EXHIBIT 12.1

ONEOK, Inc.

Computation of Ratio of Earnings to Fixed Charges

		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
Earnings before income taxes and undistributed income from equity investees			200,532				241,925
Earnings available for fixed charges		$	253,475			$	300,211
Ratio of earnings to fixed charges			4.79	x			5.15	x

For purposes of computing the ratio of earnings to fixed charges, “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.