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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, 2022.
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-20220930_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 24, 2022, the Company had 446,953,842 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 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 AgreementONEOK’s $2.5 billion revolving credit agreement, as amended and restated
AFUDCAllowance for funds used during construction
Annual ReportAnnual Report on Form 10-K for the year ended December 31, 2021
ASUAccounting Standards Update
BblBarrels, 1 barrel is equivalent to 42 United States gallons
BBtu/dBillion British thermal units per day
BcfBillion cubic feet
BtuBritish thermal unit
CFTCU.S. Commodity Futures Trading Commission
Clean Air ActFederal Clean Air Act, as amended
COVID-19Coronavirus disease 2019, including variants thereof
DJDenver-Julesburg
EBITDAEarnings before interest expense, income taxes, depreciation and amortization
EPAUnited States Environmental Protection Agency
EPSEarnings per share of common stock
ESGEnvironmental, social and governance
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.
Guardian Term Loan AgreementGuardian Pipeline’s senior unsecured three-year $120 million term loan agreement dated June 24, 2022
GHGGreenhouse gas
Homeland SecurityUnited States Department of Homeland Security
ICEIntercontinental Exchange
Intermediate PartnershipONEOK 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
MMBbl/dMillion barrels per day
MMBtuMillion British thermal units
MMcf/dMillion cubic feet per day
Moody’sMoody’s Investors Service, Inc.
NGL(s)Natural gas liquid(s)
NGL productsMarketable 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 PipelineOverland Pass Pipeline Company, LLC, a 50% owned joint venture
PHMSAUnited 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
SCOOPSouth Central Oklahoma Oil Province, an area in the Anadarko Basin in Oklahoma
SECSecurities and Exchange Commission
4

Series E Preferred StockSeries E Non-Voting, Perpetual Preferred Stock, par value $0.01 per share
SOFRSecured Overnight Financing Rate
STACKSooner Trend Anadarko Canadian Kingfisher, an area in the Anadarko Basin in Oklahoma
Term SOFRThe forward-looking term rate based on SOFR
VikingViking Gas Transmission Company, a wholly owned subsidiary of ONEOK, Inc.
WTIWest Texas Intermediate
XBRLeXtensible Business Reporting Language
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)
2022202120222021
 
(Thousands of dollars, except per share amounts)
Revenues
Commodity sales$5,563,535 $4,204,792 $16,319,549 $10,115,674 
Services349,996 331,383 1,035,312 1,004,144 
Total revenues (Note J)5,913,531 4,536,175 17,354,861 11,119,818 
Cost of sales and fuel (exclusive of items shown separately below)4,772,674 3,449,127 14,016,621 7,937,616 
Operations and maintenance238,414 225,364 683,507 644,841 
Depreciation and amortization157,102 154,542 468,717 468,583 
General taxes47,770 39,753 144,058 126,132 
Other operating (income) expense, net(1,630)(470)(8,649)(1,446)
Operating income699,201 667,859 2,050,607 1,944,092 
Equity in net earnings from investments (Note H)39,180 28,573 111,150 87,613 
Allowance for equity funds used during construction734 247 1,699 1,485 
Other income (expense), net(8,296)1,287 (31,142)(4,228)
Interest expense (net of capitalized interest of $16,288, $6,083, $41,527 and $16,621, respectively)
(166,939)(184,049)(509,744)(554,529)
Income before income taxes563,880513,917 1,622,570 1,474,433 
Income taxes(132,129)(121,899)(385,270)(354,100)
Net income431,751 392,018 1,237,300 1,120,333 
Less: Preferred stock dividends275 275 825 825 
Net income available to common shareholders$431,476 $391,743 $1,236,475 $1,119,508 
Basic EPS (Note G)$0.96 $0.88 $2.76 $2.51 
Diluted EPS (Note G)$0.96 $0.88 $2.76 $2.50 
Average shares (thousands)
Basic447,677 446,634 447,417 446,288 
Diluted448,217 447,635 448,268 447,117 
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)
2022202120222021
 
(Thousands of dollars)
Net income$431,751 $392,018 $1,237,300 $1,120,333 
Other comprehensive income (loss), net of tax
Change in fair value of derivatives, net of tax of $(31,749), $39,299, $(16,951) and $81,134, respectively
106,289 (131,566)56,747 (271,622)
Derivative amounts reclassified to net income, net of tax of $(16,116), $(19,845), $(56,876) and $(42,722), respectively
53,953 66,438 190,411 143,029 
Change in retirement and other postretirement benefit plan obligations, net of tax of $(873), $(1,355), $(2,651) and $(4,009), respectively
2,922 4,538 8,874 13,423 
Other comprehensive income of unconsolidated affiliates, net of tax of $(1,230), $(60), $(4,733) and $(1,429), respectively
4,118 197 15,846 4,783 
Total other comprehensive income (loss), net of tax167,282 (60,393)271,878 (110,387)
Comprehensive income$599,033 $331,625 $1,509,178 $1,009,946 
See accompanying Notes to Consolidated Financial Statements.
7

ONEOK, Inc. and Subsidiaries  
CONSOLIDATED BALANCE SHEETS  
September 30,December 31,
(Unaudited)
20222021
Assets
(Thousands of dollars)
Current assets  
Cash and cash equivalents$22,215 $146,391 
Accounts receivable, net1,729,192 1,441,786 
Materials and supplies155,158 153,019 
NGLs and natural gas in storage538,018 427,880 
Commodity imbalances39,526 39,609 
Other current assets281,213 165,689 
Total current assets2,765,322 2,374,374 
Property, plant and equipment
Property, plant and equipment24,727,153 23,820,539 
Accumulated depreciation and amortization4,937,352 4,500,665 
Net property, plant and equipment19,789,801 19,319,874 
Investments and other assets
Investments in unconsolidated affiliates803,807 797,613 
Goodwill and net intangible assets755,474 763,295 
Other assets324,839 366,457 
Total investments and other assets1,884,120 1,927,365 
Total assets$24,439,243 $23,621,613 

8

ONEOK, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Continued)
September 30,December 31,
(Unaudited)
20222021
Liabilities and equity
(Thousands of dollars)
Current liabilities  
Current maturities of long-term debt (Note D)$925,000 $895,814 
Short-term borrowings (Note D)901,277  
Accounts payable1,658,904 1,332,391 
Commodity imbalances254,076 309,054 
Accrued interest120,424 235,602 
Operating lease liability12,417 13,783 
Other current liabilities266,540 397,975 
Total current liabilities4,138,638 3,184,619 
Long-term debt, excluding current maturities (Note D)
11,950,660 12,747,636 
Deferred credits and other liabilities
Deferred income taxes1,592,697 1,166,690 
Operating lease liability69,676 75,636 
Other deferred credits375,303 431,869 
Total deferred credits and other liabilities2,037,676 1,674,195 
Commitments and contingencies (Note I)
Equity (Note E)
 
ONEOK shareholders’ equity:
Preferred stock, $0.01 par value:
authorized and issued 20,000 shares at September 30, 2022, and December 31, 2021
  
Common stock, $0.01 par value:
authorized 1,200,000,000 shares; issued 474,916,234 shares and outstanding
446,947,691 shares at September 30, 2022; issued 474,916,234 shares and outstanding
446,138,177 shares at December 31, 2021
4,749 4,749 
Paid-in capital7,218,495 7,213,861 
Accumulated other comprehensive loss (Note F)(199,473)(471,351)
Retained earnings  
Treasury stock, at cost: 27,968,543 shares at September 30, 2022, and 28,778,057 shares at December 31, 2021
(711,502)(732,096)
Total equity6,312,269 6,015,163 
Total liabilities and equity$24,439,243 $23,621,613 
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)
20222021
 
(Thousands of dollars)
Operating activities  
Net income$1,237,300 $1,120,333 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization468,717 468,583 
Equity in net earnings from investments(111,150)(87,613)
Distributions received from unconsolidated affiliates109,655 88,389 
Deferred income taxes344,812 344,808 
Other, net45,914 57,479 
Changes in assets and liabilities: 
Accounts receivable(260,213)(687,031)
NGLs and natural gas in storage, net of commodity imbalances(165,033)(280,839)
Accounts payable296,510 756,072 
Risk-management assets and liabilities47,009 (254,163)
Other assets and liabilities, net(148,015)(34,856)
Cash provided by operating activities1,865,506 1,491,162 
Investing activities
 
Capital expenditures (less allowance for equity funds used during construction)(886,041)(490,329)
Distributions received from unconsolidated affiliates in excess of cumulative earnings18,014 19,188 
Other, net4,171 (4,286)
Cash used in investing activities(863,856)(475,427)
Financing activities
 
Dividends paid(1,253,402)(1,250,204)
Short-term borrowings, net901,277  
Issuance of long-term debt120,000  
Repayment of long-term debt(895,814)(68,787)
Other, net2,113 3,097 
Cash used in financing activities(1,125,826)(1,315,894)
Change in cash and cash equivalents(124,176)(300,159)
Cash and cash equivalents at beginning of period146,391 524,496 
Cash and cash equivalents at end of period$22,215 $224,337 
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, 202220,000 474,916,234 $ $4,749 $7,213,861 
Net income     
Other comprehensive income (Note F)     
Preferred stock dividends - $13.75 per share (Note E)
     
Common stock issued    (5,325)
Common stock dividends - $0.935 per share (Note E)
    (26,264)
Other, net    (5,289)
March 31, 202220,000 474,916,234 $ $4,749 $7,176,983 
Net income     
Other comprehensive income (Note F)     
Preferred stock dividends - $13.75 per share (Note E)
     
Common stock issued    7,039 
Common stock dividends - $0.935 per share (Note E)
    (3,553)
Other, net    9,988 
June 30, 202220,000 474,916,234 $ $4,749 $7,190,457 
Net income     
Other comprehensive income (Note F)     
Preferred stock dividends - $13.75 per share (Note E)
     
Common stock issued    3,701 
Common stock dividends - $0.935 per share (Note E)
    13,555 
Other, net    10,782 
September 30, 202220,000 474,916,234 $ $4,749 $7,218,495 



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, 2022$(471,351)$ $(732,096)$6,015,163 
Net income 391,171  391,171 
Other comprehensive income (Note F)3,679   3,679 
Preferred stock dividends - $13.75 per share (Note E)
 (275) (275)
Common stock issued  11,730 6,405 
Common stock dividends - $0.935 per share (Note E)
 (390,896) (417,160)
Other, net
   (5,289)
March 31, 2022$(467,672)$ $(720,366)$5,993,694 
Net income 414,378  414,378 
Other comprehensive income (Note F)100,917   100,917 
Preferred stock dividends - $13.75 per share (Note E)
 (275) (275)
Common stock issued  6,544 13,583 
Common stock dividends - $0.935 per share (Note E)
 (414,103) (417,656)
Other, net
   9,988 
June 30, 2022$(366,755)$ $(713,822)$6,114,629 
Net income 431,751  431,751 
Other comprehensive income (Note F)167,282   167,282 
Preferred stock dividends - $13.75 per share (Note E)
 (275) (275)
Common stock issued  2,320 6,021 
Common stock dividends - $0.935 per share (Note E)
 (431,476) (417,921)
Other, net   10,782 
September 30, 2022$(199,473)$ $(711,502)$6,312,269 
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, 202120,000 474,916,234 $ $4,749 $7,353,396 
Net income— —    
Other comprehensive income— —    
Preferred stock dividends - $13.75 per share
— —    
Common stock issued—    (10,159)
Common stock dividends - $0.935 per share
— —   (30,234)
Other, net— —   (7,729)
March 31, 202120,000 474,916,234 $ $4,749 $7,305,274 
Net income— —    
Other comprehensive loss— —    
Preferred stock dividends - $13.75 per share
— —    
Common stock issued—    7,115 
Common stock dividends - $0.935 per share
— —   (74,765)
Other, net— —   9,710 
June 30, 202120,000 474,916,234 $ $4,749 $7,247,334 
Net income— —    
Other comprehensive loss