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DEBT DEBT (Notes)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt [Text Block] DEBT
The following table sets forth our consolidated debt as of the dates indicated:
March 31,
2023		December 31,
2022
 
(Millions of dollars)
Commercial paper outstanding (a)$— $— 
Senior unsecured obligations:
$425 at 5.0% due September 2023
— 425 
$500 at 7.5% due September 2023
500 500 
$500 at 2.75% due September 2024
500 500 
$500 at 4.9% due March 2025
500 500 
$400 at 2.2% due September 2025
387 387 
$600 at 5.85% due January 2026
600 600 
$500 at 4.0% due July 2027
500 500 
$800 at 4.55% due July 2028
800 800 
$100 at 6.875% due September 2028
100 100 
$700 at 4.35% due March 2029
700 700 
$750 at 3.4% due September 2029
714 714 
$850 at 3.1% due March 2030
780 780 
$600 at 6.35% due January 2031
600 600 
$750 at 6.1% due November 2032
750 750 
$400 at 6.00% due June 2035
400 400 
$600 at 6.65% due October 2036
600 600 
$600 at 6.85% due October 2037
600 600 
$650 at 6.125% due February 2041
650 650 
$400 at 6.2% due September 2043
400 400 
$700 at 4.95% due July 2047
689 689 
$1,000 at 5.2% due July 2048
1,000 1,000 
$750 at 4.45% due September 2049
653 673 
$500 at 4.5% due March 2050
443 443 
$300 at 7.15% due January 2051
300 300 
Guardian
$120 term loan, rate of 6.03% as of March 31, 2023, due June 2025
120 120 
Viking
$60 term loan, rate of 6.16% as of March 31, 2023, due March 2026
50 — 
Total debt13,336 13,731 
Unamortized portion of terminated swaps9 10 
Unamortized debt issuance costs and discounts(117)(120)
Current maturities of long-term debt (500)(925)
Long-term debt$12,728 $12,696 
(a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less.

$2.5 Billion Credit Agreement - 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, 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 March 31, 2023, we had no outstanding borrowings, our ratio of indebtedness to adjusted EBITDA was 2.8 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement.

Viking Term Loan Agreement - In March 2023, Viking entered into a $60 million senior unsecured Term Loan Agreement. The Viking Term Loan Agreement matures in March 2026 and bears interest at Term SOFR plus an applicable margin based on Viking’s credit rating at the time of determination plus an adjustment of 10 basis points. Under Viking’s current credit ratings, the applicable margin is 125 basis points. The Viking Term Loan Agreement allows prepayment of all or any portion
outstanding without penalty or premium. During the first quarter 2023, Viking drew $50 million available under the agreement and the proceeds were used primarily to repay intercompany debt with ONEOK. The remainder was used for general corporate purposes. The remaining $10 million is available to be drawn until June 30, 2023. As of March 31, 2023, Viking is in compliance with all covenants under the Viking Term Loan Agreement.

Debt Repayments - In February 2023, we redeemed our $425 million, 5.0% senior notes due September 2023 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand.

Subsequent event - In April, we elected to redeem our $500 million, 7.5% senior notes due September 2023, with an effective redemption date in June 2023. The redemption price will be 100% of the principal amount of the notes, plus accrued and unpaid interest, which we expect to pay with cash on hand.

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