EXHIBIT 12

ONEOK, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges

and Preferred Stock Dividend Requirements

		Six Months Ended June 30,
(Unaudited)		2004				2003
		(Thousands of dollars)
Fixed Charges, as defined
Interest on long-term debt		$	45,885			$	47,263
Other interest			896				3,162
Amortization of debt discount and expense			1,856				3,121
Interest on lease agreements			4,306				4,740
Total Fixed Charges			52,943				58,286
Preferred dividend requirements			—				33,132
Total fixed charges and preferred dividend requirements		$	52,943			$	91,418
Earnings before income taxes and income from equity investees		$	200,532			$	241,925
Total fixed charges			52,943				58,286
Earnings available for combined fixed charges and preferred stock dividend requirements		$	253,475			$	300,211
Ratio of earnings to combined fixed charges and preferred stock dividend requirements			4.79	x			3.28	x

For purposes of computing the ratio of earnings to combined fixed charges and preferred stock dividend requirements, “earnings” consists of income before cumulative effect of a change in accounting principle plus fixed charges and income taxes, less undistributed income for equity investees. “Fixed charges” consists of interest charges, the amortization of debt discounts and issue costs and the representative interest portion of operating leases. “Preferred dividend requirements” consists of the pre-tax preferred dividend requirement.