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DEBT (Notes)
 12 Months Ended
Dec. 31, 2022
Long-Term Debt, Unclassified [Abstract]  
DEBT DEBT
The following table sets forth our consolidated debt for as of the dates indicated:
December 31,
2022		December 31,
2021
(Thousands of dollars)
Commercial paper outstanding (a)$— $— 
Senior unsecured obligations:
$900,000 at 3.375% due October 2022
— 895,814 
$425,000 at 5.0% due September 2023
425,000 425,000 
$500,000 at 7.5% due September 2023
500,000 500,000 
$500,000 at 2.75% due September 2024
500,000 500,000 
$500,000 at 4.9% due March 2025
500,000 500,000 
$400,000 at 2.2% due September 2025
387,000 387,000 
$600,000 at 5.85% due January 2026
600,000 600,000 
$500,000 at 4.0% due July 2027
500,000 500,000 
$800,000 at 4.55% due July 2028
800,000 800,000 
$100,000 at 6.875% due September 2028
100,000 100,000 
$700,000 at 4.35% due March 2029
700,000 700,000 
$750,000 at 3.4% due September 2029
714,251 714,251 
$850,000 at 3.1% due March 2030
780,093 780,093 
$600,000 at 6.35% due January 2031
600,000 600,000 
$750,000 at 6.1% due November 2032
750,000 — 
$400,000 at 6.0% due June 2035
400,000 400,000 
$600,000 at 6.65% due October 2036
600,000 600,000 
$600,000 at 6.85% due October 2037
600,000 600,000 
$650,000 at 6.125% due February 2041
650,000 650,000 
$400,000 at 6.2% due September 2043
400,000 400,000 
$700,000 at 4.95% due July 2047
689,006 689,006 
$1,000,000 at 5.2% due July 2048
1,000,000 1,000,000 
$750,000 at 4.45% due September 2049
672,530 672,530 
$500,000 at 4.5% due March 2050
443,015 443,015 
$300,000 at 7.15% due January 2051
300,000 300,000 
Guardian
$120,000 term loan, rate of 4.06% as of December 31, 2022, due June 2025
120,000 — 
Total debt13,730,895 13,756,709 
Unamortized portion of terminated swaps9,878 11,596 
Unamortized debt issuance costs and discounts(119,939)(124,855)
Current maturities of long-term debt (925,000)(895,814)
Long-term debt$12,695,834 $12,747,636 
(a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less.

$2.5 Billion Credit Agreement - In June 2022, we amended and restated our $2.5 Billion Credit Agreement, extending its maturity to June 2027. Our $2.5 Billion Credit Agreement is a revolving credit facility and contains certain customary conditions for borrowing, as well as customary financial, affirmative and negative covenants. Among other things, beginning in June 2022, these covenants include maintaining a ratio of consolidated net indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects) of no more than 5.0 to 1 at December 31, 2022.

The $2.5 Billion Credit Agreement includes a $100 million sublimit for the issuance of standby letters of credit and a $200 million sublimit for swingline loans. Under the terms of the $2.5 Billion Credit Agreement, we may request up to an aggregate $1.0 billion increase in the size of the facility, upon satisfaction of customary conditions, including receipt of commitments from new lenders or increased commitments from existing lenders. The $2.5 Billion Credit Agreement contains provisions for an applicable margin rate and an annual facility fee, both of which adjust with changes in our credit ratings. Borrowings, if any, will accrue at Term SOFR plus an applicable margin based on our credit ratings at the time of determination plus an adjustment of 10 basis points. Under our current credit ratings, the applicable margin on any borrowings
would be 110 basis points. We are required to pay an annual facility fee equal to the daily amount of aggregate commitments under the $2.5 Billion Credit Agreement times an applicable rate based on our credit rating at the time of determination. Under our current credit ratings, the applicable rate is 15 basis points. We have the option to request two one-year maturity extensions, subject to lender approvals. The $2.5 Billion Credit Agreement also contains various customary events of default, the occurrence of which could result in a termination of the lenders’ commitments and the acceleration of all of our obligations thereunder. As of December 31, 2022, our ratio of consolidated net indebtedness to adjusted EBITDA was 3.7 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement.

At December 31, 2022 and 2021, we had letters of credit issued totaling $7.9 million and $7.7 million, respectively, and no borrowings outstanding under our $2.5 Billion Credit Agreement.

Guardian Term Loan Agreement - In June 2022, Guardian entered into a $120 million unsecured term loan agreement. The Guardian Term Loan Agreement matures in June 2025, and bears interest at Term SOFR plus an applicable margin based on Guardian’s credit rating at the time of determination plus an adjustment of 10 basis points. Under Guardian’s current credit ratings, the applicable margin is 112.5 basis points. The Guardian Term Loan Agreement allows prepayment of all or any portion outstanding without penalty or premium. During the second quarter 2022, Guardian drew the full $120 million available under the agreement and used the proceeds to repay intercompany debt with ONEOK. As of December 31, 2022, Guardian was in compliance with all covenants under the Guardian Term Loan Agreement.

Senior Unsecured Obligations - All notes are senior unsecured obligations, ranking equally in right of payment with all of our existing and future unsecured senior indebtedness, and are structurally subordinate to any of the existing and future debt and other liabilities of any non guarantor subsidiaries.

Issuances - In November 2022, we completed an underwritten public offering of $750 million, 6.1% senior unsecured notes due 2032. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $742 million. The proceeds were used primarily to repay all outstanding amounts under our commercial paper program. The remainder was used for general corporate purposes.

In May 2020, we completed an underwritten public offering of $1.5 billion senior unsecured notes consisting of $600 million, 5.85% senior notes due 2026; $600 million, 6.35% senior notes due 2031; and $300 million, 7.15% senior notes due 2051. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $1.48 billion. A portion of the proceeds was used to repay the outstanding borrowings under our $1.5 Billion Term Loan Agreement. The remainder was used for general corporate purposes.

In March 2020, we completed an underwritten public offering of $1.75 billion senior unsecured notes consisting of $400 million, 2.2% senior notes due 2025; $850 million, 3.1% senior notes due 2030; and $500 million, 4.5% senior notes due 2050. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $1.73 billion. A portion of the proceeds was used to pay all outstanding amounts under our commercial paper program. The remainder was used for general corporate purposes, which included repayment of other existing indebtedness and funding capital expenditures.

Repayments - In July 2022, we redeemed the remaining $895.8 million of our 3.375% senior notes due October 2022 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand and short-term borrowings.

In November 2021, we redeemed the remaining $536.1 million of our $700 million, 4.25% senior notes due February 2022 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand and short-term borrowings.

In June 2021, we repaid the remaining $11.7 million of Guardian’s senior notes due December 2022 with cash on hand.

In 2021, we repurchased in the open market outstanding principal of certain of our senior notes in the amount of $55.2 million for an aggregate repurchase price of $54.6 million with cash on hand.

In May 2020, we repaid the remaining $1.25 billion of our $1.5 Billion Term Loan Agreement with cash on hand from our May 2020 public offering of $1.5 billion senior unsecured notes.

In 2020, we repurchased in the open market outstanding principal of certain of our senior notes in the amount of $224.4 million for an aggregate repurchase price of $199.6 million with cash on hand. In connection with these open market repurchases, we recognized $22.3 million of net gains on extinguishment of debt, which is included in other income (expense), net in our Consolidated Statement of Income for the year ended December 31, 2020.
Subsequent event - We elected to redeem our $425 million, 5.0% senior notes due September 2023, with a redemption effective date in late February 2023. We expect the redemption price to equal 100% of the principal amount of the notes, plus accrued and unpaid interest, which we will pay with cash on hand.

The aggregate maturities of long-term debt outstanding and interest payments on debt as of December 31, 2022, for the years 2023 through 2027 are shown below:
Senior
Unsecured
Obligations		Guardian Interest
Obligations
on Debt		Total
 (Millions of dollars)
2023$925.0 $— $675.1 $1,600.1 
2024$500.0 $— $630.4 $1,130.4 
2025$887.0 $120.0 $599.3 $1,606.3 
2026$600.0 $— $554.5 $1,154.5 
2027$500.0 $— $544.7 $1,044.7 

Compliance with Debt Covenants - As of December 31, 2022, we were in compliance with the covenants contained in our various debt agreements.

Other - We amortize premiums, discounts and expenses incurred in connection with the issuance of long-term debt consistent with the terms of the respective debt instrument.

Debt Guarantees - ONEOK, ONEOK Partners and the Intermediate Partnership have cross guarantees in place for our and ONEOK Partners’ indebtedness. The Guardian Term Loan Agreement is not guaranteed by ONEOK, ONEOK Partners or the Intermediate Partnership.