<SEC-DOCUMENT>0001193125-22-242112.txt : 20221201
<SEC-HEADER>0001193125-22-242112.hdr.sgml : 20221201
<ACCEPTANCE-DATETIME>20220909181800
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-242112
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220909

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONEOK INC /NEW/
		CENTRAL INDEX KEY:			0001039684
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION & DISTRIBUTION [4923]
		IRS NUMBER:				731520922
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 WEST 5TH ST
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103
		BUSINESS PHONE:		9185887000

	MAIL ADDRESS:	
		STREET 1:		100 WEST 5TH ST
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WAI INC
		DATE OF NAME CHANGE:	19970519
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;9, 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>VIA EDGAR </U></I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Energy and
Transportation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">RE: ONEOK Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Filed March&nbsp;1, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">File <FONT STYLE="white-space:nowrap">No.&nbsp;001-13643</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ONEOK, Inc, an Oklahoma corporation (the
&#147;Company&#148;, &#147;we&#148; or &#147;our&#148;), is in receipt of the comment of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) set forth in the Commission&#146;s letter dated
August&nbsp;29, 2022 (the &#147;Comment Letter&#148;), with respect to the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2021 (&#147;2021 Form <FONT
STYLE="white-space:nowrap">10-K&#148;).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to 17 C.F.R. &#167; 200.83 (&#147;Rule 83&#148;), we request confidential treatment for portions
of our response to Staff comments 2, 4 and 5 that have been redacted from the version of this letter filed via the Commission&#146;s EDGAR system and marked with &#147;[CONFIDENTIAL TREATMENT REQUESTED BY ONEOK, INC. PURSUANT TO RULE 83]&#148; be
maintained in confidence, not be made part of any public record and not be disclosed to any person, including in response to any request under the Freedom of Information Act, 5 U.S.C. &#167; 552, as such response contains confidential information.
An unredacted version of this letter is being provided to the Commission under separate cover along with the request for confidential treatment under Rule 83. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the convenience of the Staff, the comments from the Comment Letter are repeated herein, and our responses are set forth immediately below such comments.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> filed March&nbsp;1, 2022 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you provided more expansive disclosure in your 2021-2022 Corporate Sustainability Report than
you provided in your SEC filings. Please advise us what consideration you gave to providing the same type of climate-related disclosure in your SEC filings as you provided in your 2021-2022 Corporate Sustainability Report.</I> </P></TD></TR></TABLE>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Corporate Sustainability Report (&#147;CSR&#148;) is a voluntary report with a broad audience of stakeholders in mind. The range of topics we discuss in
our CSR is not responsive to SEC disclosure requirements but rather are informed by, among other items, various environmental, social and governance (&#147;ESG&#148;) frameworks, discussions with stakeholders, and our review of the ESG disclosures
of other public companies, including our peers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In contrast, the information provided in our SEC filings is specifically responsive to applicable federal
laws, rules and regulations, including SEC disclosure requirements. With respect to our 2021 Form <FONT STYLE="white-space:nowrap">10-K,</FONT> we followed the SEC&#146;s rules and regulations applicable to the information we included therein. We
considered whether to voluntarily include additional climate-related disclosures that would neither be required by Regulations <FONT STYLE="white-space:nowrap">S-K</FONT> and <FONT STYLE="white-space:nowrap">S-X,</FONT> nor would be necessary to
make any of the statements in that filing not misleading; however, we decided that including additional disclosures would make the filing unnecessarily longer and would not provide the majority of our investors with information that is responsive to
their core areas of interests with respect to our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will continue to monitor and evaluate whether inclusion of disclosure regarding any ESG
matters, including those relating to climate change, may be warranted in our future SEC filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure on page 7 stating that there are &#147;several potential pathways toward achieving
[y]our emissions reduction target,&#148; including the electrification of certain natural gas compression assets. Revise your disclosure to identify any material past and/or future capital expenditures for climate-related projects. Please provide
quantitative information for each of the last three years and for any future periods as part of your response.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response:
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We did not have any dedicated capital expenditures specifically for climate-related projects for the years ended December&nbsp;31, 2021, 2020 and
2019, nor do we anticipate any dedicated capital expenditures for the year ended December&nbsp;31, 2022. However, certain of our capital projects include operational improvements that inherently improve our emissions-profile. The electrification of
certain natural gas compression assets is an example of this type of project. Investment in compression reliability in our Natural Gas Pipelines segment benefits our shippers while allowing us to remain competitive. These investments are typically
recoverable through regulatory approval of transportation rate changes. These electrification projects may have the added benefit of reducing our GHG emissions. We do not consider these projects to be specifically climate-related, as any
climate-related benefits are ancillary to our strategy of increasing reliability. Our forecasted 2023 capital expenditures dedicated to climate-related projects is currently expected to be less than [CONFIDENTIAL TREATMENT REQUESTED BY ONEOK, INC.
PURSUANT TO RULE 83] of total capital expenditures. As a result, we concluded that providing additional detailed disclosure was not necessary for the historical periods or with respect to our current 2022 and future 2023 projections. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Historically, we have disclosed material capital projects in the &#147;Recent Developments&#148; section of
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; (&#147;MD&amp;A&#148;) in our SEC reports covering the period when approval is obtained. To the extent that approved future capital expenditures
are material, we will provide appropriate disclosure in accordance with applicable disclosure requirements. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>To the extent material, discuss the indirect consequences of climate-related regulation or business trends,
such as </I></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>increased demand for goods that result in lower emissions than competing products; </I></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>increased competition to develop innovative new products that result in lower emissions; and
</I></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>increased demand for generation and transmission of energy from alternative energy sources.
</I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We respectfully
note that we have addressed the indirect consequences that climate-related regulation and business trends may have on our company, and we believe those disclosures provide appropriate specificity for investors, so as to identify risks without
inundating readers with details that could obfuscate the core consequences being discussed. These disclosures can be found in Item 1A: Risk Factors and Item 1: Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Specifically, we disclose the potential future risks of these indirect consequences in our Item 1A: Risk Factor disclosures on pages 23 and 24 of our 2021
Form <FONT STYLE="white-space:nowrap">10-K</FONT> under the following headings: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Increasing attention to ESG matters, including climate change, may impact our business</B> (which includes
disclosure that changes in regulatory policies, public sentiment or widespread adoption of technologies that aim to address climate change may result in a reduction in the demand for hydrocarbon products, restrictions on their use or increased use
of renewable energy, which could reduce the demand for our services, impact our business, results of operations, financial positions and cash flows); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>We may be subject to physical and financial risks associated with climate change</B>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further, indirect consequences of climate-related regulation or business trends impacting demand and competition are disclosed in Item 1, Business on page 15
and 16 under the headings &#147;Supply and Demand&#148; and &#147;Competition,&#148; respectively. For example, we disclose that supply for each of our segments depends on crude oil and natural gas drilling and production activities, which are
driven by, among other things, the demand for each of these products from end users. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment and will continue to monitor
the indirect consequences of climate-related regulation and business trends and provide appropriate additional disclosure, if material. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure on page 24 of your Form <FONT STYLE="white-space:nowrap">10-K</FONT> regarding the
impact of the physical risks associated with climate change. If material, discuss the physical effects of climate change on your operations and results in greater detail. This disclosure may include the following: </I></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>quantification of weather-related damages to your property or operations, including any damages as a result of
weather events such as Winter Storm Uri; </I></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>potential for indirect weather-related impacts that have affected or may affect your major suppliers; and</I>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>any weather-related impacts on the cost or availability of insurance.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; text-indent:0%; font-size:10pt; font-family:Times New Roman"><I>Your response should include quantitative information for each of the periods for which financial statements are presented
in your Form <FONT STYLE="white-space:nowrap">10-K,</FONT> as applicable.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We did not have any property insurance claims in connection with Winter Storm Uri. Our only weather-related property insurance claim for the periods covered by
the 2021 Form <FONT STYLE="white-space:nowrap">10-K</FONT> was due to a flood in 2019, with damages totaling approximately [CONFIDENTIAL TREATMENT REQUESTED BY ONEOK, INC. PURSUANT TO RULE 83] million. Any other weather-related property damages were
less than our property insurance deductible, which ranged from [CONFIDENTIAL TREATMENT REQUESTED BY ONEOK, INC. PURSUANT TO RULE 83] million to [CONFIDENTIAL TREATMENT REQUESTED BY ONEOK, INC. PURSUANT TO RULE 83] million during the periods covered
by the 2021 Form <FONT STYLE="white-space:nowrap">10-K.</FONT> Accordingly, we do not consider these damages to be material to our financial position or results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to weather-related impacts to our results of operations, any material impact that weather events had on our segments&#146; results of operations
are disclosed in our Financial Results and Operating Information section of MD&amp;A. For example, on page 41 of the 2021 Form <FONT STYLE="white-space:nowrap">10-K</FONT> for our Natural Gas Liquids segment, we discuss the negative impact of Winter
Storm Uri on exchange services due primarily to decreased volumes and higher electricity costs. In addition, indirect weather-related impacts that have affected or may affect our major suppliers are discussed page 15 under the heading
&#147;Seasonality&#148; within Item 1: Business. For example, we disclose power interruptions and inaccessible well sites as a result of severe storms or <FONT STYLE="white-space:nowrap">freeze-offs,</FONT> a phenomenon where water produced from
natural gas freezes at the wellhead or within the gathering system, may cause a temporary interruption in the flow of natural gas and NGLs, which occurred during Winter Storm Uri, as described above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have not experienced material impacts on the availability or the cost of insurance coverage. Regarding availability, we have been able to obtain coverage
for all desired commonly insured hazards in our industry during the time periods covered in the 2021 Form <FONT STYLE="white-space:nowrap">10-K.</FONT> Regarding costs, for the years ended December&nbsp;31, 2021, 2020 and 2019, premiums paid for
property insurance coverage were [CONFIDENTIAL TREATMENT REQUESTED BY ONEOK, INC. PURSUANT TO RULE 83] million, [CONFIDENTIAL TREATMENT REQUESTED BY ONEOK, INC. PURSUANT TO RULE 83] million, and [CONFIDENTIAL TREATMENT REQUESTED BY ONEOK, INC.
PURSUANT TO RULE 83] million, respectively, for coverage of [CONFIDENTIAL TREATMENT REQUESTED BY ONEOK, INC. PURSUANT TO RULE 83] billion, [CONFIDENTIAL TREATMENT REQUESTED BY ONEOK, INC. PURSUANT TO RULE 83] billion and [CONFIDENTIAL TREATMENT
REQUESTED BY ONEOK, INC. PURSUANT TO RULE 83] billion, respectively, with a [CONFIDENTIAL TREATMENT REQUESTED BY ONEOK, INC. PURSUANT TO RULE 83] million increase in deductible from 2020 to 2021. Our property premiums increased during the periods
covered by our 2021 Form <FONT STYLE="white-space:nowrap">10-K</FONT> due primarily to the growth of our operations, overall global market conditions and worldwide losses in the market, a portion of which were weather related. Given the small
percentage our insurance costs represent of our total operating costs ($900.4&nbsp;million in 2021), we do not consider these amounts or increases material for disclosure. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment and confirm that in future filings, we will continue to disclose the
impact of any physical effects of climate change on our operations and results, if material. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note disclosure on pages <FONT STYLE="white-space:nowrap">16-18</FONT> of your Form <FONT
STYLE="white-space:nowrap">10-K</FONT> regarding compliance with environmental laws and regulations, including those relating to climate change. Please tell us about and quantify compliance costs related to climate change for each of the periods
covered by your Form <FONT STYLE="white-space:nowrap">10-K</FONT> and your expectations for future periods. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our compliance costs related to climate change are due principally to the EPA New Source Performance Standards Subpart OOOOa regulations and the EPA&#146;s
Greenhouse Gas Reporting Program, which requires annual reporting of GHG emissions. For the years ended December&nbsp;31, 2021, 2020 and 2019, our compliance costs related to these rules were significantly less than [CONFIDENTIAL TREATMENT REQUESTED
BY ONEOK, INC. PURSUANT TO RULE 83] of &#147;Operations and Maintenance&#148; expenses set forth on our Consolidated Statement of Income in our 2021 Form <FONT STYLE="white-space:nowrap">10-K</FONT> and we expect similar levels in future periods
related to these existing regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also disclose on page 17 of our 2021 Form <FONT STYLE="white-space:nowrap">10-K</FONT> that future government
legislation and/or regulation on the federal, state or regional levels may require us to limit our greenhouse gas emissions associated with our operations, pay additional taxes or purchase allowances for certain emissions. However, we also disclose
that we cannot predict precisely what form these future regulations will take or the impact on our capital expenditures and results of operations. We further address this risk in our Item 1A: Risk Factor disclosures on pages 23, 28 and 29 of our
2021 Form <FONT STYLE="white-space:nowrap">10-K</FONT> under the following headings: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Increasing attention to ESG matters, including climate change, may impact our business</B> (which includes
references to proposed new climate change disclosure requirements and the fact that we may face increased costs associated with compliance with those requirements); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Our business is subject to regulatory oversight and potential penalties</B>; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>We may face significant costs to comply with the regulation of GHG emissions</B>; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Our operations are subject to federal and state laws and regulations relating to the protection of the
environment, which may expose us to significant costs and liabilities. Increased litigation challenging oil and gas development and changes to laws, regulations and policies could impact adversely our business. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment and confirm that in future filings, we will disclose compliance costs related to climate change, if
material. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>6.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please discuss any purchase or sale of carbon credits or offsets and the effects on your business, financial
condition, and results of operations. Please ensure you provide quantitative information with your response for each of the periods for which financial statements are presented in your Form <FONT STYLE="white-space:nowrap">10-K</FONT> and for any
future periods. </I></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have not engaged in any purchase or sale of carbon credits or offsets for the periods covered by our 2021 Form <FONT STYLE="white-space:nowrap">10-K.</FONT>
We confirm that in future filings, we will continue to disclose the effects of purchases or sales of carbon credits or offsets on our business, financial condition and results of operations, if material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact me at (918) <FONT STYLE="white-space:nowrap">588-7944</FONT> if you need clarification or additional information. </P>
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">/s/ Walter S. Hulse III</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Walter S. Hulse III</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer, Treasurer and Executive Vice President, Investor Relations and Corporate Development </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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