiger Express Pipeline, designed to transport up to approximately 3.7 Bcf/d of natural gas from the Permian Basin to Katy, Texas.”

“In 2025, we completed construction of our Elk Creek pipeline expansion project, which increased capacity to 435 MBbl/d and brought our total pipeline capacity out of the Rocky Mountain region to 575 MBbl/d.”

“Natural Gas Gathering and Processing$1,314 $492 $448 Natural Gas Liquids758 987 818 Natural Gas Pipelines237 258 228 Refined Products and Crude (b) 752 216 52 Other91 68 49 Total capital expenditures$3,152 $2,021 $1,595”

“Medford fractionator Rebuild our 210 MBbl/d NGL fractionation facility in Medford, Oklahoma $485”

“We are also relocating a 150 MMcf/d processing plant to the Permian Basin from North Texas, which will be completed in the first quarter of 2026, and expanding two existing facilities in the Permian Basin, which will provide an incremental 110 MMcf/d of processing capacity”

“Ethane, propane, butanes and natural gasoline are also used by the petrochemical industry to produce chemical components, used for a range of products that improve our daily lives... Propane is also used to heat homes and businesses.”

“On December 31, 2024, we sold three of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. for total cash consideration of $1.2 billion and recognized a gain of $227 million”

“During 2025, we paid common stock dividends totaling $4.12 per share, an increase of 4% compared to the 2024 dividend of $3.96 per share. In February 2026, we paid a quarterly common stock dividend of $1.07 per share ($4.28 per share on an annualized basis).”

“In 2024, our Board of Directors authorized a share repurchase program to buy up to $2.0 billion of our outstanding common stock. As of December 31, 2025, we repurchased $234 million of our outstanding common shares under the program.”

“We are also exposed to changes in the price of power, which can impact our fractionation and transportation costs.”

“In August 2025, we completed an underwritten public offering of $3.0 billion senior unsecured notes consisting of $750 million, 4.95% senior notes due 2032; $1.0 billion, 5.4% senior notes due 2035; and $1.25 billion, 6.25% senior notes due 2055.”

“In 2025, we repurchased in the open market certain of our senior notes in the principal amount of $789 million for an aggregate repurchase price of $681 million, including accrued and unpaid interest. In connection with these open market repurchases, we recognized $106 million of net gains on extinguishment of debt”

“We expect total capital expenditures of $2.7 - $3.2 billion in 2026.”

“Over the past year, we experienced earnings growth across our value chain due primarily to a full year of earnings from EnLink and Medallion across our segments and higher NGL and natural gas processing volumes.”

“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.”

“In 2025, we received an MSCI ESG Rating of AA, and our ESG Risk Rating, as assessed by Morningstar Sustainalytics, was in the top 10% of the refiners and pipelines industry.”

“The FERC regulates the rates we can charge and the terms and conditions we can offer for interstate transportation service on our pipelines. State regulatory authorities regulate the rates we can charge and the terms and conditions we can offer for intrastate movements on our pipelines.”

“Legislation or regulations placing restrictions on exploration and production activities, including hydraulic fracturing and disposal of wastewater, or curtailment of water use for industrial or mineral development activities, could result in operational delays, increased operating costs and additional regulatory burdens”

“By virtue of our liquids blending activity and resulting gasoline production, we are an obligated party and receive an annual RVO”

“Our Natural Gas Pipelines segment is not exposed to significant volumetric risk due to the majority of our capacity being subscribed under long-term, firm fee-based contracts.”

“Our gathering and transportation pipeline systems are dependent upon production from natural gas and crude oil wells, which naturally decline over time... Our ability to maintain or expand our businesses depends largely on the level of drilling and production by third parties in the regions in which we operate.”

“the occurrence of wars (such as the Russian invasion of Ukraine), the activities of the Organization of Petroleum Exporting Countries (OPEC) and other non-OPEC oil producing countries with large production capacity, or other geopolitical conditions (including instability in the Middle East and Venezuela)”

“We depend on crude oil production and on connections with gathering systems, refineries and pipelines owned and operated by third parties to supply our assets.”

“future tariffs, trade restrictions or retaliatory measures could further increase our input costs, lengthen delivery schedules or disrupt the availability of key components, particularly if we are unable to manage lead times for materials and equipment used in constructing capital projects”