10-Q 1 oke-20210930.htm OKE-2021.9.30-10Q oke-20210930
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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 September 30, 2021.
OR
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

oke-20210930_g1.jpg
ONEOK, Inc.
(Exact name of registrant as specified in its charter)

Oklahoma73-1520922
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
 
100 West Fifth Street,
Tulsa,OK74103
(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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value of $0.01OKENew 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 October 25, 2021, the Company had 445,936,703 shares of common stock outstanding.




























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2

ONEOK, Inc.
TABLE OF CONTENTS
Page No.
 
 
 
 
 
 
 

As used in this Quarterly Report, references to “we,” “our” or “us” refer to ONEOK, Inc., an Oklahoma corporation, and its predecessors and subsidiaries, 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 “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “target,” “guidance,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “project,” “scheduled,” “should,” “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.

INFORMATION AVAILABLE ON OUR WEBSITE

We make available, free of charge, on our website (www.oneok.com) copies of our Annual Reports, Quarterly Reports, Current Reports on Form 8-K, 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, Response to COVID-19 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, posted on our social media accounts, and any corresponding applications, are not incorporated by reference into this report.
3

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 revolving credit agreement, as amended
AFUDCAllowance for funds used during construction
Annual ReportAnnual Report on Form 10-K for the year ended December 31, 2020
ASUAccounting Standards Update
BblBarrels, 1 barrel is equivalent to 42 United States gallons
BBtu/dBillion British thermal units per day
BcfBillion cubic feet
Bcf/dBillion cubic feet per day
CFTCU.S. Commodity Futures Trading Commission
Clean Air ActFederal Clean Air Act, as amended
COVID-19Coronavirus disease 2019
DJDenver-Julesburg
EBITDAEarnings before interest expense, income taxes, depreciation and amortization
EPAUnited States Environmental Protection Agency
EPSEarnings per share of common stock
Exchange ActSecurities Exchange Act of 1934, as amended
FERCFederal Energy Regulatory Commission
FitchFitch Ratings, Inc.
GAAPAccounting principles generally accepted in the United States of America
Guardian PipelineGuardian Pipeline, L.L.C., a wholly owned subsidiary of ONEOK, Inc.
ICEIntercontinental Exchange
Intermediate Partnership
ONEOK Partners Intermediate Limited Partnership, a wholly owned subsidiary of ONEOK Partners, L.P.
LIBORLondon Interbank Offered Rate
MBbl/dThousand barrels per day
MDth/dThousand dekatherms per day
MMBblMillion barrels
MMBtuMillion British thermal units
MMcf/dMillion cubic feet per day
Moody’sMoody’s Investors Service, Inc.
Natural Gas ActNatural Gas Act of 1938, as amended
NGL(s)Natural gas liquid(s)
NGL products
Marketable natural gas liquid purity products, such as ethane, ethane/propane mix, propane, iso-butane, normal butane and natural gasoline
Northern Border PipelineNorthern Border Pipeline Company, a 50% owned joint venture
NYMEXNew York Mercantile Exchange
ONEOKONEOK, Inc.
ONEOK PartnersONEOK Partners, L.P., a wholly owned subsidiary of ONEOK, Inc.
OPISOil Price Information Service
Overland Pass Pipeline
Overland Pass Pipeline Company, LLC, a 50% owned joint venture
PHMSA
United States Department of Transportation Pipeline and Hazardous Materials Safety Administration
POPPercent of Proceeds
Quarterly Report(s)Quarterly Report(s) on Form 10-Q
RoadrunnerRoadrunner Gas Transmission, LLC, a 50% owned joint venture
S&PS&P Global Ratings
SECSecurities and Exchange Commission
Series E Preferred StockSeries E Non-Voting, Perpetual Preferred Stock, par value $0.01 per share
WTIWest Texas Intermediate
XBRLeXtensible Business Reporting Language

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5

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ONEOK, Inc. and Subsidiaries    
CONSOLIDATED STATEMENTS OF INCOME    
 Three Months EndedNine Months Ended
 September 30,September 30,
(Unaudited)
2021202020212020
 
(Thousands of dollars, except per share amounts)
Revenues
Commodity sales$4,204,792 $1,852,198 $10,115,674 $5,004,375 
Services331,383322,066 1,004,144 967,290 
Total revenues (Note K)4,536,1752,174,264 11,119,818 5,971,665 
Cost of sales and fuel (exclusive of items shown separately below)3,449,1271,265,674 7,937,616 3,483,060 
Operations and maintenance225,364173,548 644,841 538,782 
Depreciation and amortization154,542153,245 468,583 426,014 
Impairment charges  604,024 
General taxes39,75331,381 126,132 97,651 
Gain on sale of assets(470)(17)(1,446)(560)
Operating income667,859550,433 1,944,092 822,694 
Equity in net earnings from investments (Note I)28,57338,046 87,613 108,001 
Impairment of equity investments (Note I)  (37,730)
Allowance for equity funds used during construction2473,084 1,485 22,347 
Other income6,6628,175 13,882 42,343 
Other expense(5,375)(4,496)(18,110)(22,620)
Interest expense (net of capitalized interest of $6,083, $13,821, $16,621 and $61,439, respectively)
(184,049)(176,371)(554,529)(535,955)
Income before income taxes513,917418,871 1,474,433 399,080 
Income taxes(121,899)(106,555)(354,100)(94,300)
Net income392,018312,316 1,120,333 304,780 
Less: Preferred stock dividends275275 825 825 
Net income available to common shareholders$391,743 $312,041 $1,119,508 $303,955 
Basic EPS (Note G)$0.88 $0.70 $2.51 $0.71 
Diluted EPS (Note G)$0.88 $0.70 $2.50 $0.71 
Average shares (thousands)
Basic446,634 445,103 446,288 426,369 
Diluted447,635 445,510 447,117 426,997 
See accompanying Notes to Consolidated Financial Statements.
6

ONEOK, Inc. and Subsidiaries    
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 Three Months EndedNine Months Ended
 September 30,September 30,
(Unaudited)
2021202020212020
 
(Thousands of dollars)
Net income$392,018 $312,316 $1,120,333 $304,780 
Other comprehensive income (loss), net of tax 
Change in fair value of derivatives, net of tax of $39,299, $4,704, $81,134 and $50,307, respectively
(131,566)(15,750)(271,622)(168,421)
Derivative amounts reclassified to net income, net of tax of $(19,845), $(3,038), $(42,722) and $(3,360), respectively
66,438 5,361 143,029 11,210 
Change in retirement and other postretirement benefit plan obligations, net of tax of $(1,355), $(1,064), $(4,009) and $(3,192), respectively
4,538 3,562 13,423 10,685 
Other comprehensive income (loss) of unconsolidated affiliates, net of tax of $(60), $(332), $(1,429) and $3,015, respectively
197 1,112 4,783 (10,092)
Total other comprehensive loss, net of tax(60,393)(5,715)(110,387)(156,618)
Comprehensive income$331,625 $306,601 $1,009,946 $148,162 
See accompanying Notes to Consolidated Financial Statements.
7

ONEOK, Inc. and Subsidiaries  
CONSOLIDATED BALANCE SHEETS  
September 30,December 31,
(Unaudited)
20212020
Assets
(Thousands of dollars)
Current assets  
Cash and cash equivalents$224,337 $524,496 
Accounts receivable, net1,497,549 829,796 
Materials and supplies147,800 143,178 
NGLs and natural gas in storage628,110 227,810 
Commodity imbalances22,396 11,959 
Other current assets146,669 132,536 
Total current assets2,666,861 1,869,775 
Property, plant and equipment
 
Property, plant and equipment23,580,308 23,072,935 
Accumulated depreciation and amortization4,358,361 3,918,007 
Net property, plant and equipment19,221,947 19,154,928 
Investments and other assets
 
Investments in unconsolidated affiliates797,233 805,032 
Goodwill and net intangible assets765,902 773,723 
Other assets420,388 475,296 
Total investments and other assets1,983,523 2,054,051 
Total assets$23,872,331 $23,078,754 

8

ONEOK, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Continued)
September 30,December 31,
(Unaudited)
20212020
Liabilities and equity
(Thousands of dollars)
Current liabilities  
Current maturities of long-term debt (Note D)$536,107 $7,650 
Accounts payable1,442,984 719,302 
Commodity imbalances316,270 186,372 
Accrued taxes121,228 89,428 
Accrued interest140,689 245,153 
Operating lease liability14,378 13,610 
Other current liabilities231,214 83,032 
Total current liabilities2,802,870 1,344,547 
Long-term debt, excluding current maturities (Note D)
13,640,467 14,228,421 
Deferred credits and other liabilities
Deferred income taxes981,823 669,697 
Operating lease liability78,497 87,610 
Other deferred credits527,799 706,081 
Total deferred credits and other liabilities1,588,119 1,463,388 
Commitments and contingencies (Note J)
Equity (Note E)
 
ONEOK shareholders’ equity:
Preferred stock, $0.01 par value:
authorized and issued 20,000 shares at September 30, 2021, and December 31, 2020
  
Common stock, $0.01 par value:
authorized 1,200,000,000 shares; issued 474,916,234 shares and outstanding
445,933,921 shares at September 30, 2021; issued 474,916,234 shares and outstanding
444,872,383 shares at December 31, 2020
4,749 4,749 
Paid-in capital7,235,255 7,353,396 
Accumulated other comprehensive loss (Note F)(661,836)(551,449)
Retained earnings  
Treasury stock, at cost: 28,982,313 shares at September 30, 2021, and 30,043,851 shares at December 31, 2020
(737,293)(764,298)
Total equity5,840,875 6,042,398 
Total liabilities and equity$23,872,331 $23,078,754 
See accompanying Notes to Consolidated Financial Statements.

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10

ONEOK, Inc. and Subsidiaries  
CONSOLIDATED STATEMENTS OF CASH FLOWS  
 Nine Months Ended
 September 30,
(Unaudited)
20212020
 
(Thousands of dollars)
Operating activities  
Net income$1,120,333 $304,780 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization468,583 426,014 
Impairment charges 641,754 
Equity in net earnings from investments(87,613)(108,001)
Distributions received from unconsolidated affiliates88,389 109,595 
Deferred income tax expense344,808 93,174 
Other, net57,479 (17,599)
Changes in assets and liabilities: 
Accounts receivable(687,031)111,629 
NGLs and natural gas in storage(400,300)4,349 
Accounts payable756,072 (198,809)
Risk-management assets and liabilities(254,163)(136,543)
Other assets and liabilities84,605 (127,215)
Cash provided by operating activities1,491,162 1,103,128 
Investing activities
 
Capital expenditures (less allowance for equity funds used during construction)(490,329)(1,924,003)
Distributions received from unconsolidated affiliates in excess of cumulative earnings19,188 22,280 
Other, net(4,286)(80,148)
Cash used in investing activities(475,427)(1,981,871)
Financing activities
 
Dividends paid(1,250,204)(1,189,575)
Repayment of short-term borrowings, net (220,000)
Issuance of long-term debt, net of discounts 3,244,777 
Repayment of long-term debt(68,787)(1,433,480)
Issuance of common stock21,871 959,653 
Other(18,774)(56,461)
Cash provided by (used in) financing activities(1,315,894)1,304,914 
Change in cash and cash equivalents(300,159)426,171 
Cash and cash equivalents at beginning of period524,496 20,958 
Cash and cash equivalents at end of period$224,337 $447,129 
See accompanying Notes to Consolidated Financial Statements.
11

ONEOK, Inc. and Subsidiaries  
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 
(Unaudited)
Preferred
Stock Issued
Common
Stock Issued
Preferred
Stock
Common
Stock
Paid-in
Capital
 
(Shares)
(Thousands of dollars)
January 1, 202120,000 474,916,234 $ $4,749 $7,353,396 
Net income     
Other comprehensive income (Note F)     
Preferred stock dividends - $13.75 per share (Note E)
     
Common stock issued    (10,159)
Common stock dividends - $0.935 per share (Note E)
    (30,234)
Other, net    (7,729)
March 31, 202120,000 474,916,234 $ $4,749 $7,305,274 
Net income     
Other comprehensive loss (Note F)     
Preferred stock dividends - $13.75 per share (Note E)
     
Common stock issued    7,115 
Common stock dividends - $0.935 per share (Note E)
    (74,765)
Other, net    9,710 
June 30, 202120,000 474,916,234 $ $4,749 $7,247,334 
Net income     
Other comprehensive loss (Note F)     
Preferred stock dividends - $13.75 per share (Note E)
     
Common stock issued    3,237 
Common stock dividends - $0.935 per share (Note E)
    (25,204)
Other net    9,888 
September 30, 202120,000 474,916,234 $ $4,749 $7,235,255 

12

ONEOK, Inc. and Subsidiaries  
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued) 
(Unaudited)
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Treasury
Stock
Total
Equity
 
(Thousands of dollars)
January 1, 2021$(551,449)$ $(764,298)$6,042,398 
Net income 386,176  386,176 
Other comprehensive income (Note F)85,853   85,853 
Preferred stock dividends - $13.75 per share (Note E)
 (275) (275)
Common stock issued  16,836 6,677 
Common stock dividends - $0.935 per share (Note E)
 (385,901) (416,135)
Other, net
   (7,729)
March 31, 2021$(465,596)$ $(747,462)$6,096,965 
Net income 342,139  342,139 
Other comprehensive loss (Note F)(135,847)  (135,847)
Preferred stock dividends - $13.75 per share (Note E)
 (275) (275)
Common stock issued  7,208 14,323 
Common stock dividends - $0.935 per share (Note E)
 (341,864) (416,629)
Other, net
   9,710 
June 30, 2021$(601,443)$ $(740,254)$5,910,386 
Net income 392,018  392,018 
Other comprehensive loss (Note F)(60,393)  (60,393)
Preferred stock dividends - $13.75 per share (Note E)
 (275) (275)
Common stock issued  2,961 6,198 
Common stock dividends - $0.935 per share (Note E)
 (391,743) (416,947)
Other, net   9,888 
September 30, 2021$(661,836)$ $(737,293)$5,840,875 
See accompanying Notes to Consolidated Financial Statements.
13


ONEOK, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited)
Preferred
Stock Issued
Common
Stock Issued
Preferred
Stock
Common
Stock
Paid-in
Capital
 
(Shares)
(Thousands of dollars)
January 1, 202020,000 445,016,234 $ $4,450 $7,403,895 
Net loss— —    
Other comprehensive loss— —    
Preferred stock dividends - $13.75 per share
— —   (275)
Common stock issued— —   (9,286)
Common stock dividends - $0.935 per share
— —   (386,931)
Other, net— —   (17,950)
March 31, 202020,000 445,016,234 $ $4,450 $6,989,453 
Net income— —    
Other comprehensive loss— —    
Preferred stock dividends - $13.75 per share
— —   (275)
Common stock issued— 29,900,000  299 939,038 
Common stock dividends - $0.935 per share
— —