Oneok Inc 10-Q for FY2026 Q3

Oneok Inc (OKE)

10-Q 2026-10-28 For: 2026-09-30

Added on October 28, 2026

About this 10-Q

Oneok Inc filed this 10-Q on October 28, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $12.46B; up 44.3% from $8.63B a year earlier
Net income: $1.35B; up 43.8% from net income of $939M a year earlier
Diluted EPS: $2.13; up 43.0% from $1.49 a year earlier

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


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


Part I.	Financial Information	Page No.
Item 1.	Financial Statements (Unaudited)	7
	Consolidated Statements of Income - Three and Ni ne Months Ended September 30, 2026 and 2025	7
	Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2026 and 2025	7
	Consolidated Balance Sheets - September 30, 2026, and December 31, 2025	8
	Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2026 and 2025	9
	Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests - Three and Nine Months Ended September 30, 2026 and 2025	10
	Notes to Consolidated Financial Statements	12
	A. Summary of Significant Accounting Policies	12
	B. Acquisitions	12
	C . Fair Value Measurements	13
	D . Risk-Management and Hedging Activities Using Derivatives	14
	E . Debt	16
	F . Equity	17
	G . Variable Interest Entities	19
	H . Earnings Per Share	20
	I . Unconsolidated Affiliates	21
	J . Commitments and Contingencies	21
	K . Revenues	22
	L . Segments	22
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	44
Part II.	Other Information	45
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	45
Signatures		49


$1.2 Billion Term Loan Agreement			The senior unsecured delayed draw 364-day $1.2 billion term loan agreement dated April 24, 2026
$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, 2025
Apollo			AP Falcon Holdings LLC, an affiliate of Apollo Global Management, Inc. and the initial holder of the Class B Units
Ascension			Ascension Pipeline Company, LLC, a 50% owned joint venture
Base Return			The capped return on Class B Units as specified within the Operating Agreement, equal to 7.01% during the initial 9-year period, increasing to 7.35% in year 10, 7.475% in year 12, 7.725% in year 14 and 7.85% thereafter
Bbl			Barrels, 1 barrel is equivalent to 42 United States gallons
Bcf			Billion cubic feet
Bcf/d			Billion cubic feet per day
Brazos Midland			Brazos Midland, LLC, and after the Brazos Midland Acquisition, a wholly owned subsidiary of ONEOK
Brazos Midland Acquisition			The acquisition contemplated by the Brazos Midland Purchase Agreement pursuant to which 100% of the issued and outstanding membership interests of Brazos Midland were acquired in a cash transaction
Brazos Midland Purchase Agreement			The Membership Interest Purchase Agreement, dated August 18, 2026, by and between ONEOK Rockies Midstream, L.L.C. and Brazos Midstream
Brazos Midstream			Brazos Midstream Holdings III, LLC
BridgeTex			BridgeTex Pipeline Company, LLC, a 60% owned joint venture

CFFO			Cash flow from operations, pursuant to the Operating Agreement, a contractually defined measure derived from adjusted EBITDA and includes adjustments for interest expense, working capital, income taxes, distributions associated with unconsolidated affiliates and noncontrolling interests, and certain other specified items
Class A Member			ONEOK or any successor holder of Class A Units of ONEOK Holdings pursuant to the Operating Agreement
Class A Units			The limited liability company interests in ONEOK Holdings designated as a “Class A Unit” in the Operating Agreement
Class B Member			Apollo or any successor holder of Class B Units of ONEOK Holdings pursuant to the Operating Agreement
Class B Units			The limited liability company interests in ONEOK Holdings held by the Class B Member pursuant to the Operating Agreement
Contribution Agreement			Contribution Agreement, dated August 28, 2026, by and among ONEOK Holdings, ONEOK, Falcon TopCo and Apollo
Delaware Basin JV			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
Eiger			Eiger Express Holdings, LLC, a 25.5% owned joint venture, including the 10.5% held through Matterhorn
EnLink			EnLink Midstream, LLC, and after the EnLink Acquisition, Elk Merger Sub II, L.L.C., a wholly owned subsidiary of ONEOK, and in connection with the Reorganization merged into ONEOK, L.L.C., with ONEOK, L.L.C. surviving the merger


EnLink Acquisition			The transactions pursuant to which ONEOK acquired a controlling interest in, and subsequently all outstanding publicly held common units of, EnLink, completed on October 15, 2024, and January 31, 2025, respectively, resulting in EnLink becoming a wholly owned subsidiary of ONEOK
EPS			Earnings per share of common stock
ESG			Environmental, social and governance
Exchange Act			Securities Exchange Act of 1934, as amended
Falcon Merger Sub			Falcon Merger Sub, L.L.C. formed in connection with the Reorganization and renamed ONEOK, L.L.C.
Falcon TopCo			Falcon TopCo, Inc. formed in connection with the Reorganization and renamed ONEOK, Inc.
FERC			Federal Energy Regulatory Commission
Fitch			Fitch Ratings, Inc.
GAAP			Accounting principles generally accepted in the United States of America
Initial Period			The period beginning on September 10, 2026, and continuing until the outstanding Class B balance of ONEOK Holdings has been reduced to $200 million
Legacy ONEOK			Prior to the Reorganization, ONEOK, Inc. and in connection with the Reorganization merged into Falcon Merger Sub, with Falcon Merger Sub surviving the merger
Matterhorn			MXP Parent, LLC, 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


MMBbl			Million barrels
MMcf/d			Million cubic feet per day
Moody’s			Moody’s Investors Service, Inc.

NGL(s)			Natural gas liquid(s)
Northern Border			Northern Border Pipeline Company, a 50% owned joint venture
ONEOK			ONEOK, Inc.
ONEOK Holdings			ONEOK Holdings, L.L.C., a consolidated direct subsidiary of ONEOK and the parent company of ONEOK, L.L.C., formed in connection with the ONEOK Holdings Transaction, in which ONEOK owns 87% of the outstanding units through its Class A Units and Apollo owns 13% of the outstanding units through its Class B Units
ONEOK Holdings Transaction			The transactions contemplated by the Contribution Agreement, including the Reorganization and Apollo’s $9 billion investment in ONEOK Holdings
ONEOK, L.L.C.			A wholly owned direct subsidiary of ONEOK Holdings and parent of all ONEOK operating subsidiaries
ONEOK Partners			ONEOK Partners, L.P., a wholly owned subsidiary of ONEOK, and in connection with the Reorganization merged into ONEOK, L.L.C., with ONEOK, L.L.C. surviving the merger
Operating Agreement			The amended and restated limited liability company agreement of ONEOK Holdings, entered into in connection with the ONEOK Holdings Transaction, which governs the rights and obligations of the members of ONEOK Holdings
OWM			ONEOK Wyoming Midstream, LLC, an 85% owned joint venture
Overland Pass			Overland Pass Pipeline Company, LLC, a 50% owned joint venture
Powder Springs			Powder Springs Logistics, LLC, a 50% owned joint venture
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


Reorganization			The reorganization completed in connection with the ONEOK Holdings Transaction pursuant to which, among other things, (i) Legacy ONEOK merged with and into Falcon Merger Sub, with Falcon Merger Sub surviving the merger as ONEOK, L.L.C., and (ii) Falcon TopCo became the successor to Legacy ONEOK and was renamed ONEOK, Inc.
Roadrunner			Roadrunner Gas Transmission Holdings, 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
Term SOFR			The forward-looking term rate based on Secured Overnight Financing Rate (SOFR)
Texas City Logistics			Texas City Logistics, LLC, a 50% owned joint venture
XBRL			eXtensible Business Reporting Language


ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Unaudited)	2026		2025		2026		2025
	(Millions of dollars, except per share amounts)
Revenues
Commodity sales	$	11,190	$	7,416	$	30,449	$	21,054
Services and other	1,265		1,218		3,673		3,510
Total revenues (Note K)	12,455		8,634		34,122		24,564
Cost of sales and fuel (exclusive of items shown separately below)	9,612		5,962		25,907		16,977
Operations and maintenance	767		639		2,116		1,912
Depreciation and amortization	395		378		1,160		1,126
General taxes	94		99		314		284
Transaction costs	15		10		26		74
Other operating expense (income), net	4		(12)		10		(18)
Operating income	1,568		1,558		4,589		4,209
Equity in net earnings from investments (Note I)	103		92		295		281
Impairment of equity investments (Note I)	—		—		(60)		—
Other income, net	102		37		109		78
Interest expense (net of capitalized interest of $42, $19, $104 and $41, respectively)	(415)		(450)		(1,288)		(1,330)
Income before income taxes	1,358		1,237		3,645		3,238
Income tax benefit (expense) (Note F)	26		(297)		(518)		(754)
Net income	1,384		940		3,127		2,484
Less: Net income attributable to noncontrolling interests	34		1		37		68
Net income attributable to ONEOK	$	1,350	$	939	$	3,090	$	2,416



Basic EPS (Note H)	$	2.14	$	1.49	$	4.90	$	3.88

Diluted EPS (Note H)	$	2.13	$	1.49	$	4.89	$	3.87
Average shares (millions)
Basic	631.1		630.6		630.9		623.1
Diluted	632.6		631.5		632.1		624.1


ONEOK, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS

	September 30,		December 31,
(Unaudited)	2026		2025
Assets	(Millions of dollars)
Current assets
Cash and cash equivalents	$	186	$	78
Accounts receivable, net	4,175		3,010

Inventories	1,338		948

Other current assets	554		452
Total current assets	6,253		4,488
Property, plant and equipment
Property, plant and equipment	58,041		55,489
Accumulated depreciation and amortization	8,666		7,628
Net property, plant and equipment	49,375		47,861
Other assets
Investments in unconsolidated affiliates	3,382		2,889
Goodwill	8,058		8,058
Intangible assets, net	2,801		2,901
Cash held for acquisition (Notes B & F)	4,000		—
Other assets	423		444
Total other assets	18,664		14,292
Total assets	$	74,292	$	66,641
Liabilities, redeemable noncontrolling interests and equity
Current liabilities
Current maturities of long-term debt (Note E)	$	1,500	$	1,241
Short-term borrowings (Note E)	85		820
Accounts payable	4,219		2,838
Commodity imbalances	374		217

Accrued interest	437		499
Other current liabilities	806		750
Total current liabilities	7,421		6,365
Long-term debt, excluding current maturities	26,935		30,755
Deferred credits and other liabilities
Deferred income taxes	6,806		6,349
Other deferred credits	620		603
Total deferred credits and other liabilities	7,426		6,952
Commitments and contingencies (Note J)
Redeemable noncontrolling interests in consolidated subsidiaries (Note G)	50		—
Equity (Note F)
Common stock, $0.01 par value: authorized 1,200,000,000 shares; issued 655,909,018 shares and outstanding 630,447,920 shares at September 30, 2026; issued 655,909,018 shares and outstanding 629,707,691 shares at December 31, 2025	7		7
Paid-in capital	20,889		20,961
Accumulated other comprehensive loss	(204)		(27)
Retained earnings	3,429		2,373
Treasury stock, at cost: 25,461,098 shares at September 30, 2026, and 26,201,327 shares at December 31, 2025	(805)		(829)
Total ONEOK shareholders' equity	23,316		22,485
Noncontrolling interests in consolidated subsidiaries (Note F)	9,144		84
Total equity	32,460		22,569
Total liabilities, redeemable noncontrolling interests and equity	$	74,292	$	66,641


ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
	Nine Months Ended
	September 30,
(Unaudited)	2026		2025
	(Millions of dollars)
Operating activities
Net income	$	3,127	$	2,484
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,160		1,126
Equity in net earnings from investments (Note I)	(295)		(281)
Impairment of equity investments (Note I)	60		—
Distributions received from unconsolidated affiliates	331		293
Deferred income taxes	512		731

Other, net	39		47
Changes in assets and liabilities:
Accounts receivable	(1,160)		(253)
Inventories, net of commodity imbalances	(267)		(170)
Accounts payable	1,201		357
Risk-management assets and liabilities	(271)		10
Other assets and liabilities, net	(71)		(291)
Cash provided by operating activities	4,366		4,053
Investing activities
Capital expenditures (less allowance for equity funds used during construction)	(2,414)		(2,182)


Purchases of and contributions to unconsolidated affiliates (Note I)	(548)		(499)
Other, net	45		39
Cash used in investing activities	(2,917)		(2,642)
Financing activities
Dividends paid	(2,022)		(1,935)
Short-term borrowings, net	(735)		—
Issuance of long-term debt, net of discounts, and term loan borrowings (Note E)	1,200		2,989


Delaware Basin JV Acquisition	(10)		(550)
Extinguishment of long-term debt and term loan repayments (Note E)	(4,691)		(1,285)
Contributions received from the ONEOK Holdings Transaction (Note F)	9,000		—
Other, net	(83)		(164)
Cash provided by (used in) financing activities	2,659		(945)
Change in cash and cash equivalents	4,108		466
Cash and cash equivalents at beginning of period	78		733
Cash and cash equivalents at end of period (a)	$	4,186	$	1,199


ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
	ONEOK Shareholders' Equity
(Unaudited)	Common Stock		Paid-in Capital		AOCL*		Retained Earnings		Treasury Stock		Noncontrolling Interests		Total Equity		Redeemable Noncontrolling Interests
	(Millions of dollars)
January 1, 2026	$	7	$	20,961	$	(27)	$	2,373	$	(829)	$	84	$	22,569	$	—
Net income	—		—		—		774		—		2		776		—
Other comprehensive loss	—		—		(239)		—		—		—		(239)		—
Common stock issued	—		4		—		—		11		—		15		—
Common stock dividends - $1.07 per share (Note F)	—		—		—		(677)		—		—		(677)		—


Contributions from redeemable noncontrolling interests (Note G)	—		—		—		—		—		—		—		41
Other, net	—		—		—		(1)		—		4		3		—
March 31, 2026	7		20,965		(266)		2,469		(818)		90		22,447		41
Net income	—		—		—		966		—		—		966		1
Other comprehensive income	—		—		238		—		—		—		238		—
Common stock issued	—		15		—		—		10		—		25		—
Common stock dividends - $1.07 per share (Note F)	—		—		—		(677)		—		—		(677)		—




Other, net	—		27		—		1		—		10		38		2
June 30, 2026	7		21,007		(28)		2,759		(808)		100		23,037		44
Net income	—		—		—		1,350		—		34		1,384		—
Other comprehensive loss	—		—		(176)		—		—		—		(176)		—
Common stock issued	—		5		—		—		3		—		8		—
Common stock dividends - $1.07 per share (Note F)	—		—		—		(680)		—		—		(680)		—


Contributions received from the ONEOK Holdings Transaction (Note F)	—		—		—		—		—		9,000		9,000		—

Other, net	—		(123)		—		—		—		10		(113)		6
September 30, 2026	$	7	$	20,889	$	(204)	$	3,429	$	(805)	$	9,144	$	32,460	$	50


ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
(Continued)	ONEOK Shareholders' Equity
(Unaudited)	Preferred Stock		Common Stock		Paid-in Capital		AOCL*		Retained Earnings		Treasury Stock		Noncontrolling Interests		Total Equity
	(Millions of dollars)
January 1, 2025	$	—	$	6	$	16,354	$	(96)	$	1,579	$	(807)	$	5,097	$	22,133
Net income	—		—		—		—		636		—		55		691
Other comprehensive loss	—		—		—		(27)		—		—		—		(27)
Preferred stock dividends - $13.75 per share	—		—		—		—		—		—		—		—
Common stock issued	—		—		(21)		—		—		14		—		(7)
Common stock dividends - $1.03 per share	—		—		—		—		(645)		—		—		(645)
Repurchase of common stock	—		—		—		—		—		(17)		—		(17)
EnLink Acquisition	—		1		4,377		—		—		—		(4,378)		—
Distributions to noncontrolling interests	—		—		—		—		—		—		(25)		(25)

Other, net	—		—		11		—		(1)		—		7		17
March 31, 2025	—		7		20,721		(123)		1,569		(810)		756		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	—		—		—		—		(644)		—		—		(644)
Delaware Basin JV Acquisition	—		—		199		—		—		—		(678)		(479)
Distributions to noncontrolling interests	—		—		—		—		—		—		(20)		(20)

Other, net	—		—		(5)		—		(1)		—		4		(2)
June 30, 2025	—		7		20,923		(63)		1,765		(802)		74		21,904
Net income	—		—		—		—		939		—		1		940
Other comprehensive loss	—		—		—		(2)		—		—		—		(2)
Common stock issued	—		—		2		—		—		4		—		6
Common stock dividends - $1.03 per share	—		—		—		—		(656)		—		—		(656)
Repurchase of common stock	—		—		—		—		—		(45)		—		(45)
Delaware Basin JV Acquisition	—		—		(14)		—		—		—		—		(14)
Other, net	—		—		23		—		—		—		1		24
September 30, 2025	$	—	$	7	$	20,934	$	(65)	$	2,048	$	(843)	$	76	$	22,157


	September 30, 2026
	Level 1		Level 2		Level 3		Total - Gross		Netting (a)		Total - Net
	(Millions of dollars)
Derivative assets
Commodity contracts	$	59	$	190	$	—	$	249	$	(249)	$	—

Total derivative assets	$	59	$	190	$	—	$	249	$	(249)	$	—

Derivative liabilities
Commodity contracts	$	(342)	$	(102)	$	—	$	(444)	$	444	$	—

Total derivative liabilities	$	(342)	$	(102)	$	—	$	(444)	$	444	$	—


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

Derivative liabilities
Commodity contracts	$	(21)	$	(46)	$	—	$	(67)	$	67	$	—
Total derivative liabilities	$	(21)	$	(46)	$	—	$	(67)	$	67	$	—


		September 30, 2026				December 31, 2025
	Location in our Consolidated Balance Sheets	Assets		(Liabilities)		Assets		(Liabilities)
		(Millions of dollars)
Derivatives designated as hedging instruments
Commodity contracts (a)(b)	Other current assets	$	232	$	(421)	$	112	$	(50)

Total derivatives designated as hedging instruments		232		(421)		112		(50)
Derivatives not designated as hedging instruments
Commodity contracts (a)(b)	Other current assets	17		(23)		17		(17)


Total derivatives not designated as hedging instruments		17		(23)		17		(17)
Total derivatives		$	249	$	(444)	$	129	$	(67)


	September 30, 2026	December 31, 2025
	Net Purchased/Payor (Sold/Receiver)
Derivatives designated as hedging instruments:
Cash flow hedges
Fixed price
- Natural gas (Bcf)	(23.8)	(19.4)
- NGLs, Refined Products and crude oil (MMBbl)	(18.9)	(22.1)

Basis
- Natural gas (Bcf)	(24.2)	(17.9)
- NGLs, Refined Products and crude oil (MMBbl)	2.6	(0.6)


Derivatives not designated as hedging instruments:
Fixed price
- Natural gas (Bcf)	(5.1)	(4.1)
- NGLs, Refined Products and crude oil (MMBbl)	—	0.1
Basis
- Natural gas (Bcf)	(0.3)	(0.2)

Swing Swaps
- Natural gas (Bcf)	2.2	(0.6)


	(Millions of dollars)
$500 at 4.0% due July 2027	$	500
$1,250 at 4.25% due September 2027	1,000
Current maturities of long-term debt	$	1,500



	Principal Extinguished
(Millions of dollars, except for percentages or where specified)
$1.2 Billion Term Loan Agreement	$	1,200
Commercial paper	800
$750 at 5.55% due November 2026	750
$1,250 at 4.25% due September 2027	250
Cash tender offers accepted (a):
$800 at 3.95% due March 2050	368
$500 at 4.2% due October 2047	197
$500 at 4.5% due March 2050	101
$250 at 4.2% due March 2045	64
$500 at 4.25% due September 2046	203
$750 at 4.45% due September 2049	86
$250 at 4.2% due December 2042	25
$500 at 4.85% due February 2049	195
$700 at 4.95% due July 2047	159
$450 at 5.05% due April 2045	167
$1,000 at 5.2% due July 2048	370
$550 at 5.15% due October 2043	150
$500 at 5.45% due June 2047	297
$1,500 at 5.7% due November 2054	80




Total	$	5,462


Expected Period of Recognition in Revenue	(Millions of dollars)
Remainder of 2026	$	372
2027	1,298
2028	1,088
2029	908
2030 and beyond	2,975
Total	$	6,641



	Principal Extinguished
(Millions of dollars, except for percentages or where specified)
$1.2 Billion Term Loan Agreement	$	1,200
Commercial paper	800
$750 at 5.55% due November 2026	750
$1,250 at 4.25% due September 2027	250
Cash tender offers accepted (a):
$800 at 3.95% due March 2050	368
$500 at 4.2% due October 2047	197
$500 at 4.5% due March 2050	101
$250 at 4.2% due March 2045	64
$500 at 4.25% due September 2046	203
$750 at 4.45% due September 2049	86
$250 at 4.2% due December 2042	25
$500 at 4.85% due February 2049	195
$700 at 4.95% due July 2047	159
$450 at 5.05% due April 2045	167
$1,000 at 5.2% due July 2048	370
$550 at 5.15% due October 2043	150
$500 at 5.45% due June 2047	297
$1,500 at 5.7% due November 2054	80




Total	$	5,462


Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income before Income Taxes	Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2026		2026
		(Millions of dollars)
Commodity contracts	Commodity sales revenues	$	(123)	$	(501)
	Cost of sales and fuel	81		97
Interest-rate contracts	Interest expense	(4)		(12)
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into income before income taxes on derivatives		$	(46)	$	(416)



	September 30, 2026
	(Millions of dollars)
Assets:
Cash and cash equivalents	$	159
Accounts receivable, net	$	12
Other current assets	$	2
Net property, plant and equipment	$	572
Liabilities:
Accounts payable	$	50
Other current liabilities	$	1

Other deferred credits	$	2


	Three Months Ended September 30, 2026
	Income		Shares	Per Share Amount
	(Millions, except per share amounts)
Basic EPS
Net income attributable to ONEOK available for common stock	$	1,350	631.1	$	2.14
Diluted EPS
Effect of dilutive securities	—		1.5
Net income attributable to ONEOK available for common stock and common stock equivalents	$	1,350	632.6	$	2.13


	Three Months Ended September 30, 2025
	Income		Shares	Per Share Amount
	(Millions, except per share amounts)
Basic EPS
Net income attributable to ONEOK available for common stock	$	939	630.6	$	1.49
Diluted EPS
Effect of dilutive securities	—		0.9
Net income attributable to ONEOK available for common stock and common stock equivalents	$	939	631.5	$	1.49


	Nine Months Ended September 30, 2026
	Income		Shares	Per Share Amount
	(Millions, except per share amounts)
Basic EPS
Net income attributable to ONEOK available for common stock	$	3,090	630.9	$	4.90
Diluted EPS
Effect of dilutive securities	—		1.2
Net income attributable to ONEOK available for common stock and common stock equivalents	$	3,090	632.1	$	4.89


	Nine Months Ended September 30, 2025
	Income		Shares	Per Share Amount
	(Millions, except per share amounts)
Basic EPS
Net income attributable to ONEOK available for common stock	$	2,416	623.1	$	3.88
Diluted EPS
Effect of dilutive securities	—		1.0
Net income attributable to ONEOK available for common stock and common stock equivalents	$	2,416	624.1	$	3.87


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(Millions of dollars)
Northern Border	$	27	$	28	$	96	$	76
Overland Pass	22		22		70		68
Saddlehorn	13		13		35		39
Matterhorn	10		2		32		10
Roadrunner	10		10		30		31
BridgeTex	12		9		28		31
Powder Springs	—		—		(26)		2
Other	9		8		30		24
Equity in net earnings from investments	$	103	$	92	$	295	$	281
Impairment of equity investments	$	—	$	—	$	(60)	$	—


Three Months Ended September 30, 2026	Natural Gas Gathering and Processing		Natural Gas Liquids		Natural Gas Pipelines		Refined Products and Crude		Total Segments
	(Millions of dollars)
Liquids commodity sales	$	1,483	$	4,920	$	—	$	5,974	$	12,377
Residue natural gas sales	521		—		337		—		858
Exchange services and natural gas gathering and processing revenue	253		120		—		—		373
Transportation and storage revenue	—		54		171		611		836
Other revenue	8		3		—		60		71
Total revenues (a)	2,265		5,097		508		6,645		14,515
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1,445)		(4,184)		(274)		(5,768)		(11,671)
Operating costs	(264)		(230)		(71)		(251)		(816)
Adjusted EBITDA from unconsolidated affiliates	1		26		67		49		143
Noncash compensation expense and other	6		9		1		10		26
Segment adjusted EBITDA	$	563	$	718	$	231	$	685	$	2,197
Depreciation and amortization	$	(137)	$	(119)	$	(25)	$	(112)	$	(393)
Equity in net earnings from investments	$	1	$	23	$	47	$	32	$	103
Capital expenditures	$	398	$	262	$	59	$	200	$	919


Three Months Ended September 30, 2026	Total Segments		Other and Eliminations		Total
	(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales	$	12,377	$	(2,013)	$	10,364
Residue natural gas sales	858		(32)		826
Exchange services and natural gas gathering and processing revenue	373		—		373
Transportation and storage revenue	836		(13)		823
Other revenue	71		(2)		69
Total revenues (a)	$	14,515	$	(2,060)	$	12,455
Cost of sales and fuel (exclusive of depreciation and operating costs)	$	(11,671)	$	2,059	$	(9,612)
Operating costs	$	(816)	$	(45)	$	(861)
Depreciation and amortization	$	(393)	$	(2)	$	(395)
Equity in net earnings from investments	$	103	$	—	$	103
Capital expenditures	$	919	$	18	$	937


Three Months Ended September 30, 2025	Natural Gas Gathering and Processing		Natural Gas Liquids		Natural Gas Pipelines		Refined Products and Crude		Total Segments
	(Millions of dollars)
Liquids commodity sales	$	1,066	$	3,746	$	—	$	3,010	$	7,822
Residue natural gas sales	468		—		296		—		764
Exchange services and natural gas gathering and processing revenue	298		111		—		—		409
Transportation and storage revenue	—		36		154		590		780
Other revenue	9		2		—		29		40
Total revenues (a)	1,841		3,895		450		3,629		9,815
Cost of sales and fuel (exclusive of depreciation and operating costs)	(1,038)		(2,977)		(255)		(2,873)		(7,143)
Operating costs	(244)		(202)		(59)		(231)		(736)
Adjusted EBITDA from unconsolidated affiliates	1		26		63		40		130
Noncash compensation expense and other	6		6		1		17		30
Segment adjusted EBITDA	$	566	$	748	$	200	$	582	$	2,096
Depreciation and amortization	$	(126)	$	(116)	$	(25)	$	(108)	$	(375)
Equity in net earnings from investments	$	1	$	24	$	39	$	28	$	92
Capital expenditures	$	302	$	218	$	55	$	214	$	789


Nine Months Ended September 30, 2026	Natural Gas Gathering and Processing		Natural Gas Liquids		Natural Gas Pipelines		Refined Products and Crude		Total Segments
	(Millions of dollars)
Liquids commodity sales	$	3,942	$	12,834	$	—	$	16,587	$	33,363
Residue natural gas sales	1,403		—		1,070		—		2,473
Exchange services and natural gas gathering and processing revenue	773		319		—		—		1,092
Transportation and storage revenue	—		174		512		1,779		2,465
Other revenue	22		9		1		129		161
Total revenues (a)	6,140		13,336		1,583		18,495		39,554
Cost of sales and fuel (exclusive of depreciation and operating costs)	(3,817)		(10,698)		(740)		(16,088)		(31,343)
Operating costs	(769)		(661)		(195)		(747)		(2,372)
Adjusted EBITDA from unconsolidated affiliates	3		79		217		108		407
Noncash compensation expense and other	19		27		2		36		84
Segment adjusted EBITDA	$	1,576	$	2,083	$	867	$	1,804	$	6,330
Depreciation and amortization	$	(398)	$	(342)	$	(78)	$	(333)	$	(1,151)
Equity in net earnings from investments	$	2	$	70	$	158	$	65	$	295
Impairment of equity investments	$	—	$	—	$	—	$	(60)	$	(60)
Investments in unconsolidated affiliates	$	41	$	893	$	1,266	$	1,173	$	3,373

Capital expenditures	$	900	$	774	$	120	$	571	$	2,365


Nine Months Ended September 30, 2025	Natural Gas Gathering and Processing		Natural Gas Liquids		Natural Gas Pipelines		Refined Products and Crude		Total Segments
	(Millions of dollars)
Liquids commodity sales	$	3,393	$	11,598	$	—	$	7,227	$	22,218
Residue natural gas sales	1,615		—		872		—		2,487
Exchange services and natural gas gathering and processing revenue	852		307		—		—		1,159
Transportation and storage revenue	—		121		447		1,692		2,260
Other revenue	26		8		—		86		120
Total revenues (a)	5,886		12,034		1,319		9,005		28,244
Cost of sales and fuel (exclusive of depreciation and operating costs)	(3,576)		(9,464)		(735)		(6,883)		(20,658)
Operating costs	(737)		(615)		(167)		(672)		(2,191)
Adjusted EBITDA from unconsolidated affiliates	4		76		179		122		381
Noncash compensation expense and other	20		25		4		38		87
Segment adjusted EBITDA	$	1,597	$	2,056	$	600	$	1,610	$	5,863
Depreciation and amortization	$	(374)	$	(341)	$	(73)	$	(330)	$	(1,118)
Equity in net earnings from investments	$	3	$	69	$	116	$	93	$	281
Investments in unconsolidated affiliates	$	40	$	597	$	860	$	1,271	$	2,768

Capital expenditures	$	884	$	524	$	169	$	539	$	2,116


Project	Scope	Approximate Cost (a)	Expected Completion
Natural Gas Gathering and Processing		(In millions)
Bighorn plant	400 MMcf/d processing plant with carbon dioxide treater in the Permian Basin	$380	Second Quarter 2027
Cutter I plant	60 MMcf/d processing plant in the Powder River Basin.	$180	Fourth Quarter 2026
Cutter II plant	120 MMcf/d processing plant in the Powder River Basin	$200	First-half 2028
Cassidy II plant	330 MMcf/d processing plant in the Permian Basin	$180 (d)	Third Quarter 2027
Natural Gas Liquids
Medford fractionator	Rebuild our 210 MBbl/d NGL fractionation facility in Medford, Oklahoma	$550	(b)
Texas City Logistics export terminal (c)	400 MBbl/d liquified petroleum gas export terminal in Texas City, Texas	$700	Early 2028
Delaware NGL expansion	245 MBbl/d expansion of NGL takeaway capacity through new lateral connections and looping	$305	Third Quarter 2027
MBTC Pipeline	24-inch pipeline from Mont Belvieu, Texas, storage facility to the new Texas City, Texas, export terminal	$280	Early 2028
Natural Gas Pipelines
Eiger Express Pipeline (c)	450-mile, 48-inch natural gas pipeline from the Permian Basin to Katy, Texas, with capacity of 3.7 Bcf/d	$350	Mid-2028
Refined Products and Crude
Greater Denver pipeline expansion	Increase total system capacity by 35 MBbl/d with additional expansion opportunities	$480	Completed


	Three Months Ended				Nine Months Ended				Three Months	Nine Months
	September 30,				September 30,				2026 vs. 2025	2026 vs. 2025
Financial Results	2026		2025		2026		2025			$ Increase (Decrease)	$ Increase (Decrease)
	(Millions of dollars, except per share amounts)
Revenues
Commodity sales	$	11,190	$	7,416	$	30,449	$	21,054		3,774	9,395
Services and other	1,265		1,218		3,673		3,510			47	163
Total revenues	12,455		8,634		34,122		24,564			3,821	9,558
Cost of sales and fuel (exclusive of items shown separately below)	9,612		5,962		25,907		16,977			3,650	8,930
Operating costs	861		738		2,430		2,196			123	234
Depreciation and amortization	395		378		1,160		1,126			17	34
Transaction costs	15		10		26		74			5	(48)
Other operating expense (income), net	4		(12)		10		(18)			(16)	(28)
Operating income	$	1,568	$	1,558	$	4,589	$	4,209		10	380
Equity in net earnings from investments	$	103	$	92	$	295	$	281		11	14
Impairment of equity investments	$	—	$	—	$	(60)	$	—		—	(60)
Interest expense, net of capitalized interest	$	(415)	$	(450)	$	(1,288)	$	(1,330)		(35)	(42)
Net income	$	1,384	$	940	$	3,127	$	2,484		444	643
Net income attributable to ONEOK	$	1,350	$	939	$	3,090	$	2,416		411	674
Diluted EPS	$	2.13	$	1.49	$	4.89	$	3.87		0.64	1.02
Adjusted EBITDA	$	2,238	$	2,119	$	6,356	$	5,875		119	481
Capital expenditures	$	937	$	804	$	2,414	$	2,182		133	232


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


					Variances
	Nine Months Ended				2026 vs. 2025
	September 30,				$ Increase (Decrease) in Cash
	2026		2025
	(Millions of dollars)
Total cash provided by (used in):
Operating activities	$	4,366	$	4,053	313
Investing activities	(2,917)		(2,642)		(275)
Financing activities	2,659		(945)		3,604
Change in cash and cash equivalents	4,108		466		3,642
Cash and cash equivalents at beginning of period	78		733		(655)
Cash and cash equivalents at end of period (a)	$	4,186	$	1,199	2,987


Exhibit No.			Exhibit Description

1.1			Amendment No. 1 to the Equity Distribution Agreement, dated September 15, 2026, among ONEOK, L.L.C., ONEOK, Inc., BofA Securities, Inc., as sales agent, principal and/or forward seller, and Bank of America, N.A., as forward purchaser (incorporated by reference from Exhibit 1.1 to ONEOK, Inc.’s Current Report on Form 8-K Filed September 15, 2026 (File No. 1-13643)).


2.1*			Agreement and Plan of Merger, dated as of September 9, 2026, among ONEOK, Inc., Falcon TopCo, Inc. and Falcon Merger Sub, L.L.C. (incorporated by reference from Exhibit 2.1 to ONEOK, Inc.’s Current Report on Form 8-K 12B f iled on September 10, 2026 (File No. 1-13643)).

2.2*			Contribution Agreement, dated as of August 28, 2026, by and among ONEOK Holdings, L.L.C., Falcon TopCo. Inc., ONEOK, Inc. and AP Falcon Holdings LLC (incorporated by reference from Exhibit 2.1 to ONEOK, Inc.’s Current Report on Form 8-K filed August 28, 2026 (File No. 1-13643)).

3.1			Amended and Restated Certificate of Incorporation of ONEOK, Inc. (incorporated by reference from Exhibit 3.1 to ONEOK Inc.’s Current Report on Form 8-K12B filed September 10, 2026 (File No. 1-13643)).

3.2			Amended and Restated By-laws of ONEOK, Inc. (incorporated by reference from Exhibit 3.2 to ONEOK, Inc.’s Current Re port on Form 8-K12B filed September 10, 2026 (file No. 1-13643)).

3.3*			Amended and Restated Limited Liability Company Agreement of ONEOK Holdings, L.L.C., dated as of September 10, 2026 (incorporated by reference from Exhibit 3.5 to ONEOK, Inc.’s Current Report on Form 8-K12B filed September 10, 2026 (File No. 1-13643)).

3.4			Amended and Restated Articles of Organization of ONEOK, L.L.C. (incorporated by reference from Exhibit 3.3 of ONEOK, Inc.’s Post Effective Amendment No. 1 to Registration Statement on Form S-3 filed September 11, 2026 (File No. 333-296919)).

3.5			Amended and Restated Limited Liability Company Operating Agreement of ONEOK, L.L.C., dated as of September 10, 2026 (incorporated by reference from Exhibit 3.4 to ONEOK, Inc.’s Post-Effective Amendment No. 1 to Registration Statement on Form S-3 filed September 11, 2026 (File No. 333-296919)).

3.6			Certificate of Merger, filed with the Secretary of State of the State of Oklahoma on September 10, 2026 (incorporated by reference from Exhibit 3.4 to ONEOK, Inc.’s Current Report on Form 8-K12B filed September 10, 2026 (File No. 1-13643)).

4.1			Description of Securities (incorporated by reference from Exhibit 4.1 to ONEOK, Inc.’s Current Report on Form 8-K 12B filed September 10, 2026 (File No. 1-13643)).

4.2			Eighth Supplemental Indenture, dated September 8, 2026, by and among Falcon Merger Sub, L.L.C., as issuer, Falcon TopCo, Inc., as parent guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference from Exhibit 4.2 to ONEOK, Inc.’s Current Report on Form 8-K 12B filed September 10, 2026 (File No. 1-1364 3 )).

4.3			Seventh Supplemental Indenture, dated September 8, 2026, by and among Falcon Merger Sub, L.L.C., as issuer, Falcon TopCo, Inc., as parent guarantor, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference from Exhibit 4.3 to ONEOK, Inc.’s Current Report on Form 8-K 12B filed September 10, 2026 (File No. 1-1364 3 )).

4.4			Fifth Supplemental Indenture, dated September 8, 2026, by and among Falcon Merger Sub, L.L.C., as issuer, Falcon TopCo, Inc., as parent guarantor, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference from Exhibit 4.4 to ONEOK, Inc.’s Current Report on Form 8-K 12B filed September 10, 2026 (File No. 1-1364 3 )).

4.5			Fifteenth Supplemental Indenture, dated September 8, 2026, by and among Falcon Merger Sub, L.L.C., as issuer, Falcon TopCo, Inc., as parent guarantor, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference from Exhibit 4.5 to ONEOK, Inc.’s Current Report on Form 8-K 12B filed September 10, 2026 (File No. 1-1364 3 )).

4.6			Thirty-Sixth Supplemental Indenture, dated September 8, 2026, by and among Falcon Merger Sub, L.L.C., as issuer, Falcon TopCo, Inc., as parent guarantor, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference from Exhibit 4.6 to ONEOK, Inc.’s Current Report on Form 8-K 12B filed September 10, 2026 (File No. 1-1364 3 )).


4.7			Seventh Supplemental Indenture, dated September 8, 2026, by and among Falcon Merger Sub, L.L.C., as issuer, Falcon TopCo, Inc., as parent guarantor, 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 12B filed September 10, 2026 (File No. 1-1364 3 )).

4.8			Fourth Supplemental Indenture, dated September 8, 2026, by and among Falcon Merger Sub, L.L.C., as issuer, Falcon TopCo, Inc., as parent guarantor, 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 12B filed September 10, 2026 (File No. 1-1364 3 )).

4.9			Third Supplemental Indenture, dated September 8, 2026, by and among Falcon Merger Sub, L.L.C., as issuer, Falcon TopCo, Inc., as parent guarantor, 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 12B filed September 10, 2026 (File No. 1-1364 3 )).

4.10			Third Supplemental Indenture, dated September 8, 2026, by and among Falcon Merger Sub, L.L.C., as issuer, Falcon TopCo, Inc., as parent guarantor, and Computershare Trust Company, N.A., as trustee (incorporated by reference from Exhibit 4.10 to ONEOK, Inc.’s Current Report on Form 8-K 12B filed September 10, 2026 (File No. 1-1364 3 )).

4.11			Fourth Supplemental Indenture, dated September 8, 2026, by and among Falcon Merger Sub, L.L.C., as issuer, Falcon TopCo, Inc., as parent guarantor, and Computershare Trust Company, N.A., as trustee (incorporated by reference from Exhibit 4.1 1 to ONEOK, Inc.’s Current Report on Form 8-K 12B filed September 10, 2026 (File No. 1-1364 3 )).

4.12			Eighteenth Supplemental Indenture, dated September 8, 2026, by and among Falcon Merger Sub, L.L.C., as issuer, Falcon TopCo, Inc., as parent guarantor, and Computershare Trust Company, N.A., as trustee (incorporated by reference from Exhibit 4.1 2 to ONEOK, Inc.’s Current Report on Form 8-K 12B filed September 10, 2026 (File No. 1-1364 3 )).

10.1			Assignment and Assumption Agreement, dated as of September 10, 2026, between ONEOK, Inc. and Falcon TopCo, Inc., (incorporated by reference from Exhibit 10.1 to ONEOK, Inc.’s Current Report on Form 8-K12B filed September 10, 2026 (File No. 1-13643)).

22.1			Guarantor and subsidiary issuer 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).
*Schedules and certain exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. ONEOK agrees to provide a copy of any omitted schedule or exhibit to the SEC or its staff upon request.